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

[torchomatic]

SKY Blues fans have reacted angrily to Coventry City's latest accounts which show the club pounds 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.

Some supporters are now planning to re-launch their campaign to try to oust chairman Bryan Richardson. The Save Our City campaign will resume with new vigour at Sunday's televised game against Watford.

Protesters cooled off their action after manager Gordon Strachan left the club, which saw a turn-around in fortunes under replacement Roland Nilsson.

But their anger has been re-fuelled after the accounts were published.

Joe Rukin, Save Our City campaign co-ordinator, said fans plan to wear costumes and hold placards at the game calling for Richardson's head.

He said: "The longer Richardson stays at the club the worse it will be for the future of the club."

The Sky Blues Supporters' Club said the accounts showed an "inevitable" debt of pounds 59,613,661 but queried a payment awarded to Mr Richardson.

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

The amount included a bonus for the chairman's work in selling the shopping development on the Foleshill gas works 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 Sky Blues 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, but apparently he has a bonus there 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're unhappy about the overall situation.

"We must be the only club in the league that doesn't have it's 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.

"But who has got that sort of money?"

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

 

---

[torchomatic]

GEOFFREY ROBINSON has revealed why ousted Coventry City chairman Bryan Richardson had to go.

The Sky Blues' president said the boardroom coup - which took Mr Richardson by "complete surprise" - was necessary to save the club from financial ruin.

The city MP denied he was the driving force behind the decision and said the team's dismal form and the protests by fans had left fellow directors with no choice.

"We've got to get confidence back in the fans," he said.

New chairman Mike McGinnity, pledging a new era for fans, claimed that Mr Richardson had kept board members in the dark over several key issues.

He said the ousted chairman had received warnings. He said: "This has not happened overnight - this goes back a couple of years."

Mr McGinnity added: "We felt that if we continued in the way we were going, we would end up in very serious financial trouble."

Last night the drummed-out chairman hit back, saying he had been led to believe yesterday's board meeting was about the new Sky Blues stadium.

"I want to make it absolutely clear I did not resign and no-one should suggest for one minute anything otherwise. I had absolutely no idea when I went into the boardroom yesterday that there would be a boardroom coup."

Graham Hover has now become the club's chief execut

 

[Rusty Trombone]

If we weren't much in debt why couldn't we get the money together to buy the land that the arena was built on?

The accounts aren't going to be wrong from 3 months after he went, so it's pretty clear the net debt wasn't £60m. I don't have a clue why they didn't borrow more to do the land deal, maybe they knew it would all get ploughed back into the build so would it make any difference?

 

[Grendel]

If we weren't much in debt why couldn't we get the money together to buy the land that the arena was built on?

Most of the debt was not commercial debt and Richardson had got a lot of the non commercial debt significantly down by the time he was forced out.

The arena deal was concluded after Richardson was forced out by the way.

 

[torchomatic]

COVENTRY North-east MP Bob Ainsworth yesterday welcomed the prospect of a public court battle between ousted Sky Blues chairman Bryan Richardson and Coventry City Football Club.

He said fans would be fascinated to find out exactly how the club has ended up with debts which reached nearly pounds 60 million, without a ground it owned and being relegated to the First Division.

Mr Richardson is suing the club for pounds 350,000 after he was summarily dismissed in a boardroom coup in January - the equivalent of a year's salary, bonus and perks. The club is planning to counter-sue.

Mr Ainsworth said: "I don't think people have a huge amount of sympathy for Mr Richardson, but I think they'll be fascinated to know the inside story of what's happened at their club.

"If he'd care to tell us, either in court or elsewhere, I'm sure he'll have the ears of Coventry. I don't think any more damage can be done to the football club than that which has already been done."

Mr Ainsworth said a court case would probably be the only way the fans would find out what has happened at the club.

He said: "Only a few years ago the club owned its own ground and the land on which it was to build a stadium and Bryan Richardson was saying there were exciting prospects for the Foleshill gasworks site.

"Over a relatively short period they've come to a position where they don't own the ground, they don't own the contaminated land on which they hope somebody is going to be able to build a stadium and they don't own all their footballers.

"All they own is a pile of debt.

"Whether or not they've got there because of heroic attempts to keep them in the Premier League and the necessities of paying wages to top flight players or whether or not there are other reasons for the demise, it would be very nice to understand in detail."

