Arena Construction Completion Report (10 Viewers)

lordsummerisle · Mar 20, 2013

This was posted on another thread yesterday by Tisza, but think it may have got lost and not given the attention it deserved, really deserves it's own thread.

The poor old council and ACL seem to have done rather well out of our problems over the years from first glance:

http://moderngov.coventry.gov.uk/Da...08 - Arena Construction Completion Report.pdf

Looks like the council got the whole Arena complex for an outlay of about £10million, though more smoke and mirrors with different companies involved shoving the £21million lease cost around between each other in perpetual motion a Mayfair Hedge Fund would be proud of it.

torchomatic · Mar 20, 2013

Half of what the Club spent. Yet, we ended up with absolutely nothing.

torchomatic · Mar 20, 2013

I await the "yeah, buts.."

Houdi · Mar 20, 2013

torchomatic said:
Half of what the Club spent. Yet, we ended up with absolutely nothing.

Remind me again who are the rapacious,ruthless capitalists who prey on struggling finacially hamstrung businesses.

Black6Osprey · Mar 20, 2013

Thank you for that a great find. It highlights what most people of sound mind have known all along.

torchomatic · Mar 20, 2013

That'll be the bastards from Mayfair. Not the fluffy bunnies in the Town Hall.

Houdi said:
Remind me again who are the rapacious,ruthless capitalists who prey on struggling finacially hamstrung businesses.

coundonskyblue · Mar 20, 2013

That's business im afraid.

Black6Osprey · Mar 20, 2013

The only problem I can see is you've now opened the door for OSB to give a 400 line reply.

The thought brings me out in a shudder as may need time off work to read it.

Brighton Sky Blue · Mar 20, 2013

Can't believe the council pressganged us into selling our stake in ACL-what nasty crooks they all are.

torchomatic · Mar 20, 2013

So, let me get this straight. CCFC withhold their exorbitant rent (which only CJ seems to think is fair) because it is crippling the club and that is "bully boy tactics from a Mayfair Hedge Fund", "immoral", etc etc

CCC put HALF in what we did, form a Company to charge us (that's the Club you support remember) the exorbitant rent and yet "that's business, I'm afraid"?

Have I got that right?

coundonskyblue said:
That's business im afraid.

torchomatic · Mar 20, 2013

Like I said, awaiting the "yeah, buts..."

Brighton Sky Blue said:
Can't believe the council pressganged us into selling our stake in ACL-what nasty crooks they all are.

Black6Osprey · Mar 20, 2013

Brighton Sky Blue said:
Can't believe the council pressganged us into selling our stake in ACL-what nasty crooks they all are.

Wahaayy... Thats 1 - 0 to Council Town as a life long member of the Council Trust steps forward.

Wrenstreetcarpark · Mar 20, 2013

torchomatic said:
So, let me get this straight. CCFC withhold their exorbitant rent (which only CJ seems to think is fair) because it is crippling the club and that is "bully boy tactics from a Mayfair Hedge Fund", "immoral", etc etc

CCC put HALF in what we did, form a Company to charge us (that's the Club you support remember) the exorbitant rent and yet "that's business, I'm afraid"?

Have I got that right?

No .

Black6Osprey · Mar 20, 2013

Wrenstreetcarpark said:
No .

You're right he forgot about the money from Tesco we got for the sale of the land which was land originally purchased by the club.

Brighton Sky Blue · Mar 20, 2013

torchomatic said:
Like I said, awaiting the "yeah, buts..."

Except it's completely valid. Had we not sold our share none of this would have happened.

Black6Osprey · Mar 20, 2013

Brighton Sky Blue said:
Except it's completely valid. Had we not sold our share none of this would have happened.

But that's not the point. This is highlighting what our friendly, ever helpful council have actually spent to get control.

The amount of people who do nothing but thank them for this selfless act is frankly ridiculous.

torchomatic · Mar 20, 2013

Thanks Black. Yes, I forgot about the £60M we got for that.

Black6Osprey said:
You're right he forgot about the money from Tesco we got for the sale of the land which was land originally purchased by the club.

