Ccc/acl/higgs/ sisu saga (1 Viewer)

[skybluefred]

We all know that after the sale of Highfield Rd CCFC was virtually bankrupt and could not afford the cost of building the new stadium.

CCC with help from various funding grants stepped in and hence we have the Ricoh. CCC and CCFC being joint owners.
Unfortunately CCFC again fell on hard times so sold their share of the Ricoh to the Higgs charity thereby losing their share of the F/B
revenue's. The rental charged for use of the Ricoh was agreed by the Club, who in their wisdom chose not to have reducing rent in the event
of relegation.

CCC have made a number of offers of a greatly reduced rent but these have been scorned by our present owners.

Which leads to the question--Can anybody tell me anything that sisu have done since their arrival that has been of benefit to CCFC.

 

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[Sick Boy]

Saved the club from administa tion.

Paid off transfer fees the previous regime were unable to pay.

Investing money in the squad when they first arrived.

Sacking Thorn.

Waggot seems to hire decent managers.

Got us out of the most expensive rental contract in English football.

The development of the academy.

Attempting to undo years of mismanagement, which should have been done years ago.

 

[Gray]

Saved me at least 500 quid in season tickets, shirts, burgers and fuel money.... Thanks SISU


EDIT.... Although that only benefited me

 

[Gosford Green]

From 20,000 gates in a state of the art stadium in Coventry to 1500 in a piss trough 35 miles away.

Alienated 95 % of their customer base.

Entered into a contract but then decided its not going to be honoured.

Contempt for the British legal system.

Contempt for over 130 years of a city and a clubs history.

I could probably carry on but most get the drift.

 

[Grendel]

From 20,000 gates in a state of the art stadium in Coventry to 1500 in a piss trough 35 miles away.

Alienated 95 % of their customer base.

Entered into a contract but then decided its not going to be honoured.

Contempt for the British legal system.

Contempt for over 130 years of a city and a clubs history.

I could probably carry on but most get the drift.

20,000 and losing money thanks to your best friends in the council,

 

[skybluetony176]

Sisu are a fate worse than administration and we still ended up in administration with them. Such a successful administration we're now in more debt then ever before. Cheers sisu for saving us from aadministration, not.

 

[diggerdaley]

Enabled me to watch a lot of non league football

 

[Gosford Green]

20,000 and losing money thanks to your best friends in the council,

Bit if the mismanagement had stopped they would not have signed a contract for such high rent. No thing as contract lawyers in the Cayman Islands then.

 

[covmark]

Aren't any of you bored of typing the same old shit.
Message to the op, WE ALL KNOW SISU ARE SHITE, thanks for a new thread on the matter.

 

[Gosford Green]

Rather be talking about the promotion hopes or the Saturday afternoon traffic on the A444.

All eyes on the FL now as the football is unfortunately coincidental.

 

[Nick]

Rather be talking about the promotion hopes or the Saturday afternoon traffic on the A444.

All eyes on the FL now as the football is unfortunately coincidental.

All about the lack of bar staff moan! My personal favorite!

 

[Gosford Green]

That swipe card which I still have £5.80 on.

Some corporate bastard backed his 6 seris into my Vespa in the car park. The yellow bib army did rush over, sadly not to admonish him about any damage to one of pontedera's finest but to enforce that no cars moving for 30 minute rule.

 

[turlykerd]

Yyyaaaaawwwwwwwnnnnn

 

[skybluetony176]

20,000 and losing money thanks to your best friends in the council,

Breaking news everyone ↑

CCC solely responsible for CCFC's debt.

What's your next sensational headline Grendull? Judge apologises to Tim Fisher for getting it wrong?

 

[Grendel]

Breaking news everyone ↑

CCC solely responsible for CCFC's debt.

What's your next sensational headline Grendull? Judge apologises to Tim Fisher for getting it wrong?

What's Gosfords? Sisu srent very nice and anyone who supports the team at sixfields is selfish and spineless? He is just Spoin kop by any other name.

 

[fernandopartridge]

Bit if the mismanagement had stopped they would not have signed a contract for such high rent. No thing as contract lawyers in the Cayman Islands then.

They inherited the contract. The club attempted to reneg the rent in 2006 and got nowhere.

 

[blueflint]

Saved the club from administa tion.

Paid off transfer fees the previous regime were unable to pay.

Investing money in the squad when they first arrived.

Sacking Thorn.

Waggot seems to hire decent managers.

Got us out of the most expensive rental contract in English football.

The development of the academy.

Attempting to undo years of mismanagement, which should have been done years ago.

followed by administration mismanagement relegation playing in northampton it can't get worse

 

[Sick Boy]

followed by administration mismanagement relegation playing in northampton it can't get worse

I agree!

 

[Mary_Mungo_Midge]

They inherited the contract. The club attempted to reneg the rent in 2006 and got nowhere.

It wasn't a fait accompli. If they didn't like the contract that was in place they should and could have walked away. That's what due diligence is all about. By not changing it, they are as complicit as the original signatories. We really don't need to go here yet again, do we?

 

[Sky Blues]

Saved the club from administa tion.

Paid off transfer fees the previous regime were unable to pay.

Investing money in the squad when they first arrived.

Sacking Thorn.

Waggot seems to hire decent managers.

Got us out of the most expensive rental contract in English football.

The development of the academy.

Attempting to undo years of mismanagement, which should have been done years ago.

1. And put it into administration.

2. And ran up tens of millions in debt paying large wages.

3. And sold those players on again.

4. Appointed Thorn.

5. Fair enough.

6. It appears not. Leeds for one pay more:
http://www.theguardian.com/football/2014/aug/03/leeds-united-massimo-cellino-elland-road

7. Did they develop it or keep it ticking over? Some on here have argued it hasn't been the same since Rioch left.

8. Did they stop the mismanagement as soon as they arrived? How much debt is the club in again?

 

[italiahorse]

Gave us hope for a few hours
..... but followed by many years of realisation that a hedge fund is not really interested in a football team just the leverage it has on a stadium.