The council now owns the Foleshill site and is hoping to develop an arena with Advantage West Midlands and the club.

 

[Astute]

The accounts aren't going to be wrong from 3 months after he went, so it's pretty clear the net debt wasn't £60m. I don't have a clue why they didn't borrow more to do the land deal, maybe they knew it would all get ploughed back into the build so would it make any difference?

Lets try again then. If we were not much in debt why did he sell HR when its replacement was still just badly contaminated land and no sign of it being built?

 

[Astute]

Most of the debt was not commercial debt and Richardson had got a lot of the non commercial debt significantly down by the time he was forced out.

The arena deal was concluded after Richardson was forced out by the way.

You said before that McGinnity did all the selling. So did Richardson do it all now?

 

[Rusty Trombone]

Lets try again then. If we were not much in debt why did he sell HR when its replacement was still just badly contaminated land and no sign of it being built?

Try again?? It's a completely different question!!

We were in a lot of debt, but it's misleading to say £60m when the reality was less than half that, that's all I'm pointing out. Maybe there's misunderstandings around net debt and total debt.

There were delays in the build weren't there, was the original sale timed to coincide with the original timescale of the new stadium?

 

[Grendel]

You said before that McGinnity did all the selling. So did Richardson do it all now?

No he didn't sell assets or rights. He sold players skilfully to diminish the debt.

McGinnity just sold purchasing rights.

You do realise all you and Torch are doing is basically supporting the post Richardson boards policy of asset stripping g to pay back certain well known board members?

 

[Astute]

Try again?? It's a completely different question!!

We were in a lot of debt, but it's misleading to say £60m when the reality was less than half that, that's all I'm pointing out. Maybe there's misunderstandings around net debt and total debt.

There were delays in the build weren't there, was the original sale timed to coincide with the original timescale of the new stadium?

Different people involved said it was close to 60m. Richardson said it was less. Do you believe him or the others? He admits he got the push. He took lots of money out of our club including money for the arena build. And it wasn't built by us.

Yes the build was delayed. We didn't have the money to even buy the land. HR was sold to keep us going for just a bit longer. And also remember that we were supposed to get a retractable roof :facepalm:

 

[Astute]

No he didn't sell assets or rights. He sold players skilfully to diminish the debt.

McGinnity just sold purchasing rights.

You do realise all you and Torch are doing is basically supporting the post Richardson boards policy of asset stripping g to pay back certain well known board members?

We have been pointing out where our major problems started. Even you have to admit this. It is you that has been looking for excuses for Richardson. You are trying to lay the blame on everyone after Richardson and before SISU. But to me the main blame lands on Richardson for messing the finances of our club up badly so we lost HR and then couldn't afford a new ground. And then SISU for totally messing up the purchase of the arena up constantly until it was lost for good.

There are many more with blame at their feet, but these are the ones that could have done things so much better.

 

[Grendel]

We have been pointing out where our major problems started. Even you have to admit this. It is you that has been looking for excuses for Richardson. You are trying to lay the blame on everyone after Richardson and before SISU. But to me the main blame lands on Richardson for messing the finances of our club up badly so we lost HR and then couldn't afford a new ground. And then SISU for totally messing up the purchase of the arena up constantly until it was lost for good.

There are many more with blame at their feet, but these are the ones that could have done things so much better.

At least RFC agrees with you - no doubt from the same school of accounting.

 

[Jack Griffin]

Absolutely. It amazes me that Jack and others try and persuade us that all our problems started with SISU and we should look forward not back. Ironic really because without these fucks up in the past then SISU wouldn't even be here.

That is not what I said at all and we must look forward, if you know of any way of holding former owners to account then do tell, I have no sympathy for them.

However the club came to be in the mess it is in it is it not true that the responsibility for its future lies with the current owners?

 

[NorthernWisdom]

if you know of any way of holding former owners to account then do tell.

Have to say, when all this recent stuff started blowing up, SISU were all for an enquiry into how the club had been run. It kind of got lost in the shitstorm, but sure we'd have all been quite keen for an enquiry starting way back when Robinson and Richardson hopped on, and carrying on to the present day.

Bring it on... forget books only able to be published when dead people can't defend.

