Wasps bid for Ricoh Arena valued at £30million (8 Viewers)

[oldskyblue58]

Agree its a disaster. What about the deal we agreed with ACL? Could the new owners buy that out and offer SISU the cash to terminate?

They could I would have thought but that's going to be expensive .......... loss of earnings to be compensated etc. If they have a long lease I would expect them to go the other way and to offer a longer term deal to CCFC. But SISU are not going to get access the events income that they obviously wanted. But if they took such a deal then the need for SISU to go is not so great and they can bump the club along and take an interest income off the loans - not what they planned but better than nothing or even cutting and running for a pittance

The stadium can accommodate two sporting teams and they (Wasps) need to maximise income

 

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[Nick]

What about the branding of the stadium? People already say it doesn't feel like home (even with sky blue seats and CCFC in them)

 

[oldskyblue58]

Why do you think the council are suddenly rushing to sell. Their stance has always been that they the business is stable and they would listen to offers but there is no urgency.

For a sale such as this it seems to be being rushed through - why?

I know there has been an argument saying its because of the JR but not sure it is that. I think part of it is that they could do with the cash (even if not massive amount)but also have no money to develop the site further which it needs. It has taken too much of the CCC attention and they need to focus on the things Councils should do. That said it does seem to blow some big holes in many of SISU's JR arguments.

As for rushed I reckon this has been going on for 6 mths or more...... so not that rushed really. Just now it is crunch time in terms of final decisions and it has gone public

Not sure they are 100% confident it will get approved though

 

[Ian1779]

Can't believe people are stupid enough to think it will mean SISU will leave. In fact they are more likely to become entrenched.

 

[oldskyblue58]

When SISU were throwing figures about were they talking with or without the loan? When they offered the £2million up front to Higgs or whatever it was?

from memory they were talking about with the loan to the Charity and about a discounted loan to the CCC...... but it is all irrelevant really those details got nowhere and probably never could have

 

[Seaside-Skyblue]

I don't really know the finer points but we surely have to trust the council of what to do with the arena. It's a community asset and needs to be proven to benefit the community through figures.

I can't believe for one second they are abandoning Coventry city else why have us back when they could of fucked us off once we left?

I don't agree with wasps coming to Cov but if it works and the figures adds up then that's good for us as a city (I live in Coventry) ethically it's wrong and I guess wasps fans would hate it but they should boycott and protest like we did. Hope they do tbh.

I don't want this as much as anyone but if the figures add up etc then only 10k fans will be pissed off out of a city of 360k is it? Ccc will always will the argument if the figures for selling add up.

One thing is for sure I trust the council over sisu. I don't see how anyone can argue this. That said I hope they have a plan for ccfc and the reason sisu have been so silent maybe speaks volumes. Talks must be happening. Funny how none of the ct articles mention Ccfc really. They don't know so how can we judge?

Its a good point and is strange that ccfc are so quiet about it. I really hope you're right. It'd be a nice surprise if it turns out we are buying the stadium instead. Last time everything went quiet it was because Waggot was in talks so hopefully more of the same.

 

[Chipfat]

Who really is behind this bid is a question that should be answered? does this involve old names that have been seen before!!!!!!!!!!!!!

 

[Nick]

from memory they were talking about with the loan to the Charity and about a discounted loan to the CCC...... but it is all irrelevant really those details got nowhere and probably never could have

No I know it is all just hear say but if you think £7m were changing hands then the silly £2m cash offer for Higgs wouldn't have been miles away? Again, nobody knows exact numbers do they.

I am probably miles off, I know nothing about this sort of thing. I guess that prices can be labelled as whatever people want them to be.

 

[Rob S]

Very important point to note:

The council is buying the Higgs' share so as to prevent CCFC from being able to match any offer for it. Hopefully nobody will be too upset by the club not being able to get in on this deal and will be right behind any new stadium plans..? ;-)

 

[Sky Blue Dal]

Oh Bollocks!! This is not Good.

Why is SISU so quiet about this? why have they not made a counter offer considering?? They made out they planned to build a new £30m inferior 15,000 seated stadium but surely £30m could be used to buy the 32,000 seated Ricoh.


I getting the feeling SISU don't have that amount of money. If they did they could have easily made a counter offer to match it.

Seriously guys... What is SISU's playing out. We need to question them too and get an answer on how committed they are to CCFC's cause.

 

[oldskyblue58]

Can anyone (OSB best shout) explain how much this 90% is selling for? We have talked for ages about how much 50% is and 100%.

I can't believe its 30m as they quote as then 100% would be around 35m for all of acl. That isn't right. It was worth around 12m last we heard.

