Higgs have legal clauses inserted to block CCFC and back Wasps only (32 Viewers)

[skybluetony176]

What would you do next Grendel if you were SISU?

If it was me I would give TM a top 2 budget and do everything in my power to get promotion this season.
As promotion looked certain and with 17-20k crowds at the Ricoh.
I would approach the hedge fund behind Wasps and offer them the club as my investment into a joint Wasps CCFC venture.
I would agree to be a silent partner and sit back and hope they can eventually achieve promotion to the premiership
Then I would recoup my loses.
What would you do?

It ain't going to happen Dong. No one wants to work with SISU, silent partner or otherwise. The bridges have been burnt, the chickens have come home to roost, they're ugly, they're smelly, they dream of being the slightly camp fat kid who always gets picked last in sports lessons. That's how much no one wants to play with them.

 

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[fernandopartridge]

This piece from his missus, Marilyn back in 2014.

What do you think the future holds for CCFC?

It’s heart-breaking. I really don’t know what the future holds for our club. For me, and for many others, it is no longer the club – its traditions, its history, the unity of its supporters and its corporate memory.

I think people are starting to realise that the owner is not “the club”, and anyway we don’t even know who the ultimate owners are.

It is now thought of as a ‘sporting franchise’ and it appears that it is seen only as a collection of trademarks and the right to play in the Football League.

My fear is that if the ‘franchise’ doesn’t make a sufficient return for its owners they will just ditch it. There is nothing the charity, the council or anyone else can do - it is up to the investors in the ‘franchise’ as owners.

In evidence before the court Sisu’s witness statement gave the history of the club as: “Coventry City Football Club was founded in 1907. Until 2005 the football club played at its former stadium Highfield Road, located at King Richmond Street”.

It appears that history only matters to the club’s supporters.

Last bit is very true. It doesn't matter to SISU, Higgs, ACL, CSF, CCC, CT...

THIS IS CALLED IRONY

 

[italiahorse]

People need to move away from this wasps will buy tbr club bollocks, as OSB has pointed out the costs and risks far out weight thr benefits for them and thr bond holders , plus it is against their aims and objectives

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Not yet.
They will just wait and pick up the pieces in a few years pretending they are not interested. Offer help in their facilities knowing Sisu pride won't let them take the offer up.
Cost neutral, no debt, Sisu's fault, saviours ?

Come on Sisu, how low will you let us go before you give up and put the club up for sale ? Administration ? Liquidation ?

 

[Malaka]

I think that you can read between the lines here. They have the right to refuse a long term lease and can block. That does not mean that they will. I think they have left the door open in the hope that they (SISU) sell. And then it will be open negotiations again. I think that whilst it hurts, they are putting immense pressure on SISU in the hope that they leave. Whether or not they do remains to be seen. This is a massive gamble by the council and AHT. We may lose our club. But I for one don't care if we do a AFC Wimbledon as long as our present owners go. Of course i would rather be CCFC, but this situation has to be brought to a head.

 

[chiefdave]

Disgraceful from the charity. The future seems very bleak. Why would anyone want to take over a football club that has so many people actively working to destroy it?

 

[Kingokings204]

Disgraceful from the charity. The future seems very bleak. Why would anyone want to take over a football club that has so many people actively working to destroy it?

Good point But isn't that because of Sisu?

 

[Nick]

I think that you can read between the lines here. They have the right to refuse a long term lease and can block. That does not mean that they will. I think they have left the door open in the hope that they (SISU) sell. And then it will be open negotiations again. I think that whilst it hurts, they are putting immense pressure on SISU in the hope that they leave. Whether or not they do remains to be seen. This is a massive gamble by the council and AHT. We may lose our club. But I for one don't care if we do a AFC Wimbledon as long as our present owners go. Of course i would rather be CCFC, but this situation has to be brought to a head.

I do, I wouldn't support another team as it isn't CCFC. Or if it was the MK dons version, I wouldn't either.

Either way I care if we lose our football club.

 

[clint van damme]

Not yet.
They will just wait and pick up the pieces in a few years pretending they are not interested. Offer help in their facilities knowing Sisu pride won't let them take the offer up.
Cost neutral, no debt, Sisu's fault, saviours ?

Come on Sisu, how low will you let us go before you give up and put the club up for sale ? Administration ? Liquidation ?

is it possible to liquidate the club and then put it up for sale?

 

[Rodders1]

Question is if we did get new owners and sisu pissed off 1. would ccc change their mind and let new owners build in the boundaries or still screw over ccfc 2. what options and where could new owners build
and what company or business man out there would risk their money with the mess going on can anyone think somebody realistically who would buy ccfc?

Option 1 - definitely. I wouldn't be surprised if CCC are planning for this. The only way to get SISU out is by CCC and Higgs colluding together. Once they've gone they'd welcome new owners. I hope anyway! If we stay in league 1 this season then I think SISU will have to sell up. The tricky thing to predict is if we get promoted will SISU see this as an opportunity to invest to get to the riches of the premiere league? - or merely a bonus in the value (if any) of what they could get if they sold.

