"Close to having the funds to buy part of Ricoh Arena" (More SISU bullshit) (1 Viewer)

[skybluesben]

COVENTRY CITY chairman Ken Dulieu says news on the club's long-term ambition of owning part of the Ricoh Arena will arrive before Christmas.

The Sky Blues chairman told the Daily Mail Online that talks over ownership of City's stadium were ongoing - and he hoped the club would be in position to make a statement on it before the festive season.

He said: "There is with regards to the stadium. We should be able to make some progress there.

"As you know, 50 per cent of the site is owned by the Higgs Trust. The other 50 per cent is owned by the council.


"My difficulty is that I have to overcome a lot of hurdles for people to gain confidence in us.

"The first stage towards gaining credibility is putting our own house in order to prove we can run a football club.

"The second thing is: Have we the funds?

"When I have those funds – and we are quite near that at present – then I will approach the Higgs Trust and Coventry City Council. We have an on-going dialogue with the Higgs Trust. We have had a very positive meeting with them.

"To be fair to other people out there, it's all very well saying you will buy the club for £1.

"What I would say in response to that is: 'Thanks for the £1 – now have you got £500,000 more of them to run this club for another month?'

"Unless you can show me that, there’s no point in me taking £1 off you."

"I would hope to have some news before Christmas. That's what I'm working hard towards.

"It doesn’t mean to say the negotiations will be over, just that there will be something positive to say.

"The progress would be that we have opened up negotiations to acquire the first 50 per cent of the ownership of the stadium.

"But we need to show that we can run this business and that we have the funds to buy it.

"But we cannot do this without the support of the Higgs Trust and Coventry City Council. I hope those parties will talk to me once I prove the credentials here are correct."

In the interview, Dulieu also discusses:

* How the role of being the Sky Blues chairman has aged him.

* Offers no guarantees that SISU will keep footing City's bills.


* Claims that he was left a "horrible legacy" of out-of-contract players, a £30m debt and loathed owners.

* Insists that he's striving to cut the club's losses by 40 per cent.

* In his spare time, he continues to look for outside investment for the club.

* Calls for the fans to be patient during these tough times.

* Is adamant that SISU remains the club's only "fairy godmother".

* Refuses to meet Gary Hoffman for takeover talks again until the club's former vice-chairman shows proof of funding.

Dulieu had a clear message for frustrated Sky Blues fans.

He said: "I can understand that the fans are frustrated. But there is only one fairy godmother at the moment – and that is our current owners.

"They are funding the players, the rent here, the coffee we are drinking.

"So when SISU see banners saying: 'SISU out,' then it doesn’t help our cause.

"When I have the begging bowl out, asking for more money, they say: "But the fans hate us, why bother?'

"It is a tough battle. I really can understand the fans' frustration. But I’m in the situation where I need to find the money to pay the players' wages every month.

"Listen to me carefully…there is no-one else."

Dulieu says he met with Hoffman five times this year over a possible takeover of the club.

He added: "Gary has been in the media as much as Andy Thorn and the players put together. I haven't seen a penny yet.


"Out of courtesy, I've had five meetings with him. But I won’t be having any more until there is proof of funds from him.

"I've got loads of energy but few summers more to waste, I'm afraid."

And he would give no promises that current owners SISU would continue to pump money into the club, saying: "Can I guarantee that they should stay in? No.

"All I can do is keep proving to them that this will be a viable model. That’s my job.

"I would hope that the fans would say we are not cutting a swathe through the squad and we are trying to retain the quality.

"I'd also say that our squad this season is better. It’s of more value.

"We are trying to balance it all. But the most important thing is that the club survives and can move forwards."

http://www.coventrytelegraph.net/co...uyout-news-before-christmas-92746-29629681/3/

 

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[wingy]

Posturing Hardball designed to stifle i'm guessing Hoffmans continuing persuit.wrote to the telegraph a couple of weeks ago asking them the question ,HAVE they had or have they planned meetings with the council.

 

[Mumford and Daughter]

Wonder if there's a meeting booked tomorrow lol.

Awaiting response from the council

 

[wingy]

So he's suggesting we still have losses of £.5m per month ,how the hell ,with player reductions ,lower saleries for at least 50% of the team .

 

[wingy]

Confirms my suspitions in the bottom two lines ,suspected as much the contracts offered ,and the suggestion the squad is better,merely designed to extract more in sale /put off rival bidders,creative asset accounting.

 

[Mumford and Daughter]

"When I have the begging bowl out, asking for more money, they say: "But the fans hate us, why bother?'

Does this mean if we keep protesting they'll finally fuck off?

