Where do you get this ridiculous notion that SISU couldn't afford to run it? Wasps bought it and immeadiately mortgaged it yet you believe they can afford it? SISU did make a reasonable offer of 2 million without the lease extension given to Wasps who paid 2.77 million. You see and hear what you want. You believe what you want. You're not open to new information or even existing information.
Really ?
"On 18 June 2012, SISU made an offer to the Higgs Charity for its share in ACL, setout in an Indicative Term Sheet, for £5.5m, in the form of £1.5m immediate cash andan additional £4m in future payments. However,
there were a number of expressconditions precedent, namely that completion would only take place after:i) approval of the transaction’s commercial terms, structure and legal frameworkby the Charity’s trustees, on advice from its advisors;ii)
agreement between the Bank and SISU, as to the buy out of the ACL loan;"
"
SISU considered that the Bank debt could be purchased for £2m-5m. It was part oftheir plan that the debt be purchased – in whole, or at least as to 50%, by them – forthat sum. They were not prepared to offer more. The Heads of Terms supposed that,the debt having been purchased, it would be entirely written off; although the Councilwas sensible to the possibility that SISU might purchase the debt from the Bank(which had no constraints on the person to whom the loan and mortgage might betransferred) and use their position as creditor to put further pressure on ACL and thusthe Council."
Please read the JR findings. It was never going to happen.