 

[fernandopartridge]

It wasn't a fait accompli. If they didn't like the contract that was in place they should and could have walked away. That's what due diligence is all about. By not changing it, they are as complicit as the original signatories. We really don't need to go here yet again, do we?

I don't disagree. You do wonder what the extent of the due diligence was. I reckon very very little.

 

[Noggin]

I don't disagree. You do wonder what the extent of the due diligence was. I reckon very very little.

I think they understood exactly what the contracts were and exactly what they were getting themselves into.

 

[DazzleTommyDazzle]

I don't disagree. You do wonder what the extent of the due diligence was. I reckon very very little.

Having done a fair bit of due diligence in my time - as a buyer, a seller and a consultant - the terms of the lease for the stadium should have been covered pretty much in the first hour of the first day.

 

[skybluetom]

Having done a fair bit of due diligence in my time - as a buyer, a seller and a consultant - the terms of the lease for the stadium should have been covered pretty much in the first hour of the first day.

I'm sure it was to be fair, my guess is Ranson promised 'em the earth (ie promotion in a couple of seasons) and 1.2 million a year compared to the vast fortune you get in revenue from the Premier League is chicken feed. It was only when Sisu realised Ranson had spent a fortune and we were no further forward than we were 3 years earlier did the rent/revenues become on issue.

 

[skybluetom]

Going back to the Higgs, they're probably the ones who have been stiffed more than anybody else in all this. What exactly did they buy because their so called 50% share in the ground is worthless from what I can see. They've never recieved a penny in revenues from it!

 

[fernandopartridge]

I'm sure it was to be fair, my guess is Ranson promised 'em the earth (ie promotion in a couple of seasons) and 1.2 million a year compared to the vast fortune you get in revenue from the Premier League is chicken feed. It was only when Sisu realised Ranson had spent a fortune and we were no further forward than we were 3 years earlier did the rent/revenues become on issue.

In fairness though they should have been looking to control costs from day 1. It's a poor excuse even if it's true.

 

[Cranfield Sky Blue]

From 20,000 gates in a state of the art stadium in Coventry to 1500 in a piss trough 35 miles away.

Alienated 95 % of their customer base.

Entered into a contract but then decided its not going to be honoured.

Contempt for the British legal system.

Contempt for over 130 years of a city and a clubs history.

I could probably carry on but most get the drift.

Piss trough!!! Haha love it!!!

 

[GaryPendrysEyes]

I don't disagree. You do wonder what the extent of the due diligence was. I reckon very very little.

The rent was 5% of turnover at the time Sisu looked at the CCFC business. They looked and werent fussed about it. Some on here act as if the rent was 90% it was 5%....

 

[shmmeee]

20,000 and losing money thanks to your best friends in the council,

£2.83 of each of those tickets went of rent. I don't know what you paid for yours, but I paid considerably more than that.

Even if Sisu got all the pies for free and the staff were volunteers and ACL gave them the kitchens and kiosks for free on match days, CCFC would've made £1m in F&B, so add that to the £1.3m. That's £2.3m/year at most you can blame on "the council" (ACL actually). Let's be generous and say that F&B was double (as the crowds were almost double when Sisu took over) that's £3.3m/year absolute maximum, while making hugely inaccurate assumptions in your favour.

Not got the accounts to hand, but I assume if I go and look that will be our exact loss will it? Or less? Because otherwise your statement is nonsense.

Edit: 2007 losses (released in 2008): £6m. £29m in debt. That covers the first year at the Ricoh paying full rent. Hmmmmm.

Edit 2: 2008 losses: £8.5m.

 

[fernandopartridge]

The rent was 5% of turnover at the time Sisu looked at the CCFC business. They looked and werent fussed about it. Some on here act as if the rent was 90% it was 5%....

Although the talk of it being a 40 year commitment makes it a bit bigger in that sense

 

[GaryPendrysEyes]

Although the talk of it being a 40 year commitment makes it a bit bigger in that sense

Sure, and they needed to look at the contract in case of relegation. For instance from 5% the rent moved to 10% of turnover after (their failure and) relegation.
But some, especially on GMK, have never put the level of the rent in context and have completely missed Sisu's real motives.

 

[skybluetom]

In fairness though they should have been looking to control costs from day 1. It's a poor excuse even if it's true.

Yeah I agree, I'm not defending them. It wasn't difficult to see that, at the time, paying what was the largest flat rate rent of any club in the country with virtually no income was not sustainable.

 

[skybluefred]

The rent for a premiership team was reasonable, but it should have taken into account relegation and should have been on a sliding scale.
The same applies to season tickets which obviously should me much cheaper than premiership prices.

However none of that is part of the real problem, Sisu want ownership of the Ricoh complete with the freehold. This would enable
them to make huge profits for their shareholders at the expense of CCFC and the Coventry tax payers.

My own view is that sisu are running the club into the ground and are doing nothing for the club--the fans --or Coventry.

 

[fernandopartridge]

The rent for a premiership team was reasonable, but it should have taken into account relegation and should have been on a sliding scale.
The same applies to season tickets which obviously should me much cheaper than premiership prices.

However none of that is part of the real problem, Sisu want ownership of the Ricoh complete with the freehold. This would enable
them to make huge profits for their shareholders at the expense of CCFC and the Coventry tax payers.

My own view is that sisu are running the club into the ground and are doing nothing for the club--the fans --or Coventry.

The sliding scale rent was £2m per year if the club ever made it to the Prem.