Coventry City: Council 'open to Ricoh Arena freehold bids' (7 Viewers)

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AFCCOVENTRY

AFCCOVENTRY

Well-Known Member
Coventry City Council is willing to consider bids for the Ricoh Arena and the surrounding land, the authority's leader has confirmed.

Councillor Ann Lucas said the council would listen to "reasonable and sensible offers" for the freehold but stressed the site would not be sold "unencumbered".

http://bbc.in/1a4WWuZ
 
R

RoboCCFC90

Well-Known Member
AFCCOVENTRY said:
Coventry City Council is willing to consider bids for the Ricoh Arena and the surrounding land, the authority's leader has confirmed.

Councillor Ann Lucas said the council would listen to "reasonable and sensible offers" for the freehold but stressed the site would not be sold "unencumbered".

http://bbc.in/1a4WWuZ
Click to expand...

What should happen now is that both Sisu Capital get an independent valuation done on the Arena business, CCCouncil also get an independent valuation done on the Arena as a business by two separate valuators, a mediator then negotiates a happy medium (I am happy to do this for free if the Club or Council is interested) an agreement is reached, we move back in at the beginning of the next season, bobs your uncle and so on.

However what will happen is:







Nothing..


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R

RoboCCFC90

Well-Known Member
It was supposed to be Plan B as far I was aware funny this should come out now before Labradoodle and Ann Lucas are on CWR tomorrow morning I hope CWR quote this to him and ask him what can be done moving forward.. There is a chance.

#IWillMediate


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AFCCOVENTRY

AFCCOVENTRY

Well-Known Member
If the freehold is for sale then surely the council will now allow sisu do conduct an independent valuation on the Ricoh.
 
skybluetony176

skybluetony176

Well-Known Member
RoboCCFC90 said:
What should happen now is that both Sisu Capital get an independent valuation done on the Arena business, CCCouncil also get an independent valuation done on the Arena as a business by two separate valuators, a mediator then negotiates a happy medium (I am happy to do this for free if the Club or Council is interested) an agreement is reached, we move back in at the beginning of the next season, bobs your uncle and so on.

However what will happen is:







Nothing..


Sent from my iPhone using Tapatalk
Click to expand...

CCC wont get a valuation done until they have an offer to evaluate. so like you say nothing will happen.
 
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S

Sky Blue Spud

Member
RoboCCFC90 said:
What should happen now is that both Sisu Capital get an independent valuation done on the Arena business, CCCouncil also get an independent valuation done on the Arena as a business by two separate valuators, a mediator then negotiates a happy medium (I am happy to do this for free if the Club or Council is interested) an agreement is reached, we move back in at the beginning of the next season, bobs your uncle and so on.

However what will happen is:







Nothing..


Sent from my iPhone using Tapatalk
Click to expand...

and everyone remains a loser:facepalm:
 
R

RoboCCFC90

Well-Known Member
skybluetony176 said:
CCC don't even need to get a valuation done until they have an offer to evaluate. so like you say nothing will happen.
Click to expand...

Well to stop all the horsing about they should get a valuation done and say to Sisu "The value of the Freehold is this £XX,XXX,XXX Sisu then evaluate it and decide whether they bid or not..


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TheParsonsHose

TheParsonsHose

Member
Perhaps the trust should pay for an independant evaluation. This surely would be a positive move forward with the right media coverage and spin.
 
J

Jack Griffin

Guest
The BBC have reported that bids for freehold may be entertained.. that wasn't in Ann Lucas speech this afternoon.

If that is an accurate report then that is a significant change... I suspect the BBC have got it wrong..
 
N

Noggin

New Member
If Sisu buy the freehold that doesn't give them rights to play a football team there, nore does it give them rights to matchday revenue. If the council sell the freehold, ACL will still have a lease and sisu will have to either negotiate rent to play a football team there or buy out acl too. This is what the council mean by the fact the freehold won't be sold unencumbered. SISU want the council to get acl to give up the lease before the council sell the freehold, which is an unrealistic and unreasonable request.

It seems there is a massive misunderstanding about what owning the freehold means, and a misunderstanding sisu are quite happy to propagate.
 
shmmeee

shmmeee

Well-Known Member
"Unencumbered" is the key word there.

Lucas will say "Can't help you with ACL, private company with other shareholders."

Fisher will say "Two turkeys do not an eagle make."

We're back to square one.

Edit: beaten like Leon Clarke in a loyalty contest.
 
H

Huckerby

Guest
Jesus Christ the last thing I want is for those parasites to buy the freehold. Want to get rid of them not make them here for good
 
S

Specs WT-R75

Well-Known Member
Unencumbered is the key word here. The freehold with ACL having a 40 year lease is worth considerably less than the freehold with no ACL. Of course the council would sell the freehold without selling ACL... they would make Sisu wait for 40 years to get their hands on the place!
 
italiahorse

italiahorse

Well-Known Member
skybluetony176 said:
CCC wont get a valuation done until they have an offer to evaluate. so like you say nothing will happen.
Click to expand...

CCC would already have a value for the stadium.
The unknown is whether Sisu have actually made an offer that can be compared against this value.
 
letsallsingtogether

letsallsingtogether

Well-Known Member
Why should ccc get a valuation it is up to all interested parties to put in there bids the best one wins simple.

