ACL chairman forced to resign (2 Viewers)

[SlowerThanPlatt]

Mystery surrounds the position of one of the men responsible for Coventry City FC’s return to the Ricoh Arena.
Chris Robinson, chairman of Ricoh Arena operating firm ACL, has been asked to resign from his position, the Telegraph understands.


Mr Robinson took part in marathon negotiations with Sky Blues chief executive Steve Waggott in the summer as the pair worked to find a solution which allowed Coventry City to return to their Ricoh Arena home in September.


But the Telegraph has learnt Mr Robinson was asked to resign by a third party on the same day Premiership rugby side Wasps completed the purchase of Coventry City Council’s 50 per cent stake in ACL.


His profile on the Ricoh Arena website, which previously listed him as independent chairman of ACL, also appears to have been removed.


Wasps would not comment on whether Mr Robinson was still the chairman of ACL or if they had already replaced him with their own choice.
When asked if he was currently the chairman of ACL, or if he was in dispute over his future with Wasps, Mr Robinson said he was unable to comment.


The apparent change comes after Wasps and the Alan Edward Higgs Charity, which currently owns the other half share of ACL, signed a ‘special resolution’.
The document, lodged with Companies House on October 8, gives the chairman of ACL a ‘casting vote’ in the event of a split vote from its board members on any issue.


If Wasps have appointed their own chairman, it could be crucial as the Higgs Charity goes through the final stages of selling off its ACL shares.
Coventry City’s owners Sisu have lodged a bid for the charity’s shares, as have Wasps.


It could mean Wasps would have a casting vote, through the chairman, over any potential sale of the charity’s shares to a third party.

That would effectively give Wasps the right of veto over any purchase of the charity’s shares.


The Higgs Charity is expected to make a decision on a bid from Sisu for its shares this week.
It was obliged to listen to Sisu’s offer because CCFC Ltd – a company in the final stages of liquidation but still part of the Sisu family – has historical first option rights to purchase the charity’s shares.


The agreement dates back to 2003 when the charity bought the football club’s half of ACL for £6.5million.
Sky Blues chairman Tim Fisher described Sisu’s offer as “very generous” last week, indicating it also included a commitment to work with the charity on community projects.


Wasps’ bid is understood to be for £2.77million, the same amount the club paid the city council for their shares in ACL.
Coventry City Council still owns the freehold of the Ricoh Arena site.


http://www.coventrytelegraph.net/news/coventry-news/ricoh-arena-chairman-been-axed-8086002

 

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[SimonGilbert]

This might answer some of the questions around any power of veto.

Here's a potential scenario:

Higgs accept CCFC's bid as its higher than Wasps'. They may be obliged to as they're a charity.

But the new ACL chairman overrules the acceptance in favour of Wasps' bid.

That covers Higgs from any legal challenge and Wasps get what they want.

Of course, that's just speculation.

EDIT :
Have received this clarification this morning. It certainly clears up the power of veto issue. Wasps would have to agree to any sale.

"The Board of ACL, and thus its Chairman, have no say whatsoever over the sale of shares by a shareholder in the company. Shares in any company are sold by the people that own the shares. The shares in ACL are owned 50/50 by Wasps and the AEHC. The shareholders can sell their shares but each shareholder has a right to approve the purchaser of the other shareholder’s shares. ACL and its Board have no say in this at all."

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[Seaside-Skyblue]

Doesn't really sound like the club have a hope in hell then.

 

[Moff]

Whichever way you look at it, we are truly f*cked.

 

[lordsummerisle]

As expected, a right stitch-up from the start.

 

[stupot07]

This might answer some of the questions around any power of veto.

Here's a potential scenario:

Higgs accept CCFC's bid as its higher than Wasps'. They may be obliged to as they're a charity.

But the new ACL chairman overrules the acceptance in favour of Wasps' bid.

That covers Higgs from any legal challenge and Wasps get what they want.

Of course, that's just speculation.