 

[AFCCOVENTRY]

Disgraceful from the charity. The future seems very bleak. Why would anyone want to take over a football club that has so many people actively working to destroy it?

It's a very good point.

Now Sisu might leave but in the meantime Higgs, council and Wasps have destroyed everything CCFC still has. The only appealing thing for a prospective buyer is the famed academy we have. If that goes what buyer wants a club with no ground, huge debts, no academy and a destroyed fanbase.

It feels like things are about to get a lot worse...

 

[Nick]

Option 1 - definitely. I wouldn't be surprised if CCC are planning for this. The only way to get SISU out is by CCC and Higgs colluding together. Once they've gone they'd welcome new owners. I hope anyway! If we stay in league 1 this season then I think SISU will have to sell up. The tricky thing to predict is if we get promoted will SISU see this as an opportunity to invest to get to the riches of the premiere league? - or merely a bonus in the value (if any) of what they could get if they sold.

What new owners though? It is going to have to be somebody who is happy to play second fiddle to Wasps isn't it?

 

[Nick]

It's a very good point.

Now Sisu might leave but in the meantime Higgs, council and Wasps have destroyed everything CCFC still has. The only appealing thing for a prospective buyer is the famed academy we have. If that goes what buyer wants a club with no ground, huge debts, no academy and a destroyed fanbase.

It feels like things are about to get a lot worse...

And that's what it comes down to while everybody is shouting that SISU need to get out and let somebody buy it...Who's that then and why?

 

[AFCCOVENTRY]

It's quite simple stance now as a Cov fan. Higgs, Council, wasps etc are making it difficult for CCFC under Sisu.

Sisu to safeguard our future need to build a new stadium, academy and training facilities.

If they can't do that they need move on and let someone else have a go. Now have a go means either building gold relationship with Higgs, council and wasps and use their facilities on a lease basis like the Ricoh and Higgs centre... Or new owners build a new stadium with academy facilities.

 

[italiahorse]

I do, I wouldn't support another team as it isn't CCFC. Or if it was the MK dons version, I wouldn't either.

Either way I care if we lose our football club.

A bit like Rangers then ?

 

[chiefdave]

I seem to recall that when the dispute around the cost of replacing maintenance equipment at the Higgs Centre was going on it was stated that the Higgs Centre and Higgs Trust were separate entities. Was that not true then?

Also wasn't it Higgs who took legal action against SISU first? Other than the counter claim have SISU actually taken any legal action directly against Higgs?

I'm sure its been checked but I wonder how enforceable it is to state who the new owner of Higgs can deal with. Especially with something like 'threatened to take legal action'.

 

[italiahorse]

And that's what it comes down to while everybody is shouting that SISU need to get out and let somebody buy it...Who's that then and why?

We will find out when it's up for sale.
£2M should be a good price for assets and goodwill.

 

[chiefdave]

If that goes what buyer wants a club with no ground, huge debts, no academy and a destroyed fanbase.

Its even worse than that isn't it. A new owner would look and see a local council that is trying to block a groundshare with CRFC and, if what Kieran was saying earlier in the week was true, has actively worked to block any new ground moving forward.

 

[tisza]

Good point But isn't that because of Sisu?

no now it's in spite of SISU.
Going too far.
If they break it too much or if SISU do decide to sell up no-one is going to want it.
It won't be about just buying a football club it'll be about completely rebuilding it from nothing - new academy, new stadium all of which would take time.

 

[chiefdave]

£2M should be a good price for assets and goodwill.

Who on earth is going to pay £2m for the football club? And what happens to the money owned to the likes of AVRO, are you expecting them to just write that off - can't see it happening. If they don't any new owner will have to service that debt.

So what you're really looking for is someone to come in, buy the club, pay the debt, build a new stadium & academy. They would do all that to get a 3rd tier football club that hasn't had a top 6 finish in 45 years. What is appealing about that for any potential owner?

 

[Nick]

We will find out when it's up for sale.
£2M should be a good price for assets and goodwill.

IS that when you are frothing out the mouth because our football team is being distressed? Or is it only because of stadium management companies people are bothered?

 

[asiaskyblues]

A couple of points on your post Asiaskyblues:

* One of the biggest issues I have with SISU is their due dilligence before they took over. The rent payable should've been negotiated at that time...not the way they did it. I agree with you there.
* But you do realise that it was AEHC that took us to court first right? They lost. We then counter-claimed (and lost).
* Anyone who rejoices at a move which seriously threatens the very existence of our club going forward, needs to take a long hard look at themselves in the mirror.

How does this threaten the very existence of our club? How could it get worse?

