Coventry City: Council 'open to Ricoh Arena freehold bids' (1 Viewer)

AFCCOVENTRY · Jan 14, 2014

Coventry City Council is willing to consider bids for the Ricoh Arena and the surrounding land, the authority's leader has confirmed.

Councillor Ann Lucas said the council would listen to "reasonable and sensible offers" for the freehold but stressed the site would not be sold "unencumbered".

http://bbc.in/1a4WWuZ

RoboCCFC90 · Jan 14, 2014

AFCCOVENTRY said:
Coventry City Council is willing to consider bids for the Ricoh Arena and the surrounding land, the authority's leader has confirmed.

Councillor Ann Lucas said the council would listen to "reasonable and sensible offers" for the freehold but stressed the site would not be sold "unencumbered".

http://bbc.in/1a4WWuZ

What should happen now is that both Sisu Capital get an independent valuation done on the Arena business, CCCouncil also get an independent valuation done on the Arena as a business by two separate valuators, a mediator then negotiates a happy medium (I am happy to do this for free if the Club or Council is interested) an agreement is reached, we move back in at the beginning of the next season, bobs your uncle and so on.

However what will happen is:

Nothing..

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AFCCOVENTRY · Jan 14, 2014

Make an offer for the freehold Sisu... Or had the ship sailed?

ccfcway · Jan 14, 2014

havent they moved on ?

RoboCCFC90 · Jan 14, 2014

It was supposed to be Plan B as far I was aware funny this should come out now before Labradoodle and Ann Lucas are on CWR tomorrow morning I hope CWR quote this to him and ask him what can be done moving forward.. There is a chance.

#IWillMediate

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AFCCOVENTRY · Jan 14, 2014

If the freehold is for sale then surely the council will now allow sisu do conduct an independent valuation on the Ricoh.

skybluetony176 · Jan 14, 2014

RoboCCFC90 said:
What should happen now is that both Sisu Capital get an independent valuation done on the Arena business, CCCouncil also get an independent valuation done on the Arena as a business by two separate valuators, a mediator then negotiates a happy medium (I am happy to do this for free if the Club or Council is interested) an agreement is reached, we move back in at the beginning of the next season, bobs your uncle and so on.

However what will happen is:

Nothing..

Sent from my iPhone using Tapatalk

CCC wont get a valuation done until they have an offer to evaluate. so like you say nothing will happen.

Sky Blue Spud · Jan 14, 2014

RoboCCFC90 said:
What should happen now is that both Sisu Capital get an independent valuation done on the Arena business, CCCouncil also get an independent valuation done on the Arena as a business by two separate valuators, a mediator then negotiates a happy medium (I am happy to do this for free if the Club or Council is interested) an agreement is reached, we move back in at the beginning of the next season, bobs your uncle and so on.

However what will happen is:

Nothing..

Sent from my iPhone using Tapatalk

and everyone remains a loser:facepalm:

TheParsonsHose · Jan 14, 2014

Is this really news? I thought they were always considering bids.

RoboCCFC90 · Jan 14, 2014

skybluetony176 said:
CCC don't even need to get a valuation done until they have an offer to evaluate. so like you say nothing will happen.

Well to stop all the horsing about they should get a valuation done and say to Sisu "The value of the Freehold is this £XX,XXX,XXX Sisu then evaluate it and decide whether they bid or not..

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RoboCCFC90 · Jan 14, 2014

Sky Blue Spud said:
and everyone remains a loser:facepalm:

Unfortunately unless something changes that will be the case..

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ccfcway · Jan 14, 2014

round and round and round

TheParsonsHose · Jan 14, 2014

Perhaps the trust should pay for an independant evaluation. This surely would be a positive move forward with the right media coverage and spin.

Jack Griffin · Jan 14, 2014

The BBC have reported that bids for freehold may be entertained.. that wasn't in Ann Lucas speech this afternoon.

If that is an accurate report then that is a significant change... I suspect the BBC have got it wrong..

OyJimmy · Jan 14, 2014

So they will sell to the highest bidder.... Nevermind Sisu....

Noggin · Jan 14, 2014

If Sisu buy the freehold that doesn't give them rights to play a football team there, nore does it give them rights to matchday revenue. If the council sell the freehold, ACL will still have a lease and sisu will have to either negotiate rent to play a football team there or buy out acl too. This is what the council mean by the fact the freehold won't be sold unencumbered. SISU want the council to get acl to give up the lease before the council sell the freehold, which is an unrealistic and unreasonable request.

It seems there is a massive misunderstanding about what owning the freehold means, and a misunderstanding sisu are quite happy to propagate.

shmmeee · Jan 14, 2014

"Unencumbered" is the key word there.

Lucas will say "Can't help you with ACL, private company with other shareholders."

Fisher will say "Two turkeys do not an eagle make."

We're back to square one.

Edit: beaten like Leon Clarke in a loyalty contest.

sw88 · Jan 14, 2014

ccfcway said:
havent they moved on ?

The door is still ajar, not closed. Just incase......

sw88 · Jan 14, 2014

shmmeee said:
"Unencumbered" is the key word there.

It's an interesting word. I've never heard of it before now.......

Huckerby · Jan 14, 2014

Jesus Christ the last thing I want is for those parasites to buy the freehold. Want to get rid of them not make them here for good

mds · Jan 14, 2014

Chuck it on Ebay, 99p start.

Specs WT-R75 · Jan 14, 2014

Unencumbered is the key word here. The freehold with ACL having a 40 year lease is worth considerably less than the freehold with no ACL. Of course the council would sell the freehold without selling ACL... they would make Sisu wait for 40 years to get their hands on the place!

italiahorse · Jan 14, 2014

skybluetony176 said:
CCC wont get a valuation done until they have an offer to evaluate. so like you say nothing will happen.

