Shareholder's meeting. (1 Viewer)

Houdi

Well-Known Member
Went to last nights shareholders meeting and got to ask along with others Tim Fisher several questions, and even got to ask SP some questions too.
First as an overview,in my opinion on last nights evidence, there is virtually no chance and I mean no chance of us returning to the Ricoh this year. Only if the council surrender completely will we back. Think Arab /Israel dispute and multiply it by 1000, this seems personal on a huge scale, there is a deep searing hatred.
It went on for over 2 hours, so hard to remember everything, but a few of the things said.
1 There are 298 B shareholders although apparently 3 have recently passed on.
2 TF hopes to form a 300 club for ex shareholders, with rights and benefits, probably means we will get cheap s/t for Sixfields.
3 Holdings to be wound up and no separate a/c, but they will all be consolidated into Otium. Fans asked what value was placed on transfer of player contracts from Holdings to Otium, there was effectively none, as it was seen as an inter company transfer, and Holdings already owed Otium millions.
4 I asked why the club needed the freehold, and what about the ACL 40+ lease. Basically TF said once they owned the freehold, it was then upto the Council to I suppose to wind up ACL, but it wasn't the clubs problem. I think from what he said that they would possibly accept a 100+ lease with I presume peppercorn rent.
5 Cyrus has had 3 separate contract offers, none accepted, and if a 'big' offers comes in he will be sold in Jan, or he will be gone in the summer.That was from SP direct.
More later when time allows.
 

ccfcway

Well-Known Member
"Think Arab /Israel dispute and multiply it by 1000"


I cant imagine the Palastine poeple saying "could be worse, we could have an issue with a stadium on the outskirts of coventry"



 

RoboCCFC90

Well-Known Member
Went to last nights shareholders meeting and got to ask along with others Tim Fisher several questions, and even got to ask SP some questions too.
First as an overview,in my opinion on last nights evidence, there is virtually no chance and I mean no chance of us returning to the Ricoh this year. Only if the council surrender completely will we back. Think Arab /Israel dispute and multiply it by 1000, this seems personal on a huge scale, there is a deep searing hatred.
It went on for over 2 hours, so hard to remember everything, but a few of the things said.
1 There are 298 B shareholders although apparently 3 have recently passed on.
2 TF hopes to form a 300 club for ex shareholders, with rights and benefits, probably means we will get cheap s/t for Sixfields.
3 Holdings to be wound up and no separate a/c, but they will all be consolidated into Otium. Fans asked what value was placed on transfer of player contracts from Holdings to Otium, there was effectively none, as it was seen as an inter company transfer, and Holdings already owed Otium millions.
4 I asked why the club needed the freehold, and what about the ACL 40+ lease. Basically TF said once they owned the freehold, it was then upto the Council to I suppose to wind up ACL, but it wasn't the clubs problem. I think from what he said that they would possibly accept a 100+ lease with I presume peppercorn rent.
5 Cyrus has had 3 separate contract offers, none accepted, and if a 'big' offers comes in he will be sold in Jan, or he will be gone in the summer.That was from SP direct.
More later when time allows.

Hence why Cyrus' form has been shocking recently..
 

mark82

Moderator
I wouldn't excuse him like that. Why would turning down a contract mean your form is shocking? I think the reality is that Christie isn't as good as he thinks or a lot of fans seem to think.

Quite. If you were a higher league team and saw he had to be dropped by a league 1 team you would be asking questions. Not to say he isn't one of our best when on form but suspect he would struggle if went to a prem team.
 

RoboCCFC90

Well-Known Member
I wouldn't excuse him like that. Why would turning down a contract mean your form is shocking? I think the reality is that Christie isn't as good as he thinks or a lot of fans seem to think.

