Its Time the Higgs Charity Remembered it's Loyalties (5 Viewers)

[Nick]

Yeah, you can set up some conspiracy theories.

SISU get the share, Wasps decide they can't be bothered with this and pull out... we now know how much the place is worth on a long lease, can stop the nonsense about it being worth £60million, and instead a nice normal deal can be worked out;

Wasps decide they can't be bothered, and sell their 50% straight off to SISU and retreat back to London. Everyone's a winner.

Or there's always the reality... it's all a pile of steaming bollocks.

I still think that the Wasps bloke is going to take off his mask scooby doo style and be Joy once it is all complete.

 

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[letsallsingtogether]

And that is probably why sisu put that part into the deal, they know no one with any common sense will take them up on that.

Is dont think they will make that mistake twice. SISU's offer involves working close with them personally.

 

[Samo]

Fully agree they should be totally focused on raising the most money to spend on the deprichildren of Coventry.

Do you agree with me if SISU have offered more cash up front they should accept it?

Then spend it on the people of Coventry

Yes I do. I believe if they have offered the same amount Higgs should be bound to accept it. What is the point of having contractual first dibs if it means fuck all?

 

[CCFC PimpRail]

Can't see the sharing thing working, what if they decided to share the name...? Half of a photocopier maker and half of JLR and you've got the "Ricover" Stadium....

 

[italiahorse]

They ultimately have no choice - they will be selling to wasps whatever they want to do

Utter drivel.

I agree with G on this.
It's just dotting the i's and crossing the t's I'm afraid so SISU cannot make a legal challenge.

Nobody want's SISU I'm afraid. They have burnt all their bridges and Wasps wouldn't want to work with them .

IMHO

 

[olderskyblue]

Yeah, you can set up some conspiracy theories.

SISU get the share, Wasps decide they can't be bothered with this and pull out... we now know how much the place is worth on a long lease, can stop the nonsense about it being worth £60million, and instead a nice normal deal can be worked out;

Wasps decide they can't be bothered, and sell their 50% straight off to SISU and retreat back to London. Everyone's a winner.

Or there's always the reality... it's all a pile of steaming bollocks.

The point was that SISU owning 50% would cause paralysis, which I agree with, hence the reason they won't get it. The way SISU have acted over the years, I don't think them wanting half to cause paralysis is too far fetched really. It would seem to fit with their way of doing things.

 

[Rusty Trombone]

I agree with G on this.
It's just dotting the i's and crossing the t's I'm afraid so SISU cannot make a legal challenge.

Nobody want's SISU I'm afraid. They have burnt all their bridges and Wasps wouldn't want to work with them .

IMHO

G thinks Higgs are being forced to sell against their will, is that what you're agreeing with?

 

[Kingokings204]

Does seem to just be going through the motions to a 100% wasps takeover. We really need and obviously want the 50% regardless of what Tim says so I just hope sisu come good for once and manage to get 1 deal done against all the odds.

 

[Bennets Afro]

we ain't going to get the 50%. The council and Higgs have said they want wasps to have it. Sisu need to go through the motions to say they tried

 

[Grendel]

G thinks Higgs are being forced to sell against their will, is that what you're agreeing with?

Once the council agreed to sell their half on a 250 year leasehold for half the price Higgs wanted yes they had no option. Their shares had been devalued over night.

 

[italiahorse]

G thinks Higgs are being forced to sell against their will, is that what you're agreeing with?

They want them away at the best price they can get.
CCC price reflects the value Higgs could get but they might get a premium as they hold the final hand.
They still want them away and they will always be going to Wasps. Mark my words.

 

[Samo]

Once the council agreed to sell their half on a 250 year leasehold for half the price Higgs wanted yes they had no option. Their shares had been devalued over night.

What has the value of the shares to do with who they sell to? Assuming they are offering the same sum.

 

[Rusty Trombone]

Once the council agreed to sell their half on a 250 year leasehold for half the price Higgs wanted yes they had no option. Their shares had been devalued over night.

Higgs could have used their veto if they didn't want the deal to happen.

They are being offered more for their shares now than SISU guaranteed to pay previously.

 

[Rusty Trombone]

They want them away at the best price they can get.
CCC price reflects the value Higgs could get but they might get a premium as they hold the final hand.
They still want them away and they will always be going to Wasps. Mark my words.

I don't doubt for a moment that wasps will get them, that is not the question here, do you think Higgs are selling of their free will, or are they being forced to sell against their wishes?

 

[James Smith]

Yes I do. I believe if they have offered the same amount Higgs should be bound to accept it. What is the point of having contractual first dibs if it means fuck all?

