Wasps Value Ricoh Arena at £48.5 million (10 Viewers)
- Thread starter lewys33
- Start date
oldskyblue58
CCFC Finance Director
Seems to be a favoured tactic of SISU and Ms Seppala
As to disparity........
there was/is no valuation of the ACL shares save for the deal that was done
The £48.5m values the long leasehold interest which (a) didn't exist when shares sold, (b) is not a valuation of the total worth of ACL/Ricoh even now let alone Oct 2014 (c) forms only part of the worth of ACL without any inclusion of liabilities which would decrease it <eg the bonds £35m for example>
In reality the 48.5m is totally unrelated to the value the shares when they were sold ......... comparing apples and pears really stu
as for the CT headline ....... value at £48.5m isn't really news is it we already knew the value of the long lease and therefore should have know the likely value in the accounts..... but they have to tag it with something that gets interest...... has the Ricoh been valued at £48.5m though? What do we mean by "the Ricoh"
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Lewys33......What's the 5 million you're talking about? Where did that come from? If you are talking about the extract from the article 'Wasps paid £5.54m for 100 per cent of Ricoh Arena operating firm ACL last year and took on the remainder of a £14.4m loan from Coventry City Council - which it since cleared using the income from the bond scheme'......I believe with my rudimentary knowledge of mathematics that is close to 20 million they paid for the Arena. Now compare that to what SISU valued it at.....that is more relevant.
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oldskyblue58
CCFC Finance Director
I know people/journalists/politicians/press releases by the parties etc etc keep adding in the loans they took over as part of the consideration for the shares but it is not the case. The consideration was £5,717,143 as detailed by Wasps Holdings June 2015 financial statements.
As per those financials Wasps paid £188,170 goodwill above the asset value in the accounts of the ACL group
The CCC loan already existed........ it has since been replaced by other loans from the bonds........ so wasps didn't actually pay the extra £14m at all
plus the monies received from the Bonds is not income at all....... its a form of loan or liability on the balance sheet
As per those financials Wasps paid £188,170 goodwill above the asset value in the accounts of the ACL group
The CCC loan already existed........ it has since been replaced by other loans from the bonds........ so wasps didn't actually pay the extra £14m at all
plus the monies received from the Bonds is not income at all....... its a form of loan or liability on the balance sheet
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Covstu
Well-Known Member
Fair comment, something isnt quite adding up though. Not an expert in this field but there is something FIFA about this arrangement......
fernandopartridge
Well-Known Member
I was a little confused by how the £35m contribution the bond made was reported. How much was the interest on the £14.4m loan they repaid?
stupot07
Well-Known Member
They didn't pay any interest IIRC.
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fernandopartridge
Well-Known Member
It said in the report that they paid the interest on the loan in a lump.They didn't pay any interest IIRC.
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stupot07
Well-Known Member
Fair do's, must have missed that. Do we know how much?
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fernandopartridge
Well-Known Member
Previous reports suggest initial rate was 5% which returned £750k p/a. They paid 2 years already so the remaining interest would be in the region of £13.5m on top of the £13.4m capital.Fair do's, must have missed that. Do we know how much?
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Not sure how clear this was made in the bond prospectus!
Sick Boy
Super Moderator
I am actually ashamed to support the same football club as you. If I was you I'd concentrate on learning the difference between piece and peace before claiming to be a master of debate.
SkyBlue_Bear83
Well-Known Member
When ACL repaid the loan they had paid 2 years of interest which was thought to be 1.5 million pounds. Since the initial plan was to pay it over 20 years CCC lost out on 20 years of interest payments.
But it also means a significant reduction in the return for the council with no interest to be paid over the next 20 years as expected.
However, the council has already received around two years of interest at the initial interest rate of five per cent – which will have provided an estimated return of around £1.5million.
http://www.coventrytelegraph.net/news/wasps-rfc-pay-134million-ricoh-9248558
But it also means a significant reduction in the return for the council with no interest to be paid over the next 20 years as expected.
However, the council has already received around two years of interest at the initial interest rate of five per cent – which will have provided an estimated return of around £1.5million.
http://www.coventrytelegraph.net/news/wasps-rfc-pay-134million-ricoh-9248558
skybluetony176
Well-Known Member
You'll get a pat on the head of Grendull for that one. Good little monkey boy.
D
Deleted member 5849
Guest
Personally I've never been convinced the ground *was* worth much - finished grounds tend not to be sold for much.
That is a *huge* markup though. What are the possible consequences of their new valuation being out?
D
Deleted member 5849
Guest
Oh, and ill the value be amortised each year in the accounts?
Grendel
Well-Known Member
It seems the rumour I heard about you is true Tony.
skybluetony176
Well-Known Member
I doubt it.
Sick Boy
Super Moderator
I remember when he went on Gmk to drum up support for UKIP. Says it all about him.
skybluetony176
Well-Known Member
Never been a member on GMK. There was some moron on there pretending to be me though and spouting shit. I did hear who that was too. Seems they didn't appreciate what I had to say about SISU on here.
I saw the funny side though. It showed up the person pretending to be me as the petty small minded little child I always thought they were and at the same time they exposed themselves for the SISU apologist they always claimed not to be
Grendel
Well-Known Member
Suggestion is that as you are a bit strapped for cash you have taken up Italias offer of being his car park attendant for Wasps games.
It's the only explanation I can come up with for your slavish defence of them - even on a par with your new boss.
Hope you got a nice yellow jacket as part of the deal
skybluetony176
Well-Known Member
To be fair that made me smile. See, you can do comedy.
Wipe the froth of your mouth, take some deep breaths and then actually try reading what I've posted dear as I never have and never will defend them.
Sick Boy
Super Moderator
Not sure how your support of UKIP has anything to do with Sisu.
italiahorse
Well-Known Member
No ones defending them. All but the paranoid 6 are excepting reality.
Can you return the Wasps Onesie asap as we have now replaced you with a street sign ?
SkyBlue_Bear83
Well-Known Member
SimonGilbert
Telegraph Tea Boy
stupot07
Well-Known Member
Their breakeven attendances is 10k, but they over achieved that and lost £2.4m?
You just can't beat a bit of spin on a Saturday morning. It just wouldn't feel like a a ccfc matchday without a bit of wasps PR.
Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors
You just can't beat a bit of spin on a Saturday morning. It just wouldn't feel like a a ccfc matchday without a bit of wasps PR.
Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors
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Nick
Administrator
I'm not going to the game now, I hope Simon is happy!Their breakeven attendances is 10k, but they over achieved that and lost £2.4m?
You just can't beat a bit of spin on a Saturday morning. It just wouldn't feel like a a ccfc matchday without a bit of wasps PR.
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italiahorse
Well-Known Member
Their breakeven attendances is 10k, but they over achieved that and lost £2.4m?
You just can't beat a bit of spin on a Saturday morning. It just wouldn't feel like a a ccfc matchday without a bit of wasps PR.
Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors
If you want to understand it you need to see the accounts.
italiahorse
Well-Known Member
Certainly being lapped up by the few.
CET drop a headline but no detail and keyboards are soaked in drool.