Companies House CCFC H accounts 2002 said:£4.8m net costs treated as cost of investment in Arena Coventry Limited (joint venture with CCC) (net costs is the costs spent less relevant loans/creditors) 50:50 Joint venture with CCC.
Companies House CCFC Group Accounts 2003 & 2004 said:Accounts for CCFC Group show a net investment of £6,808,425 in the Arena Project which was then sold to the AEH Charity for £6,500,000. The balance of £308,425 was written off
CT said:Bryan Richardson (then CCFC chairman) recruited Dutch construction firm HBG to decontaminate the site ready for the new stadium to be built.
The Dutch construction firm went over the club’s head to secure the land from British Gas, before convincing the council to purchase the 70 acres of land from them for £20million or risk losing the entire stadium project.
That same weekend, the council sold the land to Tesco for £60million after Bryan Richardson had negotiated the deal with his personal friend and Tesco chief executive Sir Ian MacLaurin.
CCC Arena Construction Completion Report said:Council equity investment £10m
Is the £2m you're referring to there the £1.8m direct payment from CCFC to ACL? That's an additional amount not a total isn't it? Its just taking one line from the completion report and ignoring everything else.Depends what version you use to back up your post eh Dave!
The report focuses on costs once the council were on board, it's a council report. It seems like the £6.8m investment from the club was before the council came on board.Here is the extract from the book...
The subject of how much hard cash the club actually put into the project has been hotly debated in the past. Some of the club’s historic accounts show wildly varying totals ranging between £6million and £11million being spent on the new stadium project.
But according to the council’s 2003 report ahead of the construction of the Arena being signed off, the club had contributed £2million. It reads: ‘These resources have been used to meet the day-to-day office costs, legal and other specialist advice to ACL and elements of the initial phase of design work.’
That total also marries up with the council’s Arena Construction Completion report, published in 2006, which puts the club’s total financial contribution to the building of the £116million Ricoh Arena at £2million.
Depends what version you use to back up your post eh Dave!
How many times have I posted the link to show who paid how much...everyone agrees.......then at a later date we go back to plucking numbers and facts out of the air.Which bit? Most of it is in the clubs accounts or the SBT website.
The company Richardson engaged for the project purchased the land of British Gas, Richardson negotiated the deal with Tesco but the company sold the land to CCC, I think for £20m, and they flipped it to Tesco for £60m.
When ACL was incorporated a net spend of £4.8m on Arena 2000 by CCFC was classed as their investment into ACL.
If you go back through old CCFC accounts you will see a total net investment of £6,808,425 in Arena 2000.
That was sold to Higgs for £6.5m however it was split between writing off existing loans from Higgs to the club, paying back directors loans on condition they reinvested and new money. From memory the new money was around £2m.
Yes.I actually do enjoy the Grendel and Tony arguments , is that sad.
See my post above. The council report covers the project from 2003 onwards. It doesn't mean CCFC didn't invest in the project it means they didn't invest in the construction phase.How many times have I posted the link to show who paid how much...everyone agrees.......then at a later date we go back to plucking numbers and facts out of the air.
Richardson even only last year tried to say that he bought the land and sold it to Tescos. But it was all there in black and white. CCC paid for the land. And with a deal with Tescos they put nearly50m in IIRC to pay for the land and decontamination of it. In return they got to build their supermarket. It was the most that they had paid for land outside of London.
CCC paid 10m. CCFC paid 1.7m in total. Nothing to do with Higgs. The rest of the money came from grants that CCC secured for regeneration from the EU, the Isle of Capri for the casino and the rest of it came from a mortgage which was the debt owed by ACL. The idea of the high rent was to get the mortgage paid off. But of course SISU stopped paying the rent. But the mortgage was paid down a fair bit.
Higgs only came into it when our club loaned more money off them to stay afloat. They took the share of ACL as security.
Nobodies plucking figures out of the air. The link you are referring to is the construction report which is, as the title suggests, is the cost of construction. Do you think they just turned up with diggers one day and made it up as they went along?How many times have I posted the link to show who paid how much...everyone agrees.......then at a later date we go back to plucking numbers and facts out of the air.
You've completely missed the point here. The land was purchased by HBG, who were working on behalf of CCFC / Richardson doing the decontamination work, from British Gas.Richardson even only last year tried to say that he bought the land and sold it to Tescos. But it was all there in black and white. CCC paid for the land. And with a deal with Tescos they put nearly50m in IIRC to pay for the land and decontamination of it. In return they got to build their supermarket. It was the most that they had paid for land outside of London.