Sick Boy · Mar 20, 2013

torchomatic said:
So, let me get this straight. CCFC withhold their exorbitant rent (which only CJ seems to think is fair) because it is crippling the club and that is "bully boy tactics from a Mayfair Hedge Fund", "immoral", etc etc

CCC put HALF in what we did, form a Company to charge us (that's the Club you support remember) the exorbitant rent and yet "that's business, I'm afraid"?

Have I got that right?

The hypocrisy and double standards on here is priceless.

Brighton Sky Blue · Mar 20, 2013

torchomatic said:
So, let me get this straight. CCFC break a legally binding contract(which only Torch seems to think is fair) because Tim felt like it and that is "bully boy tactics from a Mayfair Hedge Fund", "immoral", etc etc

CCC put HALF in what we did, form a Company to give us a 50% share in the project (that's the Club you support remember), we sell that stake and sign up to a new rent agreementand yet "that's business, I'm afraid"?

Have I got that right?

I'd say you have.

torchomatic · Mar 20, 2013

Couldn't agree more, flip the coin around, reverse the names and imagine the girly hysteria on here and the lectures we'd get about morals, etc.

Sickening that people are backing action against their own club.

Sick Boy said:
The hypocrisy and double standards on here is priceless.

Tad · Mar 20, 2013

Whoever decided on leaving highfield was a clown. Worst move ever.

If the money was there, I'd tell ACL and the council to shove it and build another smaller multi-use stadium. That way the club could get money from more then just games and other events too. Ricoh is far too big for every event and so on..

Sick Boy · Mar 20, 2013

torchomatic said:
Couldn't agree more, flip the coin around, reverse the names and imagine the girly hysteria on here and the lectures we'd get about morals, etc.

Sickening that people are backing action against their own club.

No other fans in the football league would back action against their own club, or hope that their team go into administration.

torchomatic · Mar 20, 2013

Yes, he was a clown. Well, a word beginning with C anyway.

Tad said:
Whoever decided on leaving highfield was a clown. Worst move ever.

coundonskyblue · Mar 20, 2013

torchomatic said:
So, let me get this straight. CCFC withhold their exorbitant rent (which only CJ seems to think is fair) because it is crippling the club and that is "bully boy tactics from a Mayfair Hedge Fund", "immoral", etc etc
 
CCC put HALF in what we did, form a Company to charge us (that's the Club you support remember) the exorbitant rent and yet "that's business, I'm afraid"?
 
Have I got that right?

If the council have done wrong, why have the club not challenged it in court?

Acl have used proper legal methods in this dispute, sisu have acted like a banana republic dictator.

Brighton Sky Blue · Mar 20, 2013

torchomatic said:
Couldn't agree more, flip the coin around, reverse the names and imagine the girly hysteria on here and the lectures we'd get about morals, etc.

Sickening that people are backing action against their own club.

Nobody except CJ is-it is just that I hold a different entity responsible for it. Fisher gave us a 10 point penalty at the start of the season by retaining Thorn and is set to give us another.

torchomatic · Mar 20, 2013

Thank God for that. I was getting bored with "Mayfair Hedge Fund", "Bully Boys", "Hard Nosed Business People", etc.

The Council certainly "done wrong", but some walk round with their eyes closed and their fingers in their ears.

coundonskyblue said:


banana republic dictator.

coundonskyblue · Mar 20, 2013

torchomatic said:
Thank God for that. I was getting bored with "Mayfair Hedge Fund", "Bully Boys", "Hard Nosed Business People", etc.
 
The Council certainly "done wrong", but some walk round with their eyes closed and their fingers in their ears.

So why don't sisu challenge that through the proper channels?

torchomatic · Mar 20, 2013

Who knows. Why didn't ACL drag us into Administration after we knew if the playoffs were possible or not? Odd for a company that (and I quote) "care deeply about the football club".

coundonskyblue said:


So why don't sisu challenge that through the proper channels?

Brighton Sky Blue · Mar 20, 2013

torchomatic said:
Who knows. Why didn't ACL drag us into Administration after we knew if the playoffs were possible or not? Odd for a company that (and I quote) "care deeply about the football club".

