Supporters' group tells Coventry City FC owners to clarify stadium plans (22 Viewers)

[Jack Griffin]

So, basically talk about building a stadium, but don't do it. Sign a 5 year roll over contract for as little Rent as possible and then, when Wasps cannot meet the Bond interest payments, put cash on the table? Don't forget naming rights which could still swing it in Wasps' favour.

My gut feeling is that this new argument is largely about that, Wasps need CCFC to commit to get a good sponsorship deal & CCFC want a slice of the pie, so they talk up moving till they get it. Hence the delay in getting a sponsor.

I may be over simplifying, but the argument makes sense does it not?

 

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[Nick]

My gut feeling is that this new argument is largely about that, Wasps need CCFC to commit to get a good sponsorship deal & CCFC want a slice of the pie, so they talk up moving till they get it. Hence the delay in getting a sponsor.

I may be over simplifying, but the argument makes sense does it not?

Makes sense to me, and they put out stories to apply pressure in the media

 

[Jack Griffin]

Sorry if this is a dumb question with an obvious answer but how do you keep an eye on the bonds?

Loook!

 

[torchomatic]

But surely, no respecting media outlet would fall for such trickery!

Makes sense to me, and they put out stories to apply pressure in the media

 

[Astute]

I know. The days of writing your name on my hand is over!

Are you trying to upset me?

 

[Astute]

Sorry if this is a dumb question with an obvious answer but how do you keep an eye on the bonds?

Try a Google search. Sorry at work so can't help any more.

 

[Astute]

Just taken a look. Interest payable every 6 months. Original investment to be paid back May 2022. And a few links to the bond trading.

Google ORB or order book retail bonds. It should help. If not will see about posting a link later.

 

[italiahorse]

How can you compare a stadium that won't get built with a rental agreement that we have no details of?

That's the information that needs to be out in the open before people can say a stadium is better than staying where we are at the Ricoh.

Sisu say a stadium is a must but give us no figures.

 

[Astute]

That's the information that needs to be out in the open before people can say a stadium is better than staying where we are at the Ricoh.

Sisu say a stadium is a must but give us no figures.

We need our own stadium. But only when we can afford one. But you would also have to consider where it would be amongst other things.

 

[italiahorse]

We need our own stadium. But only when we can afford one. But you would also have to consider where it would be amongst other things.

Agree.
They would surely need to say where it is and then gauge what supporters would attend. That would generate a stadium size and an income.
365 incomes would also need to be calculated if it is not in a good footfall area of town.
This can be compared to the Ricoh deal.

 

[Haigha]

So, basically talk about building a stadium, but don't do it. Sign a 5 year roll over contract for as little Rent as possible and then, when Wasps cannot meet the Bond interest payments, put cash on the table? Don't forget naming rights which could still swing it in Wasps' favour.

I have no inside information, so this is just a cynical opinion...

If press reports in 2005 were accurate, the original term for the naming rights on the stadium should have already expired. That a new deal hasn't been announced suggests there is some kind of problem. How crucial is the presence of the Sky Blues to getting a new deal and how important is the money from the naming rights to ACL - who really knows...

If it is believed Wasps have overstretched themselves in buying into ACL, a tenant with a get out option might choose to exercise their right to leave the Ricoh to deprive ACL of the income it needs to sustain it's business (rent and possibly money from naming rights). If the Sky Blues did choose to leave the Ricoh a move to Northampton wouldn't be acceptable... but the owners might get away with a move to the Butts Arena (with capacity increased by temporary stands).

If Wasps have been starved of income and are facing the prospect of being unable to meet the bond payments (be it the half yearly payments, or maturity payouts) they might be willing to sell the stadium and relocate the team. Such an outcome would seem to be to the benefit of CCFC and CRFC.

Like I said, just a cynical opinion...

 

[James Smith]

Try a Google search. Sorry at work so can't help any more.

No worries so am I.

 

[torchomatic]

Me too.

No worries so am I.

 

[Godiva]

This is a CCC battering thread. What a shock to see you on it jumping on lies said and making it out to be the truth. Then verbally attacking anyone that points out the lies.

So answer a couple of things for once. Richardson says in the article that he paid for the land and sold some to Tesco's. Do you believe him? I will give you a clue. We know it isn't true.

So in the article he came out with one of if not the biggest lie in the history of CCFC. So why other than for the reason of CCC bashing would you believe any of the rest of it to be true?

And don't worry. I know you won't give a straight forward truthful answer. Keyboard warrior insults is all that you know.

I never liked Richardson - too flamboyant for my taste.
Anyway - does he really say he paid out of his own pockets? I can read him as saying he brokered the deals for the club.

 

[Astute]

I never liked Richardson - too flamboyant for my taste.
Anyway - does he really say he paid out of his own pockets? I can read him as saying he brokered the deals for the club.

