Bid Tabled for Ricoh from CCFC (5 Viewers)

[Nick]

Coventry City have today tabled a 'conditional' bid for joint ownership of the Ricoh Arena company with rugby club Wasps, we can reveal.The Observer revealed last week the club was in detailed discussions over finalising the conditional bid for the 50 per cent share in Arena Coventry Limited owned by the Alan Edward Higgs Charity, for which Wasps are believed to have offered £2.77m.

We have learned that, after a week of further discussions with lawyers, the bid was today sent to CCFC Ltd liquidator Paul Appleton and he is expected to formally complete the bid in time for Saturday's deadline.

Joy Seppala, of the club’s hedge fund lenders Sisu/Arvo, told the Observer last week the intention was to make a "conditional" bid - while pressing on with “medium-term” plans for a new stadium in the local area.

She said the bid - under a 2003 agreement which gives the club first option rights on purchasing the shares - was conditional on the Sky Blues receiving important ACL business information from the Higgs charity.

It is not yet known if there will be any legal challenge by the club to the Higgs charity blocking the release of that ACL business information.

The information requested includes details of a £14million council loan to ACL, 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.

The Sky Blues' future remains uncertain as the owners insist they cannot continue as Ricoh tenants, and must maximise commercial revenue from a stadium to be sustainable.

Coventry City Council says 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 has refused to confirm whether it still retained the “veto” right to block any sale of Higgs’ 50 per cent to the club - or if it that right has now been transferred to Wasps, as council sources have claimed was part of the council deal.

The Higgs charity’s clerk, Peter Knatchbull-Hugessen, declined last week to say whether – under the first option agreement – the charity would be obliged to accept an offer via CCFC Ltd if it matched an offer tabled by Wasps

Read more: Coventry City table bid for Ricoh Arena | Coventry Observer

Link - http://www.coventryobserver.co.uk/2...ry-City-table-bid-for-Ricoh-Arena-120327.html

 

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[ecky]

Joy Seppala, of the club’s hedge fund lenders Sisu/Arvo, told the Observer last week the intention was to make a "conditional" bid - while pressing on with “medium-term” plans for a new stadium in the local area.

Still want to build a new ground!!
Why bother buying the 50% then?

 

[Cheshire Sky Blue]

I see its Joys PR Manager Les Reid at the key board again.:jerkit::blue:

 

[Otis]

50% each is the perfect conclusion to the situation we now find ourselves in.

 

[Samo]

Joy Seppala, of the club’s hedge fund lenders Sisu/Arvo, told the Observer last week the intention was to make a "conditional" bid - while pressing on with “medium-term” plans for a new stadium in the local area.

Still want to build a new ground!!
Why bother buying the 50% then?

Because whether or not they plan to build (which they don't) it's a fucking bargain!

 

[lewys33]

50% each is the perfect conclusion to the situation we now find ourselves in.

Agreed. But it is conditional on them receiving information which they know they wont get. Everyone can just fuck off IMO.

 

[letsallsingtogether]

Would you give them information on something they are taking you to court on?
They know they won't get it so owning half the Rich is out of the question, no wonder she still insists that she wants her own ground.

Agreed. But it is conditional on them receiving information which they know they wont get. Everyone can just fuck off IMO.

 

[Kingokings204]

You want to buy 50% of something you claim to not want anything to do with and building your own stadium in 4 years. Pull the other one.

Another Classic article from everyone's favourite journalist. Tbf at least it's a bit more unbiased than the last article he published so credit where credits due.

Glad we have bid for it and obviously we need this 50% to go forward and secure long term future at the Ricoh.

 

[Kingokings204]

Would you give them information on something they are taking you to court on?
They know they won't get it so owning half the Rich is out of the question, no wonder she still insists that she wants her own ground.

You still think ccfc have no chance LAST? Shame isn't it

 

[covcity4life]

if wasps or council veto it can sisu take them to court? i mean wasps vetoing any sale but to themselves must be against law? hope so anyway

as for the information, they better give it to sisu,and sisu better not use it as a silly excuse.

