mark82
Super Moderator
Or get BSB to pass on your email. Would be good to know they are getting trusted information rather than a SISU spun story.
Cov Tel Story : Ricoh Boss Quits Over Sisu Talks (1 Viewer)
- Thread starter SuperFred
- Start date
Or get BSB to pass on your email. Would be good to know they are getting trusted information rather than a SISU spun story.
Brighton Sky Blue
Well-Known Member
I'll see what Turner comes back with, but in any case, I am not the financial expert here-OSB is the closest we have to that.
Lord_Nampil
Well-Known Member
http://m.coventrytelegraph.net/ms/p...iew.m?id=4488233&tid=638956&cat=Coventry_News this was on the web site yesterday ...
Sub
Well-Known Member
kingharvest
New Member
Much more likely it's over a rent decrease - hence lower profits, as opposed to a share in the ground
Tad
Member
Great, so not only SISU destroy this club, they'll destroy the Ricoh too!
torchomatic
Well-Known Member
Basically ACL will lose profits if SISU get hold of some shares. He ain't happy because it means all the lolly isn't going to ACL. He could not give a shit about CCFC or us, just money.
Let's see how they would cope without us. Surviving just on wedding fares and conferences. I know this will all turn into SISU bashing but ACL are being just as bloody minded, well this guy is anyway.
Let's see how they would cope without us. Surviving just on wedding fares and conferences. I know this will all turn into SISU bashing but ACL are being just as bloody minded, well this guy is anyway.
Grendel
Well-Known Member
Hold on, whatever we think of the sisu tactics on this the rent is ridiculous. Before people beng on about wish we could change our mortgage etc. if your landlord was charging you rent that was for a mansion and you lived in a bedsit you can make a legal challenge. Face it, without this the club cannot function and no one else would touch it.
Also stops the myth that ACL don't need us as tenants. They very much need us.
Tad
Member
I'm all for club owners owning the stadium. But SISU? Hell no. I want them out of Coventry and the UK. They'll screw it up.
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torchomatic
Well-Known Member
And Europe too, surely?
skybluesam66
Well-Known Member
basically saying a rent decrease would put the arena into a loss making position .
The counter argument put by the council is that the current revenue streams are far too low, and additional hotels would allow them to unlock much more revenue in terms of conferencing
my interpretation of this, is that this is where SISU come in - and some sort of deal is struck
There is a separate piece at the back, re Paul Fletcher . Saying that the original deal with the ricoh, whn the council got involved, was that CCFC retained 50% of the freehold (as they had paid that much towards the stadium)
. The council changed the goalposts, citing EU funding rules, and agreed that CCFC instead only kept 50% of the profit
CCFC then sold this 50% profit share to Higgs for £4.5m
Therefore from start to end, we sold 50% of the freehold of the Ricoh for £4.5m - This is GR and MM, so our problems go bakc much further than the current bunch of clowns
The counter argument put by the council is that the current revenue streams are far too low, and additional hotels would allow them to unlock much more revenue in terms of conferencing
my interpretation of this, is that this is where SISU come in - and some sort of deal is struck
There is a separate piece at the back, re Paul Fletcher . Saying that the original deal with the ricoh, whn the council got involved, was that CCFC retained 50% of the freehold (as they had paid that much towards the stadium)
. The council changed the goalposts, citing EU funding rules, and agreed that CCFC instead only kept 50% of the profit
CCFC then sold this 50% profit share to Higgs for £4.5m
Therefore from start to end, we sold 50% of the freehold of the Ricoh for £4.5m - This is GR and MM, so our problems go bakc much further than the current bunch of clowns
Tad
Member
The club is on its knees anyway. Do you think this will really help the club other then the rent will go down? I highly doubt they'll do anything with the club now they've got there foot in the Ricoh door.
Sub
Well-Known Member
http://www.coventrytelegraph.net/co...ricoh-shares-to-coventry-city-92746-30988063/
fletchers take on it to :thinking about:
fletchers take on it to :thinking about:
Astute
Well-Known Member
Of course it has. Last time was about 5 years ago
WestEndAgro
Well-Known Member
Reading these interviews fills me with complete dread, SISU are indeed on the verge of buying a part share of the Ricoh, this must not happen, the council need to grow a pair.
I for one think we must call their bluff, do not cave in and deal with the possible repercussions WHAT EVER THEY ARE.
Just my opinion though ! PUSB
I for one think we must call their bluff, do not cave in and deal with the possible repercussions WHAT EVER THEY ARE.
Just my opinion though ! PUSB
Sumo the Micky Quinn
Well-Known Member
So is this the BIG news story!
One reported on the net last night about the ricoh boss.
Or is it the Paul Fletcher story, which was on CWR and on the Telegraph web site about a month ago.
Worth spending money on the paper itself this morning then! :facepalm:
One reported on the net last night about the ricoh boss.
Or is it the Paul Fletcher story, which was on CWR and on the Telegraph web site about a month ago.
Worth spending money on the paper itself this morning then! :facepalm:
italiahorse
Well-Known Member
We know what the problem is. So whats the answer? Liquidation as you infer is not the answer.
Moff
Well-Known Member
Is it just me, or does anyone else wonder how, after reading about the complete ineptitude of the way the club has been run, and the whole stadium debacle, that Richardson/Robinson/McGinnity/Sisu ever made money or became successfull in buisness
They just look like a bunch of inept and corrupt buisnessmen playing with monopoly money...badly.
