Now I have been vindicated maybe I'll come back ... or maybe not?
Yep, I was one of those. I just never posted it because I was that sure and no one likes a show-off.A fair few people have said that all along?
A fair few people have said that all along?
Yeah, I was one.A fair few people have said that all along?
Trying to educate people about valuations is proving to be onious.Back in 2017 I pointed out that Wasps revaluation of the arena was sheer fantasy. I also predicted that Wasps would be unable to repay the bond in 2022. Those predictions were made FIVE years ago and have turned out to be 100% accurate.
I received a lot of ill-informed *feedback* which is why I haven't posted for a few years. Now I have been vindicated maybe I'll come back ... or maybe not?
View attachment 25835
The council should have sold the Ricoh to the club… the club it was built for, instead they sold it to spite a company that won’t be here in 20 years.Trying to educate people about valuations is proving to be onious.
In reality there is only 1 valuation that actually matters, and that's the price a buyer is willing to pay.
Accountants very often deliberately over value business assets to balance the books in a companies accounts.
It's considered a bit naughty, but they know that unless an asset is up for sale, it's valuation is irrelevant, and as such can be "adjusted" to show profit or loss and reduce a tax liability.
Estate agents used to regularly over value a property, just to get it onto their books, and then 2 months down the line, convince the seller to drop the price to a more realistic level. But this would prevent other estate agents from securing the sale.
People suggesting that the Ricoh was sold on the cheap, fail to realise that when there's only 1 buyer in town, that buyer sets the price. The valuation becomes irrelevant.
Anyone who thinks other potential buyers were precluded or kept in the dark about the availability of the Arena are quite clearly living in a fantasy.
Everyone knew it was available, a number of potential suites looked at it, (the NEC for one) but ultimately there was only 1 party actually ready and willing to commit.
The council wanted the massive financial burden off their books, and snapped Wasps hand off.
An empty arena would of cost the coventry council tax payers hundreds of thousands of pounds a year, it was hemorrhaging money every week at a time when local funding was already stretched to breaking point and key services where being cut.
There's no doubt that the council's decision to sell to Wasps was a massive blow to CCFC, but given the behaviour of SISU, it was the only sound decision available at the time.
People are arguing if CCC could of got more money, but that is basically accepting that the decision to sell was correct, just the price being the issue.
Back in 2017 I pointed out that Wasps revaluation of the arena was sheer fantasy. I also predicted that Wasps would be unable to repay the bond in 2022. Those predictions were made FIVE years ago and have turned out to be 100% accurate.
I received a lot of ill-informed *feedback* which is why I haven't posted for a few years. Now I have been vindicated maybe I'll come back ... or maybe not?
View attachment 25835
No party comes out of this smelling of Roses. We are all aware of the acrimony between Joy and Ann.The council should have sold the Ricoh to the club… the club it was built for, instead they sold it to spite a company that won’t be here in 20 years.
the club were never offered the same deal. In fact they were offered half for twice the price.
The Manhattan group pulled out because the council wanted to milk the club for more money rather than sell the stadium,
SISU are here because the council refused to deal with other parties who wanted to buy the Arena.
a lot of the councils shenanigans pre-date SISU.
People are arguing if CCC could of got more money, but that is basically accepting that the decision to sell was correct, just the price being the issue.
So the due diligence in to wasps plan was a roaring success then….. you’ve been defending the sale of a public asset, regardless of your thoughts on SISU. This has been a balls up of the highest order.No party comes out of this smelling of Roses. We are all aware of the acrimony between Joy and Ann.
Should of, could of, would of, it's all academic now. At least the council arnt directly involved anymore, buy ironically the future of the Arena is once again a hot topic now that Wasps are teetering on the brink of insolvency.
The decision to sell was correct, the process by which it was achieved was incorrect. If the deal that Wasps were offered behind closed doors had been made available on the open market, who knows what price might have been achieved. NEC might have been interested in 250 year lease, CCFC almost certainly would have been.Trying to educate people about valuations is proving to be onious.
In reality there is only 1 valuation that actually matters, and that's the price a buyer is willing to pay.
Accountants very often deliberately over value business assets to balance the books in a companies accounts.
It's considered a bit naughty, but they know that unless an asset is up for sale, it's valuation is irrelevant, and as such can be "adjusted" to show profit or loss and reduce a tax liability.
