Grendel
Well-Known Member
No we didn't.
We did?
They can't run a football club now you want them to also try and run an Arena, they should stay and do what they are good at investing money for faceless people, just not in a sports club..
We did?
Weren't somebody else going to run it?
SISU weren't here when we started in the Championship, were they?
They can't run a football club now you want them to also try and run an Arena, they should stay and do what they are good at investing money for faceless people, just not in a sports club..
No, because it's my birthday on the 23rd April.
Weren't somebody else going to run it?
Yes. The part of the deal was to bring AEG in. They own & op Staples Center in LA & operate O2 & MEN Arena (2 most popular venues in the world, ahead of Madison Square Garden) here amongst others.
They offered £5.5M going into negotiations and then changed there mind during negotiations.
Try and keep up!!
They didn't offer anything. The talks never got that far. Hence, last week's irrelevant then not irrelevant court case.
No Sisu said it was not worth any thing only offered 2 million as a charity payment?
So why would you want to own something that is worth nothing and what sort of business would then offer 2 million for it?
No wonder we are in the shit :thinking about:
Correct they also said that they thought that ACL were doing a good job and that they had never been in contact with sisu even though Fisher said they had?
We have gone way way way off tangent. It is without doubt that Sisu paying the rent they were paying enabled ACL to make a small profit. What did they do? Charge interest to their investors? Pay significant sums of money to directors of the company - no? They invested the money made back into the Ricoh project.
ACL need a football club to be at the Ricoh for it to make sense. CCFC should be playing football in Coventry and the only way this can happen is for them to return to the Ricoh
JS has no interest in football so you have to ask why is she investing in the club? Money laundering? Loading debts into one of their portfolio of companies or is it to obtain the Ricoh complex, land and hotel for less than it is worth and then investing and selling at a significant profit?
OSB's questions must be put to ML on every occasion. Financially nothing makes sense - please can we focus on getting answers to the financial questions.
What happens if CCFC cannot get planning permission for a new stadium in Coventry or the Coventry area?
How is it financially beneficial to play home games at Sixfields this season rather than Ricoh for roughly the same amount of rent?
These are seriously important questions!
None of you have the facts straight!
Anybody else wish there was a magic button on here that could fast forward to June/July?
Was that supposed to say did we if so that is what we were told by sisu aids that we were debt free?
Put us right then ?
JS and Higgs agreed a price of £5.5m. £1.5 up front. £4m against equity convertible within 10 years. Depending on sisu buying out and discharging the YB loan and CCC prolonging the long lease to 125yr and ccfc paying a peppercorn rent (the indicated term sheet)
Higgs were advised by PriceWaterhouseCooper - their own advisor - that the price was way above their valuation.
Higgs went back to sisu and asked for an offer outside the ITS.
Sisu offered £2m as the risk was significant higher without the other conditions met.
Higgs said no.
The result of that ... Higgs still sit with the shares they wanted sold.
ACL have a loan of £14m instead of being debt free.
CCC's shares are worth considerably less than had they followed the plan.
The club plays in Northamton.
Everybody lost!
That does seem to be the summary of the facts from the last week. The part that is incontrovertible is the 'everybody lost' part!
Godiva - why do you think Higgs did that? To get some money and out of the nonsense?
But did she say it was worth nothing yes or no?
and why buy something that is worth nothing?
And would they have paid or taken the charity to court yet again on some technicality, just to pay nothing and then sell it on for a larger amount and the new owner then adding he purchase price to the debt we already own?
Come on we all know how it works!!!
Why do you say that Godiva? What does the size of the club matter? And you mean unpleasant questions for Higgs and CCC don't you?
You give yourself away a little Godiva with the ACL forced the club into administration. They didn't really did they or they played a part but they were also owed money and applied to the court for the money and it was still not paid
Nothing to disagree with there
They do seem to have messed Higgs and ACL around but that was what i was saying earlier or it might have been on another thread as Sisu have certainly not allowed other amounts due to be left unpaid. Players and HMRC being the major ones
JS and Higgs agreed a price of £5.5m. £1.5 up front. £4m against equity convertible within 10 years. Depending on sisu buying out and discharging the YB loan and CCC prolonging the long lease to 125yr and ccfc paying a peppercorn rent (the indicated term sheet)
Higgs were advised by PriceWaterhouseCooper - their own advisor - that the price was way above their valuation.
Higgs went back to sisu and asked for an offer outside the ITS.
Sisu offered £2m as the risk was significant higher without the other conditions met.
Higgs said no.
The result of that ... Higgs still sit with the shares they wanted sold.
ACL have a loan of £14m instead of being debt free.
CCC's shares are worth considerably less than had they followed the plan.
The club plays in Northamton.
Everybody lost!
Heh. I wrote a slightly longer version of this earlier and then binned it as I didn't really want to get into it too late on a Sunday evening.
Another important thing is that all of the visitor income that the club and some decent-sized events could bring into the city is mainly lost.
Out of interest ... have you read the transcripts for the Higgs vs sisu case?
I know it's extensive, but if you imagine you are reading the manuscript of an episode of Rumpole, then it's actually quite entertaining.
And very enlightening.
Even after reading the examinations of the witnesses you won't think that sisu have messed Higgs and ACL around - it's quite the opposite.
Out of interest ... have you read the transcripts for the Higgs vs sisu case?
I know it's extensive, but if you imagine you are reading the manuscript of an episode of Rumpole, then it's actually quite entertaining.
And very enlightening.
Even after reading the examinations of the witnesses you won't think that sisu have messed Higgs and ACL around - it's quite the opposite.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?