CCFC New Statement. (16 Viewers)

[fatso]

I understand all that but I despise the council for making a decision that at best, severely limits the potential for the city's football club (or at worst destroys it completely). SISU are not Coventry City. They are merely (hopefully for not too much longer) temporary custodians. The most important element of the club is the supporters, and while there are relatively small numbers attending now, we all know that the fan base is potentially very big. We, the fans, are the only constant. Since 2005, the stadium has changed, and every other ingredient of the club (directors,managers, playing squad, kit etc) has changed multiple times. It's our club and the city council have treated it like a disposable inconvenience because of our shit owners, by selling it to a London rugby club with a 250 year lease. Tens of thousands of supporters will be suffering the effects of this decision long after SISU have gone. And opportunities for the football club to bring pride and positivity to the city in the same way our M69 neighbors did have vanished.

I agree that the decision to sell by the council may well have been short sighted,
But that is exactly the nature of local government, the likes of Anne Lucas and others that were involved at the time have gone now, their responsibility was to try and balance the books in the short term, while managing dwindling financial resources, and limiting the fall out regarding on going cuts in vital services,
Faced with these problems, a quick cash injection from wasps or whoever would be quickly seized upon to alieviate a pressing situation, The long term effect on supporters and the city in general would of been overlooked as the Ricoh was becoming an unsustainable problem at that time.
I, do not support the decision to sell to wasps, but I do understand some of the politics behind the decision, and let’s not forget, the political games were started by sisu when they took the decision to withhold rent to deliberately try and bankrupt arena Coventry limited.

 

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[fatso]

It’s also somewhat ironic that the financial future of the club, and maybe sisu themselves, now lie in the hands of the new owners of the stadium.

 

[Colin Steins Smile]

I agree that the decision to sell by the council may well have been short sighted,
But that is exactly the nature of local government, the likes of Anne Lucas and others that were involved at the time have gone now, their responsibility was to try and balance the books in the short term, while managing dwindling financial resources, and limiting the fall out regarding on going cuts in vital services,
Faced with these problems, a quick cash injection from wasps or whoever would be quickly seized upon to alieviate a pressing situation, The long term effect on supporters and the city in general would of been overlooked as the Ricoh was becoming an unsustainable problem at that time.
I, do not support the decision to sell to wasps, but I do understand some of the politics behind the decision, and let’s not forget, the political games were started by sisu when they took the decision to withhold rent to deliberately try and bankrupt arena Coventry limited.

I agree that along with the strained relationship between CCC and our owners the financial situation for LAs was a significant factor. I’m aware of LAs who will be making cuts to services of over £20m for next financial year starting April 19.
Faced with those pressures governments sell assets and the latest IMF reports that the UKs public finances are weaker than most developed nations , as we sold assets off in the 1980s & 90s .

 

[Magwitch]

Don’t talk sense on here Fatso please !!

 

[peace ndlovu]

I agree that the decision to sell by the council may well have been short sighted,
But that is exactly the nature of local government, the likes of Anne Lucas and others that were involved at the time have gone now, their responsibility was to try and balance the books in the short term, while managing dwindling financial resources, and limiting the fall out regarding on going cuts in vital services,
Faced with these problems, a quick cash injection from wasps or whoever would be quickly seized upon to alieviate a pressing situation, The long term effect on supporters and the city in general would of been overlooked as the Ricoh was becoming an unsustainable problem at that time.
I, do not support the decision to sell to wasps, but I do understand some of the politics behind the decision, and let’s not forget, the political games were started by sisu when they took the decision to withhold rent to deliberately try and bankrupt arena Coventry limited.

Good points. I think your assessment of why they sold it to wasps is probably correct. I do think that it was not the right way to resolve the problem though.
It does frustrate me that whilst SISU quite rightly get vilified for their part in this depressing saga, the City Council often escape scot free. Even reputedly excellent journalists like David Conn don't seem to grasp the nuances of this situation and fail to hold all the culprits involved to account.
I guess it doesn't fit in with the easy to pacakage narrative of the 'evil owners'.

 

[higgs]

The Ricoh could be up for sale again after brexit if the wasps go tits up

Sent from my SM-G930F using Tapatalk

 

[Ashdown]

Good points. I think your assessment of why they sold it to wasps is probably correct. I do think that it was not the right way to resolve the problem though.
It does frustrate me that whilst SISU quite rightly get vilified for their part in this depressing saga, the City Council often escape scot free. Even reputedly excellent journalists like David Conn don't seem to grasp the nuances of this situation and fail to hold all the culprits involved to account.
I guess it doesn't fit in with the easy to pacakage narrative of the 'evil owners'.

