CET: Sky Blues take Coventry City Council to high court over bailout (6 Viewers)
- Thread starter skyblu3sk
- Start date
Grendel
Well-Known Member
It didn't stop them charging a fortune in rent though did it.
And these are the good guys?
@richh87
Member
Lots of people ridiculed us for protesting. Idiots.
Waldorf
New Member
On the other hand, if you we're partners with someone in a company and you lent that company money at a low interest rate so they could offer a lower rent to a tenant of one of your buildings, how would you feel if that tenant took to to court for giving that loan?
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Jim
Well-Known Member
Council funded the loan to ACL by taking out a loan themselves using a lower rate of interest. They will have been able to do this as they have a better credit rating than ACL would have.
So in fact this is actually benefiting taxpayers by generating income for the council.
torchomatic
Well-Known Member
I agree with that SB4U. I mentioned it a while ago. In one heartbeat they give ACL £14M in the next they slash children's services. That's Councils for you though.
AFCCOVENTRY
Well-Known Member
Council statement
A spokesperson said: "The Council has been served with Judicial Review proceedings. Our position is that we have acted lawfully in all respects. The Council will strongly defend the claim."
A spokesperson said: "The Council has been served with Judicial Review proceedings. Our position is that we have acted lawfully in all respects. The Council will strongly defend the claim."
Pretty amazing on a thread where its pretty much been proved that SISU wanting to destroy ACL over the past year was not conspiracy theory, you and Grendels only posts are critasing the council. Are you not able to look at anything from an unbiased place? Personally I'm far from convinced that the council are the good guys but one thing is a cold hard fact SISU are the bad guys.
Your post is silly, lending money and bringing in a profit allows the council to provide more services not less and using cuts in childrens services is emotive rubbish.
The worst of all of this latest embarrassing farce is the pretence by the hedge fund or the reporting that this is the actions of Coventry City Football Club. These are purely the actions of a vile, despicable piece of shit in society, desperate to drag the name of a club founded in 1883 through the mud once again. They are digging as low as they can go to try and turn the people of Coventry against its own council when they have no interests other than their own here and trying to cling on or prove a point. Have they not the slightest idea that only the idiotic will feed them money now in the future.
Warwickhunt
Well-Known Member
just prey that the courts find in the councils favour else almighty brown stuff is heading towards the rotating blades
SkyBlueHomer
New Member
Lets assume for a moment that the court rules in favour of SISU and orders a review of the £14m loan.
Does this then give the green light to SISU to get their hands on the outstanding loan owed by the Arena & ultimately get their hands on the arena.
How long would this review take? Dont forget the new season kicks off in less than 4 months & we still dont have anywhere to play yet, no season ticket info.
Would the Football League be quite within their rights to say sod you lot your out until you sort this mess out
Does this then give the green light to SISU to get their hands on the outstanding loan owed by the Arena & ultimately get their hands on the arena.
How long would this review take? Dont forget the new season kicks off in less than 4 months & we still dont have anywhere to play yet, no season ticket info.
Would the Football League be quite within their rights to say sod you lot your out until you sort this mess out
kingharvest
New Member
The council did not bail out ACL so that they could offer CCFC a lower rent. They bailed them out because, i assume, they were in serious danger of having their loan with the bank called in.
AFCCOVENTRY
Well-Known Member
@Lesreidpolitics: 2/2 #CCFC Holdings will claim in court #acl mortgage with Yorkshire Bank was worth circa £5m, not £14m Coventry council taxpayer paid
Sky Blue Kid
Well-Known Member
What else have these scumbags got up their sleeves?
P**s off SISU. It's time for the "Phoenix" to rise.
P**s off SISU. It's time for the "Phoenix" to rise.
SkyblueBazza
Well-Known Member
I find the whole thing disgusting and immoral.
Let's just flatten the Ricoh, build a prison, throw the whole sorry lot of them (all "sides") in it, lock it tightly & throw away the key. Then go actually play football down the park ourselves instead.
Let's just flatten the Ricoh, build a prison, throw the whole sorry lot of them (all "sides") in it, lock it tightly & throw away the key. Then go actually play football down the park ourselves instead.
davebart
Active Member
what was it - toxic debt?
lordsummerisle
Well-Known Member
They didn't though really did they?
Be a bit like me polishing a Ferrari and saying that I made it.
Tad
Member
Actually, I did. Nothing wrong with Highfield road. Least the club owned it. Moving to the ricoh has been a financial burden.
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Mucca Mad Boys
Well-Known Member
I think it was a disgrace that the CCC bailed out ACL, so I'm not too fussed about this, that said, I don't see how this could benefit CCFC. The typical reaction from a many is to label hem scum, and everything else, seems like people are all but rushing into conclusion, but what if CCFC in? Would the still be scum? Well, the law wouldn't see it that way. We don't know the arguments, but unless CCC have broke the law in whatever way, they and ACL will win.
At least we can't say supporting CCFC isn't boring.
At least we can't say supporting CCFC isn't boring.
Stop confusing CCFC with the desires of SISU you stupid little moron !
Sky Blue Kid
Well-Known Member
CCC. co own the arena with ACL/Higgs. SISU want it, and stop at nothing to get it.
Six years have been wasted by this scum. Three seperate occasions they've had the chance to buy into the Ricoh, and three times they've "Reneged" They've "Shook hands" on a £400k rent deal and...what is the word again?..."Reneged" on that too!!!
SISU want the Arena for nothing. We should F**k them off and start again with someone that cares about CCFC.:blue:
torchomatic
Well-Known Member
Mucca Mad Boys
Well-Known Member
Hang on, what if the CCC had over backed ACL, IF the loan was only worth 5m, not 14m, then it would be a even more of a disgrace to lend 14m of taxpayers money on this, especially given the economic hardship and cuts imposed from he HoC, yes, that would be immoral and disgusting from the CCC.
