If We Hadn't Got Rid of Richardson.... (1 Viewer)

[Gynnsthetonic]

Looking at it we would of stayed at HR and now sat at the wrong end of league 1 wishing we got rid of Richardson all those years ago and made the move to Holbrooks Arena 2000 because now we would be in the premier league with 30000 gates on a par with Leicester, Southampton, Hull and Stoke with there new stadiums.
Does this make sense?

 

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[Gosford Green]

From a fans point of few the 90s gave us some of the best times and the best players. The slippery perma tanned one had us punching above our weight and at the time moving to a bigger out of town stadium was what an aspiring club of our size and status did.

He also knew his way about he darkside of football and he did a few deals that could have done with no small amount of scrutiny. The extravagance under Robinson was the start of our downfall and his stewardship of the Highfield Road sale was the one of 3 decisions that may well bring about the end of the football club. I don't think he was completely at blame for the appointment of the hapless McGinty or anything to do with bringing SISU here.

 

[torchomatic]

EDIT: If you were to replace "Bryan Richardson" with "Tim Fisher" in the article below then SBT would be in meltdown. How BR gets his "misunderstood" tag is beyond me.



It’s always struck me that the acting career of the Kemp brothers from Spandau Ballet was limited by the fact that there weren’t enough up-to-no-good twins around to portray. Once you’ve done the Krays, who else is there? Step forward Geoffrey Richmond and Bryan Rich*ardson. True, they are not twins. Also true they are up*standing citizens, rather than criminal gang lead*ers. But they do have a certain physical resemblance – too many good meals in decent restaurants, one suspects – and they are also the joint architects of a rather rum scheme.

Both are short of cash. For Richardson, the chairman of Coventry City, that’s a bit of an understatement. His club are in debt to the tune of £60 million, of which £41 million is due for repayment in approximately five months’ time. Richardson says these debts are “soft” loans and will not need to be repaid, but a man with a huge debt and who has sold his club’s ground without even starting to build a new one is undoubtedly a man in search of some money.

His Bradford counterpart has been a bit more frugal and wisely began his fire sale before the fire of relegation took hold, but even with Benito Car*bone (and his salary) overboard, he is also tempted by the prospect of the odd bob or too. Between them they have been the public champions of the Phoenix league – a Premiership II which would select by invitation rather than merit, hopes to invite Celtic and Rangers into their midst and wants a much more arms-length relationship with the hoi-polloi of the lower divisions than the current boring old Nationwide First Division.

To understand the Phoenix plan, you only have to look at its most vociferous advocates. By and large they are football’s Micawbers, gentlemen of middle rank who believe they are entitled to a certain status in life but have fallen on hard times and are waiting for something to turn up. Of the main protagonists, only Manchester City can be said to be in decent shape. Al ongside them we have Sheffield Wednesday, who find they lack the financial clout to keep their stately home in order and Nottingham Forest, former champions of Europe, who now struggle to publish their accounts.

Coventry’s financial problems are daunting. Not only have Richardson and his board sold off one of the club’s most tangible assets – Highfield Road – but the site of the new stadium, already four years behind schedule, remains a wasteland. The club does not even own the site and sold all its in*terests in the project last year in return for a bail-out loan of £13 million – a debt which was passed off in the accounts as an asset. I’m no financial wizard but that seems to me like desperate business.

Not that Richardson himself will feel the chill wind of recession. Despite claiming repeatedly that the new stadium project was insulated from the club, and despite presiding over our first relegation for almost half a century, he has award*ed himself a £300,000 “bonus” for work he claims to have done on the new stadium. Over the past financial year he has also exercised a £80,000 loan facility provided by Coventry City Football Club.

Around a decade ago, Bryan Richardson inherited a club with debts of around £4.5 million and has managed to increase that 12-fold without having anything to show for it on or off the pitch. In the summer the board sold £27 million worth of players – John Hartson, Craig Bellamy, Moustapha Hadji, Chris Kirkland and John Aloisi among them – and spent around £7 million .