 

[wingy]

Its the old carrot and rod routine

 

[skybluesben]

Does this mean if we keep protesting they'll finally fuck off?

Hopefully! :blue::blue:

 

[Otis]

Today's Thursday.

Thursday is CCFC council meeting day. New signing day, breaking City news day, try and pacify the Sky Blue faithful day and is also usually 2 days before Saturday.

 

[Sterling Archer]

Interesting interview I thought. Of course some fans will turn a blind eye and twist it to suit their Anti-SISU feelings though.

Found this quote very interesting indeed....
" 'So when SISU see banners saying: 'SISU out,' then it doesn’t help our cause. When I have the begging bowl out, asking for more money, they say: "But the fans hate us, why bother?' "

 

[stupot07]

And Alan higgs don't own half of the stadium they own 50% of a 50 year lease of the ground.

 

[crowsnest]

And Alan higgs don't own half of the stadium they own 50% of a 50 year lease of the ground.

A 50 year lease which cost £21m.

 

[wingy]

Sorry SA ,this is full of contradictions, its potential positive news that there might be something to say that might be positive about a possibility that migth occur around christmas ,there is no substance ,he says theres been one positive meeting with Higgs,thats the only fact you can take from the statement .theres a misrepresentation around owning 50% of the Stadium ,reffering to 50% stadium ownership ,when in fact he's talking about 50% of ACL through the Higgs share,which according to OSB generates little income for CCFC.if you were serious about buying the Stadium ,Surely first you would have to give the manager enough resources to secure at minimum championship status. There would 'nt be much point having the higgs share when you've lost £3+m. through demotion,for me this statement is because the alleged takeover story is surfacing again ,and with the contracts that have been offered ,is used as a detterent ,inflationry tactic.if Sisu had acted with this stadium motive from the outset ,i'd back them ,for me its the biggest factor for the clubs longterm stability i want it to happen but the trust in them is gone ,don't see the council dealing with them . The best way ahead on the stadium is for fan or Citywide ownership through the gov'ts localism bill

 

[Moff]

It is totally unsuprising the cynical reaction Dulieu gets, due to his constant Press Releases that more often than not have been proved to be lies. Fans just dont trust him, and he is seen as an inefectual puppet of SISU.

What I cant understand is why he releases these bullsh*t laden statements about what may or may not happen, as the fans dont believe him and it usually ends up with nothing. Surely he would do better to realease such statements when we have actually signed the deal and purchased/leased half the stadium, rather than that we aim to do that (which we already knew anyway)

As for the pathetic whining that the job has aged him, I am sure many of us would love such a lucrative job in the present economic climate, rather than being such a self serving tool like he is.

 

[jas365]

And Alan higgs don't own half of the stadium they own 50% of a 50 year lease of the ground.

I must admit I didn't realise this, so if the AH trust dosen't own the other 50% of the stadium who does? Presumably 50% IS owned by the council?

 

[Nonleagueherewecome]

Interesting interview I thought. Of course some fans will turn a blind eye and twist it to suit their Anti-SISU feelings though.

Found this quote very interesting indeed....
" 'So when SISU see banners saying: 'SISU out,' then it doesn’t help our cause. When I have the begging bowl out, asking for more money, they say: "But the fans hate us, why bother?' "

Come on Sterling, they've tried this crap before. It doesn't wash. Ken is a SISU placeman, we all know that.

I feel one of these coming on...

:blue:

 

[Bennets Afro]

Where's the loan signing he promised?????

 

[skyblueinBaku]

His words about dealings (or lack of them) with Hoffman are at odds with what Dark Knight and Snozz implied recently on another thread. I know who I believe ( and they are not orange).

 

[PhilWasn'tBabb]

Think we should be very worried about SISU getting there hands on 50% of anything, weather that be the ground or the lease, they will be even more difficult to get rid of.

and I'm sure if they did end up selling the club they would have structured the purchance of 50% of "whatever" so that they could hold on to that and hold the new club owners to ransom in the future.

 

[SkyBlue_Bear83]

Yea I don't want SISU to get hold of the stadium and the fans hate us comment make me lol.

 

[Jim]

"I'd also say that our squad this season is better. It’s of more value.

This is a massive contradiction. The squad may well be of more value ie it costs less in wages but the squad certainly isnt better.....

 

[wingy]

The timing is genius ,catching us all on a high after two positive results,Blair advisor Labovich at work,the complete opposite of "this is a good day to bury bad news, " was it the day Dr David Kelly died that the labour girl released some story and got caught out in an email .:thinking about:

 

[torchomatic]

To be replaced by who? Superhoff or Elliottman or that Russian billionaire hanging around Tescos looking to invest in something?

