CCFC can still have the Higgs 50% share ??? (1 Viewer)
- Thread starter italiahorse
- Start date
italiahorse
Well-Known Member
How would the loan fit in with this?
Is this really an accurate news story or more guess work?
Surely CCFC would not get the same for what Wasps bought for £20M?
Would be nice but can't see it.
Is this really an accurate news story or more guess work?
Surely CCFC would not get the same for what Wasps bought for £20M?
Would be nice but can't see it.
sky blue john
Well-Known Member
You would think it was worth having even if the plan was to build a new stadium ?
Over to you Joy !
Over to you Joy !
sky blue john
Well-Known Member
Maybe the Higgs are playing fair ?
SimonGilbert
Telegraph Tea Boy
More likely they are legally bound.
spider_ricoh
New Member
So unless I have mis-read this, there are now 30 days for Joy to fork out £2.77m for 50% share and the Wasps deal will be off???
But how would it be possible?
Does ccfc ltd have that kind of cash?
If not, wouldn't any money from Otium/SBS&L going into ccfc ltd have to be split between all creditors?
Can a company in liquidation buy and sell-on assets?
KersleyDigs
Well-Known Member
How could SISU not put an offer in at £2.77m?!!!!!
I'm sure they'd have to take on half the loan of £7m, but perhaps not?
50% of a world class arena which will have European and international reputation through Wasps AND will have access to all matchday revenue and half all non-sport revenues AND only half liability for maintenence/insurance/costs/council tax etc
Is SISU did buy 50% and were to get us back in the Championship and breaking even, we would then surely be a saleable asset for them to recoup their money and EFF OFF!
I'm sure they'd have to take on half the loan of £7m, but perhaps not?
50% of a world class arena which will have European and international reputation through Wasps AND will have access to all matchday revenue and half all non-sport revenues AND only half liability for maintenence/insurance/costs/council tax etc
Is SISU did buy 50% and were to get us back in the Championship and breaking even, we would then surely be a saleable asset for them to recoup their money and EFF OFF!
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skybluesam66
Well-Known Member
I would assume that if the liquidators were offered 2.87m to pass through the transaction - then they could take the 100k to further satisfy creditors - that something could be done
Hobo
Well-Known Member
Or would it go to the creditor owed the most Arvo?
Rusty Trombone
Well-Known Member
Wyken Sky Blue
Well-Known Member
No. The Waps deal for 50% of ACL has been done.
But the other 50% (Higgs) is still available. If the Wasps buy that then they will take 100% ownership.
Come on Joy get your purse out!
bigfatronssba
Well-Known Member
Well we will soon see how committed sisu are to ccfc then.
sky blue john
Well-Known Member
Its a bit slow going this potentially good bit of news.
Where have the council bashers gone we should be uniting to put pressure on Sisu ?
Where have the council bashers gone we should be uniting to put pressure on Sisu ?
sky blue john
Well-Known Member
Are you pushing CCFC for response on this ?
sky blue john
Well-Known Member
Hey where is everyone this is a no brainer !!!!!!!!
ashbyjan
Well-Known Member
What the Trust have been told (by impeccable sources too) is that the Wasps deal with council is done and dusted, signed and sealed and Wasps now own 50% of ACL and CCC own noe of it but retain the freehold of the building. The two Council officers who were directors of ACL are no longer Directors of ACL. The remaining 50% belongs to the Charity and it is their to keep or to sell. The option to buy remains with CCFC Ltd but the often referred to formula no longer applies. The club can make an offer but if this is rejected by the charity they are then free to sell to whoever they like. It appears that the club has a chance to buy 50% of a stadium and I would have to assume 50% of all of its revenue for under £3m or spend 10 times that building a smaller stadium of its own. Seems like an opportunity we should be urging the club not to miss.
The CableGuy
Well-Known Member
I bet SISU have spent more than £2.7 million on legal fees in the last 18 months. So spending the same amount for half the Arena shouldn't be too much hassle.
Lets see what excuses they come up with.
Lets see what excuses they come up with.
Otis
Well-Known Member
KersleyDigs
Well-Known Member
Unfortunately Joy Seppalla has NO BRAIN where football and CCFC are concerned, this is FACT.
chiefdave
Well-Known Member
Seems like an absolute no brainer. Unfortunately events over recent years could lead you to believe SISU have no brains so there's every chance they will do nothing.