Can anyone in the words of RFC help?

We don't actually know the price of the shares. The deal will include undertakings to do other things like stadium improvements, taking over loan commitments etc.

I doubt price of the final 10% would be much if purchased in the future. 10% gives very little rights and no control. Share prices reflect the control you have in a business. For example the price of a 50% interest would be quite a bit less than 51% because with 50% you have no overall control with 51% you do. Similarly once the %age gets over 75% then the price goes up because you pretty well have full control over 75%.

I would guess CCC have 10% so they can get to the figures and take an interest/approve in any subsequent sale should one happen

 

[Rob S]

Who really is behind this bid is a question that should be answered? does this involve old names that have been seen before!!!!!!!!!!!!!

I've heard rumours...are player trading schemes allowed in rugby?

 

[Lord_Nampil]

Very important point to note:

The council is buying the Higgs' share so as to prevent CCFC from being able to match any offer for it. Hopefully nobody will be too upset by the club not being able to get in on this deal and will be right behind any new stadium plans..? ;-)

What do u know Rob? Joy mentioned that in June......

 

[Rob S]

What do u know Rob? Joy mentioned that in June......

Mentioned what?

 

[Ian1779]

I've finally worked it all out...

So Timmy had gone quiet recently.. leaving Waggot to front up on the football side.
Meanwhile he has been secretly negotiating with Wasps to do this deal.
Wasps are the makeweight - buy off ACL - then sell straight to SISU.
Wasps aren't out of pocket and as part of the deal get free use of the Ricoh for all Heineken Cup games going forward, giving them opportunity to exploit their European programme without the worry of having to fill an maintain a 32K stadium when their average attendance is lower than ours.

Finally - all those who think the council are doing the city 'a good and fair deal' go into apoplectic meltdown at the injustice of it all.

 

[oldskyblue58]

Very important point to note:

The council is buying the Higgs' share so as to prevent CCFC from being able to match any offer for it. Hopefully nobody will be too upset by the club not being able to get in on this deal and will be right behind any new stadium plans..? ;-)

no they are buying the shares to stop the charity having to offer the shares to CCFC before anyone else..... not quite the same as stopping matching offers. If they didn't do that SISU, who have repeatedly said they do not want to buy ACL and will build their own ground, could block a sale of something they say they not interested in. That could lead to court cases, delays and possibly compensation

And I would guess this deal doesn't actually stop CCFC being at the Ricoh if they choose to be .......

Of course building their own ground is an option...... an expensive one but still an option

 

[skybluetony176]

All of a sudden £5.5M for the Higgs Share looked a bargain. Still, at least we have the appeal to look forward to now.

Well done SISU you're geniuses. How's are new stadium coming on?

 

[Sky Blue Dal]

Its a good point and is strange that ccfc are so quiet about it. I really hope you're right. It'd be a nice surprise if it turns out we are buying the stadium instead. Last time everything went quiet it was because Waggot was in talks so hopefully more of the same.

I really hope this is the case.

 

[Seaside-Skyblue]

I've finally worked it all out...

So Timmy had gone quiet recently.. leaving Waggot to front up on the football side.
Meanwhile he has been secretly negotiating with Wasps to do this deal.
Wasps are the makeweight - buy off ACL - then sell straight to SISU.
Wasps aren't out of pocket and as part of the deal get free use of the Ricoh for all Heineken Cup games going forward, giving them opportunity to exploit their European programme without the worry of having to fill an maintain a 32K stadium when their average attendance is lower than ours.

Finally - all those who think the council are doing the city 'a good and fair deal' go into apoplectic meltdown at the injustice of it all.

That would be a master stroke if they pulled that off. I like the Ricoh and want to stay there. Just can't see how it is good news for the club if Wasps took over.

 

[duffer]

If this deal means that Wasps are franchised away from their fanbase, then it's wrong.

I don't care if it's better for CCC, ACL, CCFC and Cov RFC, if it tears Wasps away from their supporters then it's morally wrong, and we should all stand against it.

SISU have dropped us in the sh*t with their ridiculous mismanagement, but that doesn't absolve either the Council or The Higgs Trust for their actions if this goes ahead. Any councillor with the hint of a conscience should vote against this.

 

[Nick]

All of a sudden £5.5M for the Higgs Share looked a bargain. Still, at least we have the appeal to look forward to now.

Well done SISU you're geniuses. How's are new stadium coming on?

