Nick
Administrator
Wasps pretty much had the 100%, the CCFC offer then was irrelevant.
Wasps said themselves it was always about 100% of it. I very much doubt they would have come and allowed it to be 50% / 50% with SISU.
Deering now a Director (12 Viewers)
- Thread starter Nick
- Start date
Wasps pretty much had the 100%, the CCFC offer then was irrelevant.
Wasps said themselves it was always about 100% of it. I very much doubt they would have come and allowed it to be 50% / 50% with SISU.
Sky Blue Kid
Well-Known Member
http://www.coventrytelegraph.net/news/coventry-news/coventry-city-owners-sisu-still-7902231 .......Selective memory guys(Grendel) Every opportunity given to SISU to make offer, but had to be within 30 days. They then made due offer with proviso's Not rocket science as to what would be said to SISU.. Is it?
Nick
Administrator
1. They couldn't buy it if they wanted to could they, due to the structuring so that was a PR stunt wasn't it?
2. Again, Wasps were only ever here for 100%. They wouldn't have done it if they weren't going to get 100%.
Sky Blue Kid
Well-Known Member
Sky Blue Kid
Well-Known Member
Don't worry Nick, I've done it for you 
..........
Nick Eastwood, chief executive of Wasps, said: "It's up to the charity to do what they think is required under their duties.
"We have to act in the best interests of Wasps and the charity have to act in the best interests of the charity.
"I can't make comments on what people should or shouldn't be doing or where they should be looking.
"It's all hypothesis and I don't comment on that. Let's get going here and see what the future brings."
.......... Nick Eastwood, chief executive of Wasps, said: "It's up to the charity to do what they think is required under their duties.
"We have to act in the best interests of Wasps and the charity have to act in the best interests of the charity.
"I can't make comments on what people should or shouldn't be doing or where they should be looking.
"It's all hypothesis and I don't comment on that. Let's get going here and see what the future brings."
SkyBlueZack
Well-Known Member
Hahahaha believe everything Eastwood says. Brilliant!
Sky Blue Kid
Well-Known Member
Lmfao.. I show you written proof of a quote by Nick Eastwood, and you laugh!...You then "Like" a comment(Which is all it is by chiefdave) without any proof whatsoever. what is it you said??? ... Oh Yes...Brilliant!
Sky Blue Kid
Well-Known Member
If you want to get the last word in.. Feel free. I'm done!
SkyBlueZack
Well-Known Member
Is this the same Eastwood that said Wasps had no choice but to relocate 90 miles? Even though there was an offer on the table from a local council to build a new stadium?
Show me as many quotes as you like. It proves nothing. Eastwood was never going to come out and say the charity must do this and that in public. Someone mentioned earlier PWKH had stated the 100% had been sold before the CCFC offer. So do we not believe him even though he was a trustee of the Higgs? Do we not believe the conditions set down by Wasps were for 100% and not 50% and maybe another 50% if CCFC make an offer and whether or not it is subject to conditions?
Show me as many quotes as you like. It proves nothing. Eastwood was never going to come out and say the charity must do this and that in public. Someone mentioned earlier PWKH had stated the 100% had been sold before the CCFC offer. So do we not believe him even though he was a trustee of the Higgs? Do we not believe the conditions set down by Wasps were for 100% and not 50% and maybe another 50% if CCFC make an offer and whether or not it is subject to conditions?
Colin Steins Smile
Well-Known Member
The Higgs Charity Trustees are bound by strict rules on their actions by the their articles of association and answerable to the charity commission. They must act in the best interests of the charity and in this matter, they must have thought this was the best option for their charity.
chiefdave
Well-Known Member
I know SISU are useless but to suggest they would make an offer which agreed to purchase the Higgs share and wasn't reliant on them performing even the slightest bit of due diligence is nuts. Wasps would have already seen the information as part of their due diligence for purchasing the council's half.
chiefdave
Well-Known Member
Or they have to be certain they could provide a plausible explanation if the deal was ever questioned.
Was it coincidental that days after SISU suggested working with Higgs on charitable initiatives in the city Higgs completely changed the mission of the charity, moving away from anything to do with sports and into the arts world?