Gates have plummeted from over 20,000 in the Premiership to around 14,000 for recent home games and with another £20million of debt to pay off at the end of this financial year, financial survival rather than Premiership survival is now the preoccupation of most Sky Blues fans. It is a matter of desperation: if Coventry and clubs like them believe the Phoenix league can bring in more TV cash, then they are for it.

 

[Astute]

It's also worthy of note that the arena deal wasn't sanctioned until Richardson had left the building. We could have re purchased.

Also what was mcginnitys role at the club in the 8 years prior to succeeding Richardson? I can't recall much objection of the strategy from him then - can you?

Did we have enough chocolate buttons to buy HR back? We certainly didn't have enough cash. And Richardson was in place when it was agreed we would pay 1.2m rent on HR after selling it. There are no excuses for this at all.

 

[Gynnsthetonic]

I just want to wake up from this nightmare, jump on the number 13 on Binley Rd and get off at Gosford Green and walk up to our beloved home!

 

[torchomatic]

Yep, he was one of a few along with Robinson, McGinnity, Hover and Elliot, which is why I never want to see "Mr Coventry" back anywhere near our club once SISU eventually do depart.

But richardson was only an employee and all the key decisions would have required boarf approval and so why would the owners allow the club to go into admin risking their investment in the club, Turkeys voting for Xmas wouldn't have happened.

 

[torchomatic]

SKY BLUES fans have reacted angrily to Coventry City's latest accounts which show the club £60 million in debt.
They are unhappy that the club's chairman received a bonus while the club was dropping from the Premiership into Nationwide League Division One.

The Sky Blues Supporters Club said the accounts showed an "inevitable" debt of £59,613,661 but queried a payment awarded to club chairman Bryan Richardson.

Mr Richardson's remuneration package rose to £588,045 from £217,432 the previous year.

The amount included a bonus for the chairman's work in selling the shopping development on the Foleshill gasworks site where the club hopes to build a new stadium.

But supporters were unhappy with the bonus - which had been awarded for work done in an earlier year - and said it was "crazy" they still had no stadium of their own.

John Haddon, secretary of the supporters club, said: "I think it's something that was inevitable - it was going to happen after their performance last year.

"It's absolutely ridiculous to have a bonus at a time when the club has been relegated and they're losing money as well.
"They've spent money on players when it wasn't their money but loans which they're going to have to pay back.
"We're down to earth people and are amazed at the amounts of money involved especially in Mr Richardson's case. Apparently he has a bonus from a retail development where none has occurred.

"I don't think he deserved a bonus in the year we were losing money and the team was relegated.

"We must be the only club in the league that doesn't have its own ground.

"The supporters here can't see any way out of this debt without some knight in shining armour coming along and buying Richardson out."

The club's annual meeting takes place on December 21.

 

[Astute]

EDIT: If you were to replace "Bryan Richardson" with "Tim Fisher" in the article below then SBT would be in meltdown. How BR gets his "misunderstood" tag is beyond me.

Maybe it is something to do with the memories of the players we couldn't afford which gave us some memorable times. But they were certainly not worth it when you see what has happened since.

 

[torchomatic]

Absolutely. Watching Huckerby, Dublin, McAllister, Keane etc was great at the time, but now...

Maybe it is something to do with the memories of the players we couldn't afford which gave us some memorable times. But they were certainly not worth it when you see what has happened since.

 

[Esoterica]

I think the real reason we argue so much over the blame game is the human need/desire for a single source of vitriol. We want that one Machiavellian villain to target. In our sorry case, there have been a string of people making bad or selfish decisions, some more constant across regimes like Robinson and Elliot, others more transient like Richardson, McGinnity and (hopefully) SISU but at times overlapping each other. Ultimately though, none of the aforementioned have acted with the best interests of the club at heart - they've all fucked us, we're just discussing whether any of them used lube.

