Earlsdon_Skyblue1
Well-Known Member
Regardless, this now looks to be the best chance to get rid of SISU in their entire 9 year reign.
Rumour: Hoffman and Elliot takeover negotiations (27 Viewers)
- Thread starter Evo1883
- Start date
westterrace
Member
Yes because club had already leaked offer to Les Reid
SkyBlue_Bear83
Well-Known Member
Does Hofmann sound confident of doing a deal or is this dead already?
skybluetony176
Well-Known Member
He sounded very emotional.
skybluetony176
Well-Known Member
Yeah but but but...
AFCCOVENTRY
Well-Known Member
Fisher has declined to come on radio.
He was confident on the second deal and perplexed why it's been rejected. Doesn't know what will happen next.
Hoffman is pissed off with fisher Sisu and les Reid on confidential info being leaked
He was confident on the second deal and perplexed why it's been rejected. Doesn't know what will happen next.
Hoffman is pissed off with fisher Sisu and les Reid on confidential info being leaked
clint van damme
Well-Known Member
and their best chance to get a reasonable return in the circumstances. Hopefully they can see that and are just trying to rinse a couple of more bob out of them.
Hard to say. He sounded a bit annoyed and had only just learned that the second offer had been rejected. Said he hadn't even had chance to speak to the other investors. Not dead, and it does appear that communication channels between him and JS are open at least.
fernandopartridge
Well-Known Member
It's a poor offer for the future of the club. More mortgaging of the club's assets
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robbiekeane
Well-Known Member
I think they will go back a third time with a take it or leave it offer then call it a day.
My prediction is that that happens and its rejected and we are stuck with them for years to come.
The thing is, publicly claiming the offers are derisory will make them look extremely silly indeed if they then turn around and accept an offer for a million or two more.
I don't think they will go unless we accept that we owe them around half of the SISU loans with interest payable. And that would put us in a worse position than we are now.
My prediction is that that happens and its rejected and we are stuck with them for years to come.
The thing is, publicly claiming the offers are derisory will make them look extremely silly indeed if they then turn around and accept an offer for a million or two more.
I don't think they will go unless we accept that we owe them around half of the SISU loans with interest payable. And that would put us in a worse position than we are now.
ccfc92
Well-Known Member
Did he mention the debts owed to SISU? Is the £1.2m for debt free CCFC?
All seems reasonable to me, especially the investors choosing to stay anonymous for the time being.
Sterling Archer
Well-Known Member
If SISU have rejected this second offer surely they need to say:
A) Why
and
B) What would be acceptable
A) Why
and
B) What would be acceptable
Last edited:
oucho
Well-Known Member
I do wonder what sort of offer SISU would accept. No idea how GH's offer would stack up in reality, but on the face of it seems like one that nobody else is going to come in and improve on. Maybe they think they can get a third offer and take that, or maybe they genuinely think they can get a much mucher better deal.
SkyBlue_Bear83
Well-Known Member
Sounds very negative me, doesn't look like this will lead anywhere
oucho
Well-Known Member
John_Silletts_Nose
Well-Known Member
SISU and Fisher always state that confidentially is important, with transfers, buying land for the stadium, etc yet will leak other confidential information about other people.
Once again, the unofficial CCFC Press Office (Les Reid) states that the club want to know the investors yet will not reveal the current investors:
Crucially, the second bid still contained no proof of funds, and no transparency over the identity of would-be ‘investors’.
Once again, the unofficial CCFC Press Office (Les Reid) states that the club want to know the investors yet will not reveal the current investors:
Crucially, the second bid still contained no proof of funds, and no transparency over the identity of would-be ‘investors’.
ccfc92
Well-Known Member
A SECOND bid today by Gary Hoffman to take over Coventry City offered £1.2million upfront with add-ons for promotions – and was categorically rejected around lunchtime today when we revealed ‘bids’ had been turned down.
Crucially, the second bid still contained no proof of funds, and no transparency over the identity of would-be ‘investors’.
It also once again proposed a ‘debt free’ acquisition of the club – hence, it made no direct proposal to address Sky Blues’ ‘owners’ Sisu’s investors’ liabilities – the tens of millions of pounds pumped into the club in loans.
Former club vice-chairman Mr Hoffman – who has tried and failed before to acquire the club – claimed the second bid was worth a total of around£12million, we can reveal.
But we understand that estimate was categorically dismissed by Sisu – as being based on uncertain scenarios, with other add-ons relating to a cut of any future sale of the club’s current assets – a club with few assets.
The first Hoffman bid last weekend, without the necessary proof of funds, offered an upfront payment of £500,000, which he today upped to the £1.2million figure.
His second offer letter today was responded to swiftly with an outright rejection letter, which again stated his bid was ‘derisory’.
Today’s offer, as with the first, proposed £250,000 to Sisu upon promotion to League One, and £250,00 for staying there the following year.
