Samo
Well-Known Member
No problem... I was just wondering if the missing thousands have turned their back on the club like you have?
Save the Sky Blue Academy Petition (9 Viewers)
- Thread starter armybike
- Start date
No problem... I was just wondering if the missing thousands have turned their back on the club like you have?
Sky Blue Kid
Well-Known Member
I haven't turned my back on the Club, just the owners. There's plenty who support the Club but don't attend games for one reason or another, but don't see you having a go at them! They don't spend money going to games and some never have!
ceetee
Well-Known Member
That's why I haven't signed it yet.
When I first tried the website was flakey. Eventually I managed to input my details but didn't input my email address and it wouldn't accept my vote. Sorry but I'm suspicious of sites like that.
I just tried again intending to put in a made-up email address but once more the site was flakey. I will try again because I want to vote,
CJ_covblaze
Well-Known Member
They are a pain in the arse. There must be an option to unsubscribe to the emails. In fact I'm sure it's a legal requirement.
Samo
Well-Known Member
I AM one of them! I get to fewer and fewer games due to health problems but I don't use the SISU excuse for not following my team.
chiefdave
Well-Known Member
Why? Are you suggesting that CSF deliberately misled our club when they were holding talks about a long term deal? How was a deal for the club to return to Higgs academy agreed if CSF wouldn't deal with the club?
I can't imagine any fan of the club not being up in arms if they thought a body like CSF, who receive funding from the taxpayer, were actively seeking to damage the club.
The same thing Higgs rejected an offer of £3.5m for but later sold to Wasps for £2.77m?
Sky Blue Kid
Well-Known Member
You poor fucker!(Violins play) I had a severe heart attack and can hardly breathe but I still travelled 130 miles each way from Caerphilly South Wales and ALL away games but can't travel far anymore. BUT Yes!!! SISU are the biggest fuck up in my mind and NO I refuse to go to games now because of them!!!
Orca
Well-Known Member
Maybe I got the figures wrong, but it's true that SISU offered a considerably lower sum at the 11th hour.
Samo
Well-Known Member
Ah you poor fucker (cue violins again) In my opinion nearly all NOPMers are either lazy, tight or lacking in loyalty. SISU are a very convenient excuse not to bother going. Not you of course SBK, you are the exception.
Sky Blue Kid
Well-Known Member
I can play Guitar and "Kicked the Kit" (Drums) if that's any good Otis
Grendel
Well-Known Member
Did they? Do you have any evidence?
Orca
Well-Known Member
I'm re-reading the transcripts of the Higgs vs SISU case now. I'll get back to you.
italiahorse
Well-Known Member
Negotiations for the Purchase of the Higgs Charity Share in ACL
"It quickly became clear that SISU had unrealistic expectations for the terms on which they could purchase the Higgs Charity share in ACL; and that the Higgs Charity and they would not agree terms for the sale and purchase of that share, with negotiations between them to that end ceasing by mutual consent before the end of August 2012."
Grendel
Well-Known Member
That's nothing to do with Orca's point though is it?
Orca
Well-Known Member
Yes, it's the point. 'unrealistic expectations for the terms', legalese for the difference in what Higgs wanted and what SISU were prepared to offer.
italiahorse
Well-Known Member
You will never accept the details in the document so it's a waste of time explaining.
But ...
- On 18 June 2012, SISU made an offer to the Higgs Charity for its share in ACL, set out in an Indicative Term Sheet, for £5.5m, in the form of £1.5m immediate cash and an additional £4m in future payments. However, there were a number of express conditions precedent, namely that completion would only take place after:
ii) agreement between the Bank and SISU, as to the buy out of the ACL loan;
- As I have indicated, SISU were of the view that there was no commercial rationale for a deal with the Bank over purchase of the ACL debt, without agreement on the purchase of a share in ACL. However, SISU’s aspirations for the debt purchase too were unrealistic.
- SISU considered that the Bank debt could be purchased for £2m-5m. It was part of their plan that the debt be purchased – in whole, or at least as to 50%, by them – for that 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 Council was 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 be transferred) and use their position as creditor to put further pressure on ACL and thus the Council.
- Following due diligence, SISU did not wish to offer the price set out in the Indicative Term Sheet, being willing to offer only closer to £2m than £5.5m. This difference between the price SISU were prepared to offer and the price the Trustees were prepared to accept was (a) irreconcilable and (b) in itself, a showstopper.
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chiefdave
Well-Known Member
That would be great if Higgs had then refused to sell to Wasps for less than the £10m formula price or even the £5m that was agreed.
Orca
Well-Known Member
There is the point also that Higgs initially were happy to consider an annuity payment structure for their share although they requested proof of funds. When SISU could not provide this, Higgs then insisted any deal must be cash.
I also note with interest that the deal on the table was structured around a new lease of 125 years. " 'Multi-award winning' Les Reid always claims the lease deal garnered by Wasps was never offered to SISU. It was." My bad - withdrawn, I'd forgotten Wasps got 250 years
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Nick
Administrator
Isn't wasps 100 percent?
chiefdave
Well-Known Member
Really? When were CCFC offered 100% ownership of ACL with a 250 year lease for £6.5m?
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Captain Dart
Well-Known Member
The campaign to claim that SISU offered more than Wasps and were never offered remotely comparable terms because there was a plot afoot to destroy the Football club continues.
Brylowes
Well-Known Member
That's a shame Samo, you ok.
Nick
Administrator
This is the difference, sorry to hear about your health issues.
Somebody saying they could go but won't go because of the owners is a long stretch away from somebody who is in your situation .
Orca
Well-Known Member
I was specifically referring to the length of the lease.
CCFC were able to purchase 100% of the stadium, but failed to do so, partly for the reasons outlined by @italiahorse
The amount of money the stadium was sold for and what it was offered to SISU for cannot be sensibly compared. At the time of the SISU deal, the debt with Yorkshire bank hadn't been restructured/refinanced. It is also true that the club owed ACL a substantial amount of money due to the rent strike.
Nick
Administrator
It is half the length of the lease Wasps have isn't it?
Orca
Well-Known Member
Sorry, yes. My bad. Wasps have 250 years.
chiefdave
Well-Known Member
OK, lets just look at that. When were CCFC offered a 250 year lease for 100% of ACL?
Orca
Well-Known Member
Yeah, already realised my mistake and marked it red above.
I'm just off to go and sit on the naughty step for a bit :shamefullyembarrased:
Captain Dart
Well-Known Member
Swings & roundabouts, the negotiations were 2 different deals, it is up to the buyer to propose terms which were probably covered by a commercial confidentiality agreement anyway.
Wasps £5.5M + lease extension to 250 years, unconditional full repayment of £14.4M loan, Car Park C back to council, purchases 100% ACL - accepted
SISU £5M (reduced to £2M after due diligence) + lease extension to 125 years, conditional on bank negotiation to buy out half loan for £2-5M, purchases 50% ACL - rejected
chiefdave
Well-Known Member
That's the point. Some have, since the Wasps deal, complained that CCFC were never offered the same deal. They weren't.
Captain Dart
Well-Known Member
Sure, but they couldn't because the deal terms were confidential. They had to negotiate their own deal, they failed!
chiefdave
Well-Known Member
And again that is the whole point! People are unhappy that everything was done in secret and CCFC weren't offered a similar deal.
Orca
Well-Known Member
The original deal between SISU and ACL was also commercial in confidence but it became public when the court cases started.
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