 

[shy_tall_knight]

Surprised if higgs entertain a bid from SISU, surprised if WASPS are willing to share, conditional is a bit too woolly for me, if they are expected to bid with limited information then they know what it was like bidding for the CCFC company that was in receivership - what goes around comes around - having said this I still want ccfc to get the 50% we are doomed without it.

 

[James Smith]

Agreed. But it is conditional on them receiving information which they know they wont get. Everyone can just fuck off IMO.

Very confused about this but if they need information to bid could they not ask Mr Appleton to ask for it for them? As he is the person with the first dibs option under his control, would he not be entitled to the information if a bid is put in (which it sounds like it is) under this option. Also it sounds to me and this is only a personal opinion like they could be looking at whether if they did buy the Higgs share they can then veto Wasps purchase. The problem is that's already gone through hasn't it and so there's nothing left for the owner of the Higgs share to veto, except perhaps Wasps selling on their share.

 

[italiahorse]

You still think ccfc have no chance LAST? Shame isn't it

Would you deal with SISU management ?

I think this is just a legal formality.
50% would be my preferred option but it will never happen with the continuing JR appeal(s) and the even more idiotic talk of a new stadium.

 

[shmmeee]

if wasps or council veto it can sisu take them to court? i mean wasps vetoing any sale but to themselves must be against law? hope so anyway

as for the information, they better give it to sisu,and sisu better not use it as a silly excuse.

They've asked for the info to help their JR appeal. I'd assume that any bid would involve due dilligence on the accounts so even mentioning it is a bit weird IMO.

Anyway, couldn't give a shit. Yet more spin and bollocks that doesn't change the shit on the pitch.

 

[italiahorse]

Very confused about this but if they need information to bid could they not ask Mr Appleton to ask for it for them? As he is the person with the first dibs option under his control, would he not be entitled to the information if a bid is put in (which it sounds like it is) under this option. Also it sounds to me and this is only a personal opinion like they could be looking at whether if they did buy the Higgs share they can then veto Wasps purchase. The problem is that's already gone through hasn't it and so there's nothing left for the owner of the Higgs share to veto, except perhaps Wasps selling on their share.

Don't understand the CCFC Ltd Liquidation status, but I would have thought that CCFC Ltd would need a cash injection to be able to make a bid.
If that happens doesn't the outstanding debts need to be paid first ?

 

[SIR ERNIE]

They've asked for the info to help their JR appeal. I'd assume that any bid would involve due dilligence on the accounts so even mentioning it is a bit weird IMO.

Anyway, couldn't give a shit. Yet more spin and bollocks that doesn't change the shit on the pitch.[/QUOTE]


Couldn't agree more.

 

[covcity4life]

if sisu are doing it just for insider info its probably a non starter

things will NEVER get better for this club.

 

[Nick]

They've asked for the info to help their JR appeal. I'd assume that any bid would involve due dilligence on the accounts so even mentioning it is a bit weird IMO.

Anyway, couldn't give a shit. Yet more spin and bollocks that doesn't change the shit on the pitch.

Can new evidence / info be given for the JR stuff? I thought that it goes on what was known at the time and new stuff couldn't be used, how does it work?

 

[Samo]

Surprised if higgs entertain a bid from SISU, surprised if WASPS are willing to share, conditional is a bit too woolly for me, if they are expected to bid with limited information then they know what it was like bidding for the CCFC company that was in receivership - what goes around comes around - having said this I still want ccfc to get the 50% we are doomed without it.

It's only a conditional bid because they've not been supplied with the info they requested and I imagine if the bid is turned down on the grounds that it is conditional that will be when the legals start.

 

[Evo1883]

Whatever happens happens , thats all i can say about this rabble these days , no point getting any kind of hope up tbh

 

[skybluetony176]

if sisu are doing it just for insider info its probably a non starter

things will NEVER get better for this club.

