| Date |
Event |
| January
2001 |
Crown
Dilmun and Harrods sign deal to redevelop Harrods Depository.
The £115 million scheme includes 85,000 square feet of residential
development, plus offices and shops. |
| March
2002 |
Harrods
Estates send Nicholas Sutton, Chairman of Crown Dilmun, proposal
to build 16 flats totalling 24,000 square feet at Craven Cottage
as part of plans for agreed stadium on Craven Cottage site. |
| 5
March 2002 |
Nicholas
Sutton communicates to Harrods that he would not be interested
in proposal which is, according to the Judge, an "entirely
different proposition to the subsequent opportunity as it involved
a small number of flats to be built on the riverside adjacent
to a new twenty eight thousand seat capacity football stadium." |
| 27
April 2002 |
Fulham
play Leicester City in last game at Craven Cottage prior to supposed
temporary move to Loftus Road. |
| June
2002 |
Revised
project put forward to Nicholas Sutton by Harrods Estates on basis
of redevelopment of entire Craven Cottage site. |
| 7
June 2002 |
Nicholas
Sutton views Craven Cottage site with Harrods Estates representative
Julian Cook |
| 17
June 2002 |
Nicholas
Sutton makes his initial offer for Craven Cottage, valuing site
at £48m. Nicholas Sutton had been led to believe that Harrods
Estates valued Craven Cottage at £70m. |
| 28
June 2002 |
Nicholas
Sutton, with other colleague from Crown Dilmun, Simon Gawthorpe,
meets with Mark Collins of Harrods Estate at the Depository show
flat to discuss Craven Cottage opportunity. |
| 15
July 2002 |
Julian
Cook of Harrods Estates sends Harrods revised proposal to Nicholas
Sutton. Nicholas Sutton is told by Mark Griffiths of the importance
of keeping the sale confidential. |
| 30
July 2002 |
Nicholas
Sutton meets with Mohammed Al-Fayed to discuss deal. After negotiation,
Al-Fayed persuades Sutton to increase some of the amounts which
would be payable if planning consent is obtained. |
| 1
August 2002 |
Harrods
Estates sends a revised Heads of Terms to Nicholas Sutton, which
is agreed by both parties. Over next month Nicholas Sutton contacts
Royal Bank of Scotland, Bank of Scotland, Miller Group, Apollo
Real Estate and Investec to see if they will invest in redevelopment,
all without success. |
| 14
August 2002 |
Meeting
of parties at Herbert Smith solicitors, solicitors to Fulham Stadium
Limited, where terms of contract are discussed. |
| 15
August 2002 |
Nicholas
Sutton and Julian Cook meet with ML Design Group, architects,
about proposed scheme. |
| 16
August 2002 |
Nicholas
Sutton sends an appraisal of the Craven Cottage opportunity to
Mark Steinberg that states, "Strategy is to come in quickly
now and secure site. Then asap sell out for a profit which we
roll over for equity and profit share with a major developer.
So far Miller Developments and Taylor Woodrow via Hutchinson Whampoa
very keen" and concludes net profits for any eventual development
would be £35m (23.76% mark up) |
| 22
August 2002 |
Mark
Steinberg writes to Irish Nationwide with an appraisal stating
that Craven Cottage is valued at £63 million and says his "Strategy
to move quickly and secure site off market…This seems an opportunity
to secure a highly prominent site off market which would enable
a substantial profit to be earned with minimum risk." |
| 27
August 2002 |
Lawyers
for Investec, potential investor in Craven Cottage redevelopment,
leave documents relating to negotiations with Nicholas Sutton
in taxi. Taxi driver returns these documents to Mohammed Al-Fayed. |
| 2
September |
Nicholas
Sutton states that Harrods is exerting extreme pressure to complete
deal as soon as possible. |
| 5
September 2002 |
Steinberg
and Sutton create Fulham River Projects to acquire Craven Cottage
site. FRP is 51% owned by Steinberg's company Worldmade and 49%
owned by Sutton's company Ottoman Homes. |
| 9
September 2002 |
·
Knight Frank produces valuation that values Craven Cottage at
£18m on current planning status and £62m if planning permission
was obtained for residential development.
· Formal offer from Irish Nationwide to provide FRP with financing
for Craven Cottage deal |
| 11
September 2002 |
Nicholas
Sutton pays £100,000 to Forsters solicitors as his contribution
to start-up capital of FRP. |
| 18
September 2002 |
·
Agreement between Fulham Stadium Limited, Harrods Holdings Limited
and FRP signed.
· Steinberg lends FRP £1.7m and shareholders' agreement signed
by Steinberg and Sutton.
· Irish Nationwide and FRP sign a Fee Agreement giving Irish Nationwide
25% of any net profit. |
| 7
November 2002 |
Nicholas
Sutton leaves Crown Dilmun |
| 14
January 2003 |
Story
breaks about FRP in Evening Standard |
| 20
February 2003 |
Crown
Dilmun first bring dispute to Court. FRP and Nicholas Sutton undertake
not to deal in any shares of FRP or dispose of any rights before
a full trial. |
| 21
November 2003-10th December 2003 |
High
Court Chancery Division hears case of Crown Dilmun v FRP and Nicholas
Sutton |
| 23
January 2004 |
Mr
Justice Peter Smith decides in favour of Crown Dilmun. More details
of the Court's judgement can be found at http://www.courtservice.gov.uk/View.do?id=2227 |
| Summer
2004 |
Deadline
that Court heard that Fulham must have submitted a planning application
by if FRP Agreement is to survive. |
| 30
September 2005 |
Ultimate
deadline of FRP Agreement |
