ACL chairman forced to resign (17 Viewers)

[Ian1779]

Why bashing Ann Lucas on this one - it's apparently AEHC who have agreed to give Wasps the veto power.

Par for the course.

Yesterday we were blaming SISU for 11 professional footballers for not being able to beat 11 semi-pro footballers.

 

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[skybluetony176]

Moved a club somewhere completely different, after failing to establish a base where they belong?

No you little scamp, buying the Ricoh.

 

[covmark]

Moved a club somewhere completely different, after failing to establish a base where they belong?

But it's ok, it's just business, and it gets one over on big bad Sisu.

 

[Deleted member 5849]

No you little scamp, buying the Ricoh.

So in other words, buying somewhere completely different, totally unrelated to where they've come from, after their own attempts to sort out a ground where it should be have met with a lack of success?

Wasps buying the Ricoh is not a measure of their success, more their failure. Not sure they should be held up as an example of good practice, as the only reason they've rocked up here is an inability to sort out anything where everybody 'knows' they belong.

 

[Kingokings204]

Looks like old Robinson has been told to go and this gives the deciding vote should there be one to wasps. Did we expect any different?

Wasps will get 100% and there is nothing we can do about it. Move on. We only in the same position we have been in for the last 11 years. Nothing has changed on that front. We had only the chance over the last 11 years to buy back what was ours anyway. Isn't exactly progression is it?

 

[skybluetony176]

So in other words, buying somewhere completely different, totally unrelated to where they've come from, after their own attempts to sort out a ground where it should be have met with a lack of success?

Wasps buying the Ricoh is not a measure of their success, more their failure. Not sure they should be held up as an example of good practice, as the only reason they've rocked up here is an inability to sort out anything where everybody 'knows' they belong.

Currently it's only a measure of SISU's failure.

If in 5 years Wasps are selling out every home game take the premier league title and clean up in Europe will that be failure?

Of course if in five years time Wasps have gone to the wall and if by some miracle SISU haven't killed our club and they pick up the Ricoh for a quid this will be a measure of Wasps failure.

 

[theferret]

Looks like old Robinson has been told to go and this gives the deciding vote should there be one to wasps. Did we expect any different?

Wasps will get 100% and there is nothing we can do about it. Move on. We only in the same position we have been in for the last 11 years. Nothing has changed on that front. We had only the chance over the last 11 years to buy back what was ours anyway. Isn't exactly progression is it?

Everything has changed. The door is now firmly shut. We all clung on to the idea (perhaps naively) that ownership in one form or another would happen one day - making the club a viable proposition for reestablishing itself in the Championship and offering a way out for SISU. That's gone. We now have to build a new ground, or just float around the bottom leagues. SISU claim we are now breaking even. All they have to do then is stick around for 15 years, selling the odd academy graduate, and they'll be just fine.

Nobody will buy the club as it stands, but equally SISU are under no pressure to walk away, not if they are no longer needing to subsidise the club.

 

[Sky Blue Pete]

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

Have been since sisu took over

 

[Deleted member 5849]

Currently it's only a measure of SISU's failure. .

Nope, it's also a measure of Wasps' failure to do an appropriate deal elsewhere.

 

[stupot07]

Currently it's only a measure of SISU's failure.

If in 5 years Wasps are selling out every home game take the premier league title and clean up in Europe will that be failure?

Of course if in five years time Wasps have gone to the wall and if by some miracle SISU haven't killed our club and they pick up the Ricoh for a quid this will be a measure of Wasps failure.

They won't be selling out every week in 5 years time.


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[percy]

The going rate?

Wasps only got it at the going rate if ACL was going down the toilet. Maybe SISU did a good job of distressing them after all.

Glad you are happy the 'childrens charity' have got less to spend on the needy now.

what you on about. why on earth would i be happy. they came along and payed the asking price i presume. there is an alleged clause that says we might be able to aquire the other 50% for 2.7M and all we can do is make a very generous offer. great !!!

 

[mattylad]

I have no compassion for SISU and I have little more for CCC and its ACL representatives they all deserve one another but thats not the issue now. This is about the AEHC and the people of Coventry who support CCFC...either they are with us and will agree to the CCFC deal on the table or they will be yet another party that has stabbed us in the back...at which point to be blunt they may as well sod off and set up in Leicester or Birmingham because they will have lost the ability to look in the eye the people of this great city. Oh and anyone who says that the power of veto means it no longer matters....well they dont HAVE to accept a bid from Wasps...They can only CHOOSE to sell us out

 

[dongonzalos]

I have no compassion for SISU and I have little more for CCC and its ACL representatives they all deserve one another but thats not the issue now. This is about the AEHC and the people of Coventry who support CCFC...either they are with us and will agree to the CCFC deal on the table or they will be yet another party that has stabbed us in the back...at which point to be blunt they may as well sod off and set up in Leicester or Birmingham because they will have lost the ability to look in the eye the people of this great city. Oh and anyone who says that the power of veto means it no longer matters....well they dont HAVE to accept a bid from Wasps...They can only CHOOSE to sell us out

They can't wasps can veto any sale of the Higgs share.
Higgs can accept offers from who they like they are the ones selling it. The power of veto did transfer with councils sale. .

