Sisu bullying back-firing? (9 Viewers)

[Sky Blue Kid]

Yes, that was the proposed deal. If that deal had gone through we would have owned half of it.

Have a word with Ian1779 mate, think he's having a job keeping up

 

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[Nick]

Have a word with Ian1779 mate, think he's having a job keeping up

But obviously that wasn't the deal was it, as we didn't own half.

 

[Sky Blue Kid]

But obviously that wasn't the deal was it, as we didn't own half.

Ermm if SISU paid the £10m from the get-go they would have(Owned half the Stadium)

 

[Ian1779]

Ermm if SISU paid the £10m from the get-go they would have(Owned half the Stadium)

So where does this revelation come from?
And again if that was really the actual deal then why have SISU as preferred bidder??

 

[Nick]

Ermm if SISU paid the £10m from the get-go they would have(Owned half the Stadium)

where is that said?

Why did the council turn down people like Shapiro?

 

[Sky Blue Kid]

Bads memories guys?... Are you forgetting the "Formula £10m"
SISU were offered it at least 3 times during their tenure, but they argued it was worth a lot less(Approx £6m) Remember now???

 

[skybluetony176]

where is that said?

Why did the council turn down people like Shapiro?

How could the council turn down anyone? They was'nt selling CCFC.

 

[Sky Blue Kid]

Don't forget guys... You can go play yourselves, I'm not researching it for you

 

[tisza]

How could the council turn down anyone? They wasn't selling CCFC.

they did have the veto on who Higgs could sell their shares in the stadium to didn't they? would have influenced prospective buyers at the time of the takeover.

 

[Nick]

Don't forget guys... You can go play yourselves, I'm not researching it for you

So in which case, why wouldn't the council sell up to Shapiro etc before SISU were even here?

 

[Sky Blue Kid]

So in which case, why wouldn't the council sell up to Shapiro etc before SISU were even here?

I thought we were talking about SISU/ARVO/OTIUM???

 

[Ian1779]

I thought we were talking about SISU/ARVO/OTIUM???

How many times are you going to dodge the relevant question?

 

[duffer]

Here....
http://www.coventryrfc.co.uk/coventry-rugby-statistical-review-season-20142015/
Up 25% on previous year and 83% on 5 years ago. Doesn't seem to affected them that much?

Those are the stats for 2014/15 - attendances dropped off significantly for 2015/16.

Anyone who thinks that Wasps being on their doorstep, knocking out free tickets to all and sundry and moving to play on Saturdays (despite the assurance from the Council that they'd continue to play on Sundays), isn't a threat to CRFC, isn't really that familiar with the situation.

 

[Sky Blue Kid]

How many times are you going to dodge the relevant question?

The relevant question is Ian1779..... Fuck all to do with Shapiro... The relevant answer is SISU were offered the "Formula £10m" Which they didn't want to pay, quoting it was only worth around £6m

 

[tisza]

So in which case, why wouldn't the council sell up to Shapiro etc before SISU were even here?

"The other was from a firm called Shapiro, which offered #26million but wanted the club to pay off its debts and the city council to give it a longer lease on the Ricoh Arena and some spare land to the north of the site.

Mr McGuigan said that deal would have cost the council #4million of taxpayers' money and left the Alan Edward Higgs charity #2.5million out of pocket."

 

[Ian1779]

The relevant question is Ian1779..... Fuck all to do with Shapiro... The relevant answer is SISU were offered the "Formula £10m" Which they didn't want to pay, quoting it was only worth around £6m

In 2007???

So I'll ask again - seeing as you don't appear to understand.

If the deal was £10m for half of Ricoh in 2007, then why would CCC have SISU as preferred bidders if they only thought it was worth £6m?
Why did the not select either of the other two bidders who both publicly expressed an interest in purchasing part of the Ricoh??

 

[Sky Blue Kid]

I don't give a "Frogs fat arse" about who could have bought CCFC/Ricoh...... I'm talking about the shower that DID buy CCFC and could have bought the Ricoh

 

[chiefdave]

How could the council turn down anyone? They was'nt selling CCFC.

Because other potential owners wanted ownership of the stadium, CCC weren't prepared to sell. Therefore we were left with one option, the only group who didn't want stadium ownership.

 

[Ian1779]

I don't give a "Frogs fat arse" about who could have bought CCFC/Ricoh...... I'm talking about the shower that DID buy CCFC and could have bought the Ricoh

So if you had understood Nick's point in the first place he was referring directly to the point at which SISU arrived in 2007.

Pay attention

 

[Sky Blue Kid]

In 2007???