I think that's harsh Fernando, there is a lot that comes with making a decision of moving to another club, none of us know for sure if this really is affecting Cyrus' form, I'd say it is, the last time Cyrus played outstandingly well was against Colchester at Sixfields, of course since then he has been injured which has left him a little unfit, consistency hasn't been there since he returned, rumours surronding his future and the choice of commitment. Cyrus is a very good young player, I think if he signed a 2 Year deal here with us and got his head down like Conor Thomas, Callum Wilson, Jordan Willis and others he could put himself in the market for a move to a bigger club.
 

bigfatronssba

Well-Known Member
I wouldn't excuse him like that. Why would turning down a contract mean your form is shocking? I think the reality is that Christie isn't as good as he thinks or a lot of fans seem to think.

That's the intelligence of the average footballer though.

Most sensible people would try harder if they thought there was a chance of getting a better job out of it.
 

Houdi

Well-Known Member
"Think Arab /Israel dispute and multiply it by 1000"


I cant imagine the Palastine poeple saying "could be worse, we could have an issue with a stadium on the outskirts of coventry"



What I meant by that was that TF was perfectly polite to fans like me, but he had a 'frank' exchange with John Fletcher that at times was really vicious, there is a real deep hatred there far worse than I thought.
The club are now looking at 2 sites of about 60 acres, God knows where. I and others asked repeatedly when they intend to announce these sites, to assuage the fans cynicism, however no real satisfactory response was given. Just a litany of the problems involved in closing any deal, it seems any announcement if it is to be believed is months and months away. Don't hold your breath for any news soon. It also seems that the 3 years in Northampton will now be at least 4 years. The new stadium will also apparently encompass the Academy as well.
 

jesus-wept

New Member
Forgetting Christie for a moment just because the likes of Thomas and Wilson have signed new deals doesn't mean they are here for the long haul or even after January, a signed contract just puts a higher value on a player and sisu need every penny they can get in any way shape or form.
 

fernandopartridge

Well-Known Member
I think that's harsh Fernando, there is a lot that comes with making a decision of moving to another club, none of us know for sure if this really is affecting Cyrus' form, I'd say it is, the last time Cyrus played outstandingly well was against Colchester at Sixfields, of course since then he has been injured which has left him a little unfit, consistency hasn't been there since he returned, rumours surronding his future and the choice of commitment. Cyrus is a very good young player, I think if he signed a 2 Year deal here with us and got his head down like Conor Thomas, Callum Wilson, Jordan Willis and others he could put himself in the market for a move to a bigger club.

It's his decision. It hasn't been done to him. Surely he'd have raised self esteem from 3 contract offers.

He looks like he's carrying too much weight to me.
 

RoboCCFC90

Well-Known Member
It's his decision. It hasn't been done to him. Surely he'd have raised self esteem from 3 contract offers.

He looks like he's carrying too much weight to me.

I agree he maybe a tad unfit after his injury.

Like I said usually it probably would but not all the affects of getting another 3 offers are always good.
 

RogerH

New Member
What I meant by that was that TF was perfectly polite to fans like me, but he had a 'frank' exchange with John Fletcher that at times was really vicious, there is a real deep hatred there far worse than I thought.
The club are now looking at 2 sites of about 60 acres, God knows where. I and others asked repeatedly when they intend to announce these sites, to assuage the fans cynicism, however no real satisfactory response was given. Just a litany of the problems involved in closing any deal, it seems any announcement if it is to be believed is months and months away. Don't hold your breath for any news soon. It also seems that the 3 years in Northampton will now be at least 4 years. The new stadium will also apparently encompass the Academy as well.

I don't see any scenario in which this will end well for the football club. Even if the Council capitulated tomorrow and handed over the keys to the Ricoh, together with the surrounding land, I believe that any monies SISU would generate from stadium operations and development of the land would go to repaying their investors rather than to CCFC. I think that SISU via the Judicial Review are trying to weaken the Council to the degree that they will get the stadium for free with no restrictions or covenants, so that if they chose, they could send in the bulldozers, and build houses on the site, and have no planning restrictions. If they had been prepared to negotiate a deal in good faith based on valuations it would have been done by now. SISU don't negotiate, they demand, and if those demands are not met, they sue or destroy.
 

oldskyblue58

CCFC Finance Director
surely the value of the assets transferred is the value of the debt that it settled? Even if you discount the debt between Otium and CCFC H (which you shouldnt it is still a valid debt between to seperate legal entities) then Otium owes ARVO many millions and that has been spent on?

