Sepalla interview (2 Viewers)
- Thread starter Limey
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Rob S
Well-Known Member
COVENTRY City are set to table a “conditional” bid for joint ownership of the Ricoh Arena company with rugby club Wasps, we can reveal.
And in a rare exclusive interview with the Coventry Observer, Joy Seppala, of the club’s hedge fund lenders Sisu/Arvo, explained why - while insisting the club will press on with “medium-term” plans for a new stadium in the local area.
In theory at least, it could prompt some investigation into whether the club has any remaining prospect of obtaining a 100 per cent stake in Arena Coventry Limited instead of Wasps - amid fans' speculation that legal challenges could follow.
The club's owners say they are "frustrated" by the Higgs charity failing to release key information on the ACL business needed for the club to conduct due diligence and complete a bid. Last week, it wrote to Coventry City Council chief executive Martin Reeves calling on the council to intervene in the city's interests.
We also put key questions to the council and Alan Edward Higgs Charity concerning the sale of their Ricoh shares, with private deals and negotiations still shrouded in secrecy, to many fans’ frustration.
Coventry City Council claimed the deal unanimously approved by councillors behind closed doors on October 7 to sell its 50 per cent stake in ACL to Wasps was now completed.
But it refused to say whether it still retained the “veto” right to block any sale of Higgs’ 50 per cent to the club - or if it that right had yet been transferred to Wasps, as council sources have claimed was part of the council deal.
It leaves fans in the dark over the potential outcome for the club's bid for the Higgs shares via Coventry City Football Club Limited, a company in the final stages of liquidation which has “first option” rights over buying Higgs’ shares. The club has until November 8 to bid.
Ms Seppala told the Observer the club was today in discussions over finalising a “conditional’ bid. It would ultimately depend on the club receiving key financial ACL information, including over an outstanding £14million council taxpayer loan to ACL.
The Higgs charity’s clerk, Peter Knatchbull-Hugessen, declined to say whether – under the first option agreement dating back to 2003 – the charity would be obliged to accept an offer via CCFC Ltd if it matched an offer tabled by Wasps, which council sources claimed is for £2.77million.
Ms Seppala, said the club via liquidator Paul Appleton was still awaiting information from Higgs about the club's rights, the council loan, a reported agreement with Wasps to extend the ACL leasehold to 250 years, and whether Higgs had first option rights over purchasing the council’s share under the latest joint venture agreement in ACL.
She added: “It’s a pretty simple list we’ve requested. We’ve done due diligence (on ACL) in the past when we made our first offer, so it’s the minimal amount of new information we need. It’s a reasonable request. I don’t know how anyone could make a bid without that information.
“Our preference would have been for 100 per cent. How does a joint venture between two unknowns operate? We would want to be sure that any insolvency of Wasps wouldn’t trigger a minimum 10-point deduction for Coventry City Football Club. I don’t want financial risk exposure to Wasps.
“Then there’s the problem of stadium revenues needed to support the club and team. That partly goes back to the Compass agreement (between ACL and catering company Compass). Has it been varied? Has it changed with Wasps? I think Wasps would have done due diligence on that in terms of the potential cash flow.
“It’s a complex situation having 50/50 but it’s not to say we can’t work it out. We would like to secure our position for as long as it takes to build a new stadium. We don’t want to jeopardise the club's financial position, when we’ve worked so hard to get to a position where it’s cash flow positive for the first time in many years.
“It provides us potentially with greater financial security over that period of four years or, if construction of new stadium were to overrun it goes beyond to five or six years, it protects us in that situation.
“I think they (Wasps) need us there, but I want to ensure we have the time to build what it is we want to build in the best interests of the club in the medium to long term.”
“I think the fans want us to have at least 50 per cent or own 100pc of the stadium company at this stage. It is a tragedy that it’s all come to this."
On the new stadium, which many fans believe will be difficult to build because of funding and planning issues, Ms Seppala said: “There are still two sites we’re looking at but we’re closing in on one. I think we’re creeping closer and closer. I’m quite hopeful by the end of the year we will have signed something – I’m hopeful.”
Fans' opinion remains divided, although many on social media believe the Ricoh Arena firm should be at least half owned by the football club it was built for, to provide vital revenues to the club.