So I'll ask again - seeing as you don't appear to understand.

If the deal was £10m for half of Ricoh in 2007, then why would CCC have SISU as preferred bidders if they only thought it was worth £6m?
Why did the not select either of the other two bidders who both publicly expressed an interest in purchasing part of the Ricoh??

I don't know Ian1779.... Perhaps the leader of the CCC thought they didn't want to do business with them coz they had bad breath, or body odour, or their farts stank. Take your pick. Ad-Infinitum

 

[Colin Steins Smile]

I respectfully disagree. The fault lies with the club in my opinion and the reason is motivation. CCC's mandate is the prosperity of the people of Coventry; if that overlaps with the fortunes of the club then that's great but if it doesn't they must do what is right for the entire city, not the 0.5% of the population that might turn up at the Ricoh on a Saturday afternoon. The only party in this whose interest is CCFC is the club, so the onus is on the club for its own health.

No, SISU didn't start this decline - that happened during the Richardson era - but they have certainly continued it.

I doubt that many will agree - that's because we are partisan; we love the club and don't think independently about the issue. But if one steps away from that and thinks as an independent then it must be entirely the club's fault.

Agree - If we are to use SISU's assertion that public funds cannot be misused, then CCC cannot subsidise CCFC. Wasps have enough of their own challenges to focus on, they surely don't need to get embroiled with everything else.
I think the original post was revisiting old ground. Things have moved on, we need to seek solutions to the current environment rather than play the blame game. The supporters are the reason why the club exists, we [albeit in reducing numbers from our 60's & 70's attendances ] and CCC will be there after SISU, Managers, various players, etc...!
We need to develop a strategy to enhance the club and make it more attractive an element of this will require an additional £3 million in the short term and upto another £20 million to realise a new stadium [if that is the most effective route?].

 

[Sky Blue Kid]

So if you had understood Nick's point in the first place he was referring directly to the point at which SISU arrived in 2007.

Pay attention

Why the f**k don't you pay attention pal.. I don't care who might have bought CCFC... I care about WHO DID!

 

[Sky Blue Kid]

Because other potential owners wanted ownership of the stadium, CCC weren't prepared to sell. Therefore we were left with one option, the only group who didn't want stadium ownership.

At last... Common sense speaks..... ie- 50% share.

 

[fernandopartridge]

Bads memories guys?... Are you forgetting the "Formula £10m"
SISU were offered it at least 3 times during their tenure, but they argued it was worth a lot less(Approx £6m) Remember now???

Because it was worth a lot less, as the deal with Wasps testifies.

 

[Ian1779]

Why the f**k don't you pay attention pal.. I don't care who might have bought CCFC... I care about WHO DID!

It's always the same - spout off like you know everything, then as soon as you can't answer you resort to verbal abuse.

 

[IrishSkyBlue]

Anyone know how much the stadium was sold to wasps for by any chance compared to what was on offer previously?

 

[Sky Blue Kid]

Because it was worth a lot less, as the deal with Wasps testifies.

It was,IIRC "Grenduffy" Estimated Formula of £10m which you so rightly say was deemed to be worth less by SISU... But that doesn't deter that SISU were offered the 50% share. Am I right or am I right?

 

[tisza]

Mr Fletcher said: "It also appears that favourable terms have been agreed in principle with two separate credible purchasers and CCFC's major shareholder Geoffrey Robinson."

But the Telegraph understands that neither bidder would be acceptable to other parties involved.
Mr Fletcher said: "The failure to agree acceptable terms...has meant that the club has little prospect of regaining the traditional income-streams, valued at pounds 4 million a year and currently in ACL's ownership, which will be required to achieve the objectives of Operation Premiership. Potential investors also seem to have realised this."

 

[Sky Blue Kid]

It's always the same - spout off like you know everything, then as soon as you can't answer you resort to verbal abuse.

Why should I answer a question that has nothing whatsoever to do with our present owners? We were talking about SISU and ownership, not if Shapiro had bought CCFC.

 

[oldfiver]

"The other was from a firm called Shapiro, which offered #26million but wanted the club to pay off its debts and the city council to give it a longer lease on the Ricoh Arena and some spare land to the north of the site.

Mr McGuigan said that deal would have cost the council #4million of taxpayers' money and left the Alan Edward Higgs charity #2.5million out of pocket."

And how much did AEHT lose wit the WASPS deal - I think OSB mentioned it somewhere?

 

[Sky Blue Kid]

So where does this revelation come from?
And again if that was really the actual deal then why have SISU as preferred bidder??

