Wrenstreetcarpark
New Member
So speak Wisher and Faggot. Not Godiva but Godelpus
CET: Club turn down 50% reduction in rent. (4 Viewers)
- Thread starter skyblu3sk
- Start date
You ridicule my username in this context.
Let me see ... Godiva protested against Lenfric who she thought demanded too much tax for the poor to pay and the consequence of them having to establish huge debts.
No, I can see what you mean - there are no similarities to the current rent dispute.
Wrenstreetcarpark
New Member
er, and your name?
Wrenstreetcarpark
New Member
But seriously, the debt is and has not been caused by the rent but by the total mismanagement by Sisu. If you gamble and lose, you lose. Perhaps your user name should be Sampson and you can bring the whole thing down on top of us.
stupot07
Well-Known Member
What has nothing to do the the years of mismanagement of the club prior to Sisu buying the club?
Wrenstreetcarpark
New Member
Of course the thief Richardson, the drunkard McGinnity and the liar Robinson all mismanaged the Club: that is why Sisu were able to spend so little to get hold of it. Had Iggy not fucked it up so royally they would by now have got control of ACL and either borrowed vast sums against it or sold to another set of shysters.
Sisu are the architects of their own pain. Seppala and Fisher are now trying to screw everyone esle to save their skins.
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Who is telling you sisu are blameless?
I don't love them - I love my family only.
But I respect what they are trying to do (for the last 1½ year).
Samo
Well-Known Member
Too late! :facepalm:
Baginton
New Member
Todays game won't be called off, these are negotiations, and the club have until mid september to come to a deal, nothing will happen before that date, where we will probably see another date announced for more talks.
Never accept the first offer, any good businessman will know this!!
Carry on.
Never accept the first offer, any good businessman will know this!!
Carry on.
BinleySkyBlue
New Member
Just out of curiosity, say we were locked out of the Ricoh where would we play ??
oldskyblue58
CCFC Finance Director
here is my two pennuth on this
CCFC have a court judgement against them that as far as we know they have not challenged (and most likely have no grounds to) that requires them to repay £500k into the escrow account. I would assume not doing so leaves open various remedies including winding up, it may also leave the directors of CCFC in contempt of court unless they can prove they cant afford it. Going to be hard to prove that whilst they are merrily adding to the company contractual obligations in signing new players renewing contracts and looking for further players to come in. They want to get rid of the deposit because it is dead money to them....... on the other hand ACL need the deposit to cover the high risk they take having CCFC as a tenant ( a high risk SISU have just proven)
ACL can prove to any court that they are acting as reasonable landlords, infact by offering a 45% reduction in the reported rent of £1.2m they have placed the ball and responsibility for what happens next in the court of CCFc and SISU. They (CCFC)are not entitled to use the fully staffed and expensed facilities for free - no reasonable man would accept that. Any reasonable man would expect to pay market rate for the usage, market rate does not and never has depended on whether SISU run their business profitably or whether we are in League 1 or not. (i refer to reasonable man because that would be a test applied by a court)
Will games be cancelled today or next week .... no ACL have given the club until 13th Septemmber to sort out so action before that is very very unlikely.
Have lots of talks between the parties been going on ..... have talks re purchase of the Higgs Charity really progressed ..... well we were told that PWKH was on holiday ........... we know the period of due diligence is now well past ............so you have to ask how much progress can have been made..... and i guess therefore you have to have doubt on the statements by TF there good progress is being made, certainly doesnt look that way from the ACL, Council or Charity point of view.
Is the stadium "OURS" in the sense of CCFC no............ it is an asset of the people of the City of Coventry. Will it fold because CCFC (less than 15% of ACL income in total ie not just the rents) are not there - no...... but it will be very tough on its finances. It would need to find other uses to soften the blow ..... but it could be done - 2 large pop concerts would make a big dent in that lost income for example.
Yes SISU could wind up CCFC any time they like ......... they dont for two reasons ...... firstly they lose £30m + of their clients money if they do it right now .......... secondly they lose out on the real opportunity- owning the stadium. So long as they remain not paying they starve ACL of income that puts ACL at risk and drives its price/value down ...... which makes it easier to buy.
Yes SISU did "save" us only to make the same mistakes every other damn owner of this club has made. Them looking at the costs now does not absolve them from blame nor does it allow us to blame the losses accumulated in SBS&L on anyone other than the Board of CCFC and SISU. They try to come over as doing all the right things now but look at it coldly ..... they have set a budget to make losses ..... they cannot or more accurately will not pay their bills ........ they continue to add in to the structure more costs .......... every extra £ in loss adds to the risk of the club folding ......... their plan relies very much on this season being a total success (ie a gamble) which looking at past stats for the league 1 is not likely. Sorry but half hearted attempts at dealing with the finances are not going to turn it around.
SISU have one game and one game only .......... to get their hands on the stadium and other facilities then to sell it on........ none of this really about CFFC - Hedge funds have one thing they are interested in ..... money and that never changes
And I wish the CT understood what is up for grabs and the effects..... its 50% of the shares not the stadium and it doesnt give a right to any of the income from exhibitions casino etc .......