TurkeyTrot
New Member
Ain't CCC making money on that deal though?
LarryGrayson
New Member
there desires are to get a club successful an makin money ant they
Mary_Mungo_Midge
Well-Known Member
Exactly this. The football club - whichever entity it sits within - should be pleased that their landlord has an enhanced level of stability; which is what the council involvement provided.
To be so upset as to file for action at great costs, would indicate that they are actually unhappy at this greater level of stability. Which would be nonsensical unless one acknowledges that is was always SISU's intention to distress ACL into a position whereby they could secure the Ricoh on the cheap.
As such, by default, SISU's true intentions in this whole saga are revealed at last. All the arguing about rentals, F&B's, car parking rights et al have been a waste of time. As they're nothing to do with the real intent here. Shameless
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Something is worth what someone is willing to pay for it, SISU obviously had planned to buy the loan for 5m if ACL defaulted but they hadn't, ACL have always paid what they owed so why would their mortgage be worth a tiny percentage of what was owed?
I owe 100k on my mortgage and have always paid it, do you think my bank would be willing to sell you my mortgage for 30k? when its going to make them 150k or so eventually?
If the mortatge was worth only 5 mill why didnt SISU buy it from the bank before the council? because it obviously wasnt only worth 5 at that point. It's possible its value would have droped if ACL couldnt and didnt pay but that didnt happen.
I really dont understand how trying to bankrupt a company you owe money too in order to buy them cheap isnt illegal.
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Mucca Mad Boys
Well-Known Member
It has been ACL's and CCC's policy to edge SISU out, now, they don't, shouldn't, have that power.
Shown when PWKH and another ACL person ties a 'SISU Out' balloon on Fisher's car, it was unprofessional, it compromised their impartiality, but most of all, how can they negotiate with people they treat with contempt? ACL have held back a deal just as much, if not more, than SISU.
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Broken Hearted Sky Blue
Well-Known Member
If I am a landlord what right does a tenant have to know how I am purchasing the property?
RoboCCFC90
Well-Known Member
It would be silly to say that the Council are not rendered for criticism..
The place you have to look at this is from the fence..
I think SISU's time is running out and they're looking at all options that might help in a stalling tactic..
duffer
Well-Known Member
Let's just get a couple of things clear here. Any claim that the Council somehow did the club out of money when the Ricoh was built is ridiculous.
The club never owned the land on which the Ricoh was built - just an option to buy which they could not take up. The Council and The Higgs Trust had to step in to buy the land and fund the build - no Council, no Higgs, no Ricoh. So how can they 'owe' the club anything?
With regard to the £14m - if I understand correctly the Council line is that they took that on to protect their investment in ACL, which was clearly at risk. If ACL went under, and SISU managed to pick it up on the cheap, then all of the investment in ACL and any future profit goes away - which in the long term would presumably have a worse effect on Coventry City Council's finances. Even more closures of libraries and youth clubs, if you want to head down that kind of emotive route, I guess.
Also, in that scenario, a facility built using taxpayer funds ends up in private hands for far less than market value - SISU in effect will have taken money out of the pockets of everyone in Coventry, rather than just us fans.
I'm with the financial guy on CWR this morning - it's hard to see this as anything other than a delaying tactic. Even if SISU won the case, it wouldn't free them to pick up the stadium on the cheap, it would just mean that the Council had acted improperly. The judge isn't likely to order the Council to hand over the keys to the Ricoh to SISU, in fact it's difficult to see what he could do. Yorkshire bank aren't going to want the mortgage back, and I doubt they can be forced to take it (edit: orig can't!) - they've done nothing wrong here.
I think SISU are muddying the waters in the hope that potential purchasers will lose interest.
Perhaps their long game is to slow things down so that they are the only game in town - at the moment the Administrator might be obliged to sell CCFC Ltd to a third party at a price that doesn't suit SISU, and they're trying to drag it out so that's no longer an option. Just a theory!
The club never owned the land on which the Ricoh was built - just an option to buy which they could not take up. The Council and The Higgs Trust had to step in to buy the land and fund the build - no Council, no Higgs, no Ricoh. So how can they 'owe' the club anything?
With regard to the £14m - if I understand correctly the Council line is that they took that on to protect their investment in ACL, which was clearly at risk. If ACL went under, and SISU managed to pick it up on the cheap, then all of the investment in ACL and any future profit goes away - which in the long term would presumably have a worse effect on Coventry City Council's finances. Even more closures of libraries and youth clubs, if you want to head down that kind of emotive route, I guess.
Also, in that scenario, a facility built using taxpayer funds ends up in private hands for far less than market value - SISU in effect will have taken money out of the pockets of everyone in Coventry, rather than just us fans.
I'm with the financial guy on CWR this morning - it's hard to see this as anything other than a delaying tactic. Even if SISU won the case, it wouldn't free them to pick up the stadium on the cheap, it would just mean that the Council had acted improperly. The judge isn't likely to order the Council to hand over the keys to the Ricoh to SISU, in fact it's difficult to see what he could do. Yorkshire bank aren't going to want the mortgage back, and I doubt they can be forced to take it (edit: orig can't!) - they've done nothing wrong here.
I think SISU are muddying the waters in the hope that potential purchasers will lose interest.
Perhaps their long game is to slow things down so that they are the only game in town - at the moment the Administrator might be obliged to sell CCFC Ltd to a third party at a price that doesn't suit SISU, and they're trying to drag it out so that's no longer an option. Just a theory!
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