torchomatic
Well-Known Member
Interesting article (though from April). Screen shot, hopefully you can
read it.
read it.
The invisible club (5 Viewers)
- Thread starter torchomatic
- Start date
Mucca Mad Boys
Well-Known Member
The long-term solution to this is to build a new stadium. Build a sense of community and identity from there. Move Jimmy Hill’s statue and replicate the walls on a new ground (or something).
The RICOH has never been a home, and never will be. What a pity.
The RICOH has never been a home, and never will be. What a pity.
Skyblueweeman
Well-Known Member
Great overview of the situation.
Although it's DoubleTree not Double Tree. Just saying.
Although it's DoubleTree not Double Tree. Just saying.
Liquid Gold
Well-Known Member
Thanks for bringing me down
Sky Blue Harry H
Well-Known Member
Part of me agrees, but if it is our current owners who built any new stadium, it would be part of a financial plan to leech any 'profits' to them with a break even model for the playing side (i.e. any profits would not go back into the team). All under the old 'CCFC still owe us' from the initial investment/exorbitant interest rates/management fees etc. We are like that bloke who borrowed £100 for a night out and ended up owing £19,000. Never going to get out of it, unless white knight/rapid promotion (whereby 3rd party becomes interested)/Wasps fold!!
torchomatic
Well-Known Member
We've been through this a zillion times in the past, but that's how football is nowadays. It's not a SISU "thing". New stadiums are very rarely owned by the club but by the owners of the club. Long term having our own stadium is the only way we'll be able to compete at a higher level.
Liquid Gold
Well-Known Member
Wasps fold please
cov4theprem
Well-Known Member
This is 6 months old and states nothing we don't already know
torchomatic
Well-Known Member
Six months old, true. Nothing has changed since then though, situation is still the same.
Houchens Head
Fairly well known member from Malvern
It might be 6 months old, but still a good read! I got a book out of the library the other day. It was called "Oliver Twist" by some bloke called Charles Dickens. Turns out it was written in 1838. But I still enjoyed it!
Skyblueweeman
Well-Known Member
torchomatic
Well-Known Member
To be fair though, they must have one hell of a striker.
Skyblueweeman
Well-Known Member
Say what you want about the egg-chasers Touch but it was apparently end to end stuff ;-)
The Philosopher
Well-Known Member
There’s a strategic business angle in the planning of building a new ground:-
The value Ricoh props up the balance sheet for the Wasps. The Ricoh is a sports ground with conference facilities. It has a fairly secure source of rent from CCFC. This adds value to the leasehold.
Take away that revenue stream and potentially create an alternative venue in the city for the concerts and conferences and the perceived value of the lease diminishes.
For that reason, SISU should notch up a gear in building a ground. As soon as they get a site agreed in principal, planning in place, a credible business plan and notional finance, they have a stronger hand to play if they wish to negotiate for the Ricoh.
I’m not sure if Brandon is a no go now but location wise for a multi-use facility it ticks a lot of boxes.
The value Ricoh props up the balance sheet for the Wasps. The Ricoh is a sports ground with conference facilities. It has a fairly secure source of rent from CCFC. This adds value to the leasehold.
Take away that revenue stream and potentially create an alternative venue in the city for the concerts and conferences and the perceived value of the lease diminishes.
For that reason, SISU should notch up a gear in building a ground. As soon as they get a site agreed in principal, planning in place, a credible business plan and notional finance, they have a stronger hand to play if they wish to negotiate for the Ricoh.
I’m not sure if Brandon is a no go now but location wise for a multi-use facility it ticks a lot of boxes.
WhaleOilBeefHooked
Well-Known Member
All well and good, but SISU never did want, or never want to, build a stadium.
They purchased CCFC on the very basis of strong-arming the council to purchase the stadium and the assets that go with it to sell on for profit. They are by very nature a distressed-asset hedge fund - only in this situation, they attempted to distress the asset by not paying rent for two years themselves.
Now they have no stadium, an investment gone sour with no ROI and no plans to throw any more money into the club - the recent signing are, in my opinion, as a result of the Maddison money / sell-on bonus.
Expect them to sell or attempt to liquidate the club after the final court hearing.
clint van damme
Well-Known Member
why would they liquidate it when they can sell it, even for a fairly modest amount.
Surely they'll want to rinse every penny out of the club that they can?
WhaleOilBeefHooked
Well-Known Member
They can do one or the other, depending on what they get more money from.
If you sell, they'll only get what they'll be offered.
