'Series of hotels' to be built at Ricoh Arena (16 Viewers)

[fernandopartridge]

I have just checked, despite the overwhelming demand you can book a room at the De Vere tomorrow.

 

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[Astute]

The loan takeover long predates moving to Northampton.

The non payment of rent and threat to take our club to Northampton also did. All part of the same plan by SISU.

 

[Moff]

I have just checked, despite the overwhelming demand you can book a room at the De Vere tomorrow.

:claping hands: Thanks fernando, that made me laugh!

 

[RoboCCFC90]

I think these updates from Twitter might be useful on tis thread regarding the Council Meeting today:

Cov Tel Live - A 1.9% rise in council tax has been proposed.

Ben Eccleston - Coun Gannon says investment in the city will help awaken a "sleeping giant" #budget

Ben Eccleston - Coun Gannon says budget would take #Coventry in a "new direction". #budget

Jayne Innes - Cllr Damion Gannon announcing new hotel for #RicohArena

Ben Eccleston - Coun Sawdon now takes to the mic for Tories n calls part of Coun Gannon's speech "balderdash". #budget

Not sure how much of the Hotel plans next to the Ricoh will be mentioned from here.

 

[duffer]

It was stated that each party put in £7m to buy out the loan. I'm on my phone so can't browse for links but that's how I understood it.

Sorry mate, not trying to catch you out, but I'm reasonably certain that SISU wanted to buy out the whole thing for themselves for around £6m - £7m. Hence presenting ACL as distressed.

In fairness, I'm too busy atm to dig it out myself, but if I can find it later I'll come back to you.

 

[Brighton Sky Blue]

Let's be clear. What definitive proof do you have of any 'deal'? There are a number of possibilities. Maybe it was spoken about in 'per se' terms to one, or a number of councilors, who then thought better of it? Or found it rejected when they rolled it out to colleagues knowing it wouldn't get wider support? But 'a deal'. You have proof of such to speak in such certain terms?

I'm not claiming that a concrete deal was struck. However claims from the club, which to my knowledge have not been refuted, were that both parties planned to go in equally on ACL's loan.

 

[lordsummerisle]

The non payment of rent and threat to take our club to Northampton also did. All part of the same plan by SISU.

There was no such threat to move out of the Ricoh at the time of the loan.

The non-payment of rent was apparently(though yet to be proved), a joint venture between CCC and Sisu to get the loan for a dicount from the Yorkshire Bank.

Scuppered I think when one of the ACL board members left to join Yorkshire Bank.

 

[fernandopartridge]

I think these updates from Twitter might be useful on tis thread regarding the Council Meeting today:

Cov Tel Live - A 1.9% rise in council tax has been proposed.

Ben Eccleston - Coun Gannon says investment in the city will help awaken a "sleeping giant" #budget

Ben Eccleston - Coun Gannon says budget would take #Coventry in a "new direction". #budget

Jayne Innes - Cllr Damion Gannon announcing new hotel for #RicohArena

Ben Eccleston - Coun Sawdon now takes to the mic for Tories n calls part of Coun Gannon's speech "balderdash". #budget

Not sure how much of the Hotel plans next to the Ricoh will be mentioned from here.

Interesting that Gannon and another one of his fellow councillors are politics students from Warwick University - couldn't find a bio on the bloke to find out where he grew up.

You wonder if some of the safe Labour seats may soon be home to these academic types, parachuted in like that 'Tristram' Hunt in Stoke on Trent.

 

[Mary_Mungo_Midge]

Let's be clear. What definitive proof do you have of any 'deal'? There are a number of possibilities. Maybe it was spoken about in 'per se' terms to one, or a number of councilors, who then thought better of it? Or found it rejected when they rolled it out to colleagues knowing it wouldn't get wider support? But 'a deal'. You have proof of such to speak in such certain terms?

BSB: I ahve found this from Fisher, in a 'Fisher answers questions' article on the official site, dated Fri 24 May 2013. At point 11 he states:

'In an attempt to put both the club and ACL on a sound financial footing we had a series of meetings in 2012 aimed at resolving the financial difficulties facing both parties.
As part of this, we reached agreement with the Council to buy out the ACL debt in return for a half share in the stadium business and extension of ACL's lease to 125 years, which means it would remain 100 per cent council-owned – we would just access the revenues, which is crucial. This deal was documented, signed by all parties and then reneged on by the council. The Council made the problem even worse by then using public funds, something that is now subject to the judicial review proceedings.

We need to be very clear that this is not about ownership of the freehold in the stadium, which would have continued to be held by the Council, with the club taking back the 50% interest in head-leaseholder ACL which it was always intended to have. We believe the conduct of the Council was motivated, not by what was in the best interests of the club, but by a desire to unlawfully wrest control of the club from Sisu.