Samo
Well-Known Member
No surprise that you're all over it then.
Evo1883
Well-Known Member
well they reckon they have spent 70 million since arrival , could of had this wasps deal twice over
bezzer
Well-Known Member
For once in your life, can you just shut up.
Grendel
Well-Known Member
But they have already agreed to sell the share to wasps and the loan repurchase was surely agreed on 100% ownership. If its 50% wasps will not buy the whole loan but hand half to sisu?
albatross
Well-Known Member
i dont think its that simple.
They are not dealing with SISU but offering it to the liquidator of CCFC Ltd a company that is to be wound up. . I would imagine that CCFC Ltd's option is not transferrable but resides / dies with the company.
So how does the liquidator get £2.77M of investment out of a company that has no assists , massive debt, and has not filed accounts. If CCFC ltd is to be rescued then surely it cannot be liquidated and therefore the creditor settlements would have to be re-negotiated. if CCFC Ltd suddenly have a large injection of funds from outside HMRC would be involved and other creditors wanting their slice of the pie.
I for one don't think it can be done in the 30 day wind so as the telegraph says
"The complicated process means, in theory, Coventry City owners Sisu may be able to find a way of securing the charity's shares through CCFC Ltd.However, the liquidator will only be given 30 days to take up the offer.
The first option agreement dates back to 2003 when the Higgs Charity bought the football cub's 50 per cent stake in ACL for £6.5million.
It is understood the liquidation of CCFC Ltd has not yet been fully completed – therefore the option still exists."
So in reality its a theoretical possibility ....... but so are many things
They are not dealing with SISU but offering it to the liquidator of CCFC Ltd a company that is to be wound up. . I would imagine that CCFC Ltd's option is not transferrable but resides / dies with the company.
So how does the liquidator get £2.77M of investment out of a company that has no assists , massive debt, and has not filed accounts. If CCFC ltd is to be rescued then surely it cannot be liquidated and therefore the creditor settlements would have to be re-negotiated. if CCFC Ltd suddenly have a large injection of funds from outside HMRC would be involved and other creditors wanting their slice of the pie.
I for one don't think it can be done in the 30 day wind so as the telegraph says
"The complicated process means, in theory, Coventry City owners Sisu may be able to find a way of securing the charity's shares through CCFC Ltd.However, the liquidator will only be given 30 days to take up the offer.
The first option agreement dates back to 2003 when the Higgs Charity bought the football cub's 50 per cent stake in ACL for £6.5million.
It is understood the liquidation of CCFC Ltd has not yet been fully completed – therefore the option still exists."
So in reality its a theoretical possibility ....... but so are many things
Evo1883
Well-Known Member
so basically , if SISU dont try for it , Then there are absolutely no more excuses , at least if they make the offer at the value asked , and are refused , then they can say they tried , if they dont try i dont see a way forward for ccfc or sisu
KersleyDigs
Well-Known Member
If it is that simple £2.77m for 50% ownership and 50% revenues this would be an absolute steal vs building a new £30m stadium outside Coventry!!!
This is the Wilson money, that's it...
Surely any decent business person would see this as a "no brainer" as mentioned above. It would certainly allow SISU a quicker exit route, as we would be a much more attractive proposition. I'm sure for example Land Rover would be interested in sponsoring both teams and the arena, more commercial opportunities for the club and as I said, half the liability.....
This is the Wilson money, that's it...
Surely any decent business person would see this as a "no brainer" as mentioned above. It would certainly allow SISU a quicker exit route, as we would be a much more attractive proposition. I'm sure for example Land Rover would be interested in sponsoring both teams and the arena, more commercial opportunities for the club and as I said, half the liability.....
Rusty Trombone
Well-Known Member
Yep, sounds right. It's a great deal being offered, hard to believe isn't it.
Samo
Well-Known Member
They would still get half the Ricoh for 10m. Not too shabby I'd say.
Rusty Trombone
Well-Known Member
Exactly, with loads of extra income, train line being built bringing more people in. ACL will make a fortune with the Rugby and the football there.
sky blue john
Well-Known Member
Come on !!!!!