Lifelong CCFC fan Professor Andrew Russell, head of politics at Manchester University, said: “I’ve had no confidence up to now that the people running the club have been good business people, but I don’t see a future for the club at the Ricoh if they don’t own 50pc of ACL. Success on the pitch would only make London Wasps richer.
“It seems to me not unreasonable to ask, 'Does the club have a future at the ground after the current rent deal in two or four years?' Who knows what the rental agreements will be.
“Fans’ opinion could swing to Sisu for the first time in many years. They could accept they need a smaller stadium with access to all the revenues to make a fist of running the club.
“The way the council has handled the sale to Wasps was everything that’s wrong with the tendency to obfuscate in British politics."
Sky Blues fan Alan Limb, an independent insolvency expert from BRI (Business Recovery and Insolvency) said: ""It seems what Sisu are trying to do is reasonable in requesting the information - anyone needs to know what they are buying. You would also question whether they're trying to take advantage of the situation and get information which could be useful as part of their ongoing action against the council.
"The uncertain position doesn't help anybody understand what this means for the club's future. We don't know the terms of the (first option) agreement from 2003. In usual circumstances, the party who has first option rights to purchase should be able to do so if it meets the terms of the agreement, and price. It seems the offer from Wasps is less than the £6.5m the charity originally paid for the shares to bail out the club in 2003, but the offer may reflect what the shares are worth now. If the charity does sell the shares, its trustees have to show that they have got the best deal for the charity, all things considered."
The Observer put the following questions to the council, Wasps and HIggs charity. We include their answers below:
1/ Are all parties open to CCFC acquiring Higgs' 50pc share in ACL? Please also comment on the process.
COUNCIL RESPONSE: This is a commercial matter to be decided between the parties involved.
2/ Can you confirm that the proposed price for a sale of ACL to Wasps is £2.77m for each of the council's and Higgs' share?
COUNCIL RESPONSE: No, this is commercially confidential.
3/ If this figure is matched or bettered, is Higgs obliged to accept? Please be specific.
COUNCIL RESPONSE: This is a matter for the Higgs Charity.
4/ Has the deal for the council's 50pc ACL share been signed off and completed? If not, at what point does that happen?
COUNCIL RESPONSE: Yes.
5/ Has the council's right to veto any sale of the Higgs share in ACL been transferred to Wasps? If not, when does that happen?
COUNCIL'S RESPONSE: This is commercially confidential.
6/ Does the deal approved by council depend on the Wasps obtaining Higgs' 50pc share in ACL?
COUNCIL RESPONSE: This is a commercial matter to be decided between the parties involved.
7/ Does the Wasps' business case depend on CCFC remaining at the Ricoh (a) for the next four years and (b) beyond?
COUNCIL RESPONSE: This is a matter for Wasps and ACL.
8/ What gates do Wasps expect and are there assumptions in the business case? e.g 20,000 gates, as some have claimed?
COUNCIL RESPONSE: This is a matter for Wasps and ACL.
9/ Were councillors in approving the deal aware of who the project's backers/funders are, and was due diligence completed?
COUNCIL RESPONSE: Appropriate due diligence was completed.
10/ If so, who are they? Is a property company involved?
COUNCIL RESPONSE: Commercially confidential.
11/ Is potentially losing CCFC, who do not want to rent, a threat to Coventry's economy and the north Coventry regeneration project?
COUNCIL RESPONSE: CCFC have recently signed a 4 year licence agreement to play at the Arena, which ACL is bound by. The future beyond that is a matter for CCFC to resolve, but the council have been keen to ensure as far as it can that they will be able to play at the Arena in the long term if they choose to. The Council is clear that Wasps’ relocation to the Arena will have a very positive impact on the local economy and is likely to lead to further regeneration in the near future.
12/ Is the council aware if former chairmen or directors of Coventry City such as Ray Ranson or Bryan Richardson have been involved in any way with the Wasps consortium or the project generally?
COUNCIL RESPONSE: No.
And in a rare exclusive interview with the Coventry Observer, Joy Seppala, of the club’s hedge fund lenders Sisu/Arvo, explained why - while insisting the club will press on with “medium-term” plans for a new stadium in the local area.
In theory at least, it could prompt some investigation into whether the club has any remaining prospect of obtaining a 100 per cent stake in Arena Coventry Limited instead of Wasps - amid fans' speculation that legal challenges could follow.