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Simon. So we know who actually bought the 50% stake in ACL - is it wasps RFC or the company that owns wasps RFC?

And in the above scenario, does the Higgs have power to refuse to sell the 50% to wasps?

Which third parter asked the chairman to resign?

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[Moff]

As expected, a right stitch-up from the start.

Yeah overseen by Ann 'True Sky Blue, its all about me' Lucas.

 

[DaleM]

Did anyone really expect any different ?

 

[Ian1779]

What makes no sense is that if ACL knew the deal with Wasps was coming, why did they let him negotiate a return to the Ricoh knowing full well he'd be out on his arse weeks later.

Cheers Ann... you c**t.

 

[theferret]

Did anyone really expect any different ?

Not really, but all this political maneuvering and underhand stuff is just tiresome. Can't think of anyone who comes out of this with any credit.

 

[SimonGilbert]

Simon. So we know who actually bought the 50% stake in ACL - is it wasps RFC or the company that owns wasps RFC?

And in the above scenario, does the Higgs have power to refuse to sell the 50% to wasps?

Which third parter asked the chairman to resign?

Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors

Special resolution was signed by London Wasps Holdings Ltd. They are the 50% stakeholder.

Higgs wouldn't have to accept a bid for their shares, but they've made it pretty clear they want to sell to Wasps. They've already agreed the deal.

A "third party" asked him to resign. I couldn't confirm who that was.


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[wingy]

What makes no sense is that if ACL knew the deal with Wasps was coming, why did they let him negotiate a return to the Ricoh knowing full well he'd be out on his arse weeks later.

Cheers Ann... you c**t.

might have something to do with the decision to finally sell to wasps coming after CCFC's ridiculous request for a one year deal when they entered talks?

 

[Deleted member 5849]

A "third party" asked him to resign. I couldn't confirm who that was.

Will you tap your nose three times if we guess right?

 

[SimonGilbert]

Will you tap your nose three times if we guess right?

Haha. No, I mean I really don't know who it was!


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[Ian1779]

might have something to do with the decision to finally sell to wasps coming after CCFC's ridiculous request for a one year deal when they entered talks?

Didn't realise you were party to the negotiations...

 

[SkyBlue_Bear83]

Laughable, hope the council are proud of themselves. No doubt they will do all in their power to prevent the building of a new stadium.


I don't even know why we have a football club anymore, might as well pack it all in tbh.

 

[Moff]

Haha. No, I mean I really don't know who it was!


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Was it Lord Lucan or Shergar?

 

[albatross]

I don think WASPS have done anything underhand .... just not left anything to chance.

Management and board changes are common when new owners / shareholders are in place and I would assume that All parties would have to agree to the change as it is a 50/50 arrangement.

All part of the deal and inevitable outcome.

Just shows what amateurs SISU have been all along

 

[wingy]

Lets just assume OTIUM group purchased the Council share and then the higgs share .

Do you think they would leave ACL as IS?

 

[stupot07]

so pretty much as we expected, a done deal, a stitch up and the club pretty much fooked now for the medium to long term future. the new stadium is never going to happen so a lifetime of matchday only rental deal with very little/no access to additional revenues. little chance of wasps wanting to sell 50% further down the line.

how depressing.

 

[skybluetony176]

No future for this club so long as SISU are around. No one wants to work with them that's clear from this. Even if they are serious about building their own ground no one will want to work with them, they'll get as far as buying some land and then it will all stall because no one would want to work with them. Their reputation now goes well and truly before them.

Good work by the way Tea Boy

 

[theferret]

I don think WASPS have done anything underhand .... just not left anything to chance.

Management and board changes are common when new owners / shareholders are in place and I would assume that All parties would have to agree to the change as it is a 50/50 arrangement.

All part of the deal and inevitable outcome.

Just shows what amateurs SISU have been all along

Maneuvering their own man into a position where he can faciliate a deal that could potentially see a registered charity receive less money for their shares than they otherwise could. No, not underhand at all that.

