chiefdave
Well-Known Member
On the bright said them getting their money back via compensation is most likely to be the last we see of them.
Back to Court on Wednesday 8th July 2015 (3 Viewers)
- Thread starter BrisbaneBronco
- Start date
On the bright said them getting their money back via compensation is most likely to be the last we see of them.
torchomatic
Well-Known Member
shy_tall_knight
Well-Known Member
WASPS having 100% of a 250 year lease IMO was the potential death nail for our club as a major force in club football, if this can lead to this being reversed / reduced it will be great news
hill83
Well-Known Member
Wouldn't it be more along the lines of negotiating some sort of Ricoh deal for the club alongside Wasps? No need for any money, just a bit of hope.
chiefdave
Well-Known Member
The council should have insurance to cover a payout like this. If not and a big compensation claim is successful they will most likely have to sell off an asset as Birmingham did with the NEC.
Moff
Well-Known Member
Thats on the Voice, as Tom doesnt count.
Apparently its four on X Factor, but only two on Judicial reviews.
James Smith
Well-Known Member
Didn't someone say before JR1 that it wasn't about the money it was about the use of public funds to loan to a private firm?
I'm going out shopping I think now.
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Hahaha well put moff
"Coventry taxpayers could lose millions after Sky Blues' owners Sisu win right to appeal Ricoh Arena deal
===
Coventry City owners Sisu have been handed a major boost by the Court of Appeal*in the Ricoh Arena saga*- which could now end up costing Coventry council tax payers millions of pounds in compensation.
Judges justice Ernest Ryder and justice Michael Briggs today granted Sisu permission to appeal a High Court judgment handed down in June last year which ruled a £14.4million loan*from Coventry City Councilto Ricoh Arena operators ACL in 2012 was not state aid.
The two judges decided that there was merit in Sisu’s claim that Justice Hickinbottom, who handed down that judgment,*had made a mistake in his interpretation of the law.
If Sisu win it will open the door to claims for compensation against the council which sources claim*could run into huge sums.
Judge Ryder suggested that, as the freehold owner of the Ricoh Arena, the council might have been better off financially if they had simply let ACL collapse rather than stepping in with a loan.
The argument is the council would then have be free to sell on the lease agreement to a new stadium operating company.
Explaining his decision to grant permission to appeal, judge Ryder said: “I am troubled by the judge’s overview of the financial situation.
“The judge has not given enough thought to the role of*Coventry City Council*as an economic operator of the Ricoh Arena in its own right.
“He does not give value to the role of the council as the ultimate freehold owner of the Ricoh Arena site.
“If the council did nothing there is a case that the result would have been no worse, or even better, in terms of the financial result to the council.
“I also believe the financial projections used by the council to determine the value of ACL might not have been suitable.
“The council valuations of ACL at somewhere between £14.4million and £18.8million do not appear to be well grounded.”
Today’s success for the club’s owners means there will be a two-day appeal hearing on the first available date after October 1.
The judges suggested during today’s 45-minute hearing that forcing ACL to repay the loan wasn’t a likely outcome as it no longer existed having been repaid by Wasps following their takeover ACL.
But Sisu’s QC, Rhodri Thompson, suggested ACL should be forced to pay more by applying a commercial rate of interest to the duration of the loan.
But the consequences*for the council and ACL*could be much bigger as it emerged the club’s owners would be seeking substantial compensation.
Sisu claim they suffered a result of being put at a commercial disadvantage for two years and four months as a result of the 2012 loan.
They will argue that, during that time, the CCFC suffered substantial loss of earnings as a result of “being forced” to move to Northampton. They also claim they suffered reputational damage and will also point to Football League points losses.
Sisu sources have suggested the compensation claim could run into hundreds of millions of pounds.
Justice Ryder said: “There’s a damages claim which includes loss of points from the Football League. Given that, an appeal should be granted.
“There’s a real prospect of relief being obtained should the appeal be successful.”
Sisu boss Joy Seppala was in court to hear today’s decision along with colleague Laura Deering and a four-strong legal team which also included Alex Carter-Silk. The council did not send any legal representatives to take part in the hearing.
A second judicial review - which challenges revised loan terms made by the council to Wasps when the rugby club took over ACL - is currently on hold while the first judicial review progresses. But the judges have suggested it might be better to speed up that second review so all the facts can be considered together during the appeal"
http://www.coventrytelegraph.net/news/coventry-news/coventry-taxpayers-could-lose-millions-9616342
===
Coventry City owners Sisu have been handed a major boost by the Court of Appeal*in the Ricoh Arena saga*- which could now end up costing Coventry council tax payers millions of pounds in compensation.
Judges justice Ernest Ryder and justice Michael Briggs today granted Sisu permission to appeal a High Court judgment handed down in June last year which ruled a £14.4million loan*from Coventry City Councilto Ricoh Arena operators ACL in 2012 was not state aid.
The two judges decided that there was merit in Sisu’s claim that Justice Hickinbottom, who handed down that judgment,*had made a mistake in his interpretation of the law.
If Sisu win it will open the door to claims for compensation against the council which sources claim*could run into huge sums.
Judge Ryder suggested that, as the freehold owner of the Ricoh Arena, the council might have been better off financially if they had simply let ACL collapse rather than stepping in with a loan.
The argument is the council would then have be free to sell on the lease agreement to a new stadium operating company.
Explaining his decision to grant permission to appeal, judge Ryder said: “I am troubled by the judge’s overview of the financial situation.
