Coventry City owners invite council to talks over Sky Blues returning to Ricoh Arena (1 Viewer)

[James Smith]

Would it be acceptible for a council to bail out a private company it didn't have a stake in who were under financial duress? (I am only asking the question - I accept the council's primary motive for the bail out was to protect a public investment)

Depends on the business I would guess, can't imagine Westminster bailing out a lapdancing club in Soho who were hit by a lack of city bonuses. At the same time if it was the meals on wheels firm that could go bust then it would be different I suspect.

 

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[covcity4life]

les reid tweets that ann lucas ready to meet seppala to "discuss" a deal

prob not worth getting hopes up about.

 

[fernandopartridge]

Depends on the business I would guess, can't imagine Westminster bailing out a lapdancing club in Soho who were hit by a lack of city bonuses. At the same time if it was the meals on wheels firm that could go bust then it would be different I suspect.

In such cases it would be a State Aid to a private company....

Are the State Aid rules different for a private company that is partially owned by the council?

 

[chiefdave]

les reid tweets that ann lucas ready to meet seppala to "discuss" a deal

prob not worth getting hopes up about.

Les is a bit behind isn't he? Has he only just got round to reading the councils statement from last week?

I can guarantee anyone with sensible and sustainable plans for the future of the football club and the Ricoh Arena can talk to me.

 

[torchomatic]

I'm getting my hopes up now.

Damn. Didn't see your second line.

les reid tweets that ann lucas ready to meet seppala to "discuss" a deal

prob not worth getting hopes up about.

 

[savosdad]

I just cannot see it happening two woman discussing it just isn't on iv'e never known one woman agreeing anything never mind two stubborn sods.
Maybe Tim should go and wear a skirt mind you he's some kind of fruitcake everything he's said up to now has been a load of bollocks, how did he ever get his job it beggars belief that he gets paid every month. Must be bad management some one likes him or have they all got their head stuck up their arses

 

[DazzleTommyDazzle]

les reid tweets that ann lucas ready to meet seppala to "discuss" a deal

prob not worth getting hopes up about.

Probably not, but at least if they talk there is a chance (albeit probably small) of something positive coming out of it.

It's tricky typing with all your fingers crossed.......

 

[Mr T - Sukka!]

The Ricoh must never be sold to SISU.

They dont pay what they owe. Rent.

They moved us out of the city and stabbed fans in the back.

They relegated us.

The head advises she knows nothing about football.

They mortgaged ryton.

CCC hold firm dont sell! There are plenty more reasons.

Now they realise NOPM has fully kicked in and we wont go to Northampton they want a deal?

Fuck off you told everyone you moved on. Retards.

 

[covcity4life]

they always said they would be open to talks about ownership of ricoh, just not rent

 

[ajsccfc]

This is all dramatically coordinated by both parties so they cut a deal and get us back to the Ricoh in late November and everyone is so giddy and buys a shitload of CCFC pens and erasers and gnomes in time for Christmas and throws an extra fiver in to their council tax to go get themselves something nice toots and then Les Reid exposes this plan and rips their masks off to reveal KEN BATES AND PETER RIDSDALE and they would have gotten away with it if it wasn't for you pesky kids and your magical Mystery Machine

 

[ajsccfc]

Fiver says that happens exactly as printed.

 

[shmmeee]

Would it be acceptible for a council to bail out a private company it didn't have a stake in who were under financial duress? (I am only asking the question - I accept the council's primary motive for the bail out was to protect a public investment)

How on earth was it a bail out?

Who's to say the debt wasn't restructured to allow for a better rent offer? Which doesn't change your question except the private company was CCFC not ACL.

 

[fernandopartridge]

How on earth was it a bail out?

Who's to say the debt wasn't restructured to allow for a better rent offer? Which doesn't change your question except the private company was CCFC not ACL.

How was it not? If the bail out or loan (if you like) hadn't happened, where would ACL be (based on comments made in the media and representations to the court)?

 

[James Smith]

Depends on the business I would guess, can't imagine Westminster bailing out a lapdancing club in Soho who were hit by a lack of city bonuses. At the same time if it was the meals on wheels firm that could go bust then it would be different I suspect.

In such cases it would be a State Aid to a private company....