I accept the council were wrong and made a spiteful and poor decision......but they were completely wound up to that point by a hedge fund threatening litigation on individuals, maintaining all the while that they were building their own stadium in never never land ! The same hedge fund that alienated the club from 90% of its fans by going to Northampton.

 

[peace ndlovu]

I accept the council were wrong and made a spiteful and poor decision......but they were completely wound up to that point by a hedge fund threatening litigation on individuals, maintaining all the while that they were building their own stadium in never never land ! The same hedge fund that alienated the club from 90% of its fans by going to Northampton.

Can't argue with that either. But my point is the hedge fund in question are not Coventry City - a football team representing the city for about 125 years before these shysters turned up to 'rescue' us. I'd like to say that CCFC will be around long after SISU have crawled away. But I'm not quite as secure in my belief that we will be around for that much longer - and the descion by the council to sell a stadium built for us to a London rugby club is a major factor in that lack of certainty.

 

[WhaleOilBeefHooked]

I accept the council were wrong and made a spiteful and poor decision......but they were completely wound up to that point by a hedge fund threatening litigation on individuals, maintaining all the while that they were building their own stadium in never never land ! The same hedge fund that alienated the club from 90% of its fans by going to Northampton.

What they both should have done (SISU / CCC) is grow up, act like adults, and discussed what price was on the table for the purchase of the Ricoh.

I blame SISU equally as much as CCC.

 

[Nick]

What they both should have done (SISU / CCC) is grow up, act like adults, and discussed what price was on the table for the purchase of the Ricoh.

I blame SISU equally as much as CCC.

Just before you get too warmed up and into it this morning - Match Thread - Coventry City vs. Wycombe Wanderers Match Thread - Saturday 13th Oct

 

[Liquid Gold]

I agree that the decision to sell by the council may well have been short sighted,
But that is exactly the nature of local government, the likes of Anne Lucas and others that were involved at the time have gone now, their responsibility was to try and balance the books in the short term, while managing dwindling financial resources, and limiting the fall out regarding on going cuts in vital services,
Faced with these problems, a quick cash injection from wasps or whoever would be quickly seized upon to alieviate a pressing situation, The long term effect on supporters and the city in general would of been overlooked as the Ricoh was becoming an unsustainable problem at that time.
I, do not support the decision to sell to wasps, but I do understand some of the politics behind the decision, and let’s not forget, the political games were started by sisu when they took the decision to withhold rent to deliberately try and bankrupt arena Coventry limited.

Agree with you in general but where this falls down is that CCC didn't have to sell to Wasps, the deal seemed to be done quickly and behind closed doors. If the arena was put on the open market then there is the possibility that the club could have bought it (unlikely with sisu i know) or that the council could have had a greater return.

 

[fatso]

Agree with you in general but where this falls down is that CCC didn't have to sell to Wasps, the deal seemed to be done quickly and behind closed doors. If the arena was put on the open market then there is the possibility that the club could have bought it (unlikely with sisu i know) or that the council could have had a greater return.

I don’t think the council had any intention of selling to sisu, and they could argue that as sisu couldn’t afford to pay the rent due to ACL that they wouldn’t be able to raise the funds to purchase the Ricoh. Relations between the two parties were strained to say the least, and I doubt ccc would want any dealings with a hedge fund that appeared hell bent on frivolous legal actions at every opportunity. Apparently, so I’m lead to believe that the council wanted the liability that the Ricoh had become, off their books at the earliest opportunity, and the offer from Wasps was the only realistic one on the table that could be completed in the timetable that was set out by the council.
The crux of the legal argument put by sisu was that Wasps got the stadium on the cheap (30 million below valuation) and that sisu were prevented from bidding, and this constituted state aid to wasps who were a purchasing competitor to sisu. However, as sisu had deliberately withheld rent for the stadium In a attempt to bankrupt ACL and financially cripple the council, the council were quite within their rites to dismiss them as a potential purchaser.
This has now been upheld by every court that sisu has appealed to.
And let’s be honest, it’s not too surprising is it? I’m only surprised that the legal people advising sisu aren’t very bright, or they are taking them for every penny they can

 

[fatso]

Which ever way you look at it, the whole saga has been an embarrassment to all parties concerned, there are no winners, and only losers, in time all parties and individuals will move on to other things, and the only ones left to pick over the pieces will be the fans of ccfc.
I’ve been very disappointed in the FA, the football league, and even the government for not stepping in to seek assurances from all sides to make sure that common sence prevailed. I doubt that this would ever of happened at a more fashionable club.