CLUB STATEMENT - JR Verdict (5 Viewers)

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ccfcway

ccfcway

Well-Known Member
Coventry City Football Club and its owners' primary objective remains building a long-term future...

The Judgement by Hickinbottom J, that the Council's (CCC) decision to provide a £14.4 million loan to private stadium management company Arena Coventry Limited (ACL) was not an unlawful subsidy, is unfortunate.

The football club and its owners believe that the loan, which exceeded the value of the stadium by almost 200%, was neither lawful nor in the interests of the supporters, taxpayers, stadium operators or the Club.


ACL will now remain burdened with debt for the next 43 years, removing any prospect of a long term return to the stadium by the Club. With this level of debt there is no realistic prospect of any sports franchise or ACL being able to generate sufficient revenue to be commercially viable.

We will apply for leave to appeal this decision. Now, more than ever, the new stadium is the only viable commercial option. The owner's primary objective remains building a long term sound financial platform for the future growth of the Club.




Read more at http://www.ccfc.co.uk/news/article/...e-one-300614-1706394.aspx#r0PA8t2oRmjhBxPl.99
 
bigfatronssba

bigfatronssba

Well-Known Member
That is a seriously bitter and twisted statement.
 
ccfcway

ccfcway

Well-Known Member
the good news is we are some way down the line to knowing the colour of the curtains for the new stadium, so just need to put the rest of the finishing touches in place and we are ready to me in.
 
ccfcway

ccfcway

Well-Known Member
yet no comment about the possibility of moving back to Ricoh is short term until its built ?
 
bigfatronssba

bigfatronssba

Well-Known Member
edgy said:
Not a lot can be argued with though. Its a sad reality.
Click to expand...

These bits are opinion:

"which exceeded the value of the stadium by almost 200%"

"ACL will now remain burdened with debt for the next 43 years, removing any prospect of a long term return to the stadium by the Club. With this level of debt there is no realistic prospect of any sports franchise or ACL being able to generate sufficient revenue to be commercially viable."

To be honest if ACL had the appetite for more legal action they could probably force a retraction of that statement.
 
K

kmj5000

Member
ccfcway said:
Coventry City Football Club and its owners' primary objective remains building a long-term future...

The Judgement by Hickinbottom J, that the Council's (CCC) decision to provide a £14.4 million loan to private stadium management company Arena Coventry Limited (ACL) was not an unlawful subsidy, is unfortunate.

The football club and its owners believe that the loan, which exceeded the value of the stadium by almost 200%, was neither lawful nor in the interests of the supporters, taxpayers, stadium operators or the Club.


ACL will now remain burdened with debt for the next 43 years, removing any prospect of a long term return to the stadium by the Club.

Read more at http://www.ccfc.co.uk/news/article/...e-one-300614-1706394.aspx#r0PA8t2oRmjhBxPl.99
Click to expand...

So how exactly does the loan "remove any prospect of a long-term return to the stadium by the club"?
 
ccfcway

ccfcway

Well-Known Member
exactly. how are they able to get away with a comment like that ?
]
How are "CCFC" in any position to comment about anyone's level of debt !
 
AFCCOVENTRY

AFCCOVENTRY

Well-Known Member
That statement looks like it has been written by a petulant child.

How does this remove any chance of a new rental deal?
 
Senior Vick from Alicante

Senior Vick from Alicante

Well-Known Member
So here we go, appeal after appeal with no chance of winning while saddling the club with the debt. These people are absolute idiots with no interest in the club, the city or the fans. How can the football league let these clowns away with the miss-management of a community asset? Please SISU cut your losses and go you have no support and no chance of winning an appeal, this is one business venture that is out of you area of expertise and you've blown it. The city doesn't want you the supporters don't want you and football as a whole does not need your type.
 
Samo

Samo

Well-Known Member
ccfcway said:
Coventry City Football Club and its owners' primary objective remains building a long-term future...

The Judgement by Hickinbottom J, that the Council's (CCC) decision to provide a £14.4 million loan to private stadium management company Arena Coventry Limited (ACL) was not an unlawful subsidy, is unfortunate.

The football club and its owners believe that the loan, which exceeded the value of the stadium by almost 200%, was neither lawful nor in the interests of the supporters, taxpayers, stadium operators or the Club.


ACL will now remain burdened with debt for the next 43 years, removing any prospect of a long term return to the stadium by the Club. With this level of debt there is no realistic prospect of any sports franchise or ACL being able to generate sufficient revenue to be commercially viable.

We will apply for leave to appeal this decision. Now, more than ever, the new stadium is the only viable commercial option. The owner's primary objective remains building a long term sound financial platform for the future growth of the Club.




Read more at http://www.ccfc.co.uk/news/article/...e-one-300614-1706394.aspx#r0PA8t2oRmjhBxPl.99
Click to expand...

Carefully chosen words?
 
ccfcway

ccfcway

Well-Known Member
they have had best part of a week to write that.