So where do you account for the £6,808,425 investment by CCFC shown in their accounts?CCC paid 10m. CCFC paid 1.7m in total. Nothing to do with Higgs. The rest of the money came from grants that CCC secured for regeneration from the EU, the Isle of Capri for the casino and the rest of it came from a mortgage which was the debt owed by ACL.
It wasn't a loan, they purchased 50% of ACL owned by CCFC.Higgs only came into it when our club loaned more money off them to stay afloat. They took the share of ACL as security.
It wasn't just the construction phase. If it was how could it include the cost of planning or the cost of purchasing the land? So what did CCFC pay for?See my post above. The council report covers the project from 2003 onwards. It doesn't mean CCFC didn't invest in the project it means they didn't invest in the construction phase.
I wouldn't bother, the holy trinity of SBK, Obtuse and Toni think otherwise as they've seen it in the telegraphNobodies plucking figures out of the air. The link you are referring to is the construction report which is, as the title suggests, is the cost of construction. Do you think they just turned up with diggers one day and made it up as they went along?
You've completely missed the point here. The land was purchased by HBG, who were working on behalf of CCFC / Richardson doing the decontamination work, from British Gas.
They then sold the land to CCC who sold it to Tesco within hours of purchase. You're not seriously suggesting in that short space of time they did the deal? It was a deal agreed by Richardson that the council hijacked.
So where do you account for the £6,808,425 investment by CCFC shown in their accounts?
It wasn't a loan, they purchased 50% of ACL owned by CCFC.
Sorry but most of that is bollocks.Nobodies plucking figures out of the air. The link you are referring to is the construction report which is, as the title suggests, is the cost of construction. Do you think they just turned up with diggers one day and made it up as they went along?
You've completely missed the point here. The land was purchased by HBG, who were working on behalf of CCFC / Richardson doing the decontamination work, from British Gas.
They then sold the land to CCC who sold it to Tesco within hours of purchase. You're not seriously suggesting in that short space of time they did the deal? It was a deal agreed by Richardson that the council hijacked.
So where do you account for the £6,808,425 investment by CCFC shown in their accounts?
It wasn't a loan, they purchased 50% of ACL owned by CCFC.
I don't read the Telegraph or fall for the click baitI wouldn't bother, the holy trinity of SBK, Obtuse and Toni think otherwise as they've seen it in the telegraph
It must take a lot of practice and dedication, to perfect this level of arrogance.I wouldn't bother, the holy trinity of SBK, Obtuse and Toni think otherwise as they've seen it in the telegraph
No its the figures in the accounts held at companies house.Have you taken your numbers from information given by Richardson?
It's a council report. Nothing legal about it. Accounts are legal documents however and show a CCFC investment of £6.8mIt wasn't just the construction phase. If it was how could it include the cost of planning or the cost of purchasing the land? So what did CCFC pay for?
The land cost £24,099,000
Decontamination £17,000,000
Site profiling £1,975,000
So what did CCFC pay for? £1,758,000 went into the project. I have all the numbers in front of me. Where every pound came from. What was the budget October 2003 and what the revised costs were 31/3/2006. Tesco made two payments totaling £59,420,000.
And I prefer to believe a legal document than hearsay.
Like I said what did CCFC pay for?It's a council report. Nothing legal about it. Accounts are legal documents however and show a CCFC investment of £6.8m
It wasn't a loan, they purchased 50% of ACL owned by CCFC.
It must take a lot of practice and dedication, to perfect this level of arrogance.
Deal.
Are you not listening Shmmeee?Was more like they pawned it to be fair. It was "sold" for just enough cash to keep us going, below market value and with an agreement to get it back for the same price. Somewhere halfway between a loan and a sale.
Sorry but I have to disagree here.I thought Grenduffy was arrogant, but he's got nowt on "Canyouhearthedrumspartridge"
It's a council report. Nothing legal about it. Accounts are legal documents however and show a CCFC investment of £6.8m
Sorry but I have to disagree here.
Fern is a valued member on here the vast majority of the time. Must be to do with the time of the month :cyclops:
How many seasons did we have the New East Stand at HRThis is quite worrying. If what you say is true (and I have no reason to disbelieve you) £6.8m went out of CCFC's accounts allocated to the stadium. If what Astute says is true ( again, I have no reason to disbelieve him) it was never received at the apparently intended destination. So what did happen to it?
It just shows how badly we were run at the time. Not sure but it was said that we were renting back HR for the same as the Ricoh rent. So a few years rent on HR plus the £1.758m wouldn't be far off the 6.8m....then add on the cost of planning Richardsons first dream.How many seasons did we have the New East Stand at HR
2? 3?
Possibly partly to do with that or leasing back the ground from the builders
Or is it more specific than that CD?
AhHow many seasons did we have the New East Stand at HR