So there will be bids that are genuine and those that are not.

Sisu have never said what the club is worth or how much they would want to sell it?
 
G

Godiva

Well-Known Member
letsallsingtogether said:
Why should ccc get a valuation it is up to all interested parties to put in there bids the best one wins simple.

So there will be bids that are genuine and those that are not.

Sisu have never said what the club is worth or how much they would want to sell it?
Click to expand...

You can't just make a bid ... you need to know what you are buying. That's why the process requires a valuation ... a due diligence.
It's quite complex and not ... as I see another poster suggest ... something the Trust can afford. It will include a swarm of lawyers and auditors and they don't come cheap.

The process is best served if both parties do their own valuation and use those as a starting point for negotiatios.
 
italiahorse

italiahorse

Well-Known Member
letsallsingtogether said:
Why should ccc get a valuation it is up to all interested parties to put in there bids the best one wins simple.

So there will be bids that are genuine and those that are not.

Sisu have never said what the club is worth or how much they would want to sell it?
Click to expand...

The club is not worth a lot, but they need to have it so they can add value when they attach it too a stadium.
The only trouble is that everybody knows this and nobody would be stupid enough to loose money so Sisu can gain.

A public body in particular would be accountable, even though a small minority of voters (Coventry fans) would want the club to get it on the cheap.
In reality the era of CCFC owning a stadium went with the previous management. Sisu or Council ownership? ...... who really cares.
 
D

dongonzalos

Well-Known Member
AFCCOVENTRY said:
Coventry City Council is willing to consider bids for the Ricoh Arena and the surrounding land, the authority's leader has confirmed.

Councillor Ann Lucas said the council would listen to "reasonable and sensible offers" for the freehold but stressed the site would not be sold "unencumbered".

http://bbc.in/1a4WWuZ
Click to expand...

Is this not in relation to Anne's statement today.

I don't think she mentioned the freehold in her statement?
 
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duffer

duffer

Well-Known Member
Godiva said:
You can't just make a bid ... you need to know what you are buying. That's why the process requires a valuation ... a due diligence.
It's quite complex and not ... as I see another poster suggest ... something the Trust can afford. It will include a swarm of lawyers and auditors and they don't come cheap.

The process is best served if both parties do their own valuation and use those as a starting point for negotiatios.
Click to expand...

You're quite right in one respect, valuations of this type don't come cheap. I don't see why the Council need to do one though. They've invited bids, prospective purchasers are presumably free to conduct their own valuations and make an offer.

The ball is in SISU's court now. The council have indicated they'll listen to sensible offers, it's up to SISU to make one.

My guess is though that they won't, for two reasons; The freehold alone isn't much use to SISU with ACL as sitting tenants. And SISU's plan doesn't seem to involve paying very much for the Ricoh.

I expect some hasty backtracking and mud slinging from Fisher as this moves from being about the freehold, to being about the freehold plus something else. I hope I'm wrong though, I'd like to see the club come home.,,
 
D

dongonzalos

Well-Known Member
duffer said:
You're quite right in one respect, valuations of this type don't come cheap. I don't see why the Council need to do one though. They've invited bids, prospective purchasers are presumably free to conduct their own valuations and make an offer.

The ball is in SISU's court now. The council have indicated they'll listen to sensible offers, it's up to SISU to make one.

My guess is though that they won't, for two reasons; The freehold alone isn't much use to SISU with ACL as sitting tenants. And SISU's plan doesn't seem to involve paying very much for the Ricoh.

I expect some hasty backtracking and mud slinging from Fisher as this moves from being about the freehold, to being about the freehold plus something else. I hope I'm wrong though, I'd like to see the club come home.,,
Click to expand...

Not sure why you think that.......

This is about rent!

What, they have offered a fair rent?

This is about F&B!

What, they have offered all they legally can on F&B?

It's about doing what's best financially for the club

What, going back to the Ricoh whilst deciding our future is financially best for the club

It's about trust we can't trust them

The JR is about doing what's right for the fans

What, the fans don't want it?

Buying the Ricoh at a mutually agreed fair price.................
 
D

dongonzalos

Well-Known Member
AFCCOVENTRY said:
Coventry City Council is willing to consider bids for the Ricoh Arena and the surrounding land, the authority's leader has confirmed.

Councillor Ann Lucas said the council would listen to "reasonable and sensible offers" for the freehold but stressed the site would not be sold "unencumbered".

http://bbc.in/1a4WWuZ
Click to expand...

The last word

An asset or property that is free and clear of any encumbrances such as creditor claims or liens.
 
K

Kingokings204

Well-Known Member
I don't think she means freehold. I think she just means all options as in all options. CCC wont sell the freehold as they never do on anything.
 
lewys33

lewys33

Well-Known Member
The ball is, and always has been, in the court of SISU/Otium. If you want the freehold, make a bid. Its a yes or no answer then isn't it?

But of course ....... the JR is still looming.
 
W

wingy

Well-Known Member
lewys33 said:
Uncucumbered?!
Click to expand...
Some think it means taking account that ACl will still hold the lease . I take it more that conditions and gaurantees would be needed to carry out expansion of facilities around the Complex that help generate more jobs ,which has been stated from the start .
This sounds like the part that has prevented trust from CCC from the start.
 
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