Are the State Aid rules different for a private company that is partially owned by the council?

Actually I would say for definite about Westminster Council can't say the same about the Mayor of London

Alexander Boris de Pfeffel Johnson by Snowmanradio / Off2riorob http://en.wikipedia.org/wiki/File:Boris_Johnson_-opening_bell_at_NASDAQ-14Sept2009-3c_cropped.jpg

No idea about state aid to a private company but true sky blue had a very definitve view on this

sorry you said earlier:

(my bolding)

so did you just mean cov city council or any council?

no council can loan to a company it is a share owner in. None. It can grant, it can provide government funding, but it cant simply loan. However if all parties agree on a loan there would be no civil action to prevent it or action to recoup after the fact. There is also tax payer consultation for figures of that amount. To think the coucil have gone ahead and released 14 million pounds without any consultation of tax payers is an absolute disgrace. Wrongful and unlawful. The council must account for each pound - propping up their own company is simply not one of those scenarios

And he (I think he said he was a he) said he was a lawyer so must know the law!

 

[torchomatic]

Right on. Liquidate the bastards, that's what I say.

The Ricoh must never be sold to SISU.

They dont pay what they owe. Rent.

They moved us out of the city and stabbed fans in the back.

They relegated us.

The head advises she knows nothing about football.

They mortgaged ryton.

CCC hold firm dont sell! There are plenty more reasons.

Now they realise NOPM has fully kicked in and we wont go to Northampton they want a deal?

Fuck off you told everyone you moved on. Retards.

 

[letsallsingtogether]

It's one part of the company looking after another.

I worked for Ford for 16 years for 10 of those Europe held up the USA part of the business. This then turned around showing what they did was right so nothing new. Only difference when US was strong they closed the European factories therefore looking after there own.

Bailout, loan what is the difference Sisu tried really hard to bankrupt them when it back fired they put in court proceedings. So in your mind that is OK?

I'm sorry but for Sisu to say something is immoral is just laughable.

How was it not? If the bail out or loan (if you like) hadn't happened, where would ACL be (based on comments made in the media and representations to the court)?

 

[dongonzalos]

They should do a valuation based on hosting car boot sales and Psychic Sally events. That would show 'em.

Or a valuation based on a successful football team.
As with better football management that is what should be at the Ricoh after spending 70 million on a football club

 

[cloughie]

And we’d still like to know the real reason why Cllr Lucas authorised ACL’s rejection of the CVA which cost “my beloved Sky Blues” another 10 points.


With this sort of lack of credibility "My beloved Sky Blues" we might as well throw this statement in the bin when you end it with this in-genuine statement

 

[torchomatic]

Hmmm. The exact same phrase used by Lucas in the past.

And we’d still like to know the real reason why Cllr Lucas authorised ACL’s rejection of the CVA which cost “my beloved Sky Blues” another 10 points.


With this sort of lack of credibility "My beloved Sky Blues" we might as well throw this statement in the bin when you end it with this in-genuine statement

 

[The Reverend Skyblue]

And we’d still like to know the real reason why Cllr Lucas authorised ACL’s rejection of the CVA which cost “my beloved Sky Blues” another 10 points.


With this sort of lack of credibility "My beloved Sky Blues" we might as well throw this statement in the bin when you end it with this in-genuine statement

I agree cloughie, shows a total lack of professionalism,(spelt wrong I think but i'm not professional)
That last bit "my beloved skyblues" should not have been put in, its a bit tacky and childish.

 

[ohitsaidwalker king power]

What a sham.
Another ratchet on the ransom demand.

These owners of ours are a bloody disgrace.

So damn distressing I left the midlands today hearing the headline that SISU wanted talks.
Buoyed with expectation the journey South seemed plain sailing. Logged on full of hope to read this diatribe.
Build a new stadium mrs fancy pants sepalla. You have totally alienated 90% of your customers
I despise you.

 

[ohitsaidwalker king power]

Right on. Liquidate the bastards, that's what I say.

Torch
How much should we be dragged through the gutter by this shower?
Really, regrettable as it is, if that's what it takes so be it. Not what I want but for Christ sake...
Bloody infuriating

 

[sw88]

Excuse my ignorance but I've not read all 231 replies so sorry if I duplicate anything anyone has already said;

This statement has got me wondering; why are they so keen to start talking about "plan B"? Usually people only resort to plan B if plan A isn't possible....

