Cov Tel Story : Ricoh Boss Quits Over Sisu Talks (1 Viewer)

[Brighton Sky Blue]

Then the obvious question is: Why has it taken relegation to League 1 for the gloves to suddenly come off?

 

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[ccfcjohn]

a 'wake up and smell the coffee' moment.

i think a lot of people were holding out hope we would of survived in the championship this year, and would of been happy to sit and watch over the usmmer to see what happens.
but with relegation a stone cold fact, realisation has set in and rightly so people are looking to vent their frustrations and anger

 

[hughescov]

Why are SISU so persistent in staying around? Do they really think that they will gain there investment money back? Cut your losses and leave!

 

[ashbyjan]

One telling change in SISU's sudden change of interest in CCFC is that Seppala is dealing with matters herself and Igwe is propping up some motorway bridge somewhere. As I understand it SISU's prtfolio has shrunk and their investment in CCFC has become a larger percentage of their assets and to such it has become even more important that they stop the losses and turn it around so they can get shot of it. Maybe having part of the stadium would make us more attractive to potential investors because at the moment why would anyone in their right mind buy this basket case of a club - no assets no stadium no decent players no future as things stand.

On another note - what is Hoffman waiting for? If as certain posters maintain he is waiting in the wings with barrows full of yuan renminbi is he waiting for liquidation? waiting for SISU to buy the stadium? waiting for admin? Waiting for transfer opportunities to pass by? Waiting for pre season? Waiting for Christmas or the Easter bunny? Someone tell me if he has it all together what is he waiting for? If he was expecting the council and Higgs to reject cooperation with SISU it seems he's miscalculated.

 

[lordsummerisle]

One telling change in SISU's sudden change of interest in CCFC is that Seppala is dealing with matters herself and Igwe is propping up some motorway bridge somewhere. As I understand it SISU's prtfolio has shrunk and their investment in CCFC has become a larger percentage of their assets and to such it has become even more important that they stop the losses and turn it around so they can get shot of it. Maybe having part of the stadium would make us more attractive to potential investors because at the moment why would anyone in their right mind buy this basket case of a club - no assets no stadium no decent players no future as things stand.

On another note - what is Hoffman waiting for? If as certain posters maintain he is waiting in the wings with barrows full of yuan renminbi is he waiting for liquidation? waiting for SISU to buy the stadium? waiting for admin? Waiting for transfer opportunities to pass by? Waiting for pre season? Waiting for Christmas or the Easter bunny? Someone tell me if he has it all together what is he waiting for? If he was expecting the council and Higgs to reject cooperation with SISU it seems he's miscalculated.

He's waiting for Godot.

 

[mustaphasbeard]

it also mentions where the missing profit from the Tesco land sale went

Yes. The council literally stole it.

 

[oldskyblue58]

he is waiting at international arrivals lounge but the chinese missed the flight for some unexplained reason was last I heard

 

[dutchman]

One telling change in SISU's sudden change of interest in CCFC is that Seppala is dealing with matters herself and Igwe is propping up some motorway bridge somewhere. As I understand it SISU's prtfolio has shrunk and their investment in CCFC has become a larger percentage of their assets and to such it has become even more important that they stop the losses and turn it around so they can get shot of it.

Just my opinion but CCFC was only ever of value to SISU while there was a chance of promotion to the Premiere League and they could sell-out for a quick profit.

That opportunity has now disappeared for the foreseeable future so it becomes an excercise in damage limitation instead, ie: "How can we get out of CCFC and lose as little money as possible?".

 

[dongonzalos]

Hold on, whatever we think of the sisu tactics on this the rent is ridiculous. Before people beng on about wish we could change our mortgage etc. if your landlord was charging you rent that was for a mansion and you lived in a bedsit you can make a legal challenge. Face it, without this the club cannot function and no one else would touch it.
Also stops the myth that ACL don't need us as tenants. They very much need us.

Unfortunately I feel that you have been taken in by SISU's fear factor stories about liquidation in order to get what they want.

Do you know who the individual investors are in SISU?
Do you know how rich they are?
Do you know what liquidation will actually mean for the club

I dont know the answers to the above and I dont think you do. However I cannot believe that if it comes to liquidation that somebody wont come in value what SISU will get from liquidation and offer that amount to SISU to buy the club.

This is as long as they have an agreement with the council for shares in the ricoh after 2 years of proving they are responsible owners.

You invest a bit in this team whilst in league one and you will get success. That success will lead to crowds and investment. You then get half of those profits from the Ricoh and develop the hotels and you have a great business venture.

Promotion Southampton style will lead to massive success in the conferencing off the pitch. Especially the promise of the premiership.

This should not be a difficult concept to sell.

Instead SISU tell everyone there is no other option and they invest nothing and bully their way into getting the same situation as above on the cheap. These tactic have led to Coventry now playing in League one and giving the fans all this horrible fear and depression.

