SISU hoodwinked by fans (7 Viewers)

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KersleyDigs

Well-Known Member
A consortium of 30, 000 Coventry City fans have signed a pledge to put forward £200 each to buy the £6m lease hold at the ricoh Arena. This offer has been accepted by Coventry City council and the notorious London hedge fund SISU capital appear to have been brilliantly hoodwinked by the fans.

SISU's prime target throughout this whole sorry saga has been to acquire the ricoh arena in a less than proper manner and they are now faced with the prospect of losing it to a interested party, one they never dreamed might snatch the asset from right under their noses.

A statement from the fan based new owners of the ricoh arena says; "we have made our position clear, we want the football team we support in Coventry." They added; "SISU are welcome to bring the club back here to play rent free and put matchday revenues towards the team. If their sole motive was the arena, not the club then i'm afraid that is no longer an option for them. Simply put, they can bring the club back to the fans or the fans will bring a new club to the ricoh."

SISU capital are now left with the prospect of owning a supporter less club hemorrhaging money based in Northampton with no prospect of buying the ricoh. The only real option they have is to sell the golden share as it is now their only remaining asset, albeit with a huge drop in value and without a fanbase or home.

The return of the team to the ricoh would please the fans, but would certainly not pave the way for a return on SISU's "40m" investment in the club. It seems that the hedge fund have little option left but to cut their losses and go.

;-)
 
M

Monners

Well-Known Member
KersleyDigs said:
A consortium of 30, 000 Coventry City fans have signed a pledge to put forward £200 each to buy the £6m lease hold at the ricoh Arena. This offer has been accepted by Coventry City council and the notorious London hedge fund SISU capital appear to have been brilliantly hoodwinked by the fans.

SISU's prime target throughout this whole sorry saga has been to acquire the ricoh arena in a less than proper manner and they are now faced with the prospect of losing it to a interested party, one they never dreamed might snatch the asset from right under their noses.

A statement from the fan based new owners of the ricoh arena says; "we have made our position clear, we want the football team we support in Coventry." They added; "SISU are welcome to bring the club back here to play rent free and put matchday revenues towards the team. If their sole motive was the arena, not the club then i'm afraid that is no longer an option for them. Simply put, they can bring the club back to the fans or the fans will bring a new club to the ricoh."

SISU capital are now left with the prospect of owning a supporter less club hemorrhaging money based in Northampton with no prospect of buying the ricoh. The only real option they have is to sell the golden share as it is now their only remaining asset, albeit with a huge drop in value and without a fanbase or home.

The return of the team to the ricoh would please the fans, but would certainly not pave the way for a return on SISU's "40m" investment in the club. It seems that the hedge fund have little option left but to cut their losses and go.

;-)
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Why have you posted this?
 
Covstu

Covstu

Well-Known Member
Nick said:
Isn't 6 million less than it is worth? Disgrace to the tax payer.
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So true.........

On the other hand i would put £200 in if it got the club back to us but i think this would make the divide even further, how could SISU negotiate with 30K angry, emotional fans!
 
S

Sky Blue Dal

Well-Known Member
Nick said:
Isn't 6 million less than it is worth? Disgrace to the tax payer.
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If this is true... then to be fair the majority of the 30,000 fans are probably the main tax payers. Since when has SISU contributed to the tax system?

Always late on there tax return... hence the embargo.
 
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skybluetony176

skybluetony176

Well-Known Member
Nick said:
Yes, isn't the leasehold worth more?
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no! how can the right to lease something for 40 odd years be worth than owning something lock stock and barrel until the point when you want to sell it.

the £6million Les Reid keeps going on about is for the leasehold, thats what ACL currently own, thats all the club needs to own to gain FULL access to all revenue streams available to the sight, its sh1tsu that need the freehold for the benefit of their investors, the freehold has no extra benefit for the club other than being a mortgagable asset.

do keep up
 
Nick

Nick

Administrator
skybluetony176 said:
no! how can the right to lease something for 40 odd years be worth than owning something lock stock and barrel until the point when you want to sell it.

the £6million Les Reid keeps going on about is for the leasehold, thats what ACL currently own, thats all the club needs to own to gain FULL access to all revenue streams available to the sight, its sh1tsu that need the freehold for the benefit of their investors, the freehold has no extra benefit for the club other than being a mortgagable asset.

do keep up
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What are you talking about?

The council valuation was 6.4 million, which is more than 6 million that this imaginary story would have purchased it for. Therefore, they bought it for less than it was worth....

Do keep up.
 
skybluetony176

skybluetony176

Well-Known Member
Nick said:
What are you talking about?

The council valuation was 6.4 million, which is more than 6 million that this imaginary story would have purchased it for. Therefore, they bought it for less than it was worth....

Do keep up.
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it was the yorkshire bank valuation, not the councils. there was also a sitting tennant at the time (all be it one not paying the rent, but most were expecting that to be sorted and not in the way it was) so yes the current valuation probably has gone down.
 
James Smith

James Smith

Well-Known Member
skybluetony176 said:
it was the yorkshire bank valuation, not the councils. there was also a sitting tennant at the time (all be it one not paying the rent, but most were expecting that to be sorted and not in the way it was) so yes the current valuation probably has gone down.
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Or possibly up if ACL really are doing more business.
 
Johnnythespider

Johnnythespider

Well-Known Member
It's a nice dream but we only get 30,000 when it costs a fiver never mind £200
 
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