We have always wanted this to be a mutually beneficial partnership instead of an outdated agreement that is more likely to lead to mutual self-destruct.'

Is that what you're making reference to? If so, have you seen anything from CCC relating to their view on this 'claim'? As to take Mr Fisher on his word as gospel is.... well, shall we say... 'trusting'?

 

[Brighton Sky Blue]

Sorry mate, not trying to catch you out, but I'm reasonably certain that SISU wanted to buy out the whole thing for themselves for around £6m - £7m. Hence presenting ACL as distressed.

In fairness, I'm too busy atm to dig it out myself, but if I can find it later I'll come back to you.

If I'm wrong I'm wrong, but I'm quite sure that the intent was to buy out the loan equally.

 

[wingy]

There was no such threat to move out of the Ricoh at the time of the loan.

The non-payment of rent was apparently(though yet to be proved), a joint venture between CCC and Sisu to get the loan for a dicount from the Yorkshire Bank.

Scuppered I think when one of the ACL board members left to join Yorkshire Bank.

Yet SISU had discussions with the league about groundsharing and potential new ground In January, prior to ACL re finance IIRC.

 

[Mary_Mungo_Midge]

There was no such threat to move out of the Ricoh at the time of the loan.

The non-payment of rent was apparently(though yet to be proved), a joint venture between CCC and Sisu to get the loan for a dicount from the Yorkshire Bank.

Scuppered I think when one of the ACL board members left to join Yorkshire Bank.

In the same article I copied from above, there's a bit in which Fisher makes the following claim within the context of SISU's deal to buy out the loan 'ACL’s bankers were willing to support the offer which would have stopped them from foreclosing on ACL'.

Sounds a bit like 'we've convinced your bank; now accept it or they close you'.

Maybe CCC didn't like the way SISU seemed to be using the bank to apply pressure, and decided to run with a 'fuck you' angle?

 

[fernandopartridge]

In the same article I copied from above, there's a bit in which Fisher makes the following claim within the context of SISU's deal to buy out the loan 'ACL’s bankers were willing to support the offer which would have stopped them from foreclosing on ACL'.

Sounds a bit like 'we've convinced your bank; now accept it or they close you'.
Maybe CCC didn't like the way SISU seemed to be using the bank to apply pressure, and decided to run with a 'fuck you' angle?

Yea 'fuck you' why should you buy a loan for £6m when we can do it for £14m? Suckers!

 

[Brighton Sky Blue]

BSB: I ahve found this from Fisher, in a 'Fisher answers questions' article on the official site, dated Fri 24 May 2013. At point 11 he states:

'In an attempt to put both the club and ACL on a sound financial footing we had a series of meetings in 2012 aimed at resolving the financial difficulties facing both parties.
As part of this, we reached agreement with the Council to buy out the ACL debt in return for a half share in the stadium business and extension of ACL's lease to 125 years, which means it would remain 100 per cent council-owned – we would just access the revenues, which is crucial. This deal was documented, signed by all parties and then reneged on by the council. The Council made the problem even worse by then using public funds, something that is now subject to the judicial review proceedings.

We need to be very clear that this is not about ownership of the freehold in the stadium, which would have continued to be held by the Council, with the club taking back the 50% interest in head-leaseholder ACL which it was always intended to have. We believe the conduct of the Council was motivated, not by what was in the best interests of the club, but by a desire to unlawfully wrest control of the club from Sisu.

We have always wanted this to be a mutually beneficial partnership instead of an outdated agreement that is more likely to lead to mutual self-destruct.'

Is that what you're making reference to? If so, have you seen anything from CCC relating to their view on this 'claim'? As to take Mr Fisher on his word as gospel is.... well, shall we say... 'trusting'?

Yes it is, and I agree that Timmy isn't a reliable source for this alone however that there is no refutation from the other side seems to back it up, although I got the technicalities wrong on this-humble pie for me on that one.

 

[Mary_Mungo_Midge]

Yea 'fuck you' why should you buy a loan for £6m when we can do it for £14m? Suckers!

Again, show me proof of the contents or value of either deal - and that you're comparing apples with apples - and I'll bow to your greater 'wisdom', eh?

 

[Mary_Mungo_Midge]

Yes it is, and I agree that Timmy isn't a reliable source for this alone however that there is no refutation from the other side seems to back it up, although I got the technicalities wrong on this-humble pie for me on that one.

To be quite frank, I've lost track of who said what to whom and about what?!? In fact, Fisher's narrative above makes perfect sense. I'd run with it. Provided it's the truth, the whole truth and nothing but, of course... :thinking about:

 

[lordsummerisle]

Yet SISU had discussions with the league about groundsharing and potential new ground In January, prior to ACL re finance IIRC.

The refinancing was agreed with the council of the 15th January last year.

Think the threat to move out was after that? March time?