So you will no doubt rip me apart but I do want it to go to the wire, I do want it thrown back at SISU i.e. screw you do your worst.

Having seen their business ethics and as a council tax payer aswell as a Coventry fan I do not want them to turn a rare thing that is making profit into a business that does not.

I do not want them to obtain the above business opportunity and fuck it up.

We do not know enough about SISU as our press are not digging enough. We do not know for example, how have they done in the past turning the businesses they take over into successes? My impression is that they don't turn them into a success, they increase the value of them and rip them apart.

I think they will ruin the above business concept as they wont do the investment part in the team that is critical to advertise the stadium which will lead to lots of conferences and filling the newly built hotels.

We need someone to really dig into what these Chinese investors are all about, i.e. will they come in if Cov hit the wall, we don't know the answer to this.

The only thing we do know is that bit by bit SISU have destroyed this club bit by bit so far. We know they lie to us. We know they use bullying tactics and were famous for using bullying tactics before they took over us.

We know they have chopped and changed the running off the club more times than Philpott has smoked a cigar in a hospital ward.

We have seen that they do not know how to run our business, so I think we can guess that they will fuck up the dream above as well. I think the dream above is the only thing that makes Coventry attractive as an investment possibility.

So yes I do hope they don't get their grubby little fuck everything up mitts on it.

 

[Senior Vick from Alicante]

OSB, What would be the chance of ACL being able to put CCFC into administration? This has got to be a bargaining tool they can use.

 

[Nonleagueherewecome]

Basically ACL will lose profits if SISU get hold of some shares. He ain't happy because it means all the lolly isn't going to ACL. He could not give a shit about CCFC or us, just money.

Let's see how they would cope without us. Surviving just on wedding fares and conferences. I know this will all turn into SISU bashing but ACL are being just as bloody minded, well this guy is anyway.

Sorry Torch, gotta beg to differ on this one. The guy has been put in a completely unreasonable position by SISU, who essentially want something for nothing (again..) and need it as..well, they fucked up and got us relegated. Why should anyone else pay for their bloody errors?! It's entirely unfair on ACL. It's SISU bully boy tactics-something we are familiar with, eh?

I am getting to the stage now where I may simply stop supporting CCFC, due to my utter hatred of our owners and their ethics-or lack of them. You know, the way people don't buy Nestle anymore.

 

[Nonleagueherewecome]

face it, without this the club cannot function and no one else would touch it.
Also stops the myth that acl don't need us as tenants. They very much need us.

oh no they don't!

 

[Brighton Sky Blue]

Sorry Torch, gotta beg to differ on this one. The guy has been put in a completely unreasonable position by SISU, who essentially want something for nothing (again..) and need it as..well, they fucked up and got us relegated. Why should anyone else pay for their bloody errors?! It's entirely unfair on ACL. It's SISU bully boy tactics-something we are familiar with, eh?

I am getting to the stage now where I may simply stop supporting CCFC, due to my utter hatred of our owners and their ethics-or lack of them. You know, the way people don't buy Nestle anymore.

Agree, ACL are not the villains in this piece-though I will say that the rent genuinely isn't justifiable at the moment. Best thing for all parties would be a lengthier lease with rent lowered accordingly being spread out over a long term. Problem is, SISU want the whole hog at a basement price-and are wielding their threats accordingly.

 

[dongonzalos]

I agree on this. I am unsure of the timings though. Who sold the CCFC interest in the stadium ? This seems to be a crucial mistake in stopping revenue streams and starving the club of income. Also 50% of the Ricoh complex for £30M seems a very bad deal. Who knows timing and names. I guess this happened just before SISU took over as a short term measure to stop us going into administration. If as I suspect SISU despite their mismanagement never had a chance.

They had a massive chance at that point, if they had offered the charity 6.5 million they would have had half the Ricoh. They could have done this before people realised how bad at business they are so the council would have agreed to it. Higgs would get their 4.5 and 2 million they invested back.

Or sisu could have refused to agree to save the club from admin unless this deal is written into the contract that it has to happen if they offer the cash in 5 years.

To me it shows just how shit sisu are at business.

When they looked at the books they must have known securing half the stadium was critical to making this business a success. Yet they sisu did not get a contract stipulating this, when they were negiotiating a deal where they held all the aces?

Also what deal are they negiotiating at the moment. As I assume they are not saying here you go, here is the 6.5 million as they say they are skint.

So instead of us getting someone else coming in who can do that i.e the wing wah. We are going to get this tin pot deal. Sisu will get access to the revenue and the land but won't invest in the team. They won't be able to invest in the team for years as the council will rightly say where has this money come from.

It just strengthens their position to sell. Really hope the council know what they are doing. They are playing with fire.