“The judge has not given enough thought to the role of*Coventry City Council*as an economic operator of the Ricoh Arena in its own right.
“He does not give value to the role of the council as the ultimate freehold owner of the Ricoh Arena site.
“If the council did nothing there is a case that the result would have been no worse, or even better, in terms of the financial result to the council.
“I also believe the financial projections used by the council to determine the value of ACL might not have been suitable.
“The council valuations of ACL at somewhere between £14.4million and £18.8million do not appear to be well grounded.”
Today’s success for the club’s owners means there will be a two-day appeal hearing on the first available date after October 1.
The judges suggested during today’s 45-minute hearing that forcing ACL to repay the loan wasn’t a likely outcome as it no longer existed having been repaid by Wasps following their takeover ACL.
But Sisu’s QC, Rhodri Thompson, suggested ACL should be forced to pay more by applying a commercial rate of interest to the duration of the loan.
But the consequences*for the council and ACL*could be much bigger as it emerged the club’s owners would be seeking substantial compensation.
Sisu claim they suffered a result of being put at a commercial disadvantage for two years and four months as a result of the 2012 loan.
They will argue that, during that time, the CCFC suffered substantial loss of earnings as a result of “being forced” to move to Northampton. They also claim they suffered reputational damage and will also point to Football League points losses.
Sisu sources have suggested the compensation claim could run into hundreds of millions of pounds.
Justice Ryder said: “There’s a damages claim which includes loss of points from the Football League. Given that, an appeal should be granted.
“There’s a real prospect of relief being obtained should the appeal be successful.”
Sisu boss Joy Seppala was in court to hear today’s decision along with colleague Laura Deering and a four-strong legal team which also included Alex Carter-Silk. The council did not send any legal representatives to take part in the hearing.
A second judicial review - which challenges revised loan terms made by the council to Wasps when the rugby club took over ACL - is currently on hold while the first judicial review progresses. But the judges have suggested it might be better to speed up that second review so all the facts can be considered together during the appeal"
http://www.coventrytelegraph.net/news/coventry-news/coventry-taxpayers-could-lose-millions-9616342
chiefdave
Well-Known Member
Not point the finger at anyone in particular but it does make me chuckle how when there was talk of SISU buying ACL it was all about the taxpayer being ripped off and the poor children. Then Wasps came along and that all went out the window and everyone was quite happy with it. Now SISU have a slight chance of some compo its the poor taxpayer line again.
torchomatic
Well-Known Member
torchomatic
Well-Known Member
I'm not convinced the council will have insurance to cover any claim against it if SISU's action is successful. I wonder which of our assets the council will have to sell off...
covcity4life
Well-Known Member
Come on sisu!
Nick
Administrator
And how can it be spun to not be their fault
covcity4life
Well-Known Member
Come on sisu!
if only this could lead to city owning some of the ricoh
wasps will never go now will they?
if only this could lead to city owning some of the ricoh
wasps will never go now will they?
hill83
Well-Known Member
It's beautiful isn't it. That's enough on the roundabout now Mr Gilbert, have a go on the slide.
chiefdave
Well-Known Member
What do CCC actually own? We could end up owning the freehold of the Ricoh, bet SISU would be taking a close look at the lease if that happened! What else do they own besides the council offices?
covcity4life
Well-Known Member
council tried to kill the club, now trying to kill the city.
and they have people defending them lmao.
and they have people defending them lmao.
Grendel
Well-Known Member
Well this is the key point isn't it. The unseemly haste to get rid of the loan suggests that the involved parties new exactly what was coming.
There is in my mind no question that sisu made little effort last time to win this case. It was far more in their interest to prolong legal actions because without wasps involvement a prolonging of the case was in their interest
We are in a different place now. This may be a much more deliberate and concerted attempt. The appeal judgement is interesting. If certain terms of appeal and new evidence is allowed it will get a whole lot more interesting.
It has quite a large portfolio of property - but much of this will be covered by various covernents that will severely restrict value. I think you are right, if there is a successful claim and a damages award is made the council will be struggling to pay it.
It is the Council Taxpayers of Coventry that stands to suffer hardship if SISU is successful. None of this needed to happen and it is a pity the sanction of a 'Surcharge' can no longer be applied to individuals to recover monies lost as result of misconduct by local authorities.
covcity4life
Well-Known Member
Can someone sum up for me?
Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors
council got fucke dover for being corrupt ?
skybluetony176
Well-Known Member
Yeah OK. What you conveniently forget is that the JR was initially turned down and that decision had to be overturned by appeal before it went to court.
This was a short hearing the result of which could only actually be a rerunning of the original JR. How many of there 5 arguments did SISU have to drop in the first hour or whatever it was? Is this the new information? Will it have to be dropped again as it's deemed irrelevant?
We may be in a different place, we may just see history repeating. We won't know until the appeal is run and the details come out.
Nick
Administrator
If sisu are successful it's the councils fault surely?
James Smith
Well-Known Member
Can someone sum up for me?
Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors
Sisu have won the right to an appeal. Judges think perhaps JR1 + 2 should be done at same time. October talked about as likely date. They have now to prove their argument in court at another JR. Talk of compensation etc. is only talk until they succeed in convincing a judge and I think will require another court case to determine level.
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italiahorse
Well-Known Member
In view of all this why would Wasps want a lodger that is planning their downfall?
Mark my words, I now expect the 2 year extension not to be taken up and for us to become homeless in 12 Months.