The club's owners say they are "frustrated" by the Higgs charity failing to release key information on the ACL business needed for the club to conduct due diligence and complete a bid. Last week, it wrote to Coventry City Council chief executive Martin Reeves calling on the council to intervene in the city's interests.
We also put key questions to the council and Alan Edward Higgs Charity concerning the sale of their Ricoh shares, with private deals and negotiations still shrouded in secrecy, to many fans’ frustration.
Coventry City Council claimed the deal unanimously approved by councillors behind closed doors on October 7 to sell its 50 per cent stake in ACL to Wasps was now completed.
But it refused to say whether it still retained the “veto” right to block any sale of Higgs’ 50 per cent to the club - or if it that right had yet been transferred to Wasps, as council sources have claimed was part of the council deal.
It leaves fans in the dark over the potential outcome for the club's bid for the Higgs shares via Coventry City Football Club Limited, a company in the final stages of liquidation which has “first option” rights over buying Higgs’ shares. The club has until November 8 to bid.
Ms Seppala told the Observer the club was today in discussions over finalising a “conditional’ bid. It would ultimately depend on the club receiving key financial ACL information, including over an outstanding £14million council taxpayer loan to ACL.
The Higgs charity’s clerk, Peter Knatchbull-Hugessen, declined to say whether – under the first option agreement dating back to 2003 – the charity would be obliged to accept an offer via CCFC Ltd if it matched an offer tabled by Wasps, which council sources claimed is for £2.77million.
Ms Seppala, said the club via liquidator Paul Appleton was still awaiting information from Higgs about the club's rights, the council loan, a reported agreement with Wasps to extend the ACL leasehold to 250 years, and whether Higgs had first option rights over purchasing the council’s share under the latest joint venture agreement in ACL.
She added: “It’s a pretty simple list we’ve requested. We’ve done due diligence (on ACL) in the past when we made our first offer, so it’s the minimal amount of new information we need. It’s a reasonable request. I don’t know how anyone could make a bid without that information.
“Our preference would have been for 100 per cent. How does a joint venture between two unknowns operate? We would want to be sure that any insolvency of Wasps wouldn’t trigger a minimum 10-point deduction for Coventry City Football Club. I don’t want financial risk exposure to Wasps.
“Then there’s the problem of stadium revenues needed to support the club and team. That partly goes back to the Compass agreement (between ACL and catering company Compass). Has it been varied? Has it changed with Wasps? I think Wasps would have done due diligence on that in terms of the potential cash flow.
“It’s a complex situation having 50/50 but it’s not to say we can’t work it out. We would like to secure our position for as long as it takes to build a new stadium. We don’t want to jeopardise the club's financial position, when we’ve worked so hard to get to a position where it’s cash flow positive for the first time in many years.
“It provides us potentially with greater financial security over that period of four years or, if construction of new stadium were to overrun it goes beyond to five or six years, it protects us in that situation.
“I think they (Wasps) need us there, but I want to ensure we have the time to build what it is we want to build in the best interests of the club in the medium to long term.”
“I think the fans want us to have at least 50 per cent or own 100pc of the stadium company at this stage. It is a tragedy that it’s all come to this."
On the new stadium, which many fans believe will be difficult to build because of funding and planning issues, Ms Seppala said: “There are still two sites we’re looking at but we’re closing in on one. I think we’re creeping closer and closer. I’m quite hopeful by the end of the year we will have signed something – I’m hopeful.”
Fans' opinion remains divided, although many on social media believe the Ricoh Arena firm should be at least half owned by the football club it was built for, to provide vital revenues to the club.
Lifelong CCFC fan Professor Andrew Russell, head of politics at Manchester University, said: “I’ve had no confidence up to now that the people running the club have been good business people, but I don’t see a future for the club at the Ricoh if they don’t own 50pc of ACL. Success on the pitch would only make London Wasps richer.
“It seems to me not unreasonable to ask, 'Does the club have a future at the ground after the current rent deal in two or four years?' Who knows what the rental agreements will be.
“Fans’ opinion could swing to Sisu for the first time in many years. They could accept they need a smaller stadium with access to all the revenues to make a fist of running the club.
“The way the council has handled the sale to Wasps was everything that’s wrong with the tendency to obfuscate in British politics."