 

[stupot07]

No future for this club so long as SISU are around. No one wants to work with them that's clear from this. Even if they are serious about building their own ground no one will want to work with them, they'll get as far as buying some land and then it will all stall because no one would want to work with them. Their reputation now goes well and truly before them.

Good work by the way Tea Boy

Little future for the club whoever the owner if wasps get 100%, and we're left with a lifetime of rent matchday only/little access to revenue.


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[Deleted member 5849]

Maneuvering their own man into a position where he can faciliate a deal that could potentially see a registered charity receive less money for their shares than they otherwise could. No, not underhand at all that.

Suspect the money's a red herring. SISU probably know what they're doing (not often you get to say that!) when offering to work with the charity in the community, as that's the kind of deal that becomes hard to turn down in isolation.

 

[percy]

a forward thinking team being pro active and paying the going rate for a smashing venue. why didnt our owners have the nous or business accumen to beat them to it, i mean theyve had long enough to think about it

 

[albatross]

What can't you see? this has been all agreed as part of the process by all parties that were involved. Because SISU were so incompetent and cock sure that they were the only game in town they took their eye off the ball. Look no further

These documents are in the public domain an registered at Companies house. How is that underhand ??? Why would you invest X million and take on a loan and leave anything to chance.

SISU will have known all about this by simply looking at the registered directors listed at companies house.

 

[SkyBlue_Bear83]

Little future for the club whoever the owner if wasps get 100%, and we're left with a lifetime of rent matchday only/little access to revenue.


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Probably float around league 2/league 1 for the next 30 years, maybe if we have an incredible season we can fluke a one off promotion to the championship only to be relegated the following. Or if we play really well we may be able to reach the FA Cup 3rd round.

On the brightside we may progress to the latter stages of the JPT

 

[Evo1883]

So anyway ...i hear ice hockey is a decent sport ?

 

[lordsummerisle]

a forward thinking team being pro active and paying the going rate for a smashing venue. why didnt our owners have the nous or business accumen to beat them to it, i mean theyve had long enough to think about it

The "going rate" for a smashing venue was the "Sisu ripping off local charities and taxpayers" rate apparently before.

 

[wingy]

What can't you see? this has been all agreed as part of the process by all parties that were involved. Because SISU were so incompetent and cock sure that they were the only game in town they took their eye off the ball. Look no further

These documents are in the public domain an registered at Companies house. How is that underhand ??? Why would you invest X million and take on a loan and leave anything to chance.

SISU will have known all about this by simply looking at the registered directors listed at companies house.

Strangely enough was scouting around on there earlier ,seems Tim has started another new entity up In May India Realty .

Think that was around the time Joy told him she's not coughing for the Half mill he's wasted on LALA land .First director appointed middle of OCT.

 

[percy]

So anyway ...i hear ice hockey is a decent sport ?

not the only coventry team skating on thin ice at the minute then

 

[Grendel]

a forward thinking team being pro active and paying the going rate for a smashing venue. why didnt our owners have the nous or business accumen to beat them to it, i mean theyve had long enough to think about it

I thought the citizens of Coventry would be outraged at a hedge fund fucking over a children's charity.

Apparantly not.

 

[SkyBlue_Bear83]

So anyway ...i hear ice hockey is a decent sport ?

I might go and support Coventry rugby club.......oh no wait, they destroyed them as well.

 

[theferret]

The future really is bleak. SISUs exit looks less likely than ever. We have never been a less attractive proposition for a stupid rich person to chuck their money at. Club is just about viable treading water in the bottom two leagues, but as we have seen, we cannot balance the books in the 2nd tier even with gates of 20K every week. Promotion is viable with some good management, but that's about our limit now I think.

 

[Deleted member 5849]

The "going rate" for a smashing venue was the "Sisu ripping off local charities and taxpayers" rate apparently before.

Still struggling to see how 'team unable to do deal with local council at a rate it deems viable, so bogs off to somewhere completely different' is seen as the ideal way for a sporting team to operate, anyway!