 

[Moff]

Currently it's only a measure of SISU's failure.

If in 5 years Wasps are selling out every home game take the premier league title and clean up in Europe will that be failure?

Of course if in five years time Wasps have gone to the wall and if by some miracle SISU haven't killed our club and they pick up the Ricoh for a quid this will be a measure of Wasps failure.

With regard to Wasps, I would suggest the latter is far more likely than the former. I suspect the move will not be a long standing success.

If that is the case, in the good words of Kevin Keegan, 'I would love it, absolutely love it'

 

[mattylad]

They can't wasps can veto any sale of the Higgs share.
Higgs can accept offers from who they like they are the ones selling it. The power of veto did transfer with councils sale. .

yes but a Wasps veto of an initial CCFC offer does not mean Higgs have to accepts a Wasps bid and that is the difference

 

[Grendel]

yes but a Wasps veto of an initial CCFC offer does not mean Higgs have to accepts a Wasps bid and that is the difference

Why is the chairman stepping down then?

 

[Grendel]

They can't wasps can veto any sale of the Higgs share.
Higgs can accept offers from who they like they are the ones selling it. The power of veto did transfer with councils sale. .

No that's not true is it - its only true if the current Independent director stands down.

The veto only will kick in then. The directors could keep the chairman in place.

As I said all along this is a fit up

 

[mattylad]

Why is the chairman stepping down then?

The story states he has been asked to ...it does not say he has agreed to do so or even if he has it does not say he has done so willingly

 

[mattylad]

As lifelong supporters of Coventry City FC the trustees are, and always have been, extremely concerned for the future of the club......that was there statement on oct 8th...they now have the opportunity to prove it

 

[Astute]

Given away doesn't even get close - the deal is notably worse than the one SISU put on the table two years ago.

In what way is that?

Or do you mean the deal put on the table that they eventually walked away from once it was agreed? 5.5m was agreed. Then they wanted to pay over 10 years with no proof of funds. Then it went down to 2m for an arena of no value as they are a charity and nobody else would be interested.

I have always seen all sides at fault other than Higgs. They helped our club out and always wanted to sell their share back. This could make a massive difference to my thoughts. But as things stand it is all hearsay. And those that thought that SISU were the only game in town are being the most vocal.

I am with the majority. I didn't want SISU to get the arena. They are not trustworthy at all. This does not mean that I am happy that Wasps have got a minimum of 50% of the Ricoh. None of them should have any of it. It should have been kept by ACL/CCC until our club had owners that wanted what was best for our club and not their investors. But the way that SISU have tried dealing with this situation certainly didn't help. Even those that are too thick to do their own shoelaces up knew it was foolish to keep up with the JR appeals. New stadium mentions each time everything started looking up? The whole thing has gone from being a joke to looking like a disaster.

 

[Kingokings204]

In what way is that?

Or do you mean the deal put on the table that they eventually walked away from once it was agreed? 5.5m was agreed. Then they wanted to pay over 10 years with no proof of funds. Then it went down to 2m for an arena of no value as they are a charity and nobody else would be interested.

I have always seen all sides at fault other than Higgs. They helped our club out and always wanted to sell their share back. This could make a massive difference to my thoughts. But as things stand it is all hearsay. And those that thought that SISU were the only game in town are being the most vocal.

I am with the majority. I didn't want SISU to get the arena. They are not trustworthy at all. This does not mean that I am happy that Wasps have got a minimum of 50% of the Ricoh. None of them should have any of it. It should have been kept by ACL/CCC until our club had owners that wanted what was best for our club and not their investors. But the way that SISU have tried dealing with this situation certainly didn't help. Even those that are too thick to do their own shoelaces up knew it was foolish to keep up with the JR appeals. New stadium mentions each time everything started looking up? The whole thing has gone from being a joke to looking like a disaster.

This club has in the recent past been a disaster and it isn't over yet as league 2 seems a certainty if not this year then within the next 4 years surely. Then where do we go?

 

[skybluetony176]

Nope, it's also a measure of Wasps' failure to do an appropriate deal elsewhere.

So the now apparent fact that there is not a cat in hells chance of SISU purchasing a share of the Ricoh is not a measure of SISU's failure? I think you need to take them blinkers of NW. A judge stated in a court of law what their tactics were in attempting to aquire ACL. That tactic had all but failed with the summing up of the JR and Wasps rocking up in town is the final nail in the SISU tactics coffin. That's one hell of a failure clearly measured by the unavailability of a share in the Ricoh.