 

[Hobo]

Graham Hover, someone else who thought he was something special when he was actually useless. Same DNA as Timmy Fisher.

 

[Hobo]

I think the real reason we argue so much over the blame game is the human need/desire for a single source of vitriol. We want that one Machiavellian villain to target. In our sorry case, there have been a string of people making bad or selfish decisions, some more constant across regimes like Robinson and Elliot, others more transient like Richardson, McGinnity and (hopefully) SISU but at times overlapping each other. Ultimately though, none of the aforementioned have acted with the best interests of the club at heart - they've all fucked us, we're just discussing whether any of them used lube.

the difference for me is, shouting about Richardson, McGinity, Hover and Elliot changes nothing they are all history. We all know that is when the club started to go into decline.

But shouting at Seppala, Fisher and Waggott might change something for the better. I.e not having a proper scouting system is a false economy, as our signings over the last 2-4 seasons have proven.

 

[NorthernWisdom]

Why did Richardson leave when we were so much in the shit? Why didn't he sort out the finances before he left?

He halved the debt before he left, something McGinnity always took credit for, but it was actually Richardson being able to negotiate actual transfer fees for our players that halved it. Yes, he ran it up, but McGinnity's cost-cutting involved selling the fabric of the club, and was done for the motivation of protecting certain interests of board members, rather than what was right for the club.

As for why Richardson left... to protect the self interest of other board members.

 

[NorthernWisdom]

Only just read this thread today, but thinking about it, this must surely rank as the most singular event that has caused our downfall. Richardson's folly..

...but he was wise enough to insist on a buy-back clause for Highfield Road... which was for less than the value of the land for building on.

That clause, in fact, was used by the club...

 

[Astute]

...but he was wise enough to insist on a buy-back clause for Highfield Road... which was for less than the value of the land for building on.

That clause, in fact, was used by the club...

He wasn't wise when he sold HR without a replacement in place. And if he was wise to put in place a buy back clause for less than the value of the land how much under value was it sold for?

And what was the use of a clause when our club couldn't afford to buy it back?


And the only self interest he was worried about was his own. Otherwise why did he pay himself up to 1/2 million a year? And also got out before our club collapsed in the hope that he wouldn't be implicated maybe. Although I was under the impression that the other board members got rid of him for the way he ran our club .

 

[NorthernWisdom]

And what was the use of a clause when our club couldn't afford to buy it back?

We exercised the clause and bought it back.

 

[Astute]

We exercised the clause and bought it back.

We rented it back at 1.2m a year.

 

[NorthernWisdom]

We rented it back at 1.2m a year.

And then we exercised the clause to buy it back.

 

[Grendel]

We rented it back at 1.2m a year.

What seasons were we paying that?

 

[olderskyblue]

And then we exercised the clause to buy it back.

I'm failing to recall the details of that NW. You got more info?

 

[Astute]

What seasons were we paying that?

It was on paperwork released that it was how much we were paying before we moved to the Ricoh. That was why they saw the massive rental agreement of the Ricoh as being reasonable.

 

[NorthernWisdom]

I'm failing to recall the details of that NW. You got more info?

I have indeed.

We bought it, then sold it straight back to the property developer for £1mil more. I'll find you the story in a bit, but the demise of GMK has kind of destroyed my holding thread to get all the links from instantly It's one of those things that is *always* overlooked whenever I post it mind you, as the dominant narrative was it was Rioh or nothing by that point. You have to ask... why.

Interesting the motivations... far be it for me to suggest the board members at the time (McGinnity, Robinson... Higgs) were more interested in short term cashflow and protecting their own loans owed to the club, then doing what was right by the club. Relating back to Grendel's OP, the decisions were often made short-term in self-interest at that point, to stave off the inevitable... and each decision saw an asset disappear that didn't have to. It is this that saw us only attractive to the likes of SISU, and this that continues to make us unattractive to all but carpet-baggers.

