Ricoh (15 Viewers)
- Thread starter higgs
- Start date
The way I see it,is if you bought a house with no windows (no tenant) and needed some repairs ect and a bit run down ,well that's one price, but if you moved a tenant in (wasps) and the also moved a second tenant in (ccfc) and then furnished with christal ect it would be another price wasps got it for a bargain price because of the state it was in ,so yes they got on the cheap
Lord_Nampil
Well-Known Member
I always wounder what would have happened if AEG did come in and run the ground like proposed in 2012 would everything be in the mess its in today....
And that was paying a lot more fore a lot less... so yes it was under sold and you can see why sisu have done what they have done, even though the effects of it are where we are at today....
And that was paying a lot more fore a lot less... so yes it was under sold and you can see why sisu have done what they have done, even though the effects of it are where we are at today....
pastythegreat
Well-Known Member
I don't get how the Ricoh Was in a run down state when they bought it?
It had numerous remnant in place (Hilton, casino owners, numerous bars and restaurants AND CCFC).
I came furnished (with an exhibition hall, 4 changing rooms, a hotel, a casino, 3 car parks, planning permission to build ANOTHER hotel on one of them said car parks, a train station, oh, and a 32k seater football stadium).
How exactly have they bought something run down??
Muppet
You could also add to the list of furnishungs, a club shop and a ticket office. 2 things CCFC DON'T have full stop.
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skyblue025
Well-Known Member
It's a buyers market. They agreed a price and paid it. SISU were given a price by Higgs for 50% agreed it, then backed out and offered them a 1/3 of the asking price because they were a charity. Had they paid the agreed price we wouldn't be in the mess we are in now. Yes they got it cheap but SISU could of had it cheap as well but chose not too.
Sick Boy
Super Moderator
When was our club offered the same deal?
Wyken Sky Blue
Well-Known Member
Yes. And the same offer wasn't put to SISU.
On the face of it CCC haven't done anything illegal, just fucking immoral.
Unless SISU know something...
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It was not an open buyers market as CCC set out not to sell to CCFC
It has been accepted ( ? ) the purchase price for the stadium on a very short lease was correct
The "cheap|" element was the lease extension of £1m for a 200 year extension
The argument being then there was only one buyer - the owner of the short lease so lets take £1m
That is what the Courts decided ( as I read it )
However, that was all contrived. Had CCC extended the lease first then sold it then the value would have been substantially more - possibly £22m more.
It was not as if WASPs owned it for say a year then asked for the extension. The deal was concluded within 10 minutes of the first purchase, in the same room with the same people voting.
Even on the purchase of the short lease WASPs had to be given time to raise funds because they did not have enough.
So they were given the lease extension and time to pay, they then scootled off and in quick order raised the bond money to get the Council out of trouble and pay back Mr WASPS personal loan
skyblue025
Well-Known Member
They were offered it at the time but put in clauses for this that and the other which unsurprisingly was turned down.
As I said before had we bought Higgs 50% when SISU agreed the price but then backed out we wouldn't be in the shit pot we are now. Wasps would still be playing in London and the Council would only have 50% of a stick to beat us with. Meanwhile the club suffers and the greatest crime of all is that the fans are divided to such an extent some would rather see CCFC go bankrupt. I mean WTF.
As I said before had we bought Higgs 50% when SISU agreed the price but then backed out we wouldn't be in the shit pot we are now. Wasps would still be playing in London and the Council would only have 50% of a stick to beat us with. Meanwhile the club suffers and the greatest crime of all is that the fans are divided to such an extent some would rather see CCFC go bankrupt. I mean WTF.
SBAndy
Well-Known Member
Ah, conditions. What were they again?
Let’s not also forget the council had a veto over the sale of the Higgs share. Let’s not pretend that this pathway to 50% ownership was clear and easy.
