Ryde Arena: Group of investors being formed for possible purchase

A group of investors are being formed and within the next week it’s expected a six month moratorium on the sale of Ryde Arena will be in place.

frozen out

Robina Marshall, co-chair of the Ryde Arena Community Action Group (RACAG) shares this latest update. Now the Arena is listed as a Community Asset, it brings with it certain powers. Ed

After considering all our options, we are looking at triggering the six month moratorium on the sale of Ryde Arena and are in the process of getting a group together which we expect to declare an interest in the next week.

We would like to get a real valuation on Ryde Arena, which we believe is unlikely to be three and a half times what it was worth as a going concern not much more than two years ago before all the damage to the building.

Declaring an interest should enable us to obtain independent valuations on the property.

Investors express interest
RACAG have been speaking to some social investors who have expressed interest. Their investment, should it be forthcoming, combined with local investment and with the support of all the Island’s political parties, should give us a good chance of being able to raise the money for a purchase at a genuine value.

Obviously we would not buy it from AEW UK at an unrealistic price, but we are fairly confident that no one else would either.

Fallen into disrepair
We believe there are serious dilapidations to the building which are likely to have made the building worth less than when AEW purchased it and we don’t see enough of an increase in local values to even begin to offset the effect of those dilapidations on the value of the building.

Hopefully awareness of the actual value of the building, coupled with the considerable negative publicity generated by the consequences of locking the community out of the rink mid season without any notice, will convince them to consider a realistic offer favourably.

Tragic crisis point for youth teams
Not only has the community lost the Wightlink Raiders, but the children on the youth teams have had to practice at very early and very late hours, often waking at 3am and returning after midnight and our youth hockey teams are reaching a tragic crisis point where they may soon be forced to fold.

We believe AEW UK’s investors would be horrified if they knew what AEW UK’s actions have meant to our community, and the damage it has done to so many people’s lives. This is why we took our skaters to their door in London.

We feel that the more publicity we can generate, the more likely it is that word will get out to the people who invest with them and that would put pressure on them to resolve the situation for the sake of our children.

Spread the word
We would encourage any of your readers who care about returning Ryde Arena to the community and our children to look at our Website and our Facebook page “Frozen Out by AEW? Our stories of Ryde Arena” and to share these sites and our posts as widely as possible.

We were pleased that representatives of so many of the Island’s political parties gave us statements of support in advance of the meeting last night.

We are very happy to receive these and statements from any individual candidates for office, any of the other parties on the Island and from candidates who are not affiliated with a party.

We believe if AEW UK realise they are facing a united front of real cross party support for returning the building to use as an ice rink and arena that the chances of getting this building back for the benefit of the community will be significantly improved.

Image: © Frozen Out FB Page

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2 Comments on "Ryde Arena: Group of investors being formed for possible purchase"

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Given the amount of money being spent on so-called regeneration by the IW Council and the Asda millions in the bank, here would be an ideal starting point for something tangible that employs local people and provides a much needed facility for local people especially the younger generation. With a pro-active local management instead of a distant owner there is no reason why the facility could not… Read more »
Fred Karno
Seems to me that there is a big bear trap here concerning the future of this whole Ryde Esplanade area that the unwary and some Ryde Councillors might walk into, by having overlooked recent history, or perhaps I’m in an alternative universe? Within the last year, there was a presentation given by The Isle of Wight Business Association, which was hosted by Ryde Town Council and if… Read more »