David Miller (Times Letters, Freehold was a real bargain', June 20) has ably demonstrated the maxim a little knowledge is a dangerous thing'.

As a chartered surveyor, and the Barnet FC director who negotiated the Underhill purchase with the council's estates department, I must point out some pertinent points which Mr Miller has overlooked:

The lease had 83 years unexpired at a nominal rental thus the freehold would have been of no value to the council, or indeed anyone else, in our lifetime. Barnet FC paid a premium to the council at the time the lease was granted.

Whilst I agree that the club had no right to purchase their freehold, most local authorities are willing to discuss such transactions with their lessees, especially when the occupiers give benefit to their community. Provided that they obtain market value, I see no harm in that.

Underhill comprises a sub-standard football stadium in Green Belt with no development potential and consequently no marriage' value. This only becomes a relevance if Underhill is sold by the club for an alternative use something which was certainly not in mind when negotiations were taking place as the intention was for community-related use alongside the proposed new stadium.

The football club must secure its position by occupation of a stadium meeting all league requirements as a matter of urgency. If in order to achieve this the club relocates from Barnet and Underhill is sold, then 60 per cent of any increase in value will accrue to the benefit of the council.

If Mr Miller knew anything about the principals of allocating marriage' value then he would appreciate that normally in such cases the split is 50/50.

Perhaps therefore Mr Miller could explain how the purchase of this freehold was a bargain at the voters expense'.

Graham R Slyper

Director, Barnet Football Club

June 24, 2002 16:00