A bar and hotel with out customers and a football ground without a team is the state the ground was in and also with a debt that couldn't be repaid ,that's not run down to you cool, ditch the name calling just point your point across
pastythegreat
Well-Known Member
No it wasn't. Do I tiny bit of research. CCFC WE'RE BACK AT THE RICOH AS TENNANTS BEFORE W**PS BOUGHT IT.
CCFC returned to the Ricoh (as PAYING tennants) and played Gillingham on 5th Sep 2014. We also bought with us 27k fans to use said casino with no customers!!!
The deal for w**ps to buy the Ricoh arena wasn't until mid November that year. So please explain how they bought a "run down" stadium with no tennants or fans??
Also, how did it come with a debt that can't be repaid?
They bought if for the price of that debt, not with the debt. The fact that they're no in more debt and struggling to pay it is just bad business from w**ps, nothing to do with debts bought with the stadium.
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Liquid Gold
Well-Known Member
We agreed a deal to buy it before the council pulled out. It was never available to the football club.
pastythegreat
Well-Known Member
The illegal part is that CCC GAVE W**ps am unfair advantage. In that they wasn't willing to sell to SISU/CCFC, let alone at the greatly reduced price and greatly increased terms that w**ps were offered.
pastythegreat
Well-Known Member
But SISU........
Can't believe fans are arguing about which out of town hedge fund got the best deal, oh yeah well SISU perhaps did get done over in the end out of spite after much provocation but that wouldn't have given CCFC the Arena would it ?! No we would be slaves to SISU and their own demands. People are acting like Joy cares any more about the football club than Nick Eastwood.
And the council were liasing with the Wasps to sell to them before City even left the ricoh in the first place in 2012. At no point did the council intend allowing SISU to purchase any percentage of the stadium. It was always their intention to allow a London based rugby club to move in.
skybluetony176
Well-Known Member
Same. They’ve still got to go though. Same as sisu they’ve now proven themselves be a threat to the future of CCFC. So I’m past giving a fuck if they got it on the cheap. They’re here and somehow the people of Coventry and wider area need to facilitate an environment where their own future in the city becomes unsustainable. Starve them out.
Wasps are financially broke and CCFC not being there only adds to there financial strain.
This is how it’ll pan out...
1. WASPS will amend there demands over the next season with PR being promoted by the CET
2. WASPS will struggle to stay up next season and gates dropping below 10k (inc freebies)
3. The bond will get extended
4. WASPS on the verge or in administration by 20/21 season
5. CCFC come back and try and purchase a % of the Ricoh.
D
Deleted member 5849
Guest
Fisher said it was overpriced.
Tbh, I'd tend to agree with him. But then again I'm no stadium valuation expert, and the valuation for the bond is rather more.
Tbh, I'd tend to agree with him. But then again I'm no stadium valuation expert, and the valuation for the bond is rather more.
Or and don’t rule this out the Ricoh is sold to a third party.
skyblue025
Well-Known Member
The council did have a veto but at the time they and Joy were getting on ok. It was after Joy pulled the plug and tried to distress ACL that they fell out and started treating SISU (the club) like a piece of shit on the bottom of there shoe.
We will never know the conditions and clauses because they were never published. I don't remember SISU at the time denying it though!
skyblue025
Well-Known Member
1 -4 more than feasible,
5 Council take back freehold and knock down Ricoh for housing to spite SISU.
pastythegreat
Well-Known Member
Changed that for you
How would that affect the EU funding used to develop the site ? Can I put a complaint in now?
CCC gave an ( verbal ) undertaking to Steve Waggott that they would not sell to WASPs before he signed the return lease agreement
This did not preclude them for putting the stadium out to the general market with an option to have an extended lease.
It was a "done deal" so the questions must be asked as to why ?
Johnnythespider
Well-Known Member
Then why not offer the club the deal that was given to wasps ?
skyblue025
Well-Known Member
The questions wont be answered. We know why though because SISU tried mugging the council off and then the council refused to have anything to do with them. If SISU eventually sell the club i think the council would be onside with the club again. They will never do anything for the club while SISU remain and vicious circle continues.