One of the FA agreements allowing us to move to Northampton was that SISU didn't take us into administration. As a few people have mentioned there are only a few options open to SISU and if they are serious in their commitment to not only the football club but also the history and tradition of the club they will not be breaking the FA's rule about improper ownership.
The FA have put a lot of trust into SISU and any further action that could discredit the club, and the FA's reputation. will not bode well with the FA.

 

[stupot07]

Not yet.
They will just wait and pick up the pieces in a few years pretending they are not interested. Offer help in their facilities knowing Sisu pride won't let them take the offer up.
Cost neutral, no debt, Sisu's fault, saviours ?

Come on Sisu, how low will you let us go before you give up and put the club up for sale ? Administration ? Liquidation ?

Even if they got the club debt free, their are still huge risks in owning a football club. The risks out weigh the benefits, football clubs are money pits.

Its not going to happen.

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[stupot07]

How does this threaten the very existence of our club? How could it get worse?

One of the FA agreements allowing us to move to Northampton was that SISU didn't take us into administration.

Well thahs bollocks we went into administration when we were still playing at the Ricoh and 5 months before sixfields.

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[Sky Blue Kid]

Is it ethical for a charity to collude with a hedge fund against another hedge fund? I don't know what the rules on these sort of things are.

A charity has to do what is best for the charity. whether ethical comes into it, I wouldn't like to say

 

[Moff]

From what PWKH is saying on here there is no compromise regarding the academy and as he used to do on here before he got too much abuse, telling us exactly what he thinks. .

PWKH was a self serving publicist, who loved the sound of his own voice. My how he bored everyone with his balloon story.

As soon as anyone disagreed with him, and Wasps turned up he went and hid back under the rock he crawled out from. He didn't get much abuse, just pissed off long before anyone could give it him for how he SISU, Ann Lucas, CCC and others have finished the club. None of them give a shit about us the fans.

 

[torchomatic]

None of them give a shit about us the fans.

Nor the club and 133 years of history, tragically.

 

[Moff]

TBF I mentioned this last week as OSB 58 had mentioned it I think.

Nick, any chance of digging out some of PWKH's posts about how much he cared for CCFC

They are filed in the bullshit bin.

 

[Nick]

They are filed in the bullshit bin.

Which account?

 

[Pete in Portugal]

They are filed in the bullshit bin.

Nick: Is that where my 'Likes Received' from the old site are filed?

 

[JulianDarbyFTW]

There's a year left before SISU leave imho (if that is the route they go down). A year of the academy left. A year of Mowbray left. A year of the Ricoh left. I genuinely believe it's every last penny on red or black - promotion and they stay, non-promotion and it's the end of days, whatever that ultimately looks like. One thing for sure, the next twelve months is going to be one hell of a ride - but is it on the road to hell or the highway to heaven..?

 

[robbiethemole]

As someone who owns their own business and has done so for 21 years, this bit seems to be most appropriate on how it's done....

If they need space they can invest. That’s what Jaguar Land Rover have done and they are a business like Sisu.

“Sisu should build a stadium with integrated training platforms and so on. That’s what businesses do, they invest, they don’t piggy back on charities.”

 

[Grendel]

How does this threaten the very existence of our club? How could it get worse?

One of the FA agreements allowing us to move to Northampton was that SISU didn't take us into administration. As a few people have mentioned there are only a few options open to SISU and if they are serious in their commitment to not only the football club but also the history and tradition of the club they will not be breaking the FA's rule about improper ownership.
The FA have put a lot of trust into SISU and any further action that could discredit the club, and the FA's reputation. will not bode well with the FA.

Sisu will have a very strong case to move the club again.

Also the mileage rule may well be waived as it was with Brighton.

 

[Moff]

How does this threaten the very existence of our club? How could it get worse?

One of the FA agreements allowing us to move to Northampton was that SISU didn't take us into administration. As a few people have mentioned there are only a few options open to SISU and if they are serious in their commitment to not only the football club but also the history and tradition of the club they will not be breaking the FA's rule about improper ownership.
The FA have put a lot of trust into SISU and any further action that could discredit the club, and the FA's reputation. will not bode well with the FA.

So what will the FA do? stamp their feet in indignation? They cant force SISU out and they wont.
The FA only care that if the club goes out of existence they have many others who would jump at our golden share and place in the league. Trusting the FA is like trusting PWKH, totally pointless.

 

[asiaskyblues]

Well thahs bollocks we went into administration when we were still playing at the Ricoh and 5 months before sixfields.

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And we came out when?

SISU had to go by the FA's agreement and one of the agreements was they wouldn't take us into administration or liquidate us.

 

[Grendel]

As someone who owns their own business and has done so for 21 years, this bit seems to be most appropriate on how it's done....

If they need space they can invest. That’s what Jaguar Land Rover have done and they are a business like Sisu.

“Sisu should build a stadium with integrated training platforms and so on. That’s what businesses do, they invest, they don’t piggy back on charities.”

No wasps are a business like sisu. So I guess a distressed stadium 90 miles north is the answer.