There were many occasions when decisions were made that showed, if the will was there, a long term choice could have been made. We never did, however, preferring the approach of ensuring we could keep the incumbent board in situ, in the hope of a fluke promotion and a get out of jail card.

This isn;t to excuse Richardson, but it is to provide a context that the moment when Richardson was removed was not some noble act by board members who sat by innocently while one man tricked all... but rather to demonstrate that the club was never high on the list of priorities.

 

[Grendel]

It was on paperwork released that it was how much we were paying before we moved to the Ricoh. That was why they saw the massive rental agreement of the Ricoh as being reasonable.

I thought it was on a quote from PWKH and I thought it was only for two seasons and also was £900,000.

Do you have a link to the paperwork?

 

[olderskyblue]

I have indeed.

We bought it, then sold it straight back to the property developer for £1mil more. I'll find you the story in a bit, but the demise of GMK has kind of destroyed my holding thread to get all the links from instantly

Interesting the motivations... far be it for me to suggest the board members at the time (McGinnity, Robinson... Higgs) were more interested in short term cashflow and protecting their own loans owed to the club, then doing what was right by the club. Relating back to Grendel's OP, the decisions were often made short-term in self-interest at that point, to stave off the inevitable... and each decision saw an asset disappear that didn't have to. It is this that saw us only attractive to the likes of SISU, and this that continues to make us unattractive to all but carpet-baggers.

There were many occasions when decisions were made that showed, if the will was there, a long term choice could have been made. We never did, however, preferring the approach of ensuring we could keep the incumbent board in situ, in the hope of a fluke promotion and a get out of jail card.

This isn;t to excuse Richardson, but it is to provide a context that the moment when Richardson was removed was not some noble act by board members who sat by innocently while one man tricked all... but rather to demonstrate that the club was never high on the list of priorities.

Thanks for that. be interested to read more.

I recall smiles had lots to say about it at the time, but my memory isn't so hot on detail

The fact that some posters can't raid the GM archives to prove someone said something 8 years a go is maybe a plus for the demise of GMK ??

 

[Astute]

I thought it was on a quote from PWKH and I thought it was only for two seasons and also was £900,000.

Do you have a link to the paperwork?

Do you have a link to the 900k rent?

 

[olderskyblue]

I thought it was on a quote from PWKH and I thought it was only for two seasons and also was £900,000.

Do you have a link to the paperwork?

Now that rings a bell with me too. And didn't the accounts of those seasons not tally with what was said? recall something from OSB58 on it...

 

[Astute]

I have indeed.

We bought it, then sold it straight back to the property developer for £1mil more. I'll find you the story in a bit, but the demise of GMK has kind of destroyed my holding thread to get all the links from instantly It's one of those things that is *always* overlooked whenever I post it mind you, as the dominant narrative was it was Rioh or nothing by that point. You have to ask... why.

Interesting the motivations... far be it for me to suggest the board members at the time (McGinnity, Robinson... Higgs) were more interested in short term cashflow and protecting their own loans owed to the club, then doing what was right by the club. Relating back to Grendel's OP, the decisions were often made short-term in self-interest at that point, to stave off the inevitable... and each decision saw an asset disappear that didn't have to. It is this that saw us only attractive to the likes of SISU, and this that continues to make us unattractive to all but carpet-baggers.

There were many occasions when decisions were made that showed, if the will was there, a long term choice could have been made. We never did, however, preferring the approach of ensuring we could keep the incumbent board in situ, in the hope of a fluke promotion and a get out of jail card.

This isn;t to excuse Richardson, but it is to provide a context that the moment when Richardson was removed was not some noble act by board members who sat by innocently while one man tricked all... but rather to demonstrate that the club was never high on the list of priorities.

So in other words he let the buy back clause go for one years rent?

 

[Grendel]

Do you have a link to the 900k rent?

I will dig out the conversation I had with PWKH at the time if you like. From memory he said it was around £1 million and then admitted that it was only the penultimate season onwards. I'm sure some other poster showed some data which said it was £950,000

Will try tomorrow. I'm sure by then you'll have found the paperwork?

