Would it be acceptible for a council to bail out a private company it didn't have a stake in who were under financial duress? (I am only asking the question - I accept the council's primary motive for the bail out was to protect a public investment)
Depends on the business I would guess, can't imagine Westminster bailing out a lapdancing club in Soho who were hit by a lack of city bonuses. At the same time if it was the meals on wheels firm that could go bust then it would be different I suspect.
les reid tweets that ann lucas ready to meet seppala to "discuss" a deal
prob not worth getting hopes up about.
I can guarantee anyone with sensible and sustainable plans for the future of the football club and the Ricoh Arena can talk to me.
les reid tweets that ann lucas ready to meet seppala to "discuss" a deal
prob not worth getting hopes up about.
les reid tweets that ann lucas ready to meet seppala to "discuss" a deal
prob not worth getting hopes up about.
Would it be acceptible for a council to bail out a private company it didn't have a stake in who were under financial duress? (I am only asking the question - I accept the council's primary motive for the bail out was to protect a public investment)
How on earth was it a bail out?
Who's to say the debt wasn't restructured to allow for a better rent offer? Which doesn't change your question except the private company was CCFC not ACL.
Actually I would say for definite about Westminster Council can't say the same about the Mayor of LondonDepends on the business I would guess, can't imagine Westminster bailing out a lapdancing club in Soho who were hit by a lack of city bonuses. At the same time if it was the meals on wheels firm that could go bust then it would be different I suspect.
In such cases it would be a State Aid to a private company....
Are the State Aid rules different for a private company that is partially owned by the council?
no council can loan to a company it is a share owner in. None. It can grant, it can provide government funding, but it cant simply loan. However if all parties agree on a loan there would be no civil action to prevent it or action to recoup after the fact. There is also tax payer consultation for figures of that amount. To think the coucil have gone ahead and released 14 million pounds without any consultation of tax payers is an absolute disgrace. Wrongful and unlawful. The council must account for each pound - propping up their own company is simply not one of those scenariossorry you said earlier:
(my bolding)
so did you just mean cov city council or any council?
The Ricoh must never be sold to SISU.
They dont pay what they owe. Rent.
They moved us out of the city and stabbed fans in the back.
They relegated us.
The head advises she knows nothing about football.
They mortgaged ryton.
CCC hold firm dont sell! There are plenty more reasons.
Now they realise NOPM has fully kicked in and we wont go to Northampton they want a deal?
Fuck off you told everyone you moved on. Retards.
How was it not? If the bail out or loan (if you like) hadn't happened, where would ACL be (based on comments made in the media and representations to the court)?
They should do a valuation based on hosting car boot sales and Psychic Sally events. That would show 'em.
And we’d still like to know the real reason why Cllr Lucas authorised ACL’s rejection of the CVA which cost “my beloved Sky Blues” another 10 points.
With this sort of lack of credibility "My beloved Sky Blues" we might as well throw this statement in the bin when you end it with this in-genuine statement
And we’d still like to know the real reason why Cllr Lucas authorised ACL’s rejection of the CVA which cost “my beloved Sky Blues” another 10 points.
With this sort of lack of credibility "My beloved Sky Blues" we might as well throw this statement in the bin when you end it with this in-genuine statement
Right on. Liquidate the bastards, that's what I say.
Excuse my ignorance but I've not read all 231 replies so sorry if I duplicate anything anyone has already said;
This statement has got me wondering; why are they so keen to start talking about "plan B"? Usually people only resort to plan B if plan A isn't possible....
It's one part of the company looking after another.
I worked for Ford for 16 years for 10 of those Europe held up the USA part of the business. This then turned around showing what they did was right so nothing new. Only difference when US was strong they closed the European factories therefore looking after there own.
Bailout, loan what is the difference Sisu tried really hard to bankrupt them when it back fired they put in court proceedings. So in your mind that is OK?
I'm sorry but for Sisu to say something is immoral is just laughable.
I think that perhaps Plan B is really Plan A (they just didn't want to admit it....though, they're starting to let it slip methinks)
What part of State Aid did you miss?
The stadium is only worth £7m to £11m depending on if the CCFC are there...
The owners of the football club have decided they wish to own their own stadium freehold without any ties.
This is their prerogative alone. Your or my opinion on this is irrelevant.
They have indicated they will build a new stadium to achieve this if the Ricoh cannot be sold to them without ties.
The Council established the complex web of management around the Ricoh including creating ACL and the 50y lease to them, it is entirely of the councils own doing.
It is probable that the council is incapable of undoing that complex web and lease in order to sell the Ricoh freehold without any ties.
The freehold with the ties is very definitely not what is required and indeed is worth very little.
This is a last challenge to the council to unravel its own mess and sell the stadium as a worthwhile asset at a decent price.
I doubt if the council is capable of doing so.
It will fail and a new stadium will be built just outside Coventry boundaries.
imp:
As the council have used 14 million pounds of our money to prop up a failing business I think it's something that needs a judicial review but if she is honest about us getting back it should not stand in the way of any new negotiation we need action no more rhetoric
how do you work that out it cost £117 million to build it in the first place !
How was it not? If the bail out or loan (if you like) hadn't happened, where would ACL be (based on comments made in the media and representations to the court)?
It's financial restructuring to protect a council investment.
It's not illegal
I am playing devil's advocate. I understand SISU's argument, that's all. It doesn't mean I wish them to win this case or do I think they should have gifted SISU anything. I don't think a fair rent with access to revenues the club generates is much to ask.Maybe not illegal but is against Ferns wishes. For this reason they should gift it to SISU
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