Sky Blues fan Alan Limb, an independent insolvency expert from BRI (Business Recovery and Insolvency) said: ""It seems what Sisu are trying to do is reasonable in requesting the information - anyone needs to know what they are buying. You would also question whether they're trying to take advantage of the situation and get information which could be useful as part of their ongoing action against the council.
"The uncertain position doesn't help anybody understand what this means for the club's future. We don't know the terms of the (first option) agreement from 2003. In usual circumstances, the party who has first option rights to purchase should be able to do so if it meets the terms of the agreement, and price. It seems the offer from Wasps is less than the £6.5m the charity originally paid for the shares to bail out the club in 2003, but the offer may reflect what the shares are worth now. If the charity does sell the shares, its trustees have to show that they have got the best deal for the charity, all things considered."
The Observer put the following questions to the council, Wasps and HIggs charity. We include their answers below:
1/ Are all parties open to CCFC acquiring Higgs' 50pc share in ACL? Please also comment on the process.
COUNCIL RESPONSE: This is a commercial matter to be decided between the parties involved.
2/ Can you confirm that the proposed price for a sale of ACL to Wasps is £2.77m for each of the council's and Higgs' share?
COUNCIL RESPONSE: No, this is commercially confidential.
3/ If this figure is matched or bettered, is Higgs obliged to accept? Please be specific.
COUNCIL RESPONSE: This is a matter for the Higgs Charity.
4/ Has the deal for the council's 50pc ACL share been signed off and completed? If not, at what point does that happen?
COUNCIL RESPONSE: Yes.
5/ Has the council's right to veto any sale of the Higgs share in ACL been transferred to Wasps? If not, when does that happen?
COUNCIL'S RESPONSE: This is commercially confidential.
6/ Does the deal approved by council depend on the Wasps obtaining Higgs' 50pc share in ACL?
COUNCIL RESPONSE: This is a commercial matter to be decided between the parties involved.
7/ Does the Wasps' business case depend on CCFC remaining at the Ricoh (a) for the next four years and (b) beyond?
COUNCIL RESPONSE: This is a matter for Wasps and ACL.
8/ What gates do Wasps expect and are there assumptions in the business case? e.g 20,000 gates, as some have claimed?
COUNCIL RESPONSE: This is a matter for Wasps and ACL.
9/ Were councillors in approving the deal aware of who the project's backers/funders are, and was due diligence completed?
COUNCIL RESPONSE: Appropriate due diligence was completed.
10/ If so, who are they? Is a property company involved?
COUNCIL RESPONSE: Commercially confidential.
11/ Is potentially losing CCFC, who do not want to rent, a threat to Coventry's economy and the north Coventry regeneration project?
COUNCIL RESPONSE: CCFC have recently signed a 4 year licence agreement to play at the Arena, which ACL is bound by. The future beyond that is a matter for CCFC to resolve, but the council have been keen to ensure as far as it can that they will be able to play at the Arena in the long term if they choose to. The Council is clear that Wasps’ relocation to the Arena will have a very positive impact on the local economy and is likely to lead to further regeneration in the near future.
12/ Is the council aware if former chairmen or directors of Coventry City such as Ray Ranson or Bryan Richardson have been involved in any way with the Wasps consortium or the project generally?
COUNCIL RESPONSE: No.
Rob S
Well-Known Member
THE HIGGS CHARITY SAID:
"Many of the matters that you refer to relate to matters which are best addressed to those concerned and not the charity. No doubt they will respond as they consider appropriate and to the extent that they are willing and able to do so.
"To the extent that they relate to the charity, they concern ongoing commercial matters which are both commercially confidential and sensitive. You will readily understand therefore that the charity are either not able, or do not consider it appropriate, to respond."
NO RESPONSE WAS RECEIVED FROM WASPS.
"Many of the matters that you refer to relate to matters which are best addressed to those concerned and not the charity. No doubt they will respond as they consider appropriate and to the extent that they are willing and able to do so.
"To the extent that they relate to the charity, they concern ongoing commercial matters which are both commercially confidential and sensitive. You will readily understand therefore that the charity are either not able, or do not consider it appropriate, to respond."
NO RESPONSE WAS RECEIVED FROM WASPS.
torchomatic
Well-Known Member
he Observer put the following questions to the council, Wasps and HIggs charity. We include their answers below:
1/ Are all parties open to CCFC acquiring Higgs' 50pc share in ACL? Please also comment on the process.