 

[Brighton Sky Blue]

To be quite frank, I've lost track of who said what to whom and about what?!? In fact, Fisher's narrative above makes perfect sense. I'd run with it. Provided it's the truth, the whole truth and nothing but, of course... :thinking about:

Well, yes-a heap of salt needed with anything he says which is why I would've expected the council to quash it soon after.

 

[Skyblueweeman]

I have just checked, despite the overwhelming demand you can book a room at the De Vere tomorrow.

And what rate will you pay for that?

Listen, you're always going to get rooms available on some nights. In every major city, I gaurantee that many weeks out of the year, all major hotels are running at 90-100% (on Tues/Weds nights definitely, probably Mondays also). I know the hotel industry well in London, Southampton, Portsmouth...in fact, many large town/city locations South of the M4 and in these locations, I know of many large hotel chains (and some of the budget chains) will run at 90-100% occupancy*.

Yes you might get a room, but you might end up paying a hefty supplement for upgraded rooms.

WM

* Edit - On Mon-Weds nights. Business travellers mainly.

 

[Captain Dart]

If I'm wrong I'm wrong, but I'm quite sure that the intent was to buy out the loan equally.

I always thought the idea put forward by SISU was to pay Yorkshire bank £7M to clear the £14M 'risky' loan.
However I surmise that the catch was that debt and certain revenue streams would become transferred to SISU/CCFC leaving ACL vulnerable to a hostile takeover.
Also an admission of the loan being risky would devalue the asset substantially.

 

[Astute]

The refinancing was agreed with the council of the 15th January last year.

Think the threat to move out was after that? March time?

It slipped out from the FL IIRC that SISU were after a ground share well before March. It was about the time that they failed to do CCC out of the Ricoh when they refinanced it.

 

[Grendel]

Prove it.....

Well one provider shows 29 hotels have rooms for tonight - I have checked 4 of them and they have rooms with big discounts - so its another shit idea by the council

http://www.trivago.co.uk/?bIsFirstP...wport=&sTinyUrl=&bRecommendedByLonelyPlanet=&

 

[wingy]

BSB: I ahve found this from Fisher, in a 'Fisher answers questions' article on the official site, dated Fri 24 May 2013. At point 11 he states:

'In an attempt to put both the club and ACL on a sound financial footing we had a series of meetings in 2012 aimed at resolving the financial difficulties facing both parties.
As part of this, we reached agreement with the Council to buy out the ACL debt in return for a half share in the stadium business and extension of ACL's lease to 125 years, which means it would remain 100 per cent council-owned – we would just access the revenues, which is crucial. This deal was documented, signed by all parties and then reneged on by the council. The Council made the problem even worse by then using public funds, something that is now subject to the judicial review proceedings.

We need to be very clear that this is not about ownership of the freehold in the stadium, which would have continued to be held by the Council, with the club taking back the 50% interest in head-leaseholder ACL which it was always intended to have. We believe the conduct of the Council was motivated, not by what was in the best interests of the club, but by a desire to unlawfully wrest control of the club from Sisu.

We have always wanted this to be a mutually beneficial partnership instead of an outdated agreement that is more likely to lead to mutual self-destruct.'

Is that what you're making reference to? If so, have you seen anything from CCC relating to their view on this 'claim'? As to take Mr Fisher on his word as gospel is.... well, shall we say... 'trusting'?

Is he suggesting In this piece that for around the same value, the 50%stake referred to would be the Councils and not the "HIGGS" share the club were always Intended to have when they had the money. If so I can see why the council wouldn't cede to that,and all this while running parallel conversations with HIGGS.

 

[Astute]

And what rate will you pay for that?

Listen, you're always going to get rooms available on some nights. In every major city, I gaurantee that many weeks out of the year, all major hotels are running at 90-100% (on Tues/Weds nights definitely, probably Mondays also). I know the hotel industry well in London, Southampton, Portsmouth...in fact, many large town/city locations South of the M4 and in these locations, I know of many large hotel chains (and some of the budget chains) will run at 90-100% occupancy*.

Yes you might get a room, but you might end up paying a hefty supplement for upgraded rooms.

WM

* Edit - On Mon-Weds nights. Business travellers mainly.

Sounds like what I have always found in Coventry with hotel rooms. Midweek games normally cost me a lot more for a hotel than a weekend.

 

[Grendel]

And what rate will you pay for that?

Listen, you're always going to get rooms available on some nights. In every major city, I gaurantee that many weeks out of the year, all major hotels are running at 90-100% (on Tues/Weds nights definitely, probably Mondays also). I know the hotel industry well in London, Southampton, Portsmouth...in fact, many large town/city locations South of the M4 and in these locations, I know of many large hotel chains (and some of the budget chains) will run at 90-100% occupancy*.

Yes you might get a room, but you might end up paying a hefty supplement for upgraded rooms.

WM

* Edit - On Mon-Weds nights. Business travellers mainly.