The principle of what has probably happened in my opinion is

ARVO lent a total of 9.1m to Otium
Otium lent that money to CCFC H
ARVO was already owed 6.275m by CCFC H and the loan from Otium repaid that plus some running costs
then the assets from CCFC H were transferred to Otium to settle the outstanding debt
That means the 9.1m loan paid off would represent the value of the assets (including the players and Ryton)

To say the players had no value because it was internal debt is playing with words in my opinion. Otium and CCFC H might be in the same group, might be under common ownership, but each is a seperate entity in law

The neat thing is that where the players had no value in CCFC H then they are given a value because of the loan repaid in Otium. all perfectly legal
 
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Warwickhunt

Well-Known Member
That's the intelligence of the average footballer though.

Most sensible people would try harder if they thought there was a chance of getting a better job out of it.
But thats the kids of today! he is thinking I am moving in January so can't be arsed to do the buz now sort of thing. its like anyone i suppose you get another job and you are having to work out the contracted time so you dont put so much effort in etc
 

diggerdaley

New Member
What decent player would commit himself to playing in front of 2,000 in a cowshed for the next 3 years when the championship beckons ?
 

jimmyhillsfanclub

Well-Known Member
....The Ricoh site is approx. 40 acres.....
Set within a site covering more than 40 acres, the Ricoh Arena is unlike any other development of its kind in the UK.

I heard it was actually 43....

...but I've got a brand new combined harvester & I'll give you the key....
 

chiefdave

Well-Known Member
TF said once they owned the freehold, it was then upto the Council to I suppose to wind up ACL, but it wasn't the clubs problem.

How would that work? Isn't it set up so ACL own the lease and CCC own the freehold. 2 seperate entities owning 2 different things. How does it follow that if SISU buy the freehold ACL gets wound up and what happens to things like the loan, balance of lease value etc?
 

CJ_covblaze

Well-Known Member
Went to last nights shareholders meeting and got to ask along with others Tim Fisher several questions, and even got to ask SP some questions too.
First as an overview,in my opinion on last nights evidence, there is virtually no chance and I mean no chance of us returning to the Ricoh this year. Only if the council surrender completely will we back. Think Arab /Israel dispute and multiply it by 1000, this seems personal on a huge scale, there is a deep searing hatred.
It went on for over 2 hours, so hard to remember everything, but a few of the things said.
1 There are 298 B shareholders although apparently 3 have recently passed on.
2 TF hopes to form a 300 club for ex shareholders, with rights and benefits, probably means we will get cheap s/t for Sixfields.
3 Holdings to be wound up and no separate a/c, but they will all be consolidated into Otium. Fans asked what value was placed on transfer of player contracts from Holdings to Otium, there was effectively none, as it was seen as an inter company transfer, and Holdings already owed Otium millions.
4 I asked why the club needed the freehold, and what about the ACL 40+ lease. Basically TF said once they owned the freehold, it was then upto the Council to I suppose to wind up ACL, but it wasn't the clubs problem. I think from what he said that they would possibly accept a 100+ lease with I presume peppercorn rent.
5 Cyrus has had 3 separate contract offers, none accepted, and if a 'big' offers comes in he will be sold in Jan, or he will be gone in the summer.That was from SP direct.
More later when time allows.

Spot on report. I'll add this...

Floor: "Who has benefited from the sale of assets?"
TF: "Otium purchased everything for nothing. No cash flowed. Writing off debt. Contingent payment".
SB: "Otium owned Holdings already".
SB: We’ve had to work with Companies House and BDO as lots of other auditors wouldn’t take us on.
TF: “Would you want your accountancy/auditor firm associated with all this?"

TF: "The stadium is based on 60 acre site which will also house the academy. 12-15,000 seater rising to a MAXIMUM of 20-22,000 as Coventry City won’t ever need anything any bigger than that”.
 

chiefdave

Well-Known Member
TF: "The stadium is based on 60 acre site which will also house the academy. 12-15,000 seater rising to a MAXIMUM of 20-22,000 as Coventry City won’t ever need anything any bigger than that”.

