Flying Fokker
Well-Known Member
Labovich was going to liquidate the club. ACL
Cwr (2 Viewers)
- Thread starter Flying Fokker
- Start date
torchomatic
Well-Known Member
Chris Brady: I wouldn't touch it with a barge pole because of not owning the ground is a problem.
Flying Fokker
Well-Known Member
Murky and multi layers of SISU. Build up debt.
New owners need to invest in the club and the area.
The only asset players(Shane Richie)
March 22nd SISU in court
SISU did not come in to run a football club.
New owners need to invest in the club and the area.
The only asset players(Shane Richie)
March 22nd SISU in court
SISU did not come in to run a football club.
torchomatic
Well-Known Member
I agree with the football business expert, Chris Brady, on CWR this morning. He said he if he was an investor he wouldn't touch the club with a barge-pole as the income from our matches goes straight to ACL. And he he said they are happy to brag about the fact that they make all the profit. This is why this is a bad move from ACL. There's no future for us while ACL take advantage of Coventry City. Shameful really.
torchomatic
Well-Known Member
Let's hope their gamble pays off, eh?
Can anyone confirm what happens if the court ruling goes against SISU, to which SISU then mount a legal challenge? Do we go into administration at that point, or does the legal challenge have to heard first, and what are the typical timescales? My concern is that this could drag on for months..
Mucca Mad Boys
Well-Known Member
Sub
Well-Known Member
not me saying that just what was said on the radio
torchomatic
Well-Known Member
Well, as Fisher would ACL put their spin on things. Big massive gamble.:claping hands:
Sky Blue Pete
Well-Known Member
Sound business reasons for taking the action as far as I heard. Sisu going to liquidate club no future tenant paying rent need to do what acl can to stop that happening
That second point was quite telling though - a veiled acknowledgement that ACL need the football club. They can claim this is all about saving the club for the fans, but ultimately they are acting in their own self-interest.
Others seem to have convinced themselves ACL can survive without the club, but at the slightest hint of liquidation ACL have taken drastic measures because they know that they can't.
torchomatic
Well-Known Member
I Agree. They are owned rent, fair enough. Go to court to get it, fair enough. But they need us alright.
SkyblueBazza
Well-Known Member
There will most certainly be a lot of work done already & also between now & 22nd by both sides for supporting their case. It appears to me SISU's case will be aimed at muddying things to make an appeal a long winded complicated affair - although they might surprise us all by paying & buying the Higgs' half with an offer that they cannot refuse. A definite case of "how long is a price of string?" - we don't know, & we can't impact on any of it. All we can do is ignore all the reports & speculation (as it causes upset/worry) or, join in & speculate & try to make some sense of it all...or joke about it all along the way. Whatever makes you feel better really...
torchomatic
Well-Known Member
I would certainly feel a lot better if he'd said "We have a buyer waiting in the wings". There is too much "hope" and "belief" for my liking.
mattylad
Member
Listen for yourself but for me came across as a complete old buffoon to be honest and its clear they now want rid of SISU regardless of what the impact is to the football club….. said decision was taken following a conversation with Mark Labovitch on Tuesday before the game (so this has had exactly two or three hours consideration by ACL?) spouted on about how it had always been SISU’s aim to bully ownership of the Ricoh (in which case this whole rent thing would have kicked off 5 years ago?)
claimed that SISU needed to go so a new owner can invest in the land around the Ricoh (like that is the key essential to owning a football club?)
when it was put to him that administration would lead to a fire sale of players and potential points issues next year, said that would be for the administrator to decide how to run the club and they need to recover the debt (cant argue with that but it showed no heart for the fans) when put to him that no one will be successful at the club until the rent and revenue streams are resolved reiterated that investment around the Ricoh would be needed for anyone to get a share in ACL sometime in the future
Seriously folks if he is a key player in ACL we are fooked because he has no clue what they have started.
claimed that SISU needed to go so a new owner can invest in the land around the Ricoh (like that is the key essential to owning a football club?)
when it was put to him that administration would lead to a fire sale of players and potential points issues next year, said that would be for the administrator to decide how to run the club and they need to recover the debt (cant argue with that but it showed no heart for the fans) when put to him that no one will be successful at the club until the rent and revenue streams are resolved reiterated that investment around the Ricoh would be needed for anyone to get a share in ACL sometime in the future
Seriously folks if he is a key player in ACL we are fooked because he has no clue what they have started.
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SkyblueBazza
Well-Known Member
They are a business though...& the purpose of a business in this age is to make money for its owners/investors. When that stops, or is threatened these businesses simply do whatever they can to protect it or grab anything that will be worth selling. "Customers (fans/community/service users)? Bugger them!!!" is this the general attitude.
SkyblueBazza
Well-Known Member
I can read that...too much gobbledygook to wade through for me!
First post, excuse putting my nose in it. The fact lies SISU threatened liquidation to CCFC and something needed to be done? SISU obviously haven't got city's best interest cause they wouldn't start banding liquidation about!!!!
Sky Blue Pete
Well-Known Member
Entitled to opinion but biased
SkyblueBazza
Well-Known Member
That's much better!