 

[Rusty Trombone]

Different people involved said it was close to 60m. Richardson said it was less. Do you believe him or the others? He admits he got the push. He took lots of money out of our club including money for the arena build. And it wasn't built by us.

Yes the build was delayed. We didn't have the money to even buy the land. HR was sold to keep us going for just a bit longer. And also remember that we were supposed to get a retractable roof :facepalm:

I'll believe the accounts, if they said £25m or so, then that's the figure I'd believe. The telegraph report at the time I referred to said the lower figure.

Most, if not all clubs were in debt and trying to survive at the time, we were enjoying the money being spent on players we wanted to see. The way it played out clearly set the club on the road to ruin, Grendel's query is that if we kept BR things may not have turned out quite so bad, I think it's a question worth considering.

 

[Jack Griffin]

Have to say, when all this recent stuff started blowing up, SISU were all for an enquiry into how the club had been run. It kind of got lost in the shitstorm, but sure we'd have all been quite keen for an enquiry starting way back when Robinson and Richardson hopped on, and carrying on to the present day.

Bring it on... forget books only able to be published when dead people can't defend.

Errmm no, they wanted an enquiry into the Council Wasps deal. I don't recall them mentioning an enquiry into former owners, hell if they can prove anything against them I do not think for a moment they would hesitate to take them to court, at least you can rely upon them for that!

 

[NorthernWisdom]

The way it played out clearly set the club on the road to ruin, Grendel's query is that if we kept BR things may not have turned out quite so bad, I think it's a question worth considering.

Yup, the latter question by no means stops the former happening,

 

[NorthernWisdom]

Errmm no, they wanted an enquiry into the Council Wasps deal. When did they mention former owners, hell if they can prove anything against them I do not think for a moment they would hesitate to take them to court, at least you can rely upon them for that!

Errm yes.

Not then, when all this started blowing up, pre-administration. They wanted it to stretch back to when they came into the club (clearly wanting to shine a light on Ranson et al) but it would have been no bad thing to run with the general idea, and stretch it back further...

 

[James Smith]

Was he forced into selling our players to reduce the "commercial" debt by the co-op? If so were we in danger of breaching our banking covenants otherwise? Were the players used as collateral against the debts and therefore he had no choice in the matter?
I'm struggling to remember masses from back that far but I'd be interested to see the accounts for 2000-2005 and then have OSB58 decipher them

 

[Grendel]

Was he forced into selling our players to reduce the "commercial" debt by the co-op? If so were we in danger of breaching our banking covenants otherwise? Were the players used as collateral against the debts and therefore he had no choice in the matter?
I'm struggling to remember masses from back that far but I'd be interested to see the accounts for 2000-2005 and then have OSB58 decipher them

Of course he sold players - the point was though he recouped a lot of money for them. He got the money back on Bellamy for example - McGinnity would have just flogged him for a few pence to get him off the wage bill

The real problem on the playing side was that he wanted to keep Hartson - when he left he spent millions on Hughes which on face value was a good signing.

McGinnity was hopeless on the football side as well as the business side. He preached poverty but still managed to sack the two best managerial prospects we had and replace them with abject failures on bigger salaries.

 

[WestEndAgro]

McGinnity was a red nosed clown, he didn't have a clue, talk about being out of your depth, all he cared about was feathering his own nest, Richardson was a complete tool.
Both are responsible for this gigantic shit storm we are currently in the middle of.

 

[Astute]

I'll believe the accounts, if they said £25m or so, then that's the figure I'd believe. The telegraph report at the time I referred to said the lower figure.

Most, if not all clubs were in debt and trying to survive at the time, we were enjoying the money being spent on players we wanted to see. The way it played out clearly set the club on the road to ruin, Grendel's query is that if we kept BR things may not have turned out quite so bad, I think it's a question worth considering.

I didn't say not to consider the question. It is just that he doesn't want anyone to consider how bad it could have got very quickly if he had been left in charge.

He was taking lots of money out of our club each year. He ran up a massive debt for our club in a short space of time. He sold our ground without a replacement or the money to build one leaving us homeless. Yes it was good times when we got to watch the players we had at the time. But we couldn't afford them. And our present predicament comes from then.

