Sick Boy
Super Moderator
Yes, ccc is a beacon of honesty in all of this. I'm sure we will all be able to see them soon.
Labour group votes to approve £19.5m Ricoh sale to Wasps (9 Viewers)
- Thread starter Rob S
- Start date
Yes, ccc is a beacon of honesty in all of this. I'm sure we will all be able to see them soon.
steveo1987
Well-Known Member
28k four or so weeks ago,7k last week, up shit Creek yet again, congratulations to all.
duffer
Well-Known Member
The thing about Nellist, whether you like his politics or not, he is absolutely consistent on what he stands for and believes.
Ann Lucas, the leader of Coventry City Council, has proven herself to be a complete hypocrite.
Our politicians should be held to the highest standards, and major decisions and debates should be held in public. Coventry City Council clearly differs on this though. It's another major decision relating to the Ricoh that will be passed in private, and away from scrutiny. I can only presume that they're secretly ashamed of what they're doing. They should be.
Gosford Green
Well-Known Member
It looks like the council and the Higgs charity just want out of the whole ACL thing in its entirety.
rs
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Rob S
Well-Known Member
Some more details...
@Lesreidpolitics:
...Breaking: continued: I'm told Coventry council's Labour group took 5hrs & voted for 250-yr leasehold of ACL/Ricoh Arena to London Wasps
Labour group decision means Ricoh Arena sale to London Wasps WILL be agreed today. Lab have 43 of 54 councillors.No free vote
I'm told price for sale to London Wasps is in line with a KPMG valuation of Ricoh Arena of c. £17m to £19m
Council will retain the £14.4m loan - now £13.4m - & act as banker, which Wasps will pay back over 20 not 40 years
Labour decision was to sell all council's ACL share.Council right to veto sale of Higgs ACL share to #CCFC transfers to Wasps
Price for sale of Higgs Charity's 50pc Ricoh share is unknown. There are technical issues involving CCFC Ltd's liquidation
@Lesreidpolitics:
...Breaking: continued: I'm told Coventry council's Labour group took 5hrs & voted for 250-yr leasehold of ACL/Ricoh Arena to London Wasps
Labour group decision means Ricoh Arena sale to London Wasps WILL be agreed today. Lab have 43 of 54 councillors.No free vote
I'm told price for sale to London Wasps is in line with a KPMG valuation of Ricoh Arena of c. £17m to £19m
Council will retain the £14.4m loan - now £13.4m - & act as banker, which Wasps will pay back over 20 not 40 years
Labour decision was to sell all council's ACL share.Council right to veto sale of Higgs ACL share to #CCFC transfers to Wasps
Price for sale of Higgs Charity's 50pc Ricoh share is unknown. There are technical issues involving CCFC Ltd's liquidation
torchomatic
Well-Known Member
Totally agree. What ever anyone's political hue they really should admire politicians like Nellist. Guys who are genuinely not in it for themselves. And as you say Lucas has really sold out on this.
Nick
Administrator
Shocking if true. Are there ways to find these things out?
duffer
Well-Known Member
No obligation to do so, I suspect - I think it was an internal Labour meeting, as opposed to a Council meeting. Because Labour hold such a massive majority, if they all back it, then it goes through. In the main council meeting with all parties they'll hide behind commercial confidentiality - so that will be private too.
They could of course debate the principle of the thing in public, without having to go into the commercial details, but clearly that won't suit them here, so they won't.
As soon as government, either local or national, feels the need to make decisions in private, we should worry - imho.
steveo1987
Well-Known Member
The deal will see the council purchase the Higgs Charity's stake in ACL before it is sold on to Wasps in order to circumnavigate a potential clause which could still entitle current sporting tenant Coventry City FC to 'first option' on the charity's share of ACL.
Nick
Administrator
That in itself is a bit shady.
torchomatic
Well-Known Member
Skyblueweeman
Well-Known Member
If true, that confirms that CCC are happy to drive the final nail into our coffin.
B*&tards.
oldskyblue58
CCFC Finance Director
To be honest I am going to go get some work done and come back to it when some proper details are released. All this speculation, guesswork, he said she said, leaks and mobile goalposts just confuses everyone and pisses me off.