There is one hotel I have found with no rooms this week - the Ramada - seriously its the easiest City I have known to book rooms

 

[lordsummerisle]

It slipped out from the FL IIRC that SISU were after a ground share well before March. It was about the time that they failed to do CCC out of the Ricoh when they refinanced it.

Was the 29th January apparently, it was from the March Q@A with the Trust(which I thought March, probably when we first heard of it).

Still after the Council bought out the loan from YB though.

ACL: Yes, Chris West and Paul Harris were advised post 29 January 2013 meeting during a follow up discussion with Tim Fisher, Mark Labovitch and John Clarke, that the Club wanted a three year run off period. This was totally rejected by the ACL representatives. There were no details provided of the location other than “South Warwickshire”, and that it would potentially take three years.

CCFC: Yes but this is very much a Plan B. With modern building techniques a stadium could be built quicker and cheaper than ever. Majority of funding would be done by developer who would benefit from retail, hotel as well as bank lending and CCFC would simply cover any funding gap. This is a feasible option but not CCFC’s preferred course of action – that is reaching agreement and staying at the Ricoh

.

 

[Grendel]

Sounds like what I have always found in Coventry with hotel rooms. Midweek games normally cost me a lot more for a hotel than a weekend.

Should have tried the Village, Premier Inn, Royal Court and the Beechwood then -- offering up to 50% off tonight

 

[wingy]

The refinancing was agreed with the council of the 15th January last year.

Think the threat to move out was after that? March time?

I take your point LS But definitely In print somewhere that they had discussions with FL In January also,possibly after the Council loan.

 

[Mary_Mungo_Midge]

Well, yes-a heap of salt needed with anything he says which is why I would've expected the council to quash it soon after.

It's on public record CCC were subject to the strongest legal advice about commenting on anything even closely connected with the Judicial Review - I posted a link to the CWR Breakfast Show when, during, an interview with Shane O'Connor, Ann Lucas explained that this was such. Given that process has gone to appeal, and now is moving on; they'll be even less likely to do so. SISU's representatives appear to have a different view on the possibility of being found in contempt of court; and have therefore given a version of events that's largely gone unchallenged.

Hopefully, the light cast by the JV will allow both sides to be challenged, and we'll see who's working with a 'troubled recollection'; but until such time, I wouldn't take an unchallenged statement as being sacrosanct in itself

 

[fernandopartridge]

Sounds like what I have always found in Coventry with hotel rooms. Midweek games normally cost me a lot more for a hotel than a weekend.

That's because generally business travellers have there accommodation paid for by their company, usually off ridiculous call off contracts.

 

[duffer]

I have just checked, despite the overwhelming demand you can book a room at the De Vere tomorrow.

Useful research. Though to make it actually worthwhile try getting a room at the Ricoh when there's a big event there, or a room anywhere within a reasonable distance of the NEC when something like Crufts is on there.

 

[Skyblueweeman]

Sounds like what I have always found in Coventry with hotel rooms. Midweek games normally cost me a lot more for a hotel than a weekend.

And in most major towns and cities, if you've got a good hotel, that's the case the majority of times. There will off course be exceptions.
In places like London or other places where there's things to do, you'll then have high occupancy at weekends with leisure guests (although less so than the weekends).

If you're looking to travel somewhen and get a generic deal, Thursdays and Sundays are normally your cheapest nights (other than when hotels have promotions in trough periods).

WM

 

[Astute]

Was the 29th January apparently, it was from the March Q@A with the Trust(which I thought March, probably when we first heard of it).

Still after the Council bought out the loan from YB though.

.

Of course it was after CCC refinanced the loan. SISU tried to get it all for approx 7m and looked elsewhere for us to play when it failed.........getting a bit confusing isn't it

 

[Mary_Mungo_Midge]

Is he suggesting In this piece that for around the same value, the 50%stake referred to would be the Councils and not the "HIGGS" share the club were always Intended to have when they had the money. If so I can see why the council wouldn't cede to that,and all this while running parallel conversations with HIGGS.

It's anyone's guess. The wording for a 'half share in the stadium business' doesn't explain which half-share; the 'extension of ACL's lease to 125 years, which means it would remain 100 per cent council-owned' appears to insinuate that they were only after leasehold - whereas unfettered freehold now seems to be the only way forward (?!?), and 'we would just access the revenues, which is crucial' is a feckin mystery with regards the Compass contract.

Maybe it was simply a Gatling Gun series of blurted wishes that weren't necessarily meant to be strung together into a coherent narrative?!?

 

[fernandopartridge]

Useful research. Though to make it actually worthwhile try getting a room at the Ricoh when there's a big event there, or a room anywhere within a reasonable distance of the NEC when something like Crufts is on there.

I know that - the problem is that it's quite difficult to find out when these major events are on, because they're not very major.