Broken Hearted Sky Blue
Well-Known Member
Correct we're back at the Ricoh but for how long? I for one do not want to go go through the shit we've been through for the past year again do you:facepalm:
Wasps bid for Ricoh Arena valued at £30million (8 Viewers)
- Thread starter SimonGilbert
- Start date
Correct we're back at the Ricoh but for how long? I for one do not want to go go through the shit we've been through for the past year again do you:facepalm:
ccfcchris
Well-Known Member
[h=1]Tuesday is key day in Coventry stadium plan for Wasps[/h]
Wasps could discover next week if their controversial plan to buy the Ricoh Arena and relocate to Coventry has been given the green light by the local council.
A revised offer to purchase 90 percent of ACL – the company that runs the 32,600 capacity stadium– is set to go before the local council in private next Tuesday. The council lent ACL £14.1m to secure the stadium’s future in January 2013.
Wasps, who dropped “London” from their name before this season started, believe they have to find an alternative home to Adams Park – which they share with Wycombe Wanderers – to become financially viable, although club officials have previously insisted their three year plan is aimed at targeting a new stadium nearer London.
Wasps fans have reacted strongly to the proposal to head to the Midlands following Standard Sport’s exclusive story revealing a plan to target the Ricoh Arena in August. The Arena cost £113m to build in 2005.
The club has won two Heineken Cup trophies and were England’s dominant club under captain Lawrence Dallaglio, previously played at Sudbury before moving to share Loftus Road with QPR under former owner Chris Wright. Wasps played Northampton at the Ricoh in 2007.
Adams Park has a capacity of 10,500 for rugby and Wasps have failed to build a strong fan base with less than 6,000 at Sunday’s win over Newcastle.
Derek Richardson, a London-based Irish businessman took over Wasps in April 2013 and stated:”Very obviously we want to increase revenue from ticket sales, increase sponsorship income and then, longer term, generate vital revenue through owning or co-owning our own stadium.”
The Coventry Telegraph has reported that financial advisors Deloitte has drawn up an investment prospectus, but it is rumoured the deal has hit a stumbling block, with Wasps struggling to generate enough support to meet the asking price of ACL’s joint stakeholders Coventry City Council and the Alan Edward Higgs Charity.
If a revised bid is put together, it is expected the council’s Labour group will discuss the deal on Monday and decide how to vote ahead of the full council meeting. Any deal would see the council retain a 10 per cent stake in ACL.
There is local anger at the plan with Coventry City football club having just returned to the stadium having spent a season playing at Northampton while Coventry Rugby Club insist they are the only rugby club in the City. Any deal would also have to be voted through by the full council – but that vote could be held in private for commercial confidentiality reasons .
A spokesman for Coventry City Council said: “We are committed to consider all options available to not just protect but also maximise the potential of the Ricoh Arena, but any discussions with any interested parties would remain commercially confidential until councillors needed to make a specific decision.”
Wasps could discover next week if their controversial plan to buy the Ricoh Arena and relocate to Coventry has been given the green light by the local council.
A revised offer to purchase 90 percent of ACL – the company that runs the 32,600 capacity stadium– is set to go before the local council in private next Tuesday. The council lent ACL £14.1m to secure the stadium’s future in January 2013.
Wasps, who dropped “London” from their name before this season started, believe they have to find an alternative home to Adams Park – which they share with Wycombe Wanderers – to become financially viable, although club officials have previously insisted their three year plan is aimed at targeting a new stadium nearer London.
Wasps fans have reacted strongly to the proposal to head to the Midlands following Standard Sport’s exclusive story revealing a plan to target the Ricoh Arena in August. The Arena cost £113m to build in 2005.
The club has won two Heineken Cup trophies and were England’s dominant club under captain Lawrence Dallaglio, previously played at Sudbury before moving to share Loftus Road with QPR under former owner Chris Wright. Wasps played Northampton at the Ricoh in 2007.
Adams Park has a capacity of 10,500 for rugby and Wasps have failed to build a strong fan base with less than 6,000 at Sunday’s win over Newcastle.
Derek Richardson, a London-based Irish businessman took over Wasps in April 2013 and stated:”Very obviously we want to increase revenue from ticket sales, increase sponsorship income and then, longer term, generate vital revenue through owning or co-owning our own stadium.”