No revelation Ian1779. It's out there if you care to shift your arse and look Fernandopartridge remembers it

 

[fernandopartridge]

It was,IIRC "Grenduffy" Estimated Formula of £10m which you so rightly say was deemed to be worth less by SISU... But that doesn't deter that SISU were offered the 50% share. Am I right or am I right?

Where's your evidence? SISU were discussing the 50% share in 2012. They hadn't discussed it at the point of taking over the club, nor was it offered.

There was a secret formula for calculating how much CCFC would buy back the Higgs Share which was used to start the 2012 discussions (and subsequently discounted).

And how much did AEHT lose wit the WASPS deal - I think OSB mentioned it somewhere?

They paid £6.5m approx apparently for their share, it was sold for £2.77m + some bits and pieces. Who knows. It's never been established what happened to the £6.5m they paid CCFC for the share.

 

[Sky Blue Kid]

Where's your evidence? SISU were discussing the 50% share in 2012. They hadn't discussed it at the point of taking over the club, nor was it offered.

There was a secret formula for calculating how much CCFC would buy back the Higgs Share which was used to start the 2012 discussions (and subsequently discounted).


They paid £6.5m approx apparently for their share, it was sold for £2.77m + some bits and pieces. Who knows. It's never been established what happened to the £6.5m they paid CCFC for the share.

Here you go mate
SISU’s Involvement with the Football Club
11.
By early 2007, the Football Club was in a poor and worsening financial state, and
faced possible administration. It entered into negotiations with a number of potential
investors including the SISU group of companies (“SISU”), which manages hedge
and private equity funds.
On 14 December 2007, the First Claimant, a SISU
company, reached an agreement to purchase the entire share capital of CCFCH, which
was completed in 2008. In 2011, the Second Claimant (“ARVO”), another SISU
company, lent funds to the Football Club in return for security over the Club’s assets
and a minority shareholding.
SISU, of course, bought the Football Club as a
commercial investment.
12.
At the time of the acquisition:
i)
SISU were looking to obtain an interest in the Arena.
Indeed, an early
approach appears to have been to purchase a majority shareholding in ACL.
Their primary plan to obtain an interest in the Arena was to acquire the Higgs
Charity interest in ACL, but they were unable to do so that stage.
ii)
As Mr Goudie put it, SISU bought into the Football Club with their eyes wide
open: they were well aware of that company’s legal obligations to ACL,
notably in relation to rent, which were no doubt reflected in the purchase terms
including price. SISU and ACL signed Cooperation Agreement Heads of
Terms on 26 November 2007, which emphasised that, although, following the
acquisition of the Football Club by SISU all agreements between the Football
Club and ACL (except the Licence Agreement) would be reviewed, absent
agreed changes, “the primacy of the existing agreements will remain”.

 

[Ian1779]

Here you go mate
SISU’s Involvement with the Football Club
11.
By early 2007, the Football Club was in a poor and worsening financial state, and
faced possible administration. It entered into negotiations with a number of potential
investors including the SISU group of companies (“SISU”), which manages hedge
and private equity funds.
On 14 December 2007, the First Claimant, a SISU
company, reached an agreement to purchase the entire share capital of CCFCH, which
was completed in 2008. In 2011, the Second Claimant (“ARVO”), another SISU
company, lent funds to the Football Club in return for security over the Club’s assets
and a minority shareholding.
SISU, of course, bought the Football Club as a
commercial investment.
12.
At the time of the acquisition:
i)
SISU were looking to obtain an interest in the Arena.
Indeed, an early
approach appears to have been to purchase a majority shareholding in ACL.
Their primary plan to obtain an interest in the Arena was to acquire the Higgs
Charity interest in ACL, but they were unable to do so that stage.
ii)
As Mr Goudie put it, SISU bought into the Football Club with their eyes wide
open: they were well aware of that company’s legal obligations to ACL,
notably in relation to rent, which were no doubt reflected in the purchase terms
including price. SISU and ACL signed Cooperation Agreement Heads of
Terms on 26 November 2007, which emphasised that, although, following the
acquisition of the Football Club by SISU all agreements between the Football
Club and ACL (except the Licence Agreement) would be reviewed, absent
agreed changes, “the primacy of the existing agreements will remain”.

So you've just proven that they were unable to buy Higgs' share at the time of acquisition of CCFC.

 

[Sky Blue Kid]

So you've just proven that they were unable to buy Higgs' share at the time of acquisition of CCFC.

Why?.... Go research mate Before you go I thought no offers from either side were made???!!!