I can understand the anti-SISU feelings but you all live in a fantasy land.

Does this mean if we keep protesting they'll finally fuck off?

 

[stupot07]

I must admit I didn't realise this, so if the AH trust dosen't own the other 50% of the stadium who does? Presumably 50% IS owned by the council?

The whole stadium is owned by the council under separate company, but the council and Alan highs set up ACL to buy a 50 year lease which cost £21m.

Coincidently the council only put in about £10m into the build and now own a stadium worth over £100m.

 

[Jack Griffin]

I must admit I didn't realise this, so if the AH trust dosen't own the other 50% of the stadium who does? Presumably 50% IS owned by the council?

I'm sure I'll be corrected if my memory is wrong.... I believe
The council own the land on which the stadium is built.
The stadium is on a 50 year lease to the Arena Company.
The Arena Company is owned by Alan Higgs Trust and Coventry City Council (50/50).
The Arena company is paid rent by Coventry City Football Club.
The Arena Company is paying off a £21 million loan to Yorkshire Bank
(the loan that paid for the stadium to be built)

 

[Cornwallskyblue]

this article just angers me

 

[torchomatic]

The council own the land on which the stadium is built. Which we used to own.
The stadium is on a 50 year lease to the Arena Company. Which we used to own.
The Arena Company is owned by Alan Higgs Trust and Coventry City Council (50/50). We used to own 100%
The Arena company is paid rent by Coventry City Football Club. Because we no longer own the land or the stadium.
The Arena Company is paying off a £21 million loan to Yorkshire Bank
(the loan that paid for the stadium to be built) Which we used to own outright

Blame Richardson. Simple.

 

[Mumford and Daughter]

To be replaced by who? Superhoff or Elliottman or that Russian billionaire hanging around Tescos looking to invest in something?

I can understand the anti-SISU feelings but you all live in a fantasy land.

OK, lets just sit back and watch SISU cripple our club :facepalm:

Your party the reason why this club is a mess, no back bone and just sit back and let SISU carry on doing a wonderful job of wrecking this. Look at the bigger picture. SISU want out, sooner or later they will give up, if us the fans protest and its affecting SISU then they will finally give up.

Im sure a few will pop up including hoffman, keys and co. Its safe to say, Hoffman would attract better investment with his contacts then red ken and the muppets at SISU who is a hedgefund and only have one interest. There back pocket. Not CCFC. You carry on trying to belittle fans who want something doing. Im going down along with others for the Millwall game to tell SISU what we think and then support the lads. You should try and do the same.

 

[wingy]

Why simple , continually beat our club up for previous events for the previous forty years,who was the John fellow from the channel isles ,the council investment on the actual stadium developement was no more than £30m. after land clear up that had to be done ,Richardson did everything consistent with being in the prem at the time ,regards move ,high value players ,Strachan was his only mistake ,for not getting rid 18 months earlier .You seem to have a penchant for knocking anyone with a coventry connection ,or aspirations for the club above whats currently on offer,all very accepting .We as a club made a positive contribution to the developement of all that derelict land ,with 3000 jobs created as aresult,this club deserves credit for it ,not be beaten with a big political stick ,while it slowly kills us off.

 

[coundonskyblue]

Blame Richardson. Simple.

We should have gone into admin in 2003/4. We would have gone bust still owning the arena project so a buyer would have easily been found.

 

[wingy]

We should have gone into admin in 2003/4. We would have gone bust still owning the arena project so a buyer would have easily been found.

Makes me wonder Coundon ,were we such inadequate owners or were there political machinations going on ,were we ever likely to be allowed to opperate the place:thinking about:

 

[coundonskyblue]

Makes me wonder Coundon ,were we such inadequate owners or were there political machinations going on ,were we ever likely to be allowed to opperate the place:thinking about:

Unfortunately at the time the club & local media made a big thing about avoiding admin at all costs. They were very successful in getting the fans onside to pressure the council into taking over the whole ricoh project.

 

[Paxman II]

OK first why make any statement at all? Was this a story in the mail that was given months ago?
I see no correlation in Mr Ken saying anything at present off the back of good results and a sign of an upturn in team performances?
Surely you would leave well alone and quietly get on with things?

Also he brings up the question of the stadium in that interview. He is of inaccurate with what he says but then has the interviewer misinterpreted?

The stadium cost around £110m to complete. The council took on the finish and paid to complete it leaving Richardson and co to lick their wounds of loses of some 40m. I believe the Higgs Trust bought a lease (helping the council to fund the build out) for some 20m. I understand it's 50% of this lease that CCFC have an agreement to buy for 10m within a set time period.