COUNCIL RESPONSE: This is a commercial matter to be decided between the parties involved.
2/ Can you confirm that the proposed price for a sale of ACL to Wasps is £2.77m for each of the council's and Higgs' share?
COUNCIL RESPONSE: No, this is commercially confidential.
3/ If this figure is matched or bettered, is Higgs obliged to accept? Please be specific.
COUNCIL RESPONSE: This is a matter for the Higgs Charity.
4/ Has the deal for the council's 50pc ACL share been signed off and completed? If not, at what point does that happen?
COUNCIL RESPONSE: Yes.
5/ Has the council's right to veto any sale of the Higgs share in ACL been transferred to Wasps? If not, when does that happen?
COUNCIL'S RESPONSE: This is commercially confidential.
6/ Does the deal approved by council depend on the Wasps obtaining Higgs' 50pc share in ACL?
COUNCIL RESPONSE: This is a commercial matter to be decided between the parties involved.
7/ Does the Wasps' business case depend on CCFC remaining at the Ricoh (a) for the next four years and (b) beyond?
COUNCIL RESPONSE: This is a matter for Wasps and ACL.
8/ What gates do Wasps expect and are there assumptions in the business case? e.g 20,000 gates, as some have claimed?
COUNCIL RESPONSE: This is a matter for Wasps and ACL.
9/ Were councillors in approving the deal aware of who the project's backers/funders are, and was due diligence completed?
COUNCIL RESPONSE: Appropriate due diligence was completed.
10/ If so, who are they? Is a property company involved?
COUNCIL RESPONSE: Commercially confidential.
11/ Is potentially losing CCFC, who do not want to rent, a threat to Coventry's economy and the north Coventry regeneration project?
COUNCIL RESPONSE: CCFC have recently signed a 4 year licence agreement to play at the Arena, which ACL is bound by. The future beyond that is a matter for CCFC to resolve, but the council have been keen to ensure as far as it can that they will be able to play at the Arena in the long term if they choose to. The Council is clear that Wasps’ relocation to the Arena will have a very positive impact on the local economy and is likely to lead to further regeneration in the near future.
12/ Is the council aware if former chairmen or directors of Coventry City such as Ray Ranson or Bryan Richardson have been involved in any way with the Wasps consortium or the project generally?
COUNCIL RESPONSE: No.
THE HIGGS CHARITY SAID:
"Many of the matters that you refer to relate to matters which are best addressed to those concerned and not the charity. No doubt they will respond as they consider appropriate and to the extent that they are willing and able to do so.
"To the extent that they relate to the charity, they concern ongoing commercial matters which are both commercially confidential and sensitive. You will readily understand therefore that the charity are either not able, or do not consider it appropriate, to respond."
NO RESPONSE WAS RECEIVED FROM WASPS.
Read more: Joy Seppala speaks over Coventry City Ricoh bid against Wasps | Coventry Observer
1/ Are all parties open to CCFC acquiring Higgs' 50pc share in ACL? Please also comment on the process.
COUNCIL RESPONSE: This is a commercial matter to be decided between the parties involved.
2/ Can you confirm that the proposed price for a sale of ACL to Wasps is £2.77m for each of the council's and Higgs' share?
COUNCIL RESPONSE: No, this is commercially confidential.
3/ If this figure is matched or bettered, is Higgs obliged to accept? Please be specific.
COUNCIL RESPONSE: This is a matter for the Higgs Charity.
4/ Has the deal for the council's 50pc ACL share been signed off and completed? If not, at what point does that happen?
COUNCIL RESPONSE: Yes.
5/ Has the council's right to veto any sale of the Higgs share in ACL been transferred to Wasps? If not, when does that happen?
COUNCIL'S RESPONSE: This is commercially confidential.
6/ Does the deal approved by council depend on the Wasps obtaining Higgs' 50pc share in ACL?
COUNCIL RESPONSE: This is a commercial matter to be decided between the parties involved.
7/ Does the Wasps' business case depend on CCFC remaining at the Ricoh (a) for the next four years and (b) beyond?
COUNCIL RESPONSE: This is a matter for Wasps and ACL.
8/ What gates do Wasps expect and are there assumptions in the business case? e.g 20,000 gates, as some have claimed?
COUNCIL RESPONSE: This is a matter for Wasps and ACL.
9/ Were councillors in approving the deal aware of who the project's backers/funders are, and was due diligence completed?
