How many millions have they made in this venture? I am referring to this investment. I wish this was as successful as some of their others.
Commercially wrong? We're talking about a hedge fund who specialise in distressing companies and asset stripping and were/are successful at it. If it was commercially wrong, surely they wouldn't have made millions out of doing it?
CT said:Coventry City Council’s chief executive earned £244,553 last year - over £100,000 more than the prime minister.
Coventry Observer said:CHRIS WEST, executive director resourcesManages the council’s finances and revenue collection, responsible for IT network and HR and workforce services.
Total earnings: £141.074
Oh sorry, Ann. We've just read that you don't agree when a team is ripped from its community so I guess we're not going to get very far with your council. Thanks anyway, maybe we'll take up the offer below. Thanks again.
http://www.independent.co.uk/sport/...e-to-send-themselves-to-coventry-9789348.html
Reeves is still at CCC, this is from the CT earlier this year:
and Chris West:
So you are saying CCFC should have paid more than Wasps?
Interesting. 15000 seater with a hotel for 22m. Non runner for an ambitious sports club when compared with 32000 seater with casino, hotel, exhibition Hall, parking etc.. Our current aim is a 15000 seater with a hotel......
None. How many people invest in a football club and make money?
So if say SISU moved Coventry City to a new stadium in Cornwall because it had a larger capacity, an exhibition hall, parking, etc then that would be Ok as we'd be an "ambitious sports club"?
I am saying it would have been economically better to offer more than anyone else, as it is worth more to us. If we had paid 29,5 m for everything, then we would have saved the investors 500000 as opposed to an inferior new build of 30 m ( amount as suggested by Tim ). We would have everything we wanted and already be playing in a "365 days a year" stadium in Coventry, instead of playing cat and mouse with Wasps. What Wasps have paid is not relevant to our commercial position. We have screwed up, not them.
So if say SISU moved Coventry City to a new stadium in Cornwall because it had a larger capacity, an exhibition hall, parking, etc then that would be Ok as we'd be an "ambitious sports club"?
I am saying it would have been economically better to offer more than anyone else, as it is worth more to us. If we had paid 29,5 m for everything, then we would have saved the investors 500000 as opposed to an inferior new build of 30 m ( amount as suggested by Tim ). We would have everything we wanted and already be playing in a "365 days a year" stadium in Coventry, instead of playing cat and mouse with Wasps. What Wasps have paid is not relevant to our commercial position. We have screwed up, not them.
Of course not, but as the article says, the Rugby authorities see things differently. What I am saying though, is that the investors saw the Ricoh as a better investment- even when annoying their supporters - than a 15000 seater with hotel for 22m. Our target. Which is why I say we could have paid for Higgs and CCC shares ( price based on Higgs' half ), the loan and still be in a better position than now..... Had we gone about it the right way, as Wasps obviously did.
that still doesn't explain why an offer is a joke when it is pretty much what was actually paid? Surely that means the offer was about right?
Maybe Wasps should have offered a lot more than they did, they should have offered the price of a new stadium in London then?
Of course not, but as the article says, the Rugby authorities see things differently. What I am saying though, is that the investors saw the Ricoh as a better investment- even when annoying their supporters - than a 15000 seater with hotel for 22m. Our target. Which is why I say we could have paid for Higgs and CCC shares ( price based on Higgs' half ), the loan and still be in a better position than now..... Had we gone about it the right way, as Wasps obviously did.
Of course not, but as the article says, the Rugby authorities
I can see the point you're making. That if it will cost us £20m for a new ground why not bid £20m for ACL. However that brings you back to the council's sale process. If it had been placed on the open market and muliple potential purchasers came forward it would have driven the price up and enabled us as fans to see what was going on and place pressure on SISU to make an offer.
The rugby authorities? What about the fans? Do they see things differently? OK, so let me ask you again. We're moving to Cornwall as we are an "ambitious sports club" and the FL are going to let us do it because they "see things differently".
It's OK now then presumably or are you going to think of something else to excuse the move and make out it's ok for one team but not for another?
Everyone should have had chance to bid for the Ricoh, not just Wasps.
What is the open market? Not many out there.
We aren't talking about the views of the Rugby authorities though.
we had first option for the Higgs' share
I don't get the obsession with Rugby franchises. Not interested. Please don't ask me about them, ask Italia, he knows more than I do.
we had first option for the Higgs' share and the stadium was our idea. We should have put forward a business case and have obtained preference based on the iniative coming from us. It was always to be ours. Pay off the loan, buy the shares pay a premium for the lease extension. Doesn't need to placed on the market. We were the original purpose of the stadium bowl.
the fl are not going to allow us to move anywhere. Quite frankly, I am not interested in Wasps or their fans. I am interested in us, our missed opportunity and our insecure future.
I don't get the obsession with Rugby franchises. Not interested. Please don't ask me about them, ask Italia, he knows more than I do.
The article is about Rugby teams. The only interesting bit being that Wasps rejected what we are looking for ( with a budget of 30 m ) in favour of the Ricoh.
You can't possibly know that as it was never placed on the open market. There were many who thought there would be no other interest apart from CCFC, turned out to be wrong so how can anyone assert with any confidence there wouldn't have been others interested?
Even if there wasn't you only need two (CCFC and Wasps) for a bidding war. An open sale process could easily have pushed the sale price up meaning a better return for the taxpayer and the charity.
But you were asked whether it would be ok for CCFC to move like Wasps did?
Yes, but it always depends on price doesn't it? It is all well and good saying go and buy it, didn't they want £24 million just for the food and beverage rights?
Higgs wanted 5,5m cash for a half share. The council wanted primarily out of the 14.4m loan.
You then say pay a premium, what did Wasps pay for the premium?
Had SISU moved quickly on a friendly basis, all the PR bending and rule stretching would have been in CCFCs direction.
Yes, but it always depends on price doesn't it? It is all well and good saying go and buy it, didn't they want £24 million just for the food and beverage rights?
Have a read of the evidence Paul harris gave in that / higgs court thing about an offer being in the region of £2m.
You would think the purchase value would be cheaper to an established football club in the area wouldn't you? How can it be a joke offer that the club offered around the same price as a random team from London actually paid?
As for the second quote, is that serious? So it's ok for somebody to punch me in the face because I didn't praise them?
Are you totally ignoring the conditions that would need to have been met before they handed over the money ?
I imagine you would have everyone up in arms and thousands of people marching through the streets in protest.
No, we would not bother going if it was permanent.
No, we would not bother going if it was permanent.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?