A very small part of me could forgive them if it was typed on a phone as a response to hearing the news 39 mins ago, but to draft this after a week is simply bizarre
 
DazzleTommyDazzle

DazzleTommyDazzle

Well-Known Member
Samo said:
Carefully chosen words?
Click to expand...

I had the same thought.

Does ruling out a "long term return" suggest that they may be open to a "short term return".

It's always seemed the most sensible option if both sides can put the bad blood of the past behind them.

I know that's quite a big "if", but let's hope.....
 
fernandopartridge

fernandopartridge

Well-Known Member
Any prospective new owners of CCFC not only buy a heavily indebted club but would also need to buy into a heavily indebted management company if it wished to gain some income from playing at the Ricoh.

Where next?
 
bigfatronssba

bigfatronssba

Well-Known Member
fernandopartridge said:
Any prospective new owners of CCFC not only buy a heavily indebted club but would also need to buy into a heavily indebted management company if it wished to gain some income from playing at the Ricoh.

Where next?
Click to expand...

Why would they? ACL can still be bought with the loan in place.

Its a loan that will be at a better rate than the funding for the new fantasy stadium will ever be.
 
Samo

Samo

Well-Known Member
fernandopartridge said:
Any prospective new owners of CCFC not only buy a heavily indebted club but would also need to buy into a heavily indebted management company if it wished to gain some income from playing at the Ricoh.

Where next?
Click to expand...

ACL need to go just as surely as SISU do.
 
Grendel

Grendel

Well-Known Member
Samo said:
ACL need to go just as surely as SISU do.
Click to expand...

Exactly. While they are still around the club will never return.
 
torchomatic

torchomatic

Well-Known Member
Exactly. They're buying a company with even more debt after buying CCFC which is saddled with debt. Hardly an attractive proposition, is it?

bigfatronssba said:
Why would they? ACL can still be bought with the loan in place.
.
Click to expand...
 
D

Deleted member 5849

Guest
DazzleTommyDazzle said:
I had the same thought.

Does ruling out a "long term return" suggest that they may be open to a "short term return".

It's always seemed the most sensible option if both sides can put the bad blood of the past behind them.

I know that's quite a big "if", but let's hope.....
Click to expand...

The problem as everis where's the incentive? Problem is now the 'where's the incentive' switches the other way. If the Ricoh's occupied for three years while a rival ground goes up, it stops them finding a long term future for themselves so... in those circumstances, why would you accept a deal with CCFC unless calling *their* bluff and assuming a ground will never happen?
 
bigfatronssba

bigfatronssba

Well-Known Member
torchomatic said:
Exactly. They're buying a company with even more debt after buying CCFC which is saddled with debt. Hardly an attractive proposition, is it?
Click to expand...

Its a more attractive proposition than buying a 3rd Division club that owns a ground but is £100m in debt.
 
torchomatic

torchomatic

Well-Known Member
Well, it is to you because you're not going to be spending any of your cash.

bigfatronssba said:
Its a more attractive proposition than buying a 3rd Division club that owns a ground but is £100m in debt.
Click to expand...
 
bigfatronssba

bigfatronssba

Well-Known Member
torchomatic said:
Well, it is to you because you're not going to be spending any of your cash.
Click to expand...

Your saying then that a 3rd division team £100m in debt, with a non league fanbase, playing in a 12k stadium is an attractive proposition??
 
Warwickhunt

Warwickhunt

Well-Known Member
Deleted member 5849 said:
The problem as everis where's the incentive? Problem is now the 'where's the incentive' switches the other way. If the Ricoh's occupied for three years while a rival ground goes up, it stops them finding a long term future for themselves so... in those circumstances, why would you accept a deal with CCFC unless calling *their* bluff and assuming a ground will never happen?
Click to expand...
It would make some sort of sense to get free money from KCIC/consortium to pay your rent and matchday expenses for 3 years whilst they take stock of what they are going to do! Besides listening to what everyone keeps telling me that they will not return even if the club is at the Ricoh whilst SISU has anything to do with the club. So they will not get over 5K anyway.
 
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torchomatic

torchomatic

Well-Known Member
About as attractive as rattling around inside the Ricoh with a massive debt and no revenue. Lose-lose really.

bigfatronssba said:
Your saying then that a 3rd division team £100m in debt, with a non league fanbase, playing in a 12k stadium is an attractive proposition??
Click to expand...
 
fernandopartridge

fernandopartridge

Well-Known Member
bigfatronssba said:
Why would they? ACL can still be bought with the loan in place.

Its a loan that will be at a better rate than the funding for the new fantasy stadium will ever be.
Click to expand...
Er yes. To buy ACL you buy the liability. Or do you buyout the loan to buy ACL? I think we've been down this road before.
 
bigfatronssba

bigfatronssba

Well-Known Member
fernandopartridge said:
Er yes. To buy ACL you buy the liability. Or do you buyout the loan to buy ACL? I think we've been down this road before.
Click to expand...

Why would you have to buy the liability? The loan is to ACL, not the owners of ACL.

You would simply buy ACL and continue to make the repayments.
 
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