Who can see an avro charge on half the sisu in 5 years whilst we are still in league one.

Prefered the john Wayne version of Councillor mutton myself.

 

[Nonleagueherewecome]

Is it just me, or does anyone else wonder how, after reading about the complete ineptitude of the way the club has been run, and the whole stadium debacle, that Richardson/Robinson/McGinnity/Sisu ever made money or became successfull in buisness

They just look like a bunch of inept and corrupt buisnessmen playing with monopoly money...badly.

I highlighted the key word for you. People seem to think that seeking profit = natural, democratic. Our natural way of being. So capitalism is OK. "Greed is good">
So we have all these legal frameworks to justify it-the one's that say although a practice maybe morally or ethically wrong, if it's a way for someone to make money, it's only fair that they be allowed to! If someone else loses out-well, tough: that's the game. Just like diving is fine in football if it wins your side the match, any behaviour that would be considered "cheating" or exploiting the rules in any other walk of life, are simply considered "the way of things" in business.

Corruption? Hell, that's just the people who get caught and whose (expensive) lawyer can't weasel them out of it. The number of crimes that must get covered up by confidentiality clauses..which makes me wonder; has Fletcher maybe now hinted at some of the things Richardson wanted keeping quiet?

 

[BurbageSkyBlues]

OSB - my take on this (Why are SISU so persistent in staying around?) is that they are here until they get what they want - ie the Ricoh, plus potential development land/rights, from which they can make a profit.

My concern is that when they have what they want, they will try discard (close?) the football club - hence it is essential that any deal for the Ricoh etc, is tied down to ownership of/by/with the football club, as a going concern.

A football club is rarely a sound investment bet, the potential to develop the Ricoh and it's surroundings has always been the heart of their strategy/intent, IMO.

 

[Tad]

One thing I don't get is, if SISU are after the Ricoh, why did they go for the club first? Weren't they aware the two were separate? If they wanted both it would of made more sense to get the ricoh first then buy CCFC. Would of saved a lot of money and headaches surely?

 

[Nonleagueherewecome]

so did i miss something or was this great " read between the lines" article in the CT yet another case of over hypeing ? :facepalm:

I do not see anything we didnt already know .......... and to be honest we seem to know more than them! :thinking about:

Totally agree! I thought they were gonna expose this Arthur fella? Daley, is it?

 

[dongonzalos]

Great story coming up in the telegraph. It is the one that we reported today but over two pages instead of one.

Read between the lines see if you can work out that we are lacking a serious investigative journalist at a time when he would be like a hawk in a field of mice

 

[BurbageSkyBlues]

One thing I don't get is, if SISU are after the Ricoh, why did they go for the club first? Weren't they aware the two were separate? If they wanted both it would of made more sense to get the ricoh first then buy CCFC. Would of saved a lot of money and headaches surely?

TAD - I think they had to buy CCFC because the club had the golden option to buy back the share in the stadium. No-one else could buy that, bar CCFC. Hence, CCFC has always been a Trojan Horse for SISU to get their hands on the Ricoh

 

[dongonzalos]

basically saying a rent decrease would put the arena into a loss making position .

The counter argument put by the council is that the current revenue streams are far too low, and additional hotels would allow them to unlock much more revenue in terms of conferencing

my interpretation of this, is that this is where SISU come in - and some sort of deal is struck

There is a separate piece at the back, re Paul Fletcher . Saying that the original deal with the ricoh, whn the council got involved, was that CCFC retained 50% of the freehold (as they had paid that much towards the stadium)

. The council changed the goalposts, citing EU funding rules, and agreed that CCFC instead only kept 50% of the profit

CCFC then sold this 50% profit share to Higgs for £4.5m

Therefore from start to end, we sold 50% of the freehold of the Ricoh for £4.5m - This is GR and MM, so our problems go bakc much further than the current bunch of clowns

6.5 million ACL were already owed 2 million which was taken off but I get the point

 

[dongonzalos]

basically saying a rent decrease would put the arena into a loss making position .

The counter argument put by the council is that the current revenue streams are far too low, and additional hotels would allow them to unlock much more revenue in terms of conferencing

my interpretation of this, is that this is where SISU come in - and some sort of deal is struck

There is a separate piece at the back, re Paul Fletcher . Saying that the original deal with the ricoh, whn the council got involved, was that CCFC retained 50% of the freehold (as they had paid that much towards the stadium)

. The council changed the goalposts, citing EU funding rules, and agreed that CCFC instead only kept 50% of the profit

CCFC then sold this 50% profit share to Higgs for £4.5m

Therefore from start to end, we sold 50% of the freehold of the Ricoh for £4.5m - This is GR and MM, so our problems go bakc much further than the current bunch of clowns

6.5 million ACL were already owed 2 million which was taken off but I get the point