It offers £500,000 for a promotion to the Championship within five years; and £5million for promotion to the highly lucrative Premier League within seven years, where TV revenues alone dwarf that sum.
Smaller add-ons included for any cup successes within a certain period.
As we reported earlier today, claims that Coventry City ‘takeover talks’ were ‘ongoing’ with Mr Hoffman were dismissed as false by Sisu – after we revealed yesterday his first bid had been rejected.
We published earlier today the following statement by Sisu, which stated Mr Hoffman’s ‘bids’ (plural) had been rejected.
The Sisu statement reads: “Following recent press articles discussing offers for CCFC, SISU would like to confirm and put on record that there are not (nor have there been) any talks or negotiations taking place for the sale of CCFC.
“Indeed, Mr Hoffman himself has noted publicly that the derisory bids put forward by him in recent days were immediately rejected.
“There were no talks prior to receiving the bids, nor are any expected or planned.”
The football club had yesterday released a statement to us saying: “To be clear, the owners have not received any credible offer for the football club.
“The noise and speculation around the football club is simply not helpful.”
Sisu has previously stated it wanted to acquire value for the club, and needed more commercial stadium revenues for the team to be more competitive.
Mr Fisher recently told a fans’ group Sky Blue Trust meeting that a sale of the club was not likely at the bottom of the cycle, or market – with Sisu seeking a return on its investment since taking over the club nine years ago.
The club has claimed Sisu and associated companies including Arvo Master Fund have invested at least £70million in the club, including in inter-company loans and some debts now transferred into shares. There have been some reports that the figure is now above £100million.
It follows speculation two weeks ago that Mr Hoffman and former Sky Blues chairman Joe Elliott had reached an ‘agreement in principle’ accepted by Sisu, a widely circulated rumour that was categorically dismissed as false.
Mr Elliott and Mr Hoffman – the pair who hire a corporate box for home matches at the Wasps owned Ricoh Arena – have failed with various takeover attempts since their departures from Coventry City Football Club’s board.
It is understood Mr Hoffman’s bid claims he is confident of striking agreement to remain in Coventry. Ricoh owners Wasps, £43million in debt from the last annual accounts, take nearly all the stadium revenues since Coventry City Council’s Ricoh sale on a massively extended 250-year lease in 2014, not offered to the football club on which the stadium financially depended.
More than £30million of Wasps’ debt resides in a retail bond scheme. It includes covenant pledges to bondholders that the Ricoh will be revalued every two years. The first revaluation – of the initial valuation of the 250-year lease of £48million based on assumptions of rapid business growth – was due last June, but did not take place, as we revealed.
Mr Elliott fronted a failed would-be attempt by American property investor Preston Haskell IV in 2013. In that year, several takeover attempts, some with the involvement of Coventry City Council, failed via an administration process – amid a multi-party dispute over Ricoh Arena stadium rent, revenues and ownership.
Mr Hoffman fronted another failed takeover attempt in 2011, and later tried and failed with a takeover using Chinese investment.
The club is now relegated to League Two, the fourth tier of English football – and is struggling to make ends meet amid off-field politics and being deprived of commercial revenues from a stadium.
The fans group The Sky Blue Trust and associated groups have campaigned for ‘fans’ or ‘part-fans’ ownership for five years, but have failed in that time to show a credible plan for achieving it.
Crucially, the second bid still contained no proof of funds, and no transparency over the identity of would-be ‘investors’.
It also once again proposed a ‘debt free’ acquisition of the club – hence, it made no direct proposal to address Sky Blues’ ‘owners’ Sisu’s investors’ liabilities – the tens of millions of pounds pumped into the club in loans.
Former club vice-chairman Mr Hoffman – who has tried and failed before to acquire the club – claimed the second bid was worth a total of around£12million, we can reveal.
But we understand that estimate was categorically dismissed by Sisu – as being based on uncertain scenarios, with other add-ons relating to a cut of any future sale of the club’s current assets – a club with few assets.
The first Hoffman bid last weekend, without the necessary proof of funds, offered an upfront payment of £500,000, which he today upped to the £1.2million figure.
His second offer letter today was responded to swiftly with an outright rejection letter, which again stated his bid was ‘derisory’.
Today’s offer, as with the first, proposed £250,000 to Sisu upon promotion to League One, and £250,00 for staying there the following year.
It offers £500,000 for a promotion to the Championship within five years; and £5million for promotion to the highly lucrative Premier League within seven years, where TV revenues alone dwarf that sum.
Smaller add-ons included for any cup successes within a certain period.
As we reported earlier today, claims that Coventry City ‘takeover talks’ were ‘ongoing’ with Mr Hoffman were dismissed as false by Sisu – after we revealed yesterday his first bid had been rejected.
We published earlier today the following statement by Sisu, which stated Mr Hoffman’s ‘bids’ (plural) had been rejected.
The Sisu statement reads: “Following recent press articles discussing offers for CCFC, SISU would like to confirm and put on record that there are not (nor have there been) any talks or negotiations taking place for the sale of CCFC.