The Coventry Telegraph has reported that financial advisors Deloitte has drawn up an investment prospectus, but it is rumoured the deal has hit a stumbling block, with Wasps struggling to generate enough support to meet the asking price of ACL’s joint stakeholders Coventry City Council and the Alan Edward Higgs Charity.
If a revised bid is put together, it is expected the council’s Labour group will discuss the deal on Monday and decide how to vote ahead of the full council meeting. Any deal would see the council retain a 10 per cent stake in ACL.
There is local anger at the plan with Coventry City football club having just returned to the stadium having spent a season playing at Northampton while Coventry Rugby Club insist they are the only rugby club in the City. Any deal would also have to be voted through by the full council – but that vote could be held in private for commercial confidentiality reasons .
A spokesman for Coventry City Council said: “We are committed to consider all options available to not just protect but also maximise the potential of the Ricoh Arena, but any discussions with any interested parties would remain commercially confidential until councillors needed to make a specific decision.”
Sky Blue Dal
Well-Known Member
Well only for 2 to 4 years till we build a new stadium as SISU have repeadidly pointed out. Why we protesing against the council when there is no evidence that SISU our owners have made a counter offer.
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sky blue john
Well-Known Member
I'm tired of it all to be honest.
currently the Ricoh set up of various company's is to complicated this deal would at least put the Ricoh in one entity. This may pave the way for a Ricoh and CCFC unification in the future.
Broken Hearted Sky Blue
Well-Known Member
And where were you when all this was happening? Serious question by the way
Broken Hearted Sky Blue
Well-Known Member
We will all be dead by then.
Rob S
Well-Known Member
Glad to see at least one person has a memory ;-) Should have more by tomorrow lunchtime.
oldskyblue58
CCFC Finance Director
Guys the £7m aside from being pure speculation is also after money that could be paid to AEHC. If the figure estimated is correct or not I think the principle remains ....... CCC pay AEHC £7m for their shares followed by Wasps Consortium paying CCC for the shares that used to be AEHC's plus any clear cash balance. Net effect CCC receives £7m
So the actual cash could be £14m going to CCC who will have paid out £7m against it.
Naming rights. Well the deal with Ricoh I believe is up for review next year. If not renewed then there would be no sponsor. Not exactly sure why the naming rights would be part of the £30m deal to buy out CCC and AEHC. Wouldn't the naming rights income go to ACL as it did with Ricoh? ACL of course would be owned by the Wasps consortium when the new sponsor comes in 2015?
Mr T - Sukka!
Active Member
Well this clusterfuck is all down to SISU. They went back on an agreed deal for the Ricoh. And the failed JR.
They claim they are not intrested in the Ricoh and they are building their own stadium outside of Coventry.
It does not affect SISU in anyway.
They now HAVE TO build a new stadium. The actions of themselves has forced them to.
They claim they are not intrested in the Ricoh and they are building their own stadium outside of Coventry.
It does not affect SISU in anyway.
They now HAVE TO build a new stadium. The actions of themselves has forced them to.
Sky Blue Dal
Well-Known Member
edit: Why we protesing against the council when there is no evidence that SISU our owners have made a counter offer.
btw I was marching with the rest to bring City home.
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Frisky blue
New Member
No,but mohamed might do.
Sky Blue Dal
Well-Known Member
Here! Here!
We are in this position for one reason and one reason only and that is SISU acting like Dick Turpin.
Frisky blue
New Member
grendel and Nick will.
L
limoncello
Guest
Now really isn't the time for petty one-upmanship and division.
Grendel
Well-Known Member
Christ we are now forming an unholy alliance.
Ian1779
Well-Known Member
Don't be soft. This path we are on was set in motion long before SISU arrived. Yes they have exacerbated it.
Also there was never a deal for the Ricoh -just a deal for 50% of the lease holding company.... Not quite the same is it.
skybluetony176
Well-Known Member
Nice one. Will you be reporting back on here? Assuming that there is something to report.
Sky Blue Dal
Well-Known Member
Cov Kid Dave
New Member
This is crazy, what the hell are the council playing at - this type of news really starts to show they are far from squeaky clean in the farce that planet Ricoh has become. This sale seems rushed and has to be stopped just as the relationships seems to be improving with Steve Waggot and the guy from ACL talking about a future CCFC ownership. Sell it to CCFC is you must sell. The Sky Blues Trust, NOPM and any other group should be outside the council house making views known for the Council meeting on Tuesday. This is showing the other face of the council - how dare they even consider selling our asset to a club outside of Coventry - remember Lucas said not long ago it wasn't for sale. Absolutely fuming and if they sell out to Wasps - well roll on the council elections .