With the same terms obviously because we all know thanks to the court case what a mess that proved to be when they offered some cash up front with the rest in installments.

If we wanted to buy the higgs share then we should have done so ages ago, we shouldn't have waited this long. Ray with his grand plans should have understood that we needed to (and still do) get the financial side of things in order first, that included wages and the rent.

 

[Deleted member 5849]

Higgs could have used their veto if they didn't want the deal to happen.

They could.

Of course the wider political game gives CCC the whip hand however. Given the nature of what Higgs are, they need to co-operate with the council on projects far far removed from the Ricoh and CCFC, so if they want their other interests to go smoothly, they'd probably be left with no choice.

That said, if they really didn't want this deal to happen, there are ways it could have been presented to show that Higgs were against the sale...

 

[Bill Glazier]

...to the people of Coventry (us) and not to a London Sports franchise who rocked up five minutes ago. Have they forgotten why they were set up and for who?
We will be sitting in that stadium long after SISU have departed, it would be quite nice if a Coventry club owned it.
They, and anyone holding the right to veto need to get past their hatred of SISU and offer our club a future, and SISU a way out.

But they'll not be selling to CCFC, no Coventry club will own it. It'll be in the hands of a hedge fund subsidiary in the Cayman Islands.

 

[Rusty Trombone]

They could.

Of course the wider political game gives CCC the whip hand however. Given the nature of what Higgs are, they need to co-operate with the council on projects far far removed from the Ricoh and CCFC, so if they want their other interests to go smoothly, they'd probably be left with no choice.

That said, if they really didn't want this deal to happen, there are ways it could have been presented to show that Higgs were against the sale...

The Council benefit from Higgs more than the other way around.

 

[James Smith]

Higgs could have used their veto if they didn't want the deal to happen.

Why would the Higgs use their veto though, who would they be saving the ACL lease for? We were saying we didn't want it because of the New Stadium we're going to build (honest guv!) and were probably still in Northampton whilst they were being approached about their share. This was a way for them to get out after we'd said no, and we'd rather play at SIxfields thank you very much.

They are being offered more for their shares now than SISU guaranteed to pay previously.

Thanks to the Court Case we know that they are being offered more than was ever offered as a lump sum, but they were offered more for the share in total at one stage. It was just that they wanted this as one lump sum rather than one smaller lump and then installment payments for the rest.

 

[Jack Griffin]

Higgs could have used their veto if they didn't want the deal to happen.

They are being offered more for their shares now than SISU guaranteed to pay previously.

Good point, I don't think it is the deal they wanted, but I think they've decided to get out while they can.

Ultimately SISU have either turned everyone against them or made them decide not to work with them. Good strategy innit!

 

[Grendel]

But they'll not be selling to CCFC, no Coventry club will own it. It'll be in the hands of a hedge fund subsidiary in the Cayman Islands.

Wasps will mor own it. It will be owned by a hedge fund subsidiary in Malta.

So your point is?

 

[Rusty Trombone]

Why would the Higgs use their veto though, who would they be saving the ACL lease for? We were saying we didn't want it because of the New Stadium we're going to build (honest guv!) and were probably still in Northampton whilst they were being approached about their share. This was a way for them to get out after we'd said no, and we'd rather play at SIxfields thank you very much.

Thanks to the Court Case we know that they are being offered more than was ever offered as a lump sum, but they were offered more for the share in total at one stage. It was just that they wanted this as one lump sum rather than one smaller lump and then installment payments for the rest.

I think we are in agreement for point 1, there is no evidence whatsoever that Higgs are selling against their wishes.

There was no security offered for them getting the future payments, and the offer was based on the premise that SISU could buy the loan from the bank for a maximum of £5m, in reality it was a non offer.

 

[Samo]

But they'll not be selling to CCFC, no Coventry club will own it. It'll be in the hands of a hedge fund subsidiary in the Cayman Islands.

Rather than Wasps who are Cov through and through.

 

[Grendel]

I think we are in agreement for point 1, there is no evidence whatsoever that Higgs are selling against their wishes.

There was no security offered for them getting the future payments, and the offer was based on the premise that SISU could buy the loan from the bank for a maximum of £5m, in reality it was a non offer.

Do you know if the Maltese Hedge Fund is paying up front or in instalments?

 

[letsallsingtogether]

Yes waiting for sisu to pay the rent.

Do you know if the Maltese Hedge Fund is paying up front or in instalments?

 

[Rusty Trombone]

Do you know if the Maltese Hedge Fund is paying up front or in instalments?

No.

 

[Bill Glazier]

That neither of these charlatans should have been allowed anyway near any club or any ground.

 

[Samo]

That neither of these charlatans should have been allowed anyway near any club or any ground.

What? Who?