The next club that spent money they didn't have and continued to do so were Pompey. Yes they had a few good seasons. But nobody stopped them from overspending. Look what happened. And this was when they were getting all the sky money and parachute payments. They had left it too late before sorting the finances out. So had we, but at least we had the chance of just about keeping our heads above the water. If we had kept Richardson and he would have kept the debts going up until he couldn't get our club into debt with anyone else we could have beat Pompey to crash further than we have.

 

[Rusty Trombone]

I didn't say not to consider the question. It is just that he doesn't want anyone to consider how bad it could have got very quickly if he had been left in charge.

He was taking lots of money out of our club each year. He ran up a massive debt for our club in a short space of time. He sold our ground without a replacement or the money to build one leaving us homeless. Yes it was good times when we got to watch the players we had at the time. But we couldn't afford them. And our present predicament comes from then.

The next club that spent money they didn't have and continued to do so were Pompey. Yes they had a few good seasons. But nobody stopped them from overspending. Look what happened. And this was when they were getting all the sky money and parachute payments. They had left it too late before sorting the finances out. So had we, but at least we had the chance of just about keeping our heads above the water. If we had kept Richardson and he would have kept the debts going up until he couldn't get our club into debt with anyone else we could have beat Pompey to crash further than we have.

Do you not accept that the debts were coming down, and that maybe he was on a journey of continuing to reduce the debts, I don't know if that would have happened but I think there's merit in the suggestion.

If I'm understanding Grendel's reasoning he would agree that Pompey left it too late, and nobody stopped the overspending, and that's exactly why it may have been a good idea to keep BR, as he was ruthless and he would have put us into admin before it was too late, ie before there were any football penalties for doing so, and with little regard for those directors who would lose millions.

I think that's all possible.

 

[shmmeee]

Have to say, when all this recent stuff started blowing up, SISU were all for an enquiry into how the club had been run. It kind of got lost in the shitstorm, but sure we'd have all been quite keen for an enquiry starting way back when Robinson and Richardson hopped on, and carrying on to the present day.

Bring it on... forget books only able to be published when dead people can't defend.

What happened to that enquiry surely only the club need to be involved so nothing is stopping them?

 

[James Smith]

Of course he sold players - the point was though he recouped a lot of money for them. He got the money back on Bellamy for example - McGinnity would have just flogged him for a few pence to get him off the wage bill

The real problem on the playing side was that he wanted to keep Hartson - when he left he spent millions on Hughes which on face value was a good signing.

McGinnity was hopeless on the football side as well as the business side. He preached poverty but still managed to sack the two best managerial prospects we had and replace them with abject failures on bigger salaries.

I'm not denying that BR sold players and I'm not saying that MMG was a Saint either. My point was that we don't know whether he was forced to sell them or not.

 

[Hobo]

All this is very hypothetical...what if the dinosaurs had survived?

 

[NorthernWisdom]

What happened to that enquiry surely only the club need to be involved so nothing is stopping them?

I believe they wanted to include the whole stadium deal, including Higgs and CCC.

Now philosophically (practically may be another matter) I can't imagine anybody would be against a wide ranging enquiry checking out just about everybody involved.

What would have been interesting is if we'd run with it and seen who blinked first. Sometimes the game of poker is better to play, then just a dogmatic entrenched position for ideology's sake. The poker game sometimes gets more results...

 

[Noggin]

I believe they wanted to include the whole stadium deal, including Higgs and CCC.

Now philosophically (practically may be another matter) I can't imagine anybody would be against a wide ranging enquiry checking out just about everybody involved.

What would have been interesting is if we'd run with it and seen who blinked first. Sometimes the game of poker is better to play, then just a dogmatic entrenched position for ideology's sake. The poker game sometimes gets more results...

I believe they had no interest whatsoever in a full enquiry but knew full well there was no chance of it happening and knew it would play well in the media and too the fans, clever manipulation imo.

 

[chiefdave]

I believe they wanted to include the whole stadium deal, including Higgs and CCC.

Would be very interesting to have someone independent come in and examine everything from the end of the Richardson onwards. Can imagine there's a few people that would prefer that didn't happen!

 

[NorthernWisdom]

I believe they had no interest whatsoever in a full enquiry but knew full well there was no chance of it happening and knew it would play well in the media and too the fans, clever manipulation imo.

It didn't play well, everyone ignored it as they were too busy shouting.

 

[Astute]

From when Richardson took over more like. Then you could have the full cause and effect