The land around it would generate revenue streams for the club though as I see it = increased investment opportunity ON the pitch...so seems a fair point to me. Thing is I thought that was a prime motivator for SISU from the start anyway?
My main issue with SISU is that they've had 5 years at this club and everything has gone from bad to worse. On and off the pitch. The board at the time, didn't have any issue with rent, if they felt this bitter about it, they should have negotiated there and then and asked about the ground. Instead they wait until they've realised running a football club is not so easy and straight forward so decide to cost cut by selling best players and haggling over rent. ACL are no Angels but SISU have bought this on themselves. Both as bad as eachother IMO
Gosford Green
Well-Known Member
ACL will soon follow ouit of business if CCFC go into administration followed by liquidation.
With the exception of a couple of dull bands playing this summer the stadium will just stand empty.
With the exception of a couple of dull bands playing this summer the stadium will just stand empty.
That's why SISU have threatened the liquidation. Bully boy tactics.
mattylad
Member
Nope as I said all along I don't like SISU I want rid of them as much as anyone but I also want the football club to move on in a sustainable and stable fashion. Being put into administration as opposed to a spun threat of liquidation (which as the like of OSB and I have previously said was highly unlikely given that they had very little to gain from doing it) is a backwards step for this club. Anyone who thinks different needs to wake up quick including the old fool on the radio this morning
torchomatic
Well-Known Member
Disapointed you missed the opportunity to use the words "hard", "nosed", "businessmen", "Mayfair", "hedge" and "fund".:facepalm:
Sub
Well-Known Member
so ACL have a choice of having a tennant who doesnt pay the rent or SISU threatening to Liquidate the club which means ACL will end up with no tennant and no rent anyway, Looks like ACL were left with no option but to go down the administration route and hopefully find a new owner for CCFC to help build a future for the club and ACL together
kats ex. Does radio when not running a pub !
Sub
Well-Known Member
Coventry City administration could lead to takeover
Submitted by WG on Thu, 14/03/2013 - 09:58 Coventry City face administration after the Ricoh Arena's operating company, Arena Coventry Limited (ACL) went to the High Court in London claiming that they are owed £1.3m in rent by the club. Coventry City's owners, hedge fund Sisu, dispute the terms of the lease.
The application means that the club cannot be put into liquidation while it is considered which would be disastrous for its future. The Sky Blues should be able to survive a ten point deuction without being relegated to League 2. If the club went into administration, it would then be available for purchase from the administrators at a realistic price.
ACL believe that there are prospective bidders interested. At Tuesday night's game against Colchester United local businessmen and former Sky Blues director Joe Elliott was spotted with American businessmen.
ACL chairman Nicholas Carter said, 'While it is imperative that ACL takes action to recover these arrears and to stop the arrears growing, it is important to find a solution that can provide for the survival of the Sky Blues.'
Coventry City has suggested that they might leave the Ricoh, but no suitable stadium is available within a reasonable distance in the short term. Building a new stadium would take three years.
Sisu claim to have put £60m into the club, but such has been their mismanagement that they may be left with nothing. How they hoped to make money out of the venture still remains unclear, although if the Sky Blues had returned to the Premiership they would be a very attractive prospect with the enhanced television revenues from next season.
Submitted by WG on Thu, 14/03/2013 - 09:58 Coventry City face administration after the Ricoh Arena's operating company, Arena Coventry Limited (ACL) went to the High Court in London claiming that they are owed £1.3m in rent by the club. Coventry City's owners, hedge fund Sisu, dispute the terms of the lease.
The application means that the club cannot be put into liquidation while it is considered which would be disastrous for its future. The Sky Blues should be able to survive a ten point deuction without being relegated to League 2. If the club went into administration, it would then be available for purchase from the administrators at a realistic price.
ACL believe that there are prospective bidders interested. At Tuesday night's game against Colchester United local businessmen and former Sky Blues director Joe Elliott was spotted with American businessmen.
ACL chairman Nicholas Carter said, 'While it is imperative that ACL takes action to recover these arrears and to stop the arrears growing, it is important to find a solution that can provide for the survival of the Sky Blues.'
Coventry City has suggested that they might leave the Ricoh, but no suitable stadium is available within a reasonable distance in the short term. Building a new stadium would take three years.
Sisu claim to have put £60m into the club, but such has been their mismanagement that they may be left with nothing. How they hoped to make money out of the venture still remains unclear, although if the Sky Blues had returned to the Premiership they would be a very attractive prospect with the enhanced television revenues from next season.
Black6Osprey
New Member
Yes but other than the fact ACL will be getting their rent if we got a new buyer, how is that future going to be any better for CCFC?
ACL have stated any share of the ground will only come from huge investment in the surrounding area. So basically they want someone else to spend all their money or else you get nothing. Mmmm... Don't think I would be very keen to do business with them. I fear this is going to back fire badly on ACL and more importantly kill CCFC.
torchomatic
Well-Known Member
THis is all about ACL not about Coventry City.
Sub
Well-Known Member
Thought it was about both torchy seen as they need each other ?
Yes defo.quite fit actually, nice arse.better than horse face kat.