The Croydon Guardian has this week (19 August 2009) exposed the cost to Croydon Council Tax Payers of the Conservative Councils 2006 deal with Arrrowcroft as £2million.

Arrowcroft 'underwrote' this sum of money, but not a penny has yet been paid back to Croydon Council.

Currently the ordinary tax payer of Croydon is £2million out of pocket for a dodgy deal put together by Croydon Tories when they took office in 2006.

The Tories were convinced that Arrowcroft would be able to win a compulsory purchase order for the land, despite the fact that they had failed to buy a single square foot of land in ten years.

The Tories were convinced that the Arena would be economic and attract big investors.

See original story on rejection of planning http://www.croydonlabour.org.uk/croydon_arena_rejected

This comes hot on the heels of the council spending £2million refurbishing the Council reception, when they plan to knock Taberner House down and build a luxury HQ costing £450million.

Croydon Tories say Croydon Council has no money - strange that they can waste £4million so easily.