I never said not covering running costs. Just that it wasn't doing so well compared to how it may have been predicted.
I assumed that based on the information, it's not attracted much in the way of new events, the Hockey is not paying for use and the skaters not exactly queuing out the door. The cafe would need to be selling a lot to support the business.
To run an arena with those costs, the lack of investment in infrastructure, development and PR I'm assuming very little is left every month, in fact I'd be surprised if anything.
For someone of Steve's business calibre to approach a bank and be declined funding is worrying.
If the IAW was making a profit, combined with Steve's business abilities, could show potential growth, add security to cover the loan, l don't know Canadian banking business, but in the U.K. I'd be shocked if a bank declined funding on it.
I also posted recently that there is currently a loan secured on the IAW building, fixtures and fittings taken out by the directors of Greenbank in June 2016.
So it's not impossible as most UK lenders will loan against an asset.
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