200%.Net: "the way in which [SISU] are running the club [is ruinous]" (1 Viewer)

[The CableGuy]

http://www.twohundredpercent.net/?p=22368

With ACL’s future, which had been considered precarious due this non-payment of rent, secured through Coventry City Council agreeing to take on it’s mortgage two months ago, the stadium owners confirmed that negotiations were off, with the final offer that was put on the table being as follows:

1. An annual rent reduction from £1.3m per year to £400,000 per year.
2. Rent arrears to be reduced from £1.3m to £485,000.
3. An Escrow account – which acts, effectively, as a rent deposit deed – to be reduced to £200,000, a write-off on ACL’s part of £313,000.
4. Food and beverage turnover (which amounted to a turnover of just over £1m over the course of the season 2011/12 and returned a profit of £119,000), to be used by the club in future Financial Fair Play calculations.
5. Lost income from its 900 parking spaces at the stadium, which resulted in the club having to buy a further 300 parking spaces elsewhere, being returned to the club.

....The questions that need to be answered over the next few days are questions that will determine the very future of this club. What were the motives behind leaving The Ricoh Arena when its owners had specifically not evicted them? Where will future matches be played away from the city of Coventry itself? Who will go and watch them? And until we get to the bottom of what is actually going on at Coventry City Football Club… does this club actually have a future or not? At the moment, under SISU, it is very difficult to give an affirmative to that final question. We have long argued on this site that this hedge fund is giving every impression of playing a long game, and that they will ultimately be judged by the condition of the club when they shift their attention elsewhere. With no Coventry City supporters even knowing for certain where their team is to play its next home match, it’s becoming increasingly difficult to view the way in which they are running the club as anything other than ruinous.