Look at what was posted on here. It is what he said. Then some wonder why I would never believe a word that he says.

 

[Astute]

http://www.coventrytelegraph.net/sport/football/football-news/want-help-save-coventry-city-3026911

“The stadium was my big vision but it was never my vision that the club wouldn’t own it,” said the former City chief who, remarkably, has never set foot in the Ricoh Arena.
“I have no idea what happened after I left. I can show you the document where I did the deal with the Tesco chairman directly.
"We bought 88 acres from British Gas.

"I sold 30 of the 88 acres where it is now for £66.5m which was the highest price Tesco had ever paid for an out of London site. And there were no fees so the club didn’t pay anyone because I did it direct with Tesco, and that saved the club £3m in fees.

“I don’t know what happened after that but before long the whole thing had gone to the Higgs Charity and the Council.
"So I don’t know, did Tesco pay the money direct to the council? I’ve no idea. I’d love to know and to be honest the supporters should know because it was a huge deal at the time.”

It is understood that Richardson bought an option to buy the Foleshill gas works site but when that option ran out and he couldn’t raise the money to pay British Gas, the council stepped in and bought the land for £20m - including £12m to decontaminate it – and then sold it to Tesco, using the £40m profit to part-fund the construction of the stadium.

Richardson admitted: “I had left when the final deal was done, but that was going to be the best asset ever for the club.
"That was going to be the bedrock of the future of Coventry City Football Club and for some extraordinary reason that all went by the by and I have never, to this day, understood – and neither have I asked to be honest – why that ever happened.

“But it was absolutely crucial to the future of the club that it had ownership of the stadium and all the revenue streams. It was the key to everything.”


The land cost and sale figures don't agree to what Council reports say actually happened, and although he says he did the deal and later admits he'd left by the time it was done, I'm sure he feels he has a complaint.

Here you go

 

[Godiva]

“The stadium was my big vision but it was never my vision that the club wouldn’t own it,” said the former City chief who, remarkably, has never set foot in the Ricoh Arena.
“I have no idea what happened after I left. I can show you the document where I did the deal with the Tesco chairman directly.
"We bought 88 acres from British Gas.

"I sold 30 of the 88 acres where it is now for £66.5m which was the highest price Tesco had ever paid for an out of London site. And there were no fees so the club didn’t pay anyone because I did it direct with Tesco, and that saved the club £3m in fees.

First he says 'we' - I think that means the club, then he says 'I'. As the club ('we') owned what he ('I') sold it must mean he sold it as chairman of the club.
So I read it as Richardson brokered the deals as chairman of the club, not bought and sold on his own behalf or spending his own money.
But maybe that's just me?

 

[chiefdave]

If press reports in 2005 were accurate, the original term for the naming rights on the stadium should have already expired. That a new deal hasn't been announced suggests there is some kind of problem. How crucial is the presence of the Sky Blues to getting a new deal and how important is the money from the naming rights to ACL - who really knows...

The rights deal should have expired over the summer. For some reason it is still Ricoh but with no announcement being made about them renewing.

If I recall correctly the football club was the draw for Ricoh. Wasn't the idea of naming the stadium but forward to Ricoh by the top dogs at NRG, who used to have a box at HR? They were taken over by, and eventually merged with, Ricoh.

Is there a problem? Who knows but the longer it goes on without something being announced the more likely there is a hitch.

 

[torchomatic]

One thing for sure however you read it he paid himself £300K for doing whatever he did.

 

[chiefdave]

So I read it as Richardson brokered the deals as chairman of the club, not bought and sold on his own behalf or spending his own money.
But maybe that's just me?

That's how I read it. That he arranged the deal.

 

[tisza]

One thing for sure however you read it he paid himself £300K for doing whatever he did.

sorry - double that figure !!

 

[Astute]

So he says the land was bought. No money changed hands. He says the land was sold. But no money changed hands.


And I await the excuses for the last paragraph.

The land cost and sale figures don't agree to what Council reports say actually happened, and although he says he did the deal and later admits he'd left by the time it was done, I'm sure he feels he has a complaint.

[/COLOR]

 

[chiefdave]

Not sure who Astute is actually arguing with! Is there anyone who actually thinks Richardson put his hand in his pocket and purchased the site?

 

[Astute]

Not sure who Astute is actually arguing with! Is there anyone who actually thinks Richardson put his hand in his pocket and purchased the site?

Not arguing with anyone. But when a couple of people are saying that he did the deal and eventually in the last paragraph he admits to lying because he wasn't with us when the deal was done.......

 

[Sick Boy]

Just to take it in context this was all originally planned and designed around us being in the top flight. At no stage was it ever considered we'd be a League 1 club.