Not if SISU are here. Let's face it. When it comes to buying the Ricoh SISU are the short fat bespectacled kid at the back of a group that's always last to get picked because everyone knows he's a liability.

 

[covcity4life]

Not if SISU are here. Let's face it. When it comes to buying the Ricoh SISU are the short fat bespectacled kid at the back of a group that's always last to get picked because everyone knows he's a liability.

jordan clarke has gone, can we move on please?

 

[chiefdave]

Is it not the case that Wasps can veto a sale to SISU? If so it's a waste of time isn't it?

 

[skybluetony176]

Is it not the case that Wasps can veto a sale to SISU? If so it's a waste of time isn't it?

No one knows at this moment in time.

 

[James Smith]

Is it not the case that Wasps can veto a sale to SISU? If so it's a waste of time isn't it?

No one knows who has the council veto (see the article), so no one knows if Wasps can veto anything.

 

[AndreasB]

I see you Council/Wasps arse lickers have all jumped in with your usual completely first thought that comes into your head conclusions - its either bullshit or a Les Reid conspiracy apparently.

 

[skybluetony176]

I see you Council/Wasps arse lickers have all jumped in with your usual completely first thought that comes into your head conclusions - its either bullshit or a Les Reid conspiracy apparently.

Unlike your measured well thought out response.

 

[albatross]

Last drink at last chance saloon.

How as a member of the board could you would vote for a solvent company with investors and business plan (ACL) to have 50% sold to CCFC ltd a company in administration and going through the liquidation process.

How could the board of ACL approve the sale and bring on board an insolvent company thereby raising the possibility of ACL being distressed again by a SISU company?

This will not be approved. Tried to distress ACL to get control and were outflanked.

Just a process thing to minimise the risk / limit of any legal action.

 

[shy_tall_knight]

Hi Andreas well done for the protests at Sixfields I'm sure that's why the club returned. I don't get the feeling that its bullshit or conspiracy, from the other posters on this, I get a feeling that Cov fan's aren't confident that it will succeed and that SISU have burned too many bridges with ACL etc.. But whilst we languish in the lower leagues there will plenty of court cases to talk about from the team that batter people in court - well some of the time.

 

[The Lurker]

http://www.coventrytelegraph.net/news/coventry-news/breaking-sky-blues-eleventh-hour-bid-8062786

Would this mean that sisu won't own the ground but ccfc ourselves? If so that would be perfect? Aslong as sisu don't get there hands on it?

 

[Godiva]

Can new evidence / info be given for the JR stuff? I thought that it goes on what was known at the time and new stuff couldn't be used, how does it work?

I looked into that last week:

This is from InBrief.co.uk:

http://www.inbrief.co.uk/civil-court/civil-court-appeal.htm


The court of appeal may receive fresh evidence only if it is satisfied that such evidence:

• Could not have been obtained with reasonable diligence for use at the hearing;
• Would probably have an important influence on the result of the case; and
• Is apparently credible.

So maybe they could be granted permission to bring new evidence to the appeal?

 

[Skyblueweeman]

50% each is the perfect conclusion to the situation we now find ourselves in.

I would say most preferable as opposed to perfect Otis.

 

[Skyblueweeman]

if sisu are doing it just for insider info its probably a non starter

things will NEVER get better for this club.

That's the spirit.

 

[AndreasB]

Hi Andreas well done for the protests at Sixfields I'm sure that's why the club returned. I don't get the feeling that its bullshit or conspiracy, from the other posters on this, I get a feeling that Cov fan's aren't confident that it will succeed and that SISU have burned too many bridges with ACL etc.. But whilst we languish in the lower leagues there will plenty of court cases to talk about from the team that batter people in court - well some of the time.

Oh lets link a lot of unrelated things and justify your SISU hate.

 

[Skyblueweeman]

Is it not the case that Wasps can veto a sale to SISU? If so it's a waste of time isn't it?

The whole Ricoh Arena might be more profitable with 50%/50% ownership of two clubs as opposed to 100% from one.