ohitsaidwalker king power
Well-Known Member
Can someone with more financial knowledge than me advise.. if we were run down.. into administration would it effectively write off SISU's overall debt.. thus ridding them of us?
All Ricoh/ alternative ground comments. (7 Viewers)
- Thread starter The soothsayer
- Start date
oldskyblue58
CCFC Finance Director
wasnt part of the argument that the club didnt get the other income streams ? Just how is somewhere like the Butts going to generate those income streams ........... Car parking, sponsorship, corporate boxes, multi kiosks, club shop etc etc ......... It doesnt add up ......... also the Rugby club have the lease CCFC would be their tenant
It just does not work on any level
It just does not work on any level
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cloughie
Well-Known Member
Sky Blues
Active Member
I think you've misunderstood me. Sorry, I probably wasn't clear enough. As I understand it, £250,000 covers the basic matchday costs etc (in the words of CCFC: "we have continued to pay match day costs to ensure that ACL is not left out-of-pocket" and I think there's more info on this figure elsewhere on this website). Are we sure ACL can't do without the rent? They may have to restructure their mortgage with the bank, but ACL has proven itself pretty handy at finding other revenue streams (concerts etc) and if the ground isn't being used for football surely there'd be more opportunities for those types of events. Quite possibly enough to raise more than the zero the club is reportedly not paying in non-basic matchday costs.
Wrenstreetcarpark
New Member
and CCFC are paying £2.8m in interest to ARVO, maybe some of it is being added to the debt to ARVO but Fisher should say just how much is actually going direct from CCFC to ARVO.
ohitsaidwalker king power
Well-Known Member
OSB.. in laymans if you would?
oldskyblue58
CCFC Finance Director
last thing SISU want is their debt run down .......... its their clients money and they want it back
Administration is a temporary period, a kind of financial care home, it allows an administrator to do deals with creditors to save a viable business but if he/she cant then its curtains. In that sense SISU's debt would go but as biggest creditor they control the process. They also control all assets as ARVO have a charge over them
Only way out is for SISU to retain the debt and club and get hold of the Ricoh site so they can sell on at big profit......... that is what it is all about
Administration is a temporary period, a kind of financial care home, it allows an administrator to do deals with creditors to save a viable business but if he/she cant then its curtains. In that sense SISU's debt would go but as biggest creditor they control the process. They also control all assets as ARVO have a charge over them
Only way out is for SISU to retain the debt and club and get hold of the Ricoh site so they can sell on at big profit......... that is what it is all about
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ohitsaidwalker king power
Well-Known Member
thx OSB...oh god how I long for the simple life.. like going to a footy match to watch my team play.. win, lose or draw.. instead of all this complicated business speak.. I get that 5 days a week 9 hours a day from my boss.....
oldskyblue58
CCFC Finance Director
Council wouldnt want to but if it were for the greater good on balance of what they know they would have to. It isnt about whats best for the club for them it is what is best for the City ......... thats where their responsibility lies
oldskyblue58
CCFC Finance Director
thx OSB...oh god how I long for the simple life.. like going to a footy match to watch my team play.. win, lose or draw.. instead of all this complicated business speak..
might not believe this but i totally agree !
Lord_Nampil
Well-Known Member
maybe i am guessing the football stadium would be knocked down and a new hall built to cater for there needs would be built?? Is that what the people of coventry want???
The club should pay a rent, 1.2 million is not a rent a club in the championship should pay never mind league 1! A top flight club could live on a 1.2 million rent but with no income from match days top flight status would not be kept!
I dont think you can put the total blame on SISU for this, yes not paying the rent is a very dirty and very unaccetable tactic. But 1.2 million a year is a very dirty rent price agreed if Paul Fletcher is believed, knowing that the club would never be able to sustain the rent with out making it back to the top flight, hence Operation premiership!
The whole thing needs restructuring to benefit all parts of the jigsaw!
coundonskyblue
New Member
Paul Fletcher is a slimy toad. He was in charge of ACL when the deal was signed, he wasn't exactly shouting from the rooftops about how bad the deal was then was he?
The blame you can put on Sisu is the fact the rent was public knowledge when they bought the club. If it is such a problem they shouldnt have bought us.
sw88
Chief Commentator!
That would be reliant on the Coventry public and ACL would hardly ever get any money this way
chiefdave
Well-Known Member
ACL keep telling us that CCFC is a fraction of it's business and that they can survive without them. If that's true then they should be able to survive quite happily with the rent SISU are proposing. Whack a premium on so that if we were ever get into the premiership (wishful thinking!) they get a nice chunk of money and maybe an incresed rent if and when crowds rise (maybe have a premium on rent over a certain average per game). As much as we all tend to point the finger at SISU given their track record and what they've done to the club I can't help having in niggling feeling they aren't 100% in the wrong here. We're hearing 2 sides to the story from people with vested interests the truth probably lies in the middle but it's not clear to me who is refusing to move to that middle ground.
cloughie
Well-Known Member
And thats also the ethos of The Higgs charity
The soothsayer
New Member
Hold on, the only reason we are the highest rent in div 1 is because sisu fooked things up and put us here, now they want everybody else to pay for their incompetence. what a fooking joke.
skybluegod
Well-Known Member
sisu didn't have a choice in the matter they didn't buy the stadium they already had the rent agreement in place before that.