COUNCIL RESPONSE: Appropriate due diligence was completed.
10/ If so, who are they? Is a property company involved?
COUNCIL RESPONSE: Commercially confidential.
11/ Is potentially losing CCFC, who do not want to rent, a threat to Coventry's economy and the north Coventry regeneration project?
COUNCIL RESPONSE: CCFC have recently signed a 4 year licence agreement to play at the Arena, which ACL is bound by. The future beyond that is a matter for CCFC to resolve, but the council have been keen to ensure as far as it can that they will be able to play at the Arena in the long term if they choose to. The Council is clear that Wasps’ relocation to the Arena will have a very positive impact on the local economy and is likely to lead to further regeneration in the near future.
12/ Is the council aware if former chairmen or directors of Coventry City such as Ray Ranson or Bryan Richardson have been involved in any way with the Wasps consortium or the project generally?
COUNCIL RESPONSE: No.
THE HIGGS CHARITY SAID:
"Many of the matters that you refer to relate to matters which are best addressed to those concerned and not the charity. No doubt they will respond as they consider appropriate and to the extent that they are willing and able to do so.
"To the extent that they relate to the charity, they concern ongoing commercial matters which are both commercially confidential and sensitive. You will readily understand therefore that the charity are either not able, or do not consider it appropriate, to respond."
NO RESPONSE WAS RECEIVED FROM WASPS.
Read more: Joy Seppala speaks over Coventry City Ricoh bid against Wasps | Coventry Observer
J
Jack Griffin
Guest
I see the council are being as open as SISU usually are.. I'd say Ms Seppala is reaping what she has sown.
letsallsingtogether
Well-Known Member
Fuck me they go on about Due Diligence, would't trust any of them charlatans the lot of them.
Should bring back hanging for Traitors.
letsallsingtogether
Well-Known Member
So what is new Sisu have done this and are still doing this.
We have waited nearly 2 years to find out where our new Pokey Ground is going to be,
What is it Tim keeps saying???
We have waited nearly 2 years to find out where our new Pokey Ground is going to be,
What is it Tim keeps saying???
lewys33
Well-Known Member
My response is a matter for Wasps, ACL and a whale's vagina.
Terry Gibson's perm
Well-Known Member
5 to 6 years now my word do we have to look at that smug b####rd Fisher for that long
Also not sure about the fans wanting them to own it they want the club to own it but not Sisu
SkyBlue_Bear83
Well-Known Member
So they want 50% but still want to build a new stadium even if they get 50%, is that what's being said here?
J
Jack Griffin
Guest
It is nonsense isn't it. Do they really think Wasps & AEHC will let SISU cream a % of any increase in value due to the new owners?
skybluetony176
Well-Known Member
2 things.
1) It wasn't a Council tax payers loan.
2) Wouldn't you think she'd understand the loan already given the JR debacle? Maybe that explains why she thought the JR was a good idea in the first place?
1) It wasn't a Council tax payers loan.
2) Wouldn't you think she'd understand the loan already given the JR debacle? Maybe that explains why she thought the JR was a good idea in the first place?
SkyBlueSid
Well-Known Member
This is what makes no sense to me and makes Seppala look like a complete fool.
Surely they are still planning their own Fantasy Park somewhere in the Coventry area. So why would they want to own 50% of the stadium where they are only planning to play for the next 3.5 seasons? It is utterly bonkers.
In reality it just confirms that Seppala knows there is no new ground. Even if they bought land tomorrow and submitted plans next Monday the planning process, appeals, enquiries and build time would mean it would not be ready for August 2018. She has painted herself into a corner and owning 50% of the Ricoh is all she can hope for. If they fail to get the 50% then they have used up Plan A and Plan B. So what is Plan C?
What I cannot see is how the almost-liquidated CCFC company can actually exercise the right to the option when they by definition have no assets. Sisu putting money into that company to buy the shares surely cannot be legal as it must have other liabilities. Can anyone clear this up?
J
Jack Griffin
Guest
Sorry, commercial confidentiality applies.
italiahorse
Well-Known Member
Anybody else sick to death of this Sisu crap?
SISU listen .... "Build the stadium and you kill the club".
Tossers !!!
SISU listen .... "Build the stadium and you kill the club".
Tossers !!!