SkyBlueZack
Well-Known Member
There still counting all the money from their percentage of ticket revenue. Cha ching! And then making sure the kids of the city eat, play sports and are cultured in the arts with the proceedings. Just another day in the world of the super heroes. The higgs charity. Well either that or there still trying to tie a balloon to a car?
oldskyblue58
CCFC Finance Director
I assume you mean the Drapers Hall development. That was first reported as the Charity being involved in 2012. Not sure the project has proceeded further than the business plan & drawings
No Grendel they have yet to file the accounts but that might be something to do with the charge they have over the Alan Higgs Centre which has just changed hands and the AHCT being wound up perhaps - thats just a guess though
But what has any of that got to do with Deering becoming a director SBS&L?
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skybluetony176
Well-Known Member
That's priceless Dave. That truely is the king of tin hat conspiracy theory of all the tin hat conspiracy theories ever dreamt up on here.
Nick
Administrator
Nah that is still the Telegraph and Council one.
skybluetony176
Well-Known Member
How does that effect CCFC?
chiefdave
Well-Known Member
Not any one project in particular
And of course the ownership of the Higgs Centre has recently changed, or is shortly to change - not sure if its actually happened yet.
chiefdave
Well-Known Member
So you think it is total coincidence that Higgs made no mention of this change of focus until a bid from SISU which proposed working together in the area the charity, at the time, purported to operate in?
skybluetony176
Well-Known Member
I would think that the decision was made long ago based on their experiance of overpaying a football club for their shares in a stadium management company on the understanding that there is an agreed formula in place to buy it back and then building the same club facilities so they can gain CAT3 status for their academy only to be hit with constant costs' arguements, stress and hassle. Your claim that it is based on turning down a single offer from a Hedge fund is laughable considering all that went before it.
I've said it before but a long standing connection between the football club a well thought off family in the City of Coventry who have done untold amounts of good over many decades and generations not just for the football but for the wider Coventry community has just came to a very nasty end and that is something that has probably been lost to the football club forever and that is a great shame when you consider everything they've done for the club and not just the last couple of years.
Grendel
Well-Known Member
Any interest in the football club from them went when Derek Higgs departed.
Sky Blue Kid
Well-Known Member
Wasn't going to reply on this subject but!... Do you mean the same "Due Dilligence SISU took on takeover of CCFC???
chiefdave
Well-Known Member
Yes, given that they have on more than one occasion stated that the failure to do detailed enough due diligence when purchasing the club in the first place I suspect they would have made sure they did it properly this time.
shy_tall_knight
Well-Known Member
An opinion or based on other information, died 4 months after the SISU took over, iMO had been fairly quiet in the previous years.
skybluetony176
Well-Known Member
In your opinion.
Grendel
Well-Known Member
Not just my opinion.
Sky Blue Kid
Well-Known Member
skybluetony176
Well-Known Member
Grendull has some actual facts? This should be interesting. I'm all eyes and ears.
Astute
Well-Known Member
Oh yes SISU never had any chance of coming to any agreement over taking over the arena before Wasps jumped in and got what should have belonged to CCFC.
I ask again. Are you ready to pay up on the bet we had at the start of the season? Payable to cancer research please.
Sky Blue Kid
Well-Known Member
What was the bet?
Grendel
Well-Known Member
I am unsure - perhaps he can provide a link
oldskyblue58
CCFC Finance Director
But what you have quoted specifically indicates that their next project was Drapers Hall doesnt it?
The Trustees only have to justify their actions to the charity Commission. Is there a registered change in charity objectives - not that I can see
There is no duty moral, charitable or otherwise to assist or even partner CCFC if the Trustees do not see it as being in the best interests of the Charity. The terms produced with the SISU bid in 2014 relating to charitable activities apart from being vague and altruistic actually do not fit with much of the work done by the Charity in the past. That aside can anyone seriously think that the Trustees would be keen to keep any involvement with SISU let alone create new charitable partnerships with them. Would anyone think such involvement would be seen by the Trustees as beneficial to the Charity. It read to me as fine words but little substance.
Apart from the ACL share purchase, which was a costly nightmare involving legal disputes and capital losses, then the Charity was set up to distribute funds from investment income and to seed finance the capital projects like the Higgs Centre and Drapers Hall. To distribute funds not to actually operate or manage charitable activities
I think those carrying on about the poor children that had been deprived or even those who keep bringing that up fail to actually understand the purpose and nature of the Alan Edward Higgs Charity. It certainly is not to be a fall back position for CCFC
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letsallsingtogether
Well-Known Member
He's only on a 6 figure salary he can't afford it