As with any business that is a lease you pay a rent to the landlord in this case the council. Then the business is yours to run and keep the profits.
However Higgs and the council set up an operating company between them ACL This is the operator and profits will go to the Higgs trust and the council after ACL's overhead.

I assume if CCFC buy the 50% lease share with the Higgs Trust then we would profit from the stadium earnings. Basically 50% to the council and 25% to the trust and 25% to CCFC. how 'legal' this set up is may be questionable. (I've always been of the opinion that the stadium should be privately owned and operated and the council should play no part in commercial enterprise)

I can not think why this is currently on Mr Ken's agenda. SISU need to recoup 30m + and part ownership of the lease is helpful but only if long term. It would help if they were negotiating a sale of CCFC to bolster an offer and to this end can be the only logical conclusion.

The truth is in the pudding as they say so before Xmas will we see some news on this 'funding' he has now claimed is close? I rather doubt it.
I accept Hoffman's bid was ridiculous and that he is swirling in the back ground trying to put something together for another bid. Perhaps this is Ken merely trying to give reason enough to bump the price?

I think Ken lives in cloud cuckoo land half the time.

He even quotes a loss of 500k a month which I suspect was the case when this interview was conducted months ago.

He would have been better concentrating on telling us losses were down and as stated before the funding is there for a loan or two and we are trying to secure some to keep the team on the right track.

As for Hoffman/Keys/Elliott and co? Perhaps wind of a bid forthcoming gave rise for Ken to open the bidding? We can all live in hope right?

Finally OSB goes away on holiday, we win one, draw one and now have a whisper of funds for stadium ownership all at once and he's not here to put his indelible stamp of clarity on it! He's going to be busy when he gets home!

Roll on Saturday and 3 points! PUSB

 

[covcity4life]

OK first why make any statement at all? Was this a story in the mail that was given months ago?
I see no correlation in Mr Ken saying anything at present off the back of good results and a sign of an upturn in team performances?
Surely you would leave well alone and quietly get on with things?

Also he brings up the question of the stadium in that interview. He is of inaccurate with what he says but then has the interviewer misinterpreted?

The stadium cost around £110m to complete. The council took on the finish and paid to complete it leaving Richardson and co to lick their wounds of loses of some 40m. I believe the Higgs Trust bought a lease (helping the council to fund the build out) for some 20m. I understand it's 50% of this lease that CCFC have an agreement to buy for 10m within a set time period.

As with any business that is a lease you pay a rent to the landlord in this case the council. Then the business is yours to run and keep the profits.
However Higgs and the council set up an operating company between them ACL This is the operator and profits will go to the Higgs trust and the council after ACL's overhead.

I assume if CCFC buy the 50% lease share with the Higgs Trust then we would profit from the stadium earnings. Basically 50% to the council and 25% to the trust and 25% to CCFC. how 'legal' this set up is may be questionable. (I've always been of the opinion that the stadium should be privately owned and operated and the council should play no part in commercial enterprise)

I can not think why this is currently on Mr Ken's agenda. SISU need to recoup 30m + and part ownership of the lease is helpful but only if long term. It would help if they were negotiating a sale of CCFC to bolster an offer and to this end can be the only logical conclusion.

The truth is in the pudding as they say so before Xmas will we see some news on this 'funding' he has now claimed is close? I rather doubt it.
I accept Hoffman's bid was ridiculous and that he is swirling in the back ground trying to put something together for another bid. Perhaps this is Ken merely trying to give reason enough to bump the price?

I think Ken lives in cloud cuckoo land half the time.

He even quotes a loss of 500k a month which I suspect was the case when this interview was conducted months ago.

He would have been better concentrating on telling us losses were down and as stated before the funding is there for a loan or two and we are trying to secure some to keep the team on the right track.

As for Hoffman/Keys/Elliott and co? Perhaps wind of a bid forthcoming gave rise for Ken to open the bidding? We can all live in hope right?

Finally OSB goes away on holiday, we win one, draw one and now have a whisper of funds for stadium ownership all at once and he's not here to put his indelible stamp of clarity on it! He's going to be busy when he gets home!

Roll on Saturday and 3 points! PUSB

BAN OSB!imp:

 

[crowsnest]

I assume if CCFC buy the 50% lease share with the Higgs Trust then we would profit from the stadium earnings. Basically 50% to the council and 25% to the trust and 25% to CCFC. how 'legal' this set up is may be questionable.

Its now 50% higgs and 50% council.
50 year lease was bought for £21m.
£10m ish would buy the higgs so it would be 50% ccfc and 50% council.