31,407 Coventry 0–2 Chelsea (FA Cup quarter-final – 7 March 2009)
31,054 Coventry 0–3 Crewe Alexandra (Johnstone's Paint Trophy area-final – 5 February 2013)
28,184 Coventry 2–3 Leeds United (Championship – 6 November 2010)
28,163 Coventry 0–5 West Bromwich Albion (FA Cup fifth round – 16 February 2008)
28,120 Coventry 1–1 Middlesbrough (FA Cup fourth round – 28 January 2006)
27,992 Coventry 1–1 Wolverhampton Wanderers (Championship – 26 April 2008)
 

BinleyBlue

New Member
31,407 Coventry 0–2 Chelsea (FA Cup quarter-final – 7 March 2009)
31,054 Coventry 0–3 Crewe Alexandra (Johnstone's Paint Trophy area-final – 5 February 2013)
28,184 Coventry 2–3 Leeds United (Championship – 6 November 2010)
28,163 Coventry 0–5 West Bromwich Albion (FA Cup fifth round – 16 February 2008)
28,120 Coventry 1–1 Middlesbrough (FA Cup fourth round – 28 January 2006)
27,992 Coventry 1–1 Wolverhampton Wanderers (Championship – 26 April 2008)

So the Club's Chief Executive thinks Coventry City will never need a ground with a capacity greater than 22,000. Presumably, therefore, he has no ambition for the Club to return to the Premier League, a level at which we played for 34 successive seasons. This season, 19 out of 20 PL Clubs have average attendances in excess of 23,000. Does Mr Fisher's limited ambition suggest a good standard of leadership?
 

skybluelee

Well-Known Member
So the Club's Chief Executive thinks Coventry City will never need a ground with a capacity greater than 22,000. Presumably, therefore, he has no ambition for the Club to return to the Premier League, a level at which we played for 34 successive seasons. This season, 19 out of 20 PL Clubs have average attendances in excess of 23,000. Does Mr Fisher's limited ambition suggest a good standard of leadership?

Brace yourself for responses along the lines of 'we never used to get crowds bigger than that when we were in the Premier League'.

However, I agree with you entirely. IF we ever were to return to the Premier League (ha!) we would easily AVERAGE 25K in a decent size stadium, eg The Ricoh. Every 'sleeping fan' would reappear on the back of two promotions not to mention a whole new generation of fans coming along for the ride. You'd be guranteed sell-outs against the big boys which would offset the lesser attendances v the likes of Fulham.
 

SkyBlueHomer

New Member
If anyone is interested see for yourselves just how much space would be required.
http://www.freemaptools.com/area-calculator.htm

Makes sense to have everything on the same site but max of 22,000, really...?

So Tim we have gone from selling Highfield Rd which wasn't big enough, season upon season of struggle, up to our eyeballs in debt, god knows how years we will be in Northampton only to move to a new stadium which will be smaller than Highfield Rd. maybe i'm missing something here, anyone enlighten me just what the hell he is thinking!
 

Spionkop

New Member
BinleyBlue, no it doesn't at all does it. Shocking admission from Fletcher. But not unexpected.
Good job I'm not privy to these meetings. I'm afraid I'd lose it with Fisher. As, I suspect a lot of other fans would.
 

italiahorse

Well-Known Member
31,407 Coventry 0–2 Chelsea (FA Cup quarter-final – 7 March 2009)
31,054 Coventry 0–3 Crewe Alexandra (Johnstone's Paint Trophy area-final – 5 February 2013)
28,184 Coventry 2–3 Leeds United (Championship – 6 November 2010)
28,163 Coventry 0–5 West Bromwich Albion (FA Cup fifth round – 16 February 2008)
28,120 Coventry 1–1 Middlesbrough (FA Cup fourth round – 28 January 2006)
27,992 Coventry 1–1 Wolverhampton Wanderers (Championship – 26 April 2008)

51,455 Coventry 3-1 Wolves (1967)
 

Houdi

Well-Known Member
How would that work? Isn't it set up so ACL own the lease and CCC own the freehold. 2 seperate entities owning 2 different things. How does it follow that if SISU buy the freehold ACL gets wound up and what happens to things like the loan, balance of lease value etc?