The rent reduction to £650k is a damn good offer for what CCFC receive ......... i suspect it requires repayment of the escrow account and SISU wont like that ........ i also suspect it requires the arrears to be paid and they wont like that either
CCFC have a court judgement against them that as far as we know they have not challenged (and most likely have no grounds to) that requires them to repay £500k into the escrow account. I would assume not doing so leaves open various remedies including winding up, it may also leave the directors of CCFC in contempt of court unless they can prove they cant afford it. Going to be hard to prove that whilst they are merrily adding to the company contractual obligations in signing new players renewing contracts and looking for further players to come in. They want to get rid of the deposit because it is dead money to them....... on the other hand ACL need the deposit to cover the high risk they take having CCFC as a tenant ( a high risk SISU have just proven)
ACL can prove to any court that they are acting as reasonable landlords, infact by offering a 45% reduction in the reported rent of £1.2m they have placed the ball and responsibility for what happens next in the court of CCFc and SISU. They (CCFC)are not entitled to use the fully staffed and expensed facilities for free - no reasonable man would accept that. Any reasonable man would expect to pay market rate for the usage, market rate does not and never has depended on whether SISU run their business profitably or whether we are in League 1 or not. (i refer to reasonable man because that would be a test applied by a court)
Will games be cancelled today or next week .... no ACL have given the club until 13th Septemmber to sort out so action before that is very very unlikely.
Have lots of talks between the parties been going on ..... have talks re purchase of the Higgs Charity really progressed ..... well we were told that PWKH was on holiday ........... we know the period of due diligence is now well past ............so you have to ask how much progress can have been made..... and i guess therefore you have to have doubt on the statements by TF there good progress is being made, certainly doesnt look that way from the ACL, Council or Charity point of view.
Is the stadium "OURS" in the sense of CCFC no............ it is an asset of the people of the City of Coventry. Will it fold because CCFC (less than 15% of ACL income in total ie not just the rents) are not there - no...... but it will be very tough on its finances. It would need to find other uses to soften the blow ..... but it could be done - 2 large pop concerts would make a big dent in that lost income for example.
Yes SISU could wind up CCFC any time they like ......... they dont for two reasons ...... firstly they lose £30m + of their clients money if they do it right now .......... secondly they lose out on the real opportunity- owning the stadium. So long as they remain not paying they starve ACL of income that puts ACL at risk and drives its price/value down ...... which makes it easier to buy.
Yes SISU did "save" us only to make the same mistakes every other damn owner of this club has made. Them looking at the costs now does not absolve them from blame nor does it allow us to blame the losses accumulated in SBS&L on anyone other than the Board of CCFC and SISU. They try to come over as doing all the right things now but look at it coldly ..... they have set a budget to make losses ..... they cannot or more accurately will not pay their bills ........ they continue to add in to the structure more costs .......... every extra £ in loss adds to the risk of the club folding ......... their plan relies very much on this season being a total success (ie a gamble) which looking at past stats for the league 1 is not likely. Sorry but half hearted attempts at dealing with the finances are not going to turn it around.
SISU have one game and one game only .......... to get their hands on the stadium and other facilities then to sell it on........ none of this really about CFFC - Hedge funds have one thing they are interested in ..... money and that never changes
And I wish the CT understood what is up for grabs and the effects..... its 50% of the shares not the stadium and it doesnt give a right to any of the income from exhibitions casino etc .......
The rent reduction to £650k is a damn good offer for what CCFC receive ......... i suspect it requires repayment of the escrow account and SISU wont like that ........ i also suspect it requires the arrears to be paid and they wont like that either
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The CableGuy
Well-Known Member
Then you have no idea of the other events which take place at the Arena, apart from football matches. Not just the high profile events like pop concerts, but other numerous shows, conventions etc.
Think about it - City play less then 30 times there per season. CCFC need the Arena a hell of a lot more than the Arena needs CCFC.
Official Away Travel
New Member
Where does the telegraph get these stories - half the figures they write are half true.
The only thing that SISU have wanted is the Ricoh, they though buying the club on the cheap they would get there hands on it easilery. The don't care about the club or what happens with it - it's strange how they have enough money to buy half the stadium but not pay the rent.
The are just waiting for ACL/Council to push them into administration do they look the bad guys.
ACL are in a JV with Compass to operate and manage the stadium - they ain't going to struggle or go under. They have have plans in place for the potential fall of the club, the whole arena is marketed separately to CCFC as they don't want to associate themselves with them.
Also - any profits made by the arena does go back to the share holders until the mortgage is paid off. So SISU still
wouldn't get any money
The only thing that SISU have wanted is the Ricoh, they though buying the club on the cheap they would get there hands on it easilery. The don't care about the club or what happens with it - it's strange how they have enough money to buy half the stadium but not pay the rent.
The are just waiting for ACL/Council to push them into administration do they look the bad guys.
ACL are in a JV with Compass to operate and manage the stadium - they ain't going to struggle or go under. They have have plans in place for the potential fall of the club, the whole arena is marketed separately to CCFC as they don't want to associate themselves with them.
Also - any profits made by the arena does go back to the share holders until the mortgage is paid off. So SISU still
wouldn't get any money
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Senior Vick from Alicante
Well-Known Member
Well said OSB, the only way the people of Coventry will ever see a return on their investment is if the club is sold lock stock and barrel. Who in their right mind would pay SISU 30 mill for their portion to get the club back on a sensible setting. We are in a sad predicament at the moment, sad to say it at but if ACL put us into admin at least a consortium or other persons could buy the club out of admin and progress us in the right direction again. Wouldnt like to see it happen but it may be the only option to turn the club around and start giving something back to coventry tax payers. PUSB
fernandopartridge
Well-Known Member
the club are likely to want a share of matchday revenue too, which is equally important