If they liquidate, any assets/funds left will go to creditors or those that they owe a large chunk of debt to - and you can guarantee that in their corporate structure the holding company(ies) also owned by SISU will either have preference on liquidation or will actually hold the debt themselves, 'loaning' the money to CCFC and will therefore be first creditors.
Say you have a football club, with near-zero assets and a high level of debt (sound familiar)? Let's say £5m in assets and £50m in debt. A potential buyer would need to take over the debt on purchase, so they'll never offer anywhere near £5m. With liquidation, you get the full £5m, assuming all the debt is owed to the holding company and the debt written off.
Covstu
Well-Known Member
A new stadium would be the ideal scenario, fresh start and all that but lets face it this isn't gonna happen!
The best case scenario is a Wasps exit but that isn't going to come soon. Need to keep supporting the team and keep that wage structure in place, we have had investment this year so SISU have spent at the club regardless if this has come from the Madders money or not.
This saga will continue for another 10 years at least I think....
The best case scenario is a Wasps exit but that isn't going to come soon. Need to keep supporting the team and keep that wage structure in place, we have had investment this year so SISU have spent at the club regardless if this has come from the Madders money or not.
This saga will continue for another 10 years at least I think....
peace ndlovu
Well-Known Member
I totally agree with this comment.
Unfortunately, the joint efforts of our abhorrent owners and also the spiteful, short term thinking of our council have created a (very) long term problem.
The franchise Rugby club's lease on the stadium built for Coventry City FC has more than 240 years to run. Which is about the length of time, it would take our owners to build an alternative - and the shitty council would not allow it to be built in the city anyway.
I really think the only solution (and it makes me queasy saying this) is for somebody with a huge wedge to come in and buy the stadium, City and Wasps. I feel dirty now. And not in a good way
shmmeee
Well-Known Member
Still don’t understand how this would make the Ricoh affordable. Just puts us back to square one.
Wasps are a red herring, two minutes of hate to distract the proles but not actually relevant to our problem. The reason they get so much hate is purely because they disproved the mantra of “who else would want the Ricoh? Ergo we should have it below cost”.
They are the immigrants to our changed labour market. No amount of hate is stopping the car industry’s automation there and no amount of posturing is making a League One club be able to afford a Premier League stadium.
Liquid Gold
Well-Known Member
Because they're a franchise club and we should be ashamed that our city is host to them.
Sick Boy
Super Moderator
Yet another drone from the franchise's PR machine.
Sick Boy
Super Moderator
It's the usual scaremongering and narrative his sort have been trying to push for a while.
Sick Boy
Super Moderator
Their owners are far, far worse than SISU and actually moved a club away from its home on a permanent basis.
WhaleOilBeefHooked
Well-Known Member
Eh? Why would I be from the Wasps just because I have a different opinion to you? I have work experience in the hedge fund industry and distressed asset acquisitions. I'm just calling it as I'm seeing it.
CCFC fan for over 30 years. Not that I need to explain myself to you. Perhaps you should try coming back with an alternative argument or opinion, as it just appears that you chat utter bollocks most of the time?
fernandopartridge
Well-Known Member
Oh look, a new registration and already they're spreading mistruths. Is this another new name for Jack Griffin?
If this quote:
was true. Why did they wait 5 years?
fernandopartridge
Well-Known Member
Back to square one would be an improvement on the deep blue sea where we are currently.
WhaleOilBeefHooked
Well-Known Member
You couldn't be further from the truth mate. Long time lurker, recent registration.
Let's just wait and see then, shall we?
You can keep praying to whichever god that you believe in in the meantime that Wasps will fold
fernandopartridge
Well-Known Member
You couldn't be further from the truth mate. Long time lurker, recent registration.
Let's just wait and see then, shall we?
Hi peeler
WhaleOilBeefHooked
Well-Known Member
To absolve themselves of liability of intentionally not paying rent to create a distressed asset which they wanted to acquire, maybe?
WhaleOilBeefHooked
Well-Known Member
Incorrect, you're just making yourself look silly.
Sick Boy
Super Moderator
Don't you agree that Wasps' owners are just as bad if not worse than SISU?
Sick Boy
Super Moderator
That's a bit weird, your profile says you're 29 years old.
WhaleOilBeefHooked
Well-Known Member
I think Wasps getting the ground was the wrong decision, but I'm not sure what you mean by "bad, if not worse than SISU".
Apart from them getting a ground at bargain basement prices, they've been pretty accommodating to CCFC, no? Whereas SISU have woefully under-invested and nearly asset-stripped the club, which culminated in moving them to Northampton and consistently lying about the stadium situation.
So no, I don't think they're as bad as SISU. I think the CCC were equally complicit.