 

[Astute]

Even if it was 950k which is possible as it was so long ago it was too much for a ground not up to standard. Yet a couple of people are trying to defend him :thinking about:

 

[NorthernWisdom]

Thanks for that. be interested to read more.

I recall smiles had lots to say about it at the time, but my memory isn't so hot on detail

The fact that some posters can't raid the GM archives to prove someone said something 8 years a go is maybe a plus for the demise of GMK ??

They'd show I was right all along about a few things...

Those particular quotes however (along with some cracking Joe Elliott ones!) weren't even put up that long ago tbf

Here's one article, there's one with more detail somewhere else but hell, it's sunny outside and I've spent the day being interviewed for my own job:facepalm: so I can't be bothered scouring t'internet to be ignored by most as ever

http://www.coventrytelegraph.net/sport/football/football-news/highfield-road-buy-back-plan-3147941

Now, the Trust at the time (and I think this was when Smiles was big in it - no pun intended) got on the Ricoh or nothing bandwagon. I have to say, I didn't agree with that then either... but the whole building of the football stadium is a prime example of why you have to look beyond the dominant narrative. There are *always* other choices, the reason they'e usually not taken is because it serves someone's interest not to. In the Ricoh case, it got the club (or rather its directors) out of short term hole by offering us some short term cash - for some of the councillors (Dave Nellist ended up with the casting vote?) it served their purpose of urban regeneration (tbf Nellist and others were always up front about this being their motivation).

It's disingenuous to say it was Ricoh or nothing, mind you (pardon the link but, tbh, a bit like Wasps claiming it was Ricoh or nothing isn't entirely true, is it!). It did however enable the family silver to continue to be sold- the only reason we still own Ryton, even, is because when McGinnity tried to sell it, the site couldn't get planning permission!

 

[Grendel]

Even if it was 950k which is possible as it was so long ago it was too much for a ground not up to standard. Yet a couple of people are trying to defend him :thinking about:

FFS Richardson had long gone by then and had already agreed a buy back clause which the stupid idiot mcginnitty then sold!

 

[letsallsingtogether]

FFS Richardson had long gone by then and had already agreed a buy back clause which the stupid idiot mcginnitty then sold!

Can't say I took much notice at the time but I believe there's a draft of a book out there that was written about that era with some really eye opening stories but due to legal issues cannot be published as of yet.

still waiting to read it.

 

[skybluefred]

You are missing the point.If the Club showed progress up the table the fans would have turned up in huge numbers,
do you remember Wolves at HR with 50,000 plus in attendance. 22,000 or 32,000 would not be enough if we could compete
with the Arsenals--Liverpool's --Chelsea's of this world.A stadium with a sliding roof and a capacity of 50,000 plus that could hold
pop concerts and the like, thus generating year round income for the Club would enable us to compete with all comers.

One thing for certain--it will not happen with a 12,000 seater stadium in Rugby or with sisu at the helm.

 

[torchomatic]

Yeah the old bloke who sits next to me at the Ricoh says he knows who wrote it and it's sitting in a vault waiting for Richardson to die. Apparently we don't know even half of what he was up to.

Can't say I took much notice at the time but I believe there's a draft of a book out there that was written about that era with some really eye opening stories but due to legal issues cannot be published as of yet.

still waiting to read it.

 

[torchomatic]

You're agreeing with Fisher then tgat we need a stadium with 365 income?

You are missing the point.If the Club showed progress up the table the fans would have turned up in huge numbers,
do you remember Wolves at HR with 50,000 plus in attendance. 22,000 or 32,000 would not be enough if we could compete
with the Arsenals--Liverpool's --Chelsea's of this world.A stadium with a sliding roof and a capacity of 50,000 plus that could hold
pop concerts and the like, thus generating year round income for the Club would enable us to compete with all comers.

One thing for certain--it will not happen with a 12,000 seater stadium in Rugby or with sisu at the helm.