Grendel
Well-Known Member
This is something you frequently bring up. The lease extension was part of a sisu offer to purchase the Higgs share for £5.5 million wasn't it?
Did Sisu appeal? (1 Viewer)
- Thread starter Paul Jones
- Start date
This is something you frequently bring up. The lease extension was part of a sisu offer to purchase the Higgs share for £5.5 million wasn't it?
Grendel
Well-Known Member
To my knowledge they offered over £5 million for the Higgs share didn't they?
Grendel
Well-Known Member
No I answered. So £1m or £2m which was it?
Astute
Well-Known Member
One of the offers they pulled out of after getting accepted.
Just about everyone accepts that CCC shouldn't have let Wasps have the arena. Why can't you accept that SISU were at fault for it happening?
Astute
Well-Known Member
And withdrew the offer when it got accepted. So your point is?
Astute
Well-Known Member
Was it Lucas or Fisher that started the term unencumbered?
hill83
Well-Known Member
I normally leave cucumber in my sandwiches.
Grendel
Well-Known Member
Higgs rejected the deal
Grendel
Well-Known Member
I think It was first mentioned by Anne Lucas on a radio interview on CWR - this was following the leaking of a letter to the telegraph by Lucas inviting Seppella to a meeting in London which Seppella insisted remain confidential.
Anyway it's £2 million and its purchase value and you were wrong.
oldskyblue58
CCFC Finance Director
My recollection is that unencumbered was first mentioned by Seppala as the only basis they would come back from sixfields. Reported in CT And repeated by fisher and labovitch
That then turned to considering long lease when the strategy began to crumble
Lucas was consistent in saying an unencumbered option was not available meaning that ACL would remain in place
At least that is my understanding
That then turned to considering long lease when the strategy began to crumble
Lucas was consistent in saying an unencumbered option was not available meaning that ACL would remain in place
At least that is my understanding
Grendel
Well-Known Member
I thought the 125 lease discussion was first as I thought that the offer for that was made when the club were still at the Ricoh.
oldskyblue58
CCFC Finance Director
AEHC asked for security for the deal offered which was not provided in the exclusivity period, when that period ended they properly told Sisu that they would be open to other offers. Seppala offered 2m because they were a charity which was flatly rejected. Sisu then continued to try distress ACL whilst talking with CCC on a deal that depended on acquiring the AEHC shares that was not available any longer.
Their only strategy was to force a distressed sale...... The negotiations were extended to increase the ACL distress. The deals and negotiations actually make no sense because they couldn't be completed if the AEHC shares could not be acquired so can only have been part of increasing the financial pressure on ACL to acquire an unencumbered site. ACL being the encumberance
2m and only because ACL was a charity?
oldskyblue58
CCFC Finance Director
That deal was discussed with CCC in the December after the AEHC deal had failed I think.
But it proves there was an extended lease available doesn't it. If the discussions were in good faith on both sides...... which would not seem to be the case, considering the court concluded there were no attempts being made to acquire the charity shares
oldskyblue58
CCFC Finance Director
Think you will find that's pretty much what Laura deering said in court
Grendel
Well-Known Member
Well it proved that the club would consider a long lease as opposed to a freehold.
Grendel
Well-Known Member
But you and I know it's a meaningless comment. A charity donation and a purchase of shares of. Business are not related. It's a sneer but I hardly think a hedge find would over pay Higgs.
Grendel
Well-Known Member
Surely it's £1m
Astute
Well-Known Member
I admit I was wrong. Iy was a 2m donation because Higgs are a charity and not a 1m donation.
Are you going to admit that you was wrong on everything else?
oldskyblue58
CCFC Finance Director
Then given what went on before it there was no deal with the charity and that meant no deal to be done with CCC with extended lease or not. So the only real strategy they had was to distress ACL the rest of it was completely meaningless.
Astute
Well-Known Member
More like saying that the Higgs share and the CCC share were both worthless.
skybluetony176
Well-Known Member
They asked for proof of funds. Not sure that's the same as rejection. Maybe in Grendull world.
skybluetony176
Well-Known Member
I think you're right OSB. Think it was in the LR interview. Labovich repeated it often in his Comical Ali radio interview's. And Tim did his bit to promote it to.
Grendel
Well-Known Member
Donations don't purchase shares so wrong again
bawtryneal
Well-Known Member
Yawn.
skybluetony176
Well-Known Member
They probably should have tried negotiating on that basis then. In fact they should have tried negotiating on any basis.
skybluetony176
Well-Known Member
She said it in a court of law. Are you saying she was acting in contempt?
skybluetony176
Well-Known Member
So you admit that SISU have never been serious about buying the Ricoh then. You'll still carry on blaming everyone else though exonerating SISU of blame at the same time.
skybluetony176
Well-Known Member
Deflection.
No he hasn't- your losing and getting desperate..
It wasn't a donation though. It was a share purchase above the SISU valuation. The same as when MLabovitch said that Joy would generously pay her own costs at the 0:0 draw case with Higgs.
Just crap.
Rusty Trombone
Well-Known Member
The point is that in the days when SISU's more sensible people were prepared to negotiate the Council were willing to give the football club the benefit of an extended lease for free, or as Les Reid would have probably reported it, 'a massively extended lease not offered to anyone else'. I bring it up in instances where you conveniently forget it, so yes, frequently.
SkyBlueZack
Well-Known Member
Distress Acl? I think it was already distressed by the council's decision to only give a 50 year lease. I'm tired of saying it but the club propped up Acl. Without the extortionate rent Acl would have gone under a long time before any dispute started. Still #sisuout
Grendel
Well-Known Member
You said you wished sisu were more like wasps so I took that to mean not caring where the team plays and not giving a jot about the fanbase.