Broken Hearted Sky Blue
Well-Known Member
Didn't see that bit. However and this is from someone who has supported ccc throughout and as most people on here know hates Sisu,The Council are wrong here,Sisu have not put in a counter offer why because the council are keeping tight lipped about the offer why dont they put it out there ? Does anybody know the real details? Why the rush? Why the secret council meeting to decide if you've got nothing to hide? A few months ago we had some council elections why was this not mentioned? Lastly why didn't the council put it out for tender to see what the response would be?
Ian1779
Well-Known Member
Evidently not...
Whilst we are in the subject - remind me how many times the football club owners (SISU and before) were offered a 90% stake in ACL.....?
sky blue john
Well-Known Member
Lol !!
Your priceless !
There has always been a deal available Sisu are solely to blame for it not happening !
You were wrong about the JR and your wrong again now !!
Rusty Trombone
Well-Known Member
Ian1779
Well-Known Member
Yet again - complete inability to read my posts correctly. In fact you just make it up as you go along...
When has their ever been a deal for the 'Ricoh' as a whole??
As for the JR - I said very little about it.
Ian1779
Well-Known Member
It's never been available.
dongonzalos
Well-Known Member
They believe the charity itself paid 2 million for ACL the other 4.5 million was a debt owed to the owner if the charity. (I believe)
skybluetony176
Well-Known Member
The previous owners were given 50%. Something often forgotten. And the only thing stopping the current owners from yet making an offer (well a serious one anyway) is themselves.
Hopefully Rob hears some more positive news tomorrow.
Oh shit. I've just had a vision of Rob being told that they're going to start court proceedings to block the take over. Doh! Rob if that happens so long as it's a man saying it you have my permission to knock em out
Ian1779
Well-Known Member
The previous owners were given 50%. Something often forgotten. And the only thing stopping the current owners from yet making an offer (well a serious one anyway) is themselves.
Hopefully Rob hears some more positive news tomorrow.
Oh shit. I've just had a vision of Rob being told that they're going to start court proceedings to block the take over. Doh! Rob if that happens so long as it's a man saying it you have my permission to knock em out
They weren't given it - they paid for it. Then sold it as they were fucked financially.
James Smith
Well-Known Member
So basically we've screwed ourselves over if the long term plan really was the Ricoh. If the shareholders in ACL can get £30m (or nearest offer) then that's great news for them but not so good for us or the rugby club. If we really wanted to stay at the Ricoh we should never have been talking about our new stadium and saying that we've moved on. I'm not surprised that councillors are up in arms, this could bugger our chances of staying at the Ricoh long term especially given the massive amount of progress on the new stadium.
How has Joy let it get to this situation? I thought she was supposed to be clever and a brilliant negotiator/deal maker. I can't imagine that there are many supporters who are happy that Wasps might be in a position to buy the lease on what should be our home.
How has Joy let it get to this situation? I thought she was supposed to be clever and a brilliant negotiator/deal maker. I can't imagine that there are many supporters who are happy that Wasps might be in a position to buy the lease on what should be our home.
skybluetony176
Well-Known Member
Out of interest how much did the club pay for it?
Sky Blue Dal
Well-Known Member
TBH I can't see this being voted through and definately not IF SISU had made a counter offer. The only way forward is to get in touch with the city councillors demand more transparency.
btw I agree with most of what you have said.
Gynnsthetonic
Well-Known Member
Let the egg chasers have it and CCC can allow and find room for a proper football ground to be built nearer the city centre not some soulless arena which has been a disaster from day 1. Couldn't even get it open on time for the first game in 2005. Highfield Rd 3 as number 2 built in the Coventry area would have always been a no goer.
Ian1779
Well-Known Member
Only a couple of million or something for their share in FIL.
And just to pre-empt your next comment,, you could say that Higgs got a share in ACL at a knockdown rate - especially if 90% is going at £30m...
letsallsingtogether
Well-Known Member
Yes but with the council now buying the Higgs share the football club has been pushed out completely and now has no options open to them!!!
So it will be a new ground or bust.
So it will be a new ground or bust.
Rusty Trombone
Well-Known Member
You're making that up. Which offers have been turned down for the 90%?