Acl (19 Viewers)
- Thread starter Nick
- Start date
SimonGilbert
Telegraph Tea Boy
What I've been able to do so far. In full council atm.
http://www.coventrytelegraph.net/news/coventry-news/ricoh-arena-company-acl-figures-8437826
http://www.coventrytelegraph.net/news/coventry-news/ricoh-arena-company-acl-figures-8437826
Nick
Administrator
My point is they are all as full of shit as each other with their spin.
Nick
Administrator
Which one are you in
jimmyhillsfanclub
Well-Known Member
What a bunch of lying c-units.
Not to worry though fellas......I'm sure forum favourite double-barrelled PKWH will be along shortly to explain this slight oversight........
Not to worry though fellas......I'm sure forum favourite double-barrelled PKWH will be along shortly to explain this slight oversight........
I think there is going to be some excited responses from the normal people however I think this is completely misplaced.
I think this makes the council look much better not worse. Had ACL been very profitable then the sale to Wasps would have been alot harder to Justify. It does make it extremely likely that Ann Lucas was lying, however I can completely understand the desire to lie about your financial health when someone is trying to take advantage of your lack of financial health with damage they are causing.
The council can honestly say they've done what they felt was best for the city of Coventry and it's hard to see that they are wrong at this point in time as much as it absolutely sucks as a Coventry city fan. Had Ann Lucus been actually telling the truth I'd have been much much more angry with the council.
I think this makes the council look much better not worse. Had ACL been very profitable then the sale to Wasps would have been alot harder to Justify. It does make it extremely likely that Ann Lucas was lying, however I can completely understand the desire to lie about your financial health when someone is trying to take advantage of your lack of financial health with damage they are causing.
The council can honestly say they've done what they felt was best for the city of Coventry and it's hard to see that they are wrong at this point in time as much as it absolutely sucks as a Coventry city fan. Had Ann Lucus been actually telling the truth I'd have been much much more angry with the council.
Nick
Administrator
So you won't mind next time sisu tell a white lie then? Which is whenever they next mention the stadium?
If you live in a £150k house with a mortgage of 130k and 20k in the bank, you have 170k in assets but a networth of 40k.
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lordsummerisle
Well-Known Member
But you would surely not give your house away for nothing?
Moff
Well-Known Member
Nah he wont be seen again, as the peoples favourite Higgs puppet spokesman, could never beat his heroics of tying a balloon to a car. What a man! :facepalm:
shy_tall_knight
Well-Known Member
To fully understand the headline figure need to know the financial impact of the rent write offs and the administration costs, and the administration settlement payment as well as the legal costs, hopefully the deduction of these one offs, this will give a true idea of ACL's profitability without CCFC
jimmyhillsfanclub
Well-Known Member
Quite frankly, I'd suggest the council can't say anything HONESTLY.
It currently appears the council have not just been complicit but have actively engineered the sale of a "community asset" & to a London sporting franchise/Maltese Hedge fund whilst simultaneously denying the same opportunity to the owners of the Citys very own football club....for whom the fucking ricoh was originally planned & built.
Disgraceful.
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you think the new stadium? that they have used to justify the move to northampton and permanently damaging the club is a white lie?
if sisu are actually trying to sell the club and the new stadium is a ruse to keep people quiet while they do it, I understand the action at least. I still do mind though though because I'm not interested in them keeping us quiet and giving them as long as possible to get the best deal for themselves. I want them gone asap.
shy_tall_knight
Well-Known Member
OSB would know but I feel that one of their assets in their books is the value of the lease, there is the creditor ie what they owe for the loan but they had a 42 year lease left with CCC which has a book value but this book value is lessthan its commercial value hence the lower price paid.
sorry I completely messed up with that statement (will edit my post), your net worth is 40k.
in the real world you would sell the house for 150k, and pay off the mortgage.
but if the house were owed by a company and the mortgage was going to remain intact (like acls) you would sell the company for 40k.
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Captain Dart
Well-Known Member
Now we know why the council sold it to in haste a bidder who was prepared to take it on.
And it clarifies why the council vote to sell was unanimous.
So when are Otium/Sky blue Sports/CCFC's next accounts due, isn't it in a couple of months?
And it clarifies why the council vote to sell was unanimous.
So when are Otium/Sky blue Sports/CCFC's next accounts due, isn't it in a couple of months?
Nick
Administrator
Captain Dart
Well-Known Member
Due or submitted
Due 9months after end of their accounting period, or they will be overdue..
Danceswithhorses
Well-Known Member
...again
a better example of sisu telling a white lie is when they tell us a player (ie wilson) isn't for sale in order to get more money for him. I don't mind this actually. I do mind that they sold wilson and imo have been dishonest about spending the funds, but lieing in order to increase the sale price I can accept, understand and justify just like Lucas lieing (though would prefer honesty in both cases)
Nick
Administrator
So when they say a player isn't for sale and then sell him you wouldn't be annoyed?
This just shows even more that they are all full of shit doesn't it? Strength to strength, working fine without the football team.
I would have much more respect if they said "We are fucked, we have panicked and sold it to Wasps", wouldn't you?
italiahorse
Well-Known Member
Depreciation ?
Grendel
Well-Known Member
When the sale had gone through Lucas said on a CWR interview that ACL was still breaking even. The price had already been agreed and are you seriously telling me the Malta Hedge Fund that were given the company hadn't any idea of its current financial state?
Stop spinning for your council cronies -- it is embarrassing.
Grendel
Well-Known Member
Ha ha ha ha - the 250 year lease massively increased the value.
When they say a player isn't for sale and they sell him I am annoyed (if it's a great player) but im not annoyed because they lied, I'm annoyed because they sold the great player. If the lie got 3mill instead of 2.5mill then they have done the right thing in lieing.
You asked if I'd mind next time sisu tell a white lie and the answer is I prefer honesty but I understand, accept and can justify a white lie if there is a benefit to telling it.
The simple fact of the matter is if these accounts had shown acl made a profit of 1mill, yes lucas would have been telling the truth but then it would have been a utter disgrace selling the Ricoh for the price they did. So while I'd have prefered honesty at the time I understand why she was dishonest and I think that lie is 100times more preferable to my opinion of the council than if she had been telling the truth.
Danceswithhorses
Well-Known Member
ACL made an operating profit of £255,000, but an overall net loss of £392,299
That sounds like an awful lot of interest and tax ?
That sounds like an awful lot of interest and tax ?
what are you on about? I'm sure wasps knew exactly what they were buying.
I'm saying the decision to sell the Ricoh for what they did is understandable if the Ricoh is making a loss of 400k, if it was making a profit of a mill for instance then the decision was a disgrace.
But that is at take-over point. The status is before that.
Mary_Mungo_Midge
Well-Known Member
What do you know of the accounts then Grendel? Any extraordinary write-offs? If they took any in this one year, it would hit P&L whilst still being able to break even on a trading basis. Couldn't they?
Or don't you know, have half the story and are jumping on this prematurely; just as you did in the Judicial Review when you heralded 'evidence' of the 'smoking gun', only to latterly realise it was the rather myopic opening statement of SISU's QC?
Nick
Administrator
So her lying got a better deal for the Ricoh? Surely before Wasps bought it they would have seen the books to see what she was saying didn't add up?
Do you not think many more people could have understood the reason to sell to Wasps if she wasn't giving it the spin at the same time? If she had said "Look, we are fucked here, we have to do something and quick" then surely more people would understand? Rather than bullshitting about it?
covcity4life
Well-Known Member
lmao corrupt council clowns shown up again