There are two stakeholders in ACL willing to sell. There is one party interested in acquiring ACL and it isn't who it should be it seems
really not happy with any of this
There are two stakeholders in ACL willing to sell. There is one party interested in acquiring ACL and it isn't who it should be it seems
really not happy with any of this
Sick Boy
Super Moderator
It's disgusting. It makes their claims of having ccfc's interests at heart laughable. They are effectively killing off the football club. Didn't AL claim to support ccfc?
Rob S
Well-Known Member
Simon Gilbert has written up an article based on info released so far. Additional info is that we can be releived that Ranson not involved.
http://www.coventrytelegraph.net/news/coventry-news/rugby-club-wasps-20m-takeover-7893659
http://www.coventrytelegraph.net/news/coventry-news/rugby-club-wasps-20m-takeover-7893659
Nick
Administrator
Didn't realise that was taken from the cet article! Pretty much confirms it then!
Sick Boy
Super Moderator
I don't understand how some are still trotting out justifications for the whole thing. This is wrong on so many levels.
It's all ok though Ann Lucas, Geoffrey Robinson et al will all be voted back into power by the citizens of Coventry at every opportunity. What good have they ever actually done this crowd ?
If this goes through it will be damning of the council and their obligations to thousands of CCFC fans in the City and damning of the poisonous hedge fund who so weakened and ridiculed the club with their selfish shenanigans and their continued bullshit identikit stadium. We will have been stabbed in the back by all concerned !
If this goes through it will be damning of the council and their obligations to thousands of CCFC fans in the City and damning of the poisonous hedge fund who so weakened and ridiculed the club with their selfish shenanigans and their continued bullshit identikit stadium. We will have been stabbed in the back by all concerned !
L
limoncello
Guest
Looks like the children's charity are gonna lose £3.5m.
Sick Boy
Super Moderator
You should wait until you have all the facts before discussing anything.
My hunch though is that it's simply business.
Grendel
Well-Known Member
Its less than a million - more like £5-£700,000 if reports are correct.
Rob S
Well-Known Member
Just a reminder...there was an offer on the table two years ago where Higgs would get £2m for their half share, the debt would be repaid and ACL would get a 125-year lease as shown in the high court.
And of course CCFC would have had a future at the Ricoh.
lewys33
Well-Known Member
It's OK though because it is in the "best interests of the city". This is potentially more damaging than any ground share.
torchomatic
Well-Known Member
Well on here, we've had a full range of corkers:
1. Wasps need a home
2. It's business
3. Yeah but, it's all SISUs fault
4. Good for the people of Coventry
5. What can ACL be expected to do
6. CRFC don't mind
7. Wasps fans don't seem to mind
8. They are a nomadic club anyway
9. It's best for our Civic Asset
1. Wasps need a home
2. It's business
3. Yeah but, it's all SISUs fault
4. Good for the people of Coventry
5. What can ACL be expected to do
6. CRFC don't mind
7. Wasps fans don't seem to mind
8. They are a nomadic club anyway
9. It's best for our Civic Asset
J
Jack Griffin
Guest
So why did you claim he was involved?
Sick Boy
Super Moderator
Hahaahaha....surely they will be in full support when the club once again leaves Coventry. We will need a new home, we have been nomadic and after all, it's simply business eh?
Sick Boy
Super Moderator
Rob S said it was a rumour he had heard.
Sick Boy
Super Moderator
I'm a little surprised he hasn't been on here recently to update us all on this. Maybe his internet connection has been cut off?
L
limoncello
Guest
So how do you feel about the news Jack? Best council ever?
torchomatic
Well-Known Member
Rob S
Well-Known Member
Correct. And I'd heard it from multiple sources and that tends to be the bar for giving something more credibility. It came from the possible involvement of Eurofin Capital who RR allegedly consults for.
Of course there are still rumours about backers swirling around. See spider_ricoh's 'Can Wasps consortium...' thread. Welcome to SBT Mr Griffin!
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