3:50pm Wednesday 25th August 2010
By Daniel Binns
THE owners of Walthamstow Stadium say they have not been offered enough money or information by a millionaire who wants to buy the site.
In a statement released today, housing association London and Quadrant (L&Q) said they had decided to reject outright the bid by Bob Morton, who wants to reintroduce dog racing to the venue and build flats.
L&Q, which plans to build affordable housing at the site, said they had not ruled out meeting with Mr Morton in future.
Speaking to the Guardian, Mr Morton said he had offered between £8million and £9million to buy the Stow.
He said: "It's disappointing that we got to this stage only for it to be turned down.
"I was hopeful that we could work something out between us but there just isn't the desire to do that on their [L&Q's] part."
Mr Morton said he would not put in a higher bid and that the situation was "in the hands of the politicians" over what would happen next.
He added: "We can't change the value of the offer because the value was sensible and at market value. L&Q overpaid for the site and they will not consider this unless we offer them silly money.
"The offer was valued relative to affordable housing and grey hound racing, but it's not something they are willing to consider.
"We're at an impasse now but I don't think this is the end of the story."
Steve Yianni, regional director at L&Q said: "L&Q has declined an offer from Bob Morton for the sale of the Walthamstow Stadium site.
"The offer failed to provide sufficient assurances on funding and planning viability and proposed a purchase value well short of the current market valuation and potential of the site. We have relayed our concerns in full to Mr Morton.
"The site has never been for sale, but we have always said that we would not stand in the way of anyone who wanted to make an offer.
"This is the first serious offer that we have received, but in its present form fails to present a viable consideration."
He added: "We are not seeking any other bids and intend to continue with our plans to provide much needed housing in Waltham Forest and create a fantastic community on the site of the old track.
"We have offered to meet Mr Morton to discuss further, assuming these issues can be adequately addressed, but on the basis of the current proposal our plans for the site remain unaltered."
Save Our Stow campaign leader Ricky Holloway called the decision "despicable".
He said: "We're going to step it [the campaign] up now. We're going to have a march like Walthamstow has never seen, we're going to link up with the residents' associations, MPs, celebrities, we'll have open-top buses and bring the borough to a standstill.
"We're not even in third gear, this campaign is going to go national.
"L&Q don't care about what residents want. Their attitude is completely unreasonable. We have all the politicians on our side, including Boris Johnson, and we will not give up the fight."
No date has yet been set for the march.
The stadium, in Chingford Road, Chingford, was shut down exactly two years ago this month.
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