AFCCOVENTRY
Well-Known Member
If you are lucky enough to be a london club then Boris will give Bubbles a brand new spanking stadium
oldskyblue58
CCFC Finance Director
And yet Fletcher was closely involved at ACL and CCFC but changed nothing
Could be wrong but right at the start the club was offered rent on the basis of usage which would have been better all round, leading to lower rents in L1. It was rejected by the club on the basis that they felt ACL were trying to rip them off when they got into the premiership :facepalm::facepalm:
Since then the club has been offered alternatives and reductions ........... but apparently any rent is too much rent !
Could be wrong but right at the start the club was offered rent on the basis of usage which would have been better all round, leading to lower rents in L1. It was rejected by the club on the basis that they felt ACL were trying to rip them off when they got into the premiership :facepalm::facepalm:
Since then the club has been offered alternatives and reductions ........... but apparently any rent is too much rent !
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Sky Blues
Active Member
ACL reportedly offered to halve the rent while we were in League 1...
sw88
Chief Commentator!
Nene Parks vacant and it's only 15 mins drive from my house.
Good point! Then again, look at how the two teams that have played their games there have ended up.........
cloughie
Well-Known Member
Then before moving in should have tried to change it with agreement or not move in
oldskyblue58
CCFC Finance Director
They had a choice .......... they were in a strong position to break the lease and to reduce the rent, the club was going out of business unless they took over. But they chose to accept it ......... now bleat because it aint fair, its too much, we are only L1.......... well business isnt fair and if you fail to control your major costs, fail to provide a decent product the only person to blame is yourself.
skybluejelly
Well-Known Member
rugby lions ground in rugby...they are not using it.....or for the future what about redeveloping brandon speedway
georgehudson
Well-Known Member
so would it be fair to say - 4yrs of asset stripping = gross mis-management = unfit owners
oldskyblue58
CCFC Finance Director
coundonskyblue
New Member
OSB is probably the best one to answer this but is the club not locked into a rental agreement?
I find it hard to believe the club can just walk away with no penalty.
I find it hard to believe the club can just walk away with no penalty.
skybluerors
Member
True. I'm not saying Nene Park is by any stretch of the imagination a long or even medium term answer but for a short term thing till the end of the season it could be viable and we could move in immediately. It holds 6,400 which may just be enough for existing season ticket holders.
oldskyblue58
CCFC Finance Director
got a legal binding lease csb ............ so yes you are right.
cloughie
Well-Known Member
skybluesham
New Member
Ricohs just one big concrete morque anyway, completely souless and void of any atmophere (like most new stadia tho). Lets hope, that if we do have to move to a new ground then all the negative moaning i could of been a pro footballer so called supporters can stay at the ricoh.........
chiefdave
Well-Known Member
there's loads of temporary seating that has been warehoused unused since the olympics. Wouldn't be that difficult (assuming there's space, I've just had a quick look on Google Maps never been there!) to bring the Butts up to 10-12K or were SISU agree to develop it to that capacity permanently surely they would be able to negotiate a stake in it.
Not saying either of those things are options but if SISU can show that somewhere else is viable then that is to their advantage. I would assume ACL have gone down this road to call SISUs bluff but I'm not sure SISU are the types to respond in the way you would normally expect.
And let's face it a 5 min walk from town and a stadium that's packed would be a much better matchday experience than the Ricoh in the hihgly unlikely event it ever happened. I know people talk about all the facilities at the Ricoh but would your average supporter be bothered if there wasn't a casino to go in and all the other things that come with the Ricoh. I know there would be a drop in available hospitality but we don't really know the % take up at the moment or how much that loss would be offset by reduced rent. Maybe it's not such an out there idea as we'd all previously thought?
Not saying either of those things are options but if SISU can show that somewhere else is viable then that is to their advantage. I would assume ACL have gone down this road to call SISUs bluff but I'm not sure SISU are the types to respond in the way you would normally expect.
And let's face it a 5 min walk from town and a stadium that's packed would be a much better matchday experience than the Ricoh in the hihgly unlikely event it ever happened. I know people talk about all the facilities at the Ricoh but would your average supporter be bothered if there wasn't a casino to go in and all the other things that come with the Ricoh. I know there would be a drop in available hospitality but we don't really know the % take up at the moment or how much that loss would be offset by reduced rent. Maybe it's not such an out there idea as we'd all previously thought?