 

[Sky Blue Harry H]

Excuse my ignorance but I've not read all 231 replies so sorry if I duplicate anything anyone has already said;

This statement has got me wondering; why are they so keen to start talking about "plan B"? Usually people only resort to plan B if plan A isn't possible....

I think that perhaps Plan B is really Plan A (they just didn't want to admit it....though, they're starting to let it slip methinks )

 

[fernandopartridge]

It's one part of the company looking after another.

I worked for Ford for 16 years for 10 of those Europe held up the USA part of the business. This then turned around showing what they did was right so nothing new. Only difference when US was strong they closed the European factories therefore looking after there own.

Bailout, loan what is the difference Sisu tried really hard to bankrupt them when it back fired they put in court proceedings. So in your mind that is OK?

I'm sorry but for Sisu to say something is immoral is just laughable.

What part of State Aid did you miss?

 

[ohitsaidwalker king power]

I think that perhaps Plan B is really Plan A (they just didn't want to admit it....though, they're starting to let it slip methinks )

H( can I call you H?)

I wished that they would execute plan
F.R.O

 

[ohitsaidwalker king power]

What part of State Aid did you miss?

Did the original JR not dismiss that claim?

 

[Sky Blue Harry H]

The stadium is only worth £7m to £11m depending on if the CCFC are there...

Well that's that sorted then :facepalm:

 

[Jack Griffin]

The owners of the football club have decided they wish to own their own stadium freehold without any ties.
This is their prerogative alone. Your or my opinion on this is irrelevant.
They have indicated they will build a new stadium to achieve this if the Ricoh cannot be sold to them without ties.

The Council established the complex web of management around the Ricoh including creating ACL and the 50y lease to them, it is entirely of the councils own doing.
It is probable that the council is incapable of undoing that complex web and lease in order to sell the Ricoh freehold without any ties.
The freehold with the ties is very definitely not what is required and indeed is worth very little.
This is a last challenge to the council to unravel its own mess and sell the stadium as a worthwhile asset at a decent price.
I doubt if the council is capable of doing so.

It will fail and a new stadium will be built just outside Coventry boundaries.


imp:

Complex web of management, bloody hell look at SISU with their 4 companies & gawd knows how many investment funds plus the faceless shadow director controlling CCFC!

Let them build their new stadium them, I think that wi'll cut residual support for the club by 10-25% at a stroke & hamstring it for the future, another miscalculation like the inadvsable move to Sixfields.

Not letting SISU own the freehold is the right thing to do.. once they become landlords it gives them considerable license to be unreasonable to any tenants & that will include CCFC, it is not as if they have no track record regarding being unreasonable is it, stay firm!

 

[Jack Griffin]

As the council have used 14 million pounds of our money to prop up a failing business I think it's something that needs a judicial review but if she is honest about us getting back it should not stand in the way of any new negotiation we need action no more rhetoric

I believe ACL have made a profit every year, it is CCFC that is losing money every year. I know which one of those I'd regard as a failing business.

 

[Jack Griffin]

how do you work that out it cost £117 million to build it in the first place !

£113M, detailed here http://moderngov.coventry.gov.uk/Da...08 - Arena Construction Completion Report.pdf

 

[ohitsaidwalker king power]

£113M, detailed here http://moderngov.coventry.gov.uk/Da...08 - Arena Construction Completion Report.pdf

Now now jack.. Using data ..that's a dirty tactic

 

[dongonzalos]

How was it not? If the bail out or loan (if you like) hadn't happened, where would ACL be (based on comments made in the media and representations to the court)?

It's financial restructuring to protect a council investment.
It's not illegal

 

[Astute]

It's financial restructuring to protect a council investment.
It's not illegal

Maybe not illegal but is against Ferns wishes. For this reason they should gift it to SISU

 

[fernandopartridge]

Maybe not illegal but is against Ferns wishes. For this reason they should gift it to SISU

I am playing devil's advocate. I understand SISU's argument, that's all. It doesn't mean I wish them to win this case or do I think they should have gifted SISU anything. I don't think a fair rent with access to revenues the club generates is much to ask.