Considering that we had regularly flirted with relegation for years, you have to wonder what they were thinking

 

[Astute]

“The stadium was my big vision but it was never my vision that the club wouldn’t own it,” said the former City chief who, remarkably, has never set foot in the Ricoh Arena.
“I have no idea what happened after I left. I can show you the document where I did the deal with the Tesco chairman directly.
"We bought 88 acres from British Gas.

"I sold 30 of the 88 acres where it is now for £66.5m which was the highest price Tesco had ever paid for an out of London site. And there were no fees so the club didn’t pay anyone because I did it direct with Tesco, and that saved the club £3m in fees.

First he says 'we' - I think that means the club, then he says 'I'. As the club ('we') owned what he ('I') sold it must mean he sold it as chairman of the club.
So I read it as Richardson brokered the deals as chairman of the club, not bought and sold on his own behalf or spending his own money.
But maybe that's just me?

That's how I read it. That he arranged the deal.

And just in case you forgot Dave

Strange that the last paragraph is missing from the quote

 

[chiefdave]

And just in case you forgot Dave

Strange that the last paragraph is missing from the quote

I have no idea what point you are trying to make. Nobody is claiming Richardson paid for anything are they? Are you saying he had no involvement at all and therefore didn't have an agreement in place to purchase the land and didn't arrange the deal with Tesco?

 

[Astute]

I have no idea what point you are trying to make. Nobody is claiming Richardson paid for anything are they? Are you saying he had no involvement at all and therefore didn't have an agreement in place to purchase the land and didn't arrange the deal with Tesco?

Some were saying believe what he said. I said I would never believe a word that Richardson says. I got shouted down for it by the usual suspects. And I have shown why. Now it has become why have I pointed his lies out

 

[Grendel]

Some were saying believe what he said. I said I would never believe a word that Richardson says. I got shouted down for it by the usual suspects. And I have shown why. Now it has become why have I pointed his lies out

So you actually have proved this was a lie that's interesting - have you a link to your "proof"?

 

[skybluetony176]

Not sure who Astute is actually arguing with! Is there anyone who actually thinks Richardson put his hand in his pocket and purchased the site?

So you actually have proved this was a lie that's interesting - have you a link to your "proof"?

 

[Astute]

So you actually have proved this was a lie that's interesting - have you a link to your "proof"?

If only you was able to read things that were not having a go at CCC you would have understood the last paragraph. But you won't have read that part or understood it as he admitted he had lied.

And just to help you. He said he finalised the deal but in the end admitted he left our club before the deal was finalised. But you will either pretend not to have read this or will come out with your normal stupid comment.

I want the truth to come out. And if someone gets into trouble for what they have done then so be it. But Richardson is the last one that we should take his word as gospel. He started all this and is now trying to shift the blame.

 

[Grendel]

If only you was able to read things that were not having a go at CCC you would have understood the last paragraph. But you won't have read that part or understood it as he admitted he had lied.

And just to help you. He said he finalised the deal but in the end admitted he left our club before the deal was finalised. But you will either pretend not to have read this or will come out with your normal stupid comment.

I want the truth to come out. And if someone gets into trouble for what they have done then so be it. But Richardson is the last one that we should take his word as gospel. He started all this and is now trying to shift the blame.

But you didn't even know that the rights to return to Highfield Road was sold after Richardson left. I got a bit bored by then to be honest.

 

[Astute]

But you didn't even know that the rights to return to Highfield Road was sold after Richardson left. I got a bit bored by then to be honest.

Oh the shock of this comment. So who mentioned about rights to HR?

Bored? Try reading your own posts. Nothing but having a go at CCC as if nobody else is to blame. Not forgetting the insults you give all the time.

 

[letsallsingtogether]

I got a bit bored by then to be honest.

Now you know how you make us all feel same shit another day.
Every tread turned then blame others for it
Wasps
Wasps
Wasps
CCC
ACL
CCC
CCC
HIGGS
HiGGS
Shit Fans
Shit Fans
Shit Players
Shit Players
TBF you really don't have many good things to say about CCFC or Coventry in general, except when it comes to defending our beloved owners.

 

[skybluetony176]

Now you know how you make us all feel same shit another day.
Every tread turned then blame others for it
Wasps
Wasps
Wasps
CCC
ACL
CCC
CCC
HIGGS
HiGGS
Shit Fans
Shit Fans
Shit Players
Shit Players
TBF you really don't have many good things to say about CCFC or Coventry in general, except when it comes to defending our beloved owners.

You forgot shit managers and if all else fails repeatedly saying that SISU were CCC's preferred bidder so at the end of the day it's still all CCC's fault.

The last one is certainly gaining in popularity at the moment. I think it's replaced "l know SISU carry some of the blame but..." line. They must have realised that we were on to them