I honestly don't know, but TF response was quite equivocal, however I took it to mean if SISU obtained the freehold ,then they would 'expect' the Council to somehow wind up ACL, how wasn't made clear, although suffice to say SISU would expect to run the show.
As CJ says the new 'stadium' will have a maximum capacity of 22,000 approx.
Again TF was asked if he had 'moved on', why pursue the JR, again no real convincing explanation, although TF seem keen to emphasis how seriously they took the JR, I think a phrase he used was, 'improper purpose', although I'm no legal eagle.
Several fans were keen to express their admiration to SP, and the job he has done in difficult circumstances and that the fan's boycott was no reflection on him or are young side. He was understanding of the fans position, but clearly it has put him in a difficult position.
 
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BinleyBlue

New Member
Brace yourself for responses along the lines of 'we never used to get crowds bigger than that when we were in the Premier League'.

However, I agree with you entirely. IF we ever were to return to the Premier League (ha!) we would easily AVERAGE 25K in a decent size stadium, eg The Ricoh. Every 'sleeping fan' would reappear on the back of two promotions not to mention a whole new generation of fans coming along for the ride. You'd be guranteed sell-outs against the big boys which would offset the lesser attendances v the likes of Fulham.

An interesting comparison is Southampton. They left the Dell in 2001. Their capacity there was 15,200. Like us, having left their traditional ground, they dropped to League 1 but with enlightened, ambitious owners got back to the Premier League. They are currently averaging 29,669 at St Mary's.
 

tuousis

New Member
Maybe Fisher is winding fans up for a big payday ,hoping we will fill Sixfields to show him the size of the true support,Just ignore the pillock.
 

skybluelee

Well-Known Member
31,407 Coventry 0–2 Chelsea (FA Cup quarter-final – 7 March 2009)
31,054 Coventry 0–3 Crewe Alexandra (Johnstone's Paint Trophy area-final – 5 February 2013)
28,184 Coventry 2–3 Leeds United (Championship – 6 November 2010)
28,163 Coventry 0–5 West Bromwich Albion (FA Cup fifth round – 16 February 2008)
28,120 Coventry 1–1 Middlesbrough (FA Cup fourth round – 28 January 2006)
27,992 Coventry 1–1 Wolverhampton Wanderers (Championship – 26 April 2008)


A sterling record in front of our biggest crowds at the Ricoh!
 

RoboCCFC90

Well-Known Member
A sterling record in front of our biggest crowds at the Ricoh!

Just sums up that at home in front of big crowds we have generally been quite crap.
 

AndreasB

Well-Known Member
31,407 Coventry 0–2 Chelsea (FA Cup quarter-final – 7 March 2009)
31,054 Coventry 0–3 Crewe Alexandra (Johnstone's Paint Trophy area-final – 5 February 2013)
28,184 Coventry 2–3 Leeds United (Championship – 6 November 2010)
28,163 Coventry 0–5 West Bromwich Albion (FA Cup fifth round – 16 February 2008)
28,120 Coventry 1–1 Middlesbrough (FA Cup fourth round – 28 January 2006)
27,992 Coventry 1–1 Wolverhampton Wanderers (Championship – 26 April 2008)
ames
ooh 6 times in 10 years what a big club we are. 4 of those for cups (remind me how many fans we had for the league game post Chelsea?) and 2 games with massive away followings. 20k is easily enough -buy a season ticket and guarantee a seat if you REALLY think we need bigger than that.
 

wince

Well-Known Member
ames
ooh 6 times in 10 years what a big club we are. 4 of those for cups (remind me how many fans we had for the league game post Chelsea?) and 2 games with massive away followings. 20k is easily enough -buy a season ticket and guarantee a seat if you REALLY think we need bigger than that.
Whats the amount of away fans got to do with it , money is money , that's what all clubs exist for ,what a stupid thing to say
 

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