It doesn't if it turns out to be like OSB says with only 7m changing hands though? Or am I thinking of something different? (yes I know it is just guesses from people)

 

[Rob S]

Oh Bollocks!! This is not Good.
...
Seriously guys... What is SISU's playing out. We need to question them too and get an answer on how committed they are to CCFC cause.

Pity you completely rubbished the person who can do just that in the Brighton radio thread the other day, eh? ;-)

 

[SuperFred]

Are wasps fans just bending over and allowing this?

 

[Nick]

Are wasps fans just bending over and allowing this?

They are buzzing about it.

 

[Rob S]

no they are buying the shares to stop the charity having to offer the shares to anyone else before CCFC..... not quite the same matching offers.

Fair point...I'm trying to do 10 things at once including taking calls from people who are pissed off & others who are laughing like drains

 

[Lord_Nampil]

Mentioned what?

What u just said near enough word for word! At CTK her a tim told us about the councils agreement with AHT

 

[Rob S]

What u just said near enough word for word! At CTK her a tim told us about the councils agreement with AHT

I AM JOY!!!!!

Well, I was picking up on the fact that it was in Simon's article so total coincidence

 

[Spagbol]

Rip ccfc

 

[skybluedan]

Maybe Bob and Ann can both fuck off and take Joy and Tim with them? Just an idea. Couple's swingers retreat or something?

Simon, any sort of campaign to stop this from happening? Sounds like there is trouble at the council because of it.

Any idea who is advising Ann? Isn't Bob himself is it?

They could also take that old mp mick sinclaire on that retreat and get real freaky

 

[SkyBlueSid]

Oh Bollocks!! This is not Good.

Why is SISU so quiet about this? why have they not made a counter offer considering?? They made out they planned to build a new £30m inferior 15,000 seated stadium but surely £30m could be used to buy the 32,000 seated Ricoh.


I getting the feeling SISU don't have that amount of money. If they did they could have easily made a counter offer to match it.

Seriously guys... What is SISU's playing out. We need to question them too and get an answer on how committed they are to CCFC's cause.

I accept that the council have a legal duty to get the best deal for the taxpayers. So I agree that SISU should be considering a higher bid for the stadium. Selling to someone who is not the highest bidder would put the council in great difficulty here.

The kiss of death was Fisher saying we were still planning a new stadium just as we were moving back. The man is a fool. We all know there is no new stadium. This shows there is no £30m to build it either. It is a fantasy to cover their plan to get the Ricoh for sod all. The council have called their bluff - again! SISU need to put up or shut up.

If Wasps do take over the Ricoh, I'm sure they will offer a deal to the club as tenants. Otherwise I have no doubt they will require City to be out at the end of next season and not take the option of another 2 years. The options could be: (i) Stay as tenants, (ii) Build a new stadium, (iii) The club folds, or (iv) Back to Sixfields. Take your pick!

 

[Moff]

Very important point to note:

The council is buying the Higgs' share so as to prevent CCFC from being able to match any offer for it. Hopefully nobody will be too upset by the club not being able to get in on this deal and will be right behind any new stadium plans..? ;-)

Yes I noted that, the way the Council are circumnavigating around the fact the club had first option on the Higgs shares. This is the same council who were desperate for the Club to come 'home', led by Sky Blue super fan herself Ann Lucas. Turns out just like SISU, is all soundbites just to keep us morons the fans happy.

 

[shmmeee]

How come the club have an option on the shares? Sorry, big thread and I haven't been paying attention to this story particularly.

 

[chiefdave]

I would expect
- a lease extension 99 years plus
- the loan remaining is £13.4 so I would think that makes up part of the £30m figure
- I would guess it will morph from the Ricoh arena to the Jaguar or JLR Arena - as old deal is running out what is that worth in the deal? anything?
- there are included apparently stadium improvements so that's what 2m or more - wont be cheap
- there is the £1m written off the loans
- CCC buying the shares from AEHC say for £7m (cost 6.5m originally) then reselling to Wasps consortium (back to back)

clear cash looks like it is what £7m or less....... of course there might be clauses about future incomes and purchase of the 10%

On the bright side this gives SISU all the information they need to get their own offer on the table tomorrow!

 

[chiefdave]

How come the club have an option on the shares? Sorry, big thread and I haven't been paying attention to this story particularly.

Wasn't it suggested at one point that the option to buy the Higgs share didn't technically disappear until the old co is liquidated which I don't think has happened yet has it? Suspect it is something that would end up in another court case which I'm sure CCC are keen to avoid.

 

[Lord_Nampil]

I AM JOY!!!!!

Well, I was picking up on the fact that it was in Simon's article so total coincidence

Lol ok good effort!