 

[Kingokings204]

So the now apparent fact that there is not a cat in hells chance of SISU purchasing a share of the Ricoh is not a measure of SISU's failure? I think you need to take them blinkers of NW. A judge stated in a court of law what their tactics were in attempting to aquire ACL. That tactic had all but failed with the summing up of the JR and Wasps rocking up in town is the final nail in the SISU tactics coffin. That's one hell of a failure clearly measured by the unavailability of a share in the Ricoh.

Spot on.

 

[covmark]

In what way is that?

Or do you mean the deal put on the table that they eventually walked away from once it was agreed? 5.5m was agreed. Then they wanted to pay over 10 years with no proof of funds. Then it went down to 2m for an arena of no value as they are a charity and nobody else would be interested.

I have always seen all sides at fault other than Higgs. They helped our club out and always wanted to sell their share back. This could make a massive difference to my thoughts. But as things stand it is all hearsay. And those that thought that SISU were the only game in town are being the most vocal.

I am with the majority. I didn't want SISU to get the arena. They are not trustworthy at all. This does not mean that I am happy that Wasps have got a minimum of 50% of the Ricoh. None of them should have any of it. It should have been kept by ACL/CCC until our club had owners that wanted what was best for our club and not their investors. But the way that SISU have tried dealing with this situation certainly didn't help. Even those that are too thick to do their own shoelaces up knew it was foolish to keep up with the JR appeals. New stadium mentions each time everything started looking up? The whole thing has gone from being a joke to looking like a disaster.

Hahahahahahahahahahahahahahahahahahahahaha

That has cheered me up this morning.

 

[mattylad]

So the now apparent fact that there is not a cat in hells chance of SISU purchasing a share of the Ricoh is not a measure of SISU's failure? I think you need to take them blinkers of NW. Aregardless of stated in a court of law what their tactics were in attempting to aquire ACL. That tactic had all but failed with the summing up of the JR and Wasps rocking up in town is the final nail in the SISU tactics coffin. That's one hell of a failure clearly measured by the unavailability of a share in the Ricoh.

And will be the final nail in the Coventry City coffin....there will be no coming back....even new owners would be hamstrung by financial fair play to such an extent that the club will never recover. we need that 50% regardless of who owns the club

 

[Raggs]

London Wasps Holdings owns the stake in the Ricoh, which is the rugby club itself. As described in one of the Q&A sessions for season ticket holders (available online on the wasps youtube channel), the idea being if Richardson goes under a bus, it doesn't make a difference to Wasps, since it is the club, and not Richardson, that owns the stake in the Ricoh.

 

[Nick]

So the now apparent fact that there is not a cat in hells chance of SISU purchasing a share of the Ricoh is not a measure of SISU's failure? I think you need to take them blinkers of NW. A judge stated in a court of law what their tactics were in attempting to aquire ACL. That tactic had all but failed with the summing up of the JR and Wasps rocking up in town is the final nail in the SISU tactics coffin. That's one hell of a failure clearly measured by the unavailability of a share in the Ricoh.

He said also, I assume that means more than one thing?

 

[wingy]

Wrong
Chairman I'm afraid
Time the redundantO OAF Fisher built that ground

 

[Astute]

Hahahahahahahahahahahahahahahahahahahahaha

That has cheered me up this morning.

Show me where I have said any different? I have said so several times.

So you are trying to say I just blame SISU because I point out where your posts are so wrong where you try to blame everyone but SISU, but seem to think it is OK because you occasionally say that SISU have been bad for our club. They were not the cause of our club being on a downwards spiral. But they have mainly been at fault for what has happened since taking over. Yet you and others even try to twist what happened in the JR.

 

[letsallsingtogether]

Hahahahahahahahahahahahahahahahahahahahaha

That has cheered me up this morning.

Why because he was right

 

[SimonGilbert]

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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[Kingokings204]

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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This to me means that getting rid of robinson has nothing to do with anything then so why he is being asked to leave?

Wasps have the power to stop or to grant any sale of the Higgs share so don't see why Robinson is asked to leave?

Do we know why then? And do we know who this third party is? What difference does it make?

 

[Rusty Trombone]

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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Thanks Simon, who did this clarification come from?

 

[mattylad]

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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So without question the AEHC agreed to the sale of the CCC shares to Wasps knowing full well that they would have no choice but to also sell its shares to Wasps who will obviously veto the sale to anyone else.

So this "offer" of a potential sale to anyone else is just a lie because Higgs knew full well that they couldn't sell them to anyone else, even if that party puts an increased bid in.
That to me puts them squarely in line with the actions of CCC and SISU, whatever moral high ground they think they have has washed away from under their soiled feet.

 

[Grendel]

So without question the AEHC agreed to the sale of the CCC shares to Wasps knowing full well that they would have no choice but to also sell its shares to Wasps who will obviously veto the sale to anyone else.

So this "offer" of a potential sale to anyone else is just a lie because Higgs knew full well that they couldn't sell them to anyone else, even if that party puts an increased bid in.
That to me puts them squarely in line with the actions of CCC and SISU, whatever moral high ground they think they have has washed away from under their soiled feet.

Penny drops at last