They just look like a bunch of inept and corrupt buisnessmen playing with monopoly money...badly.
italiahorse
Well-Known Member
I agree on this. I am unsure of the timings though. Who sold the CCFC interest in the stadium ? This seems to be a crucial mistake in stopping revenue streams and starving the club of income. Also 50% of the Ricoh complex for £30M seems a very bad deal. Who knows timing and names. I guess this happened just before SISU took over as a short term measure to stop us going into administration. If as I suspect SISU despite their mismanagement never had a chance.
Tad
Member
The club has failed to deliver anything worth while, owners are making us a laughing stock, we have no money, crap manager, no decent players and a Staduim that we can't afford.
There wouldn't be that much of a drop if we started again and we'd start with a clean sheet with no debts, no expectations and hopefully, no crappy owners!!
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SkyBlueScottie
Well-Known Member
it also mentions where the missing profit from the Tesco land sale went 
ccfcjohn
New Member
guys, i'm certainly no fan of SISU and would love to see someone with the football clubs best interest at heart running the show, but having experience in large business takeovers, CVA's, administration etc, a few facts to consider:
* a parent/holding company looking to put a business into administration/liquidation would do so at the earliest opportunity and not risk ongoing losses
* we have no assets, the players we have left are not worth anything, we don't own the ground, Ryton is mortgaged, so there is nothing left to strip from the club and hasn't been for some time
* if there was solid evidence of other investment the owners would be willing to negotiate (SISU's own words) yet we all know there is nothing to back up Hoffmans talk or anyone else's for that matter
* SISU have lost, and continue to lose large sums of money on the running of our club, without them would we have got through the last 4 years? i think probably not
in my opinion if SISU wanted to put us into administration they would of done so months ago once Juke went as he was the last 'valuable asset' we had. The only chance they have of making any money out of this club is to sell it to a valid investor - of which there isn't any, or turn the club around. They would need to keep and increase the loyal fan base, purchase part or all of the Ricoh to maximise revenue, push for a promotion challenge and get us playing at the highest level possible to increase TV revenue, sponsorship deals etc.
As i said a tthe start i am certainly no SISU fan, and am waiting on a load of abuse from all the SISU haters, but just have a think about things from a business point of view, surely now they've been with us for this long it's not the time for them to walk away.
* a parent/holding company looking to put a business into administration/liquidation would do so at the earliest opportunity and not risk ongoing losses
* we have no assets, the players we have left are not worth anything, we don't own the ground, Ryton is mortgaged, so there is nothing left to strip from the club and hasn't been for some time
* if there was solid evidence of other investment the owners would be willing to negotiate (SISU's own words) yet we all know there is nothing to back up Hoffmans talk or anyone else's for that matter
* SISU have lost, and continue to lose large sums of money on the running of our club, without them would we have got through the last 4 years? i think probably not
in my opinion if SISU wanted to put us into administration they would of done so months ago once Juke went as he was the last 'valuable asset' we had. The only chance they have of making any money out of this club is to sell it to a valid investor - of which there isn't any, or turn the club around. They would need to keep and increase the loyal fan base, purchase part or all of the Ricoh to maximise revenue, push for a promotion challenge and get us playing at the highest level possible to increase TV revenue, sponsorship deals etc.
As i said a tthe start i am certainly no SISU fan, and am waiting on a load of abuse from all the SISU haters, but just have a think about things from a business point of view, surely now they've been with us for this long it's not the time for them to walk away.
rob9872
Well-Known Member
Fletcher was one of the few board members (out of the many we've had in the past 20 years) who I actually not only trusted but liked as well. Decent character and always appeared to do his best for teh club as opposed to simply himself which can't be said of many - a football man I think is the biggest factor although so was Ranson and I would categorise him in with the others masters of miscommunication misdirection and complete liars.
WestEndAgro
Well-Known Member
As I stated face the repercussions WHAT EVER THEY ARE the only people who can liquidate are SISU, so can't imagine they would do that as they are the major creditor, with the most to lose.
Any way the club is slowly dying in it's current state and can't survive much longer, I fear we are near our final breath.
Only my opinion. PUSB
Brighton Sky Blue
Well-Known Member
I see where you're coming from but the problem is that when you look at what SISU have done, and continue to do, it does make them look extremely cynical. The reason for not liquidating the club now is that they still think they can get the benefits of the Ricoh; if they don't get their way then I worry what will follow.
mark82
Super Moderator
Yep. Was expecting to wake up to something interesting.
ccfcjohn
New Member
BSB i do agree that they will have to draw a line at some point and cut their losses. But i also believe they will do everything they can to not only try and recuperate some of their loses, but to make money out of CCFC.
The only way that would be possible is the reasons i stated above - own the Ricoh, push for promotion, increase fan base etc etc. All this is in the best interests of everyone including the fans.
If SISU were more open and 'Transparent' we'd all have an idea of what was going on, and that for me is their biggest problem. A serious lack of communication, or regular mis-communication has the majority of the city against them. If administration is their plan then lets hope they get it over and done with quick enough to give us a realistic chance of survival as a football club.
The only way that would be possible is the reasons i stated above - own the Ricoh, push for promotion, increase fan base etc etc. All this is in the best interests of everyone including the fans.
If SISU were more open and 'Transparent' we'd all have an idea of what was going on, and that for me is their biggest problem. A serious lack of communication, or regular mis-communication has the majority of the city against them. If administration is their plan then lets hope they get it over and done with quick enough to give us a realistic chance of survival as a football club.
oldskyblue58
CCFC Finance Director
so did i miss something or was this great " read between the lines" article in the CT yet another case of over hypeing ? :facepalm:
I do not see anything we didnt already know .......... and to be honest we seem to know more than them! :thinking about:
I do not see anything we didnt already know .......... and to be honest we seem to know more than them! :thinking about: