Wasps deal will be externally scrutinised (8 Viewers)

[SimonGilbert]

Council confirms Wasps' Ricoh Arena deal will be externally scrutinised

http://www.coventrytelegraph.net/news/coventry-news/ricoh-arena-independent-auditor-review-8579981

 

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[LJC_CCFC]

Where is matey who had a go at me for 'advertising' my article. Simon is here now

 

[Deleted member 5849]

Appleton been appointed to do the scrutinising?

 

[Nick]

Appleton been appointed to do the scrutinising?

 

[Noggin]

Where is matey who had a go at me for 'advertising' my article. Simon is here now

I already responded in another thread started by Simon when Toorch asked the same question. But I stand by what I said and no I don't think it should apply to newspapers. Not going to hunt out my full reply explaining my reasons though, you can do that if you wish.

 

[Noggin]

Council confirms Wasps' Ricoh Arena deal will be externally scrutinised

http://www.coventrytelegraph.net/news/coventry-news/ricoh-arena-independent-auditor-review-8579981

I'd like to say you can't argue with that, but we all know we can.

 

[LJC_CCFC]

I already responded in another thread started by Simon when Toorch asked the same question. But I stand by what I said and no I don't think it should apply to newspapers. Not going to hunt out my full reply explaining my reasons though, you can do that if you wish.

 

[skybluetony176]

I'd like to say you can't argue with that, but we all know we can.

No we fucking can't. What's it to you anyway

 

[tisza]

if ACL are supposedly making such big losses then they certainly can't afford Appleton at £450 an hour!!!

 

[oldskyblue58]

So as part of the normal annual audit process the sale will be examined by the auditors. No real surprise there it would form part of their audit risk assessment and be well above any level of materiality for audit testing. To understand it they would need and have right to all associated documents.

It should not come as any surprise to anyone that the deal was fully examined by all sorts of different parties including specialists in the various aspects, lawyers etc. It wasn't a council leader saying one day to herself lets sell up to Wasps and doing it. It is also to be noted apparently no dissenting voices from left or right on the deal (with leaders of both sides properly involved)

 

[hill83]

 

[ajsccfc]

That's bone-chilling.

 

[oldskyblue58]

That is very creepy hill83 but have to say one of your best

 

[tisza]

So as part of the normal annual audit process the sale will be examined by the auditors. No real surprise there it would form part of their audit risk assessment and be well above any level of materiality for audit testing. To understand it they would need and have right to all associated documents.

It should not come as any surprise to anyone that the deal was fully examined by all sorts of different parties including specialists in the various aspects, lawyers etc. It wasn't a council leader saying one day to herself lets sell up to Wasps and doing it. It is also to be noted apparently no dissenting voices from left or right on the deal (with leaders of both sides properly involved)

exactly right. it is hard to believe that everything wasn't fully checked particularly bearing in mind they were so aware of the litigious and arguably desperate nature of SISU.

 

[covcity4life]

So as part of the normal annual audit process the sale will be examined by the auditors. No real surprise there it would form part of their audit risk assessment and be well above any level of materiality for audit testing. To understand it they would need and have right to all associated documents.

It should not come as any surprise to anyone that the deal was fully examined by all sorts of different parties including specialists in the various aspects, lawyers etc. It wasn't a council leader saying one day to herself lets sell up to Wasps and doing it. It is also to be noted apparently no dissenting voices from left or right on the deal (with leaders of both sides properly involved)

lol you have shat yourself.

 

[oldskyblue58]

lol you have shat yourself.

makes not a haputh of difference to me one way or another

keep taking the medicine, in fact double the dose because it clearly isn't working :facepalm:

 

[Sky Blue Pete]

This is good? Yes?

 

[oldskyblue58]

It is a little more detail of what went on who was involved etc. An element of transparency on the decision making process

The examination by the auditors was always going to happen had they sold to Wasps or SISU. Indeed given the high profile element to it the auditors would have had to examine the ACL investment any way had no sale been undertaken

 

[hill83]

And when it's all done we can all hold hands and be best mates whatever the outcome.

 

[Moff]

And when it's all done we can all hold hands and be best mates whatever the outcome.

Hahahahahahahahahahahahahahahahahahaha.

Oh go on then.

 

[Noggin]

And when it's all done we can all hold hands and be best mates whatever the outcome.

like after the JR where everyone listened to the facts and the decision of the judge and altered their views accordingly

 

[Kingokings204]

This sounds like standard procedure and won't result in anything new. This of course will be the councils fault and then it's onto where next for the council bashing.

Like OSB says this was just Ann Lucas one day thinking I know what I want to sell to a London rugby team. This would of been scrunitezed and every stone checked before this deal happened.

 

[Grendel]

This sounds like standard procedure and won't result in anything new. This of course will be the councils fault and then it's onto where next for the council bashing.

Like OSB says this was just Ann Lucas one day thinking I know what I want to sell to a London rugby team. This would of been scrunitezed and every stone checked before this deal happened.

Must have been done quickly since The Great Leader said contact was first made in July........

 

[torchomatic]

Hold on though. Didn't you say that CCC did screw the club but they had no choice?

This sounds like standard procedure and won't result in anything new. This of course will be the councils fault and then it's onto where next for the council bashing.

Like OSB says this was just Ann Lucas one day thinking I know what I want to sell to a London rugby team. This would of been scrunitezed and every stone checked before this deal happened.

 

[Kingokings204]

Must have been done quickly since The Great Leader said contact was first made in July........

I don't know when first contact was made. Everyone says something different.

 

[zuni]

why are we still arguing the toss on this...sisu are shit bags / the council are shit bags...there all shitbags...so my question is should we / the trust be leaning all over the council to help find a place to build the fantasy stadium if nothing more than to put sisu on the spot of"ok build it then". Continual cock measuring to see who got the last word in from all sides is just shit really.

 

[Kingokings204]

Hold on though. Didn't you say that CCC did screw the club but they had no choice?

Nope not exactly but similar. I do think ccc have screwed the club. I don't think that's a debate as the clubs football club for over 100 doesn't own the stadium it was meant for. I wouldn't say they had no choice though. They had choices and selling to wasps was one of those choices

 

[italiahorse]

Must have been done quickly since The Great Leader said contact was first made in July........

The problem with you and a few others is that AL is one person on the council and as stated the deal was fully scrutinised by the full council and professionals.
But hey, you ignore the second part of the sentence every time.
Similar to the JR judgement where because Sisu continually appeal you ignore the facts that have come out of it.

 

[skybluetony176]

The problem with you and a few others is that AL is one person on the council and as stated the deal was fully scrutinised by the full council and professionals.
But hey, you ignore the second part of the sentence every time.
Similar to the JR judgement where because Sisu continually appeal you ignore the facts that have come out of it.

That's different. SISU lost the JR deliberately, the appeal process is all part of the SISU master plan

 

[bigfatronssba]

Must have been done quickly since The Great Leader said contact was first made in July........

Yeah its amazing what happens when the perspective purchaser actually wants to buy what's on offer in a straightforward transaction, rather than play games and piss off everyone involved.

 

[tisza]

we do know that the council & ACL have been preparing possible exit strategies (amongst other options) since SISU first threatened to move a couple of years ago.

 

[chiefdave]

So as part of the normal annual audit process the sale will be examined by the auditors. No real surprise there it would form part of their audit risk assessment and be well above any level of materiality for audit testing. To understand it they would need and have right to all associated documents.

Am I understanding your post correctly, to steal SISU's phrase, this is 'normal business practice' and not really a response to calls for an independent enquiry?

 

[Hobo]

Am I understanding your post correctly, to steal SISU's phrase, this is 'normal business practice' and not really a response to calls for an independent enquiry?

I read it as, we have risk assessed it, so if you want a public enquiry go ahead. It is a bit like people jumping up and down saying it is illegal state aid as soon as they had ever heard the phrase....when CCC were confident it wasn't because they had followed procedures and researched it.

 

[tisza]

you have to assume that Wasps have done their own due diligence and risk assessment before undertaking such a big step both financially and geographically.

 

[bigfatronssba]

Am I understanding your post correctly, to steal SISU's phrase, this is 'normal business practice' and not really a response to calls for an independent enquiry?

I think what it shows is all council activity is heavily monitored, and therefore there is no need for a separate independent inquiry, as that will happen anyway.

What we have to remember is this is a public body, not a shady hedge fund. If a council does wrong it will get found out and punished. Look at todays news in Rotherham for instance.