Why didn't Tim accept an offer which will deliver (based upon this season's attendances) an extra £6-700k in revenue to contribute to FFP and a revised rent which he has admitted is acceptable?

coundonskyblue · Mar 20, 2013

torchomatic said:
Who knows. Why didn't ACL drag us into Administration after we knew if the playoffs were possible or not? Odd for a company that (and I quote) "care deeply about the football club".

To ensure we don't start next season on -25 points.

Once you take the law into your own hands (as sisu have done with this) then they deserve all they get.

Also you complain about all the money CCFC put in therefore they should get something, did they not get £6m for it?

CCFC shareholders had their shares stolen from them, should they not have got their money back?

torchomatic · Mar 20, 2013

Ah.

We put in £20M originally.
Then we get £6M to sell our share
In seven years we pay £8M in rent

CCC put in £10M

Yep, plain to see that it's all fair.

"Stolen"? If that's true then you should put up a wanted poster with Joe Elliot's picture on it.

WANTED: MR COVENTRY.

coundonskyblue said:
To ensure we don't start next season on -25 points.

Once you take the law into your own hands (as sisu have done with this) then they deserve all they get.

Also you complain about all the money CCFC put in therefore they should get something, did they not get £6m for it?

CCFC shareholders had their shares stolen from them, should they not have got their money back?

coundonskyblue · Mar 20, 2013

torchomatic said:
Ah.

We put in £20M originally.
Then we get £6M to sell our share
In seven years we pay £8M in rent

CCC put in £10M

Yep, plain to see that it's all fair.

"Stolen"? If that's true then you should put up a wanted poster with Joe Elliot's picture on it.

WANTED: MR COVENTRY.

Tesco put in £60m, wheres their share of F&B?

Do you think its fair that CCFC shareholders had something taken from them using emotional blackmail?

torchomatic · Mar 20, 2013

Yes, Tesco paid £60M to the club. As for the shares, as I said you need to question Elliot on that, not me. My Dad gave his up.

coundonskyblue said:
Tesco put in £60m, wheres their share of F&B?

Do you think its fair that CCFC shareholders had something taken from them using emotional blackmail?

coundonskyblue · Mar 20, 2013

torchomatic said:
Yes, Tesco paid £60M to the club. As for the shares, as I said you need to question Elliot on that, not me. My Dad gave his up.

I wasn't asking why people were forced to give up shares, I was asking your opinion on it.

Your whole argument is that CCFC put a lot of money into a project, then through their own mismanagement couldn't afford to finish it, so someone had to step in to ensure the club wasn't homeless. Why should a business be able to make those sorts of mistakes and not have to accept responsibility for them?

duffer · Mar 20, 2013

torchomatic said:
Ah.

We put in £20M originally.
Then we get £6M to sell our share
In seven years we pay £8M in rent

CCC put in £10M

Yep, plain to see that it's all fair.

"Stolen"? If that's true then you should put up a wanted poster with Joe Elliot's picture on it.

WANTED: MR COVENTRY.

Hold on. Didn't we do all this yesterday? Is the point of reposting this to try to get a different answer?

To repeat - where in that breakdown does it show CCFC putting £20m into this?

According to those figures, CCFC put less than £2m into a development that cost £116m. Tesco put £59m in, of which £17m appears towards decontamination of the land.

Coventry City Council put in £10m in equity, and also now holds around £14m of the remaining £21m originally lent to ACL to fund the build. So, back of a fag packet, I reckon the Council is around £24m down at the moment. ACL has never paid a dividend, so I'd suggest that as yet the Council has had nothing back on it's investment.

Again, different opinions regarding the rent etc. are fair enough, but the simple fact is that the stadium doesn't get built unless the Council and the Higgs trust steps in. CCFC had, and still have as I understand it, the right to buy that Higgs trust share back under a formula they agreed to at the time.

I had a (small) interest in CCFC that I gave up too. I don't blame Elliot for the way that it's turned out.

Arena Construction Completion Report (10 Viewers)

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