SkyblueBri
Well-Known Member
I would have thought that the company that is in liquidation would first have to be taken out of this process with all monies paid, before any new money could be used by that company to purchase this 50%
italiahorse
Well-Known Member
I suspect this. You can't just start the same company up, forget the previous debts and then start buying as if nothing had happened......... Surely ?
italiahorse
Well-Known Member
Wasps must be laughing their socks off listening to these incompetent idiots.
I feel we have no chance of Wasps working with SISU based on their history of court cases and double dealing.
Again CCFC and us fans are just collateral damage.
RoboCCFC90
Well-Known Member
No answers from the Council or Higgs and I expected that.. Transparency is shocking..
Wasps don't seem to eager to comment which isn't helpful
Not surprised by what Seppala said and actually it all makes sense and with respect to the bidding for the Higgs share of ACL, a reasonable request..
Some come on then Higgs we are waiting...
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Wasps don't seem to eager to comment which isn't helpful
Not surprised by what Seppala said and actually it all makes sense and with respect to the bidding for the Higgs share of ACL, a reasonable request..
Some come on then Higgs we are waiting...
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J
Jack Griffin
Guest
Robbo, SISU are going to be black balled.. no one will deal with them if at all possible.. that is the way I see it.. this story is just Les Reid writing some PR for Joy, that is all.
That is my opinion on the situation...
RoboCCFC90
Well-Known Member
Opinion be it may, i hope Higgs come back with the information, let the Club make the move..
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The Lurker
Well-Known Member
FFS - sisu have had years to buy the Ricoh, why haven't they? This piece is so pro sisu and anti council it's scary. You don't see Rob S for days then appears once a anti council piece emerges. Done in partnership with the observer and rob helps? All much of a coincidence
thegameaintstraight
New Member
Absolutely correct though I would go further. They that sow the wind shall reap the whirlwind. A warning that we must expect to suffer serious consequences as the result of our own bad actions.
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RoboCCFC90
Well-Known Member
Rob S is not Pro Sisu or Anti Council, that I can ensure you..
It'a only a coincidence if you look to piece that puzzle in such a way..
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J
Jack Griffin
Guest
In your opinion do you think they will?
RoboCCFC90
Well-Known Member
If the information that they require from Higgs is available and provided to them I would say yes they will.
I don't see a reason why the Club (or Sisu) wouldn't want this share as it provides much needed revenues for a knockdown price.
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ccfc1234
Well-Known Member
I agree that talking about a new stadium as well as the 50% does seem crazy. But she is in negotiations and does not want to completely reveal her hand.
Would you when buying something a person wants to sell not want a crutch to use that you could lean on in negotiations?
I rate Joy as a business person but dont like what she has done in the pursuit of business objectives to CCFC.
The sooner we get on and own 50% the better with a long term aim of getting Wasps 50% cheap when the city of Coventry votes with its feet on Wasps rugby club.
Wasps will return to their fans in London we get the other 50% for a good price. Great news all round.
Would you when buying something a person wants to sell not want a crutch to use that you could lean on in negotiations?
I rate Joy as a business person but dont like what she has done in the pursuit of business objectives to CCFC.
The sooner we get on and own 50% the better with a long term aim of getting Wasps 50% cheap when the city of Coventry votes with its feet on Wasps rugby club.
Wasps will return to their fans in London we get the other 50% for a good price. Great news all round.
The Lurker
Well-Known Member
You sure? Just look at recent posts. He hasn't been on for days then appears on this thread which is very pro sisu, much the same as his posts. Come on no-one on here are that thick not to see the coincidence. Rarely posts about the football just about politics
The Lurker
Well-Known Member
If they wanted the Ricoh they would have by now! Quite simple. Instead they wanted to bully ACL/council and now it's backfired.
RoboCCFC90
Well-Known Member
Or obtain information that's cosmetically sensitive, surely if you were buying something for a price you'd want to know all that your purchasing?
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RoboCCFC90
Well-Known Member
I stand by what I said in my previous post, people have perceptions of other posters I but believe this to be inaccurate.
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J
Jack Griffin
Guest
Not what I asked, do you think Higgs will provide SISU any information. I do not.
Astute
Well-Known Member
Does it? Including the crap about moving in on land for a stadium?
Yes SISU should get information about what is needed, for instance what would they get for their money. But it could also be that they are looking for an excuse for not bidding.