CCC would already have a value for the stadium.
The unknown is whether Sisu have actually made an offer that can be compared against this value.

letsallsingtogether · Jan 14, 2014

Why should ccc get a valuation it is up to all interested parties to put in there bids the best one wins simple.

So there will be bids that are genuine and those that are not.

Sisu have never said what the club is worth or how much they would want to sell it?

Godiva · Jan 14, 2014

letsallsingtogether said:
Why should ccc get a valuation it is up to all interested parties to put in there bids the best one wins simple.

So there will be bids that are genuine and those that are not.

Sisu have never said what the club is worth or how much they would want to sell it?

You can't just make a bid ... you need to know what you are buying. That's why the process requires a valuation ... a due diligence.
It's quite complex and not ... as I see another poster suggest ... something the Trust can afford. It will include a swarm of lawyers and auditors and they don't come cheap.

The process is best served if both parties do their own valuation and use those as a starting point for negotiatios.

italiahorse · Jan 14, 2014

letsallsingtogether said:
Why should ccc get a valuation it is up to all interested parties to put in there bids the best one wins simple.

So there will be bids that are genuine and those that are not.

Sisu have never said what the club is worth or how much they would want to sell it?

The club is not worth a lot, but they need to have it so they can add value when they attach it too a stadium.
The only trouble is that everybody knows this and nobody would be stupid enough to loose money so Sisu can gain.

A public body in particular would be accountable, even though a small minority of voters (Coventry fans) would want the club to get it on the cheap.
In reality the era of CCFC owning a stadium went with the previous management. Sisu or Council ownership? ...... who really cares.

dongonzalos · Jan 15, 2014

AFCCOVENTRY said:
Coventry City Council is willing to consider bids for the Ricoh Arena and the surrounding land, the authority's leader has confirmed.

Councillor Ann Lucas said the council would listen to "reasonable and sensible offers" for the freehold but stressed the site would not be sold "unencumbered".

http://bbc.in/1a4WWuZ

Is this not in relation to Anne's statement today.

I don't think she mentioned the freehold in her statement?

duffer · Jan 15, 2014

Godiva said:
You can't just make a bid ... you need to know what you are buying. That's why the process requires a valuation ... a due diligence.
It's quite complex and not ... as I see another poster suggest ... something the Trust can afford. It will include a swarm of lawyers and auditors and they don't come cheap.

The process is best served if both parties do their own valuation and use those as a starting point for negotiatios.

You're quite right in one respect, valuations of this type don't come cheap. I don't see why the Council need to do one though. They've invited bids, prospective purchasers are presumably free to conduct their own valuations and make an offer.

The ball is in SISU's court now. The council have indicated they'll listen to sensible offers, it's up to SISU to make one.

My guess is though that they won't, for two reasons; The freehold alone isn't much use to SISU with ACL as sitting tenants. And SISU's plan doesn't seem to involve paying very much for the Ricoh.

I expect some hasty backtracking and mud slinging from Fisher as this moves from being about the freehold, to being about the freehold plus something else. I hope I'm wrong though, I'd like to see the club come home.,,

shmmeee · Jan 15, 2014

TheParsonsHose said:
Perhaps the trust should pay for an independant evaluation. This surely would be a positive move forward with the right media coverage and spin.

Would cost north of £5k, not sure they've got that much cash have they?

dongonzalos · Jan 15, 2014

duffer said:
You're quite right in one respect, valuations of this type don't come cheap. I don't see why the Council need to do one though. They've invited bids, prospective purchasers are presumably free to conduct their own valuations and make an offer.

The ball is in SISU's court now. The council have indicated they'll listen to sensible offers, it's up to SISU to make one.

My guess is though that they won't, for two reasons; The freehold alone isn't much use to SISU with ACL as sitting tenants. And SISU's plan doesn't seem to involve paying very much for the Ricoh.

I expect some hasty backtracking and mud slinging from Fisher as this moves from being about the freehold, to being about the freehold plus something else. I hope I'm wrong though, I'd like to see the club come home.,,

Not sure why you think that.......

This is about rent!

What, they have offered a fair rent?

This is about F&B!

What, they have offered all they legally can on F&B?

It's about doing what's best financially for the club

What, going back to the Ricoh whilst deciding our future is financially best for the club

It's about trust we can't trust them

The JR is about doing what's right for the fans

What, the fans don't want it?

Buying the Ricoh at a mutually agreed fair price.................

dongonzalos · Jan 15, 2014

AFCCOVENTRY said:
Coventry City Council is willing to consider bids for the Ricoh Arena and the surrounding land, the authority's leader has confirmed.

Councillor Ann Lucas said the council would listen to "reasonable and sensible offers" for the freehold but stressed the site would not be sold "unencumbered".

http://bbc.in/1a4WWuZ

The last word

An asset or property that is free and clear of any encumbrances such as creditor claims or liens.

Kingokings204 · Jan 15, 2014

I don't think she means freehold. I think she just means all options as in all options. CCC wont sell the freehold as they never do on anything.

lewys33 · Jan 15, 2014

shmmeee said:
"Unencumbered" is the key word there.

Uncucumbered?!

lewys33 · Jan 15, 2014

The ball is, and always has been, in the court of SISU/Otium. If you want the freehold, make a bid. Its a yes or no answer then isn't it?

But of course ....... the JR is still looming.

wingy · Jan 15, 2014

lewys33 said:
Uncucumbered?!

Some think it means taking account that ACl will still hold the lease . I take it more that conditions and gaurantees would be needed to carry out expansion of facilities around the Complex that help generate more jobs ,which has been stated from the start .
This sounds like the part that has prevented trust from CCC from the start.

Coventry City: Council 'open to Ricoh Arena freehold bids' (1 Viewer)

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