Estate agents used to regularly over value a property, just to get it onto their books, and then 2 months down the line, convince the seller to drop the price to a more realistic level. But this would prevent other estate agents from securing the sale.
People suggesting that the Ricoh was sold on the cheap, fail to realise that when there's only 1 buyer in town, that buyer sets the price. The valuation becomes irrelevant.
Anyone who thinks other potential buyers were precluded or kept in the dark about the availability of the Arena are quite clearly living in a fantasy.
Everyone knew it was available, a number of potential suites looked at it, (the NEC for one) but ultimately there was only 1 party actually ready and willing to commit.
The council wanted the massive financial burden off their books, and snapped Wasps hand off.
An empty arena would of cost the coventry council tax payers hundreds of thousands of pounds a year, it was hemorrhaging money every week at a time when local funding was already stretched to breaking point and key services where being cut.
There's no doubt that the council's decision to sell to Wasps was a massive blow to CCFC, but given the behaviour of SISU, it was the only sound decision available at the time.
People are arguing if CCC could of got more money, but that is basically accepting that the decision to sell was correct, just the price being the issue.
It's certainly been a balls up of the highest order, but to suggest the council are solely to blame is rediculous.So the due diligence in to wasps plan was a roaring success then….. you’ve been defending the sale of a public asset, regardless of your thoughts on SISU. This has been a balls up of the highest order.
that’s solely on the council
Where has this come from, I've never heard any mention of the NEC Group being offered the complex on similar terms to Wasps.Anyone who thinks other potential buyers were precluded or kept in the dark about the availability of the Arena are quite clearly living in a fantasy.
Everyone knew it was available, a number of potential suites looked at it, (the NEC for one) but ultimately there was only 1 party actually ready and willing to commit.
They were mentioned back in the day as having an interest, I think mainly due to the hotel and conferencing facility.Where has this come from, I've never heard any mention of the NEC Group being offered the complex on similar terms to Wasps.
Will have to look into that, know a couple of people who work for NEC Group, I'll see what they know. Not that it really matters I guess, we're just going round in circles again.They were mentioned back in the day as having an interest, I think mainly due to the hotel and conferencing facility.
Obviously they never persued it.
Trying to educate people about valuations is proving to be onious.
In reality there is only 1 valuation that actually matters, and that's the price a buyer is willing to pay.
Accountants very often deliberately over value business assets to balance the books in a companies accounts.
It's considered a bit naughty, but they know that unless an asset is up for sale, it's valuation is irrelevant, and as such can be "adjusted" to show profit or loss and reduce a tax liability.
Estate agents used to regularly over value a property, just to get it onto their books, and then 2 months down the line, convince the seller to drop the price to a more realistic level. But this would prevent other estate agents from securing the sale.
People suggesting that the Ricoh was sold on the cheap, fail to realise that when there's only 1 buyer in town, that buyer sets the price. The valuation becomes irrelevant.
Anyone who thinks other potential buyers were precluded or kept in the dark about the availability of the Arena are quite clearly living in a fantasy.
Everyone knew it was available, a number of potential suites looked at it, (the NEC for one) but ultimately there was only 1 party actually ready and willing to commit.
The council wanted the massive financial burden off their books, and snapped Wasps hand off.
An empty arena would of cost the coventry council tax payers hundreds of thousands of pounds a year, it was hemorrhaging money every week at a time when local funding was already stretched to breaking point and key services where being cut.
There's no doubt that the council's decision to sell to Wasps was a massive blow to CCFC, but given the behaviour of SISU, it was the only sound decision available at the time.
People are arguing if CCC could of got more money, but that is basically accepting that the decision to sell was correct, just the price being the issue.
Ask them if they've got a 100m x 60m stretch of turf available while your at it.Will have to look into that, know a couple of people who work for NEC Group, I'll see what they know. Not that it really matters I guess, we're just going round in circles again.
Should of, could of, would of, it's all academic now. Should have, could have, would have. FFS, it's not difficult!No party comes out of this smelling of Roses. We are all aware of the acrimony between Joy and Ann.
Should of, could of, would of, it's all academic now. At least the council arnt directly involved anymore, buy ironically the future of the Arena is once again a hot topic now that Wasps are teetering on the brink of insolvency.
A fair few people have said that all along?
No, I don't think so. Of course, you could prove me wrong by posting a quote from 2017 or earlier.
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