“Indeed, Mr Hoffman himself has noted publicly that the derisory bids put forward by him in recent days were immediately rejected.
“There were no talks prior to receiving the bids, nor are any expected or planned.”
The football club had yesterday released a statement to us saying: “To be clear, the owners have not received any credible offer for the football club.
“The noise and speculation around the football club is simply not helpful.”
Sisu has previously stated it wanted to acquire value for the club, and needed more commercial stadium revenues for the team to be more competitive.
Mr Fisher recently told a fans’ group Sky Blue Trust meeting that a sale of the club was not likely at the bottom of the cycle, or market – with Sisu seeking a return on its investment since taking over the club nine years ago.
The club has claimed Sisu and associated companies including Arvo Master Fund have invested at least £70million in the club, including in inter-company loans and some debts now transferred into shares. There have been some reports that the figure is now above £100million.
It follows speculation two weeks ago that Mr Hoffman and former Sky Blues chairman Joe Elliott had reached an ‘agreement in principle’ accepted by Sisu, a widely circulated rumour that was categorically dismissed as false.
Mr Elliott and Mr Hoffman – the pair who hire a corporate box for home matches at the Wasps owned Ricoh Arena – have failed with various takeover attempts since their departures from Coventry City Football Club’s board.
It is understood Mr Hoffman’s bid claims he is confident of striking agreement to remain in Coventry. Ricoh owners Wasps, £43million in debt from the last annual accounts, take nearly all the stadium revenues since Coventry City Council’s Ricoh sale on a massively extended 250-year lease in 2014, not offered to the football club on which the stadium financially depended.
More than £30million of Wasps’ debt resides in a retail bond scheme. It includes covenant pledges to bondholders that the Ricoh will be revalued every two years. The first revaluation – of the initial valuation of the 250-year lease of £48million based on assumptions of rapid business growth – was due last June, but did not take place, as we revealed.
Mr Elliott fronted a failed would-be attempt by American property investor Preston Haskell IV in 2013. In that year, several takeover attempts, some with the involvement of Coventry City Council, failed via an administration process – amid a multi-party dispute over Ricoh Arena stadium rent, revenues and ownership.
Mr Hoffman fronted another failed takeover attempt in 2011, and later tried and failed with a takeover using Chinese investment.
The club is now relegated to League Two, the fourth tier of English football – and is struggling to make ends meet amid off-field politics and being deprived of commercial revenues from a stadium.
The fans group The Sky Blue Trust and associated groups have campaigned for ‘fans’ or ‘part-fans’ ownership for five years, but have failed in that time to show a credible plan for achieving it.
fernandopartridge
Well-Known Member
All I can see in the offer is a commitment to sell players and Ryton yet the club to earn only see half of that income. What's the plan for the academy and training ground if the plan is to sell Ryton? How is the asset base going to be improved?
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Sent from my D6603 using Tapatalk
torchomatic
Well-Known Member
Yes, it certainly does seem reasonable. They want cash upfront. I bet if he offered £3/4M will those add ons he would have a deal. Let's hope he has a little more leeway in what his upper ceiling is.
torchomatic
Well-Known Member
Interesting that the new owners also wish to sell Ryton. Unless, of course, they have little choice as they can't raise more upfront capital. As long as we have a training base then really I'm not too bothered about Ryton.
ccfc92
Well-Known Member
What would you say is a decent offer?
ccfc92
Well-Known Member
Earlsdon_Skyblue1
Well-Known Member
Breaking news: Someone's chatting her up at the bar. Looks like I don't have to log out for a while longer!
Brylowes
Well-Known Member
You think the future is safer with SISU?
torchomatic
Well-Known Member
It's sad, but it's where we are unfortunately
I guess, but I'm not sad particularly. I don't have any emotional attachment to Ryton like I did to Highfield Road so as I said as long as we have a training base and the sale can help wrestle control from SISU then I'm not too bothered.
ccfc92
Well-Known Member
More positive than yesterday IMO. £1.2m is a bit random, I'd say there's more that can be bid by Hoffman.
robbiekeane
Well-Known Member
Where in the quote does it say that you mong
...and Hoffman stated on the radio that he has said repeatedly in letters to the club that proof of funds and investor identities would be revealed in due course. Given that the club are leaking this stuff left, right and centre, his/their caution is more than justified it seems.
ccfc92
Well-Known Member
I just meant it's been part of the club for so long etc.
Happily swap Ryton and the Ricoh for HR.
torchomatic
Well-Known Member
I know what Fernando means. It's a shame that for the next five years we will be giving half of everything we make to SISU. Be nice for them to accept a figure and walk away. Unfortunately, it seems that the consortium either don't have the kind of capital SISU would accept or are reluctant to offer it.
robbiekeane
Well-Known Member
Doesn't look good does it
torchomatic
Well-Known Member
Yeah, know what you mean, but at the end of the day it doesn't really matter if we train there or not.