Rusty Trombone
Well-Known Member
That's a PWKH quote in respect of looking for sponsors of the stadium if Ricoh pulled out, not the sale of ACL.
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I was refereeing to the CT article from Aug. 2013 where ACL were reported to have been sounding out WASPS etc. as far back as 2011......but PWKH said he had no knowledge of such activity.
Article is here. http://www.coventrytelegraph.net/news/red-button-ricoh-arena-chairman-5431948
I do not have any quote regarding him stating share will go to Wasps.....I've only read that on here!!!
Dont surmise Nick. Rusty Trombone wants the whole quote and he wants it now!
Edit - Saved there is now a link to PWKH making the dastardly comment.
Except it shows that I was right to ask (wasn't demanding though).
Approached in June or July this year weren't they by Wasps? Sure I read that in a CET article.
James Smith said:Evidence? Wasps have come out and stated that they respect that the 'charity will do what's best for the charity'.
Well the veto exists and the council I think still have their share (not seen anything to say that the sale has actually gone through) which includes the veto so what we need for a quick purchase is there to be no bad blood between the council and Sisu.
If Wasps are happy with 50% and Sisu having the other 50% then great - but do read the OSB58 post on the costs associated with Ltd. it isn't as easy or as cheap as we might hope.
getting it down to brass tacks for a potential bidder ......
to get hold of the option .......
- the option can not be transferred from CCFC Ltd without the Charitys permission so cant be bought separately
- you have to buy CCFC Ltd - you may get it for £1 but the option it seems may have value so it might cost more, the liquidator legally must maximise the value - it costs money
- however to buy CCFC ltd you have to do a deal to settle out the CCFC Ltd creditors (creditors ACL who are owned by AEHC/Wasps could be in control of) or accept all the creditors as they stand which no one would do - it costs money
- you then have to provide the money to purchase the AEHC shares (one guess is £2.77m) - it costs money
At the end of which you can make an offer that could well be rejected. At that point the option dies. Wasps then obtain 100% and there is no stake to be had in ACL
So at the end of which you end up with a company you have paid good money for, settled out the creditors, that now owes you money but has absolutely no means of repaying you and no assets :thinking about:
it costs money ...........you lose money
SISU's possible route out of this is:
Approach the FL to say they can't continue in Coventry due to FFP rules and their lack of stadium, made worse by no available suitable land nearby.
Their only option : franchise CCFC to Brum or London and build their own development in a tax deductible business development regeneration scheme.
The FL, being strong and masterful, will agree to the franchise immediately. And will be consoled that CCFC supporters can watch RFC Franchise instead.
Approached in June or July this year weren't they by Wasps? Sure I read that in a CET article.
If Higgs were serious about offering their share to the club, then could do so without using the CCFC Ltd Option smokescreen.
It's one of those offers, that actually aren't offers at all.
The fact they talk of CCFC Ltd rather than CCFC says it all. It's a fait accompli.Can they before having offered it to Ltd. though, do we know that as a fact? Also it does underline how much Sisu must have annoyed them and how many dismissive statements about the Ricoh we've made that they've even considered selling to Wasps.
Can they before having offered it to Ltd. though, do we know that as a fact? Also it does underline how much Sisu must have annoyed them and how many dismissive statements about the Ricoh we've made that they've even considered selling to Wasps.
I was refereeing to the CT article from Aug. 2013 where ACL were reported to have been sounding out WASPS etc. as far back as 2011......but PWKH said he had no knowledge of such activity.
Article is here. http://www.coventrytelegraph.net/news/red-button-ricoh-arena-chairman-5431948
I do not have any quote regarding him stating share will go to Wasps.....I've only read that on here!!!
SISU's possible route out of this is:
Approach the FL to say they can't continue in Coventry due to FFP rules and their lack of stadium, made worse by no available suitable land nearby.
Their only option : franchise CCFC to Brum or London and build their own development in a tax deductible business development regeneration scheme.
The FL, being strong and masterful, will agree to the franchise immediately. And will be consoled that CCFC supporters can watch RFC Franchise instead.
Approached in June or July this year weren't they by Wasps? Sure I read that in a CET article.
It is a possibility, but I think even the FL will not accept London, TBH I wouldn't be upset if it gets rid of SISU, we will rebuild from the ground up.
Also underlines that they have probably been bullshitting all along about their love for the club etc etc. All in it for themselves.
The charity are "all in it for themselves" ?
The fact they talk of CCFC Ltd rather than CCFC says it all. It's a fait accompli.
Also underlines that they have probably been bullshitting all along about their love for the club etc etc. All in it for themselves.
It still doesn't solve the revenue / ground issue does it, with or without SISU
So what do you propose as a solution?
Whoever took us on would have to build their own or buy Wasps out. Would many do that?
Yep, CCC/ACL were negotiating with Wasps at the same time as the "peace and reconciliation" talks in the Cathedral.
I think every party in this mess are in it for themselves, although the charity not so much.
Bob the blob has spokenAnyone else think that is saying a lot without actually saying much at all?
And here is that post from OSB58.
I am lost here
If Otium say to Appleton we will offer say £2.77m for the Higgs share then 85%% or so of that goes back to Otium as the major creditor
They then own 50% of ACL so effectively get 50% of the monies paid for the sale of the shares
Appleton in this case has a duty to get the best deal for the creditors - primarily OTIUM? So if he sells to Otium the figure only matters to the small percentage due to other creditors?
So in a few words sisu have been well and truly shafted !!Think that the major creditor would be ACL with the remaining lease at £1.3million per year, think it was around £60million ACL were claiming.
The reason why it is an offer that really isn't to buy the Higgs share.
So in a few words sisu have been well and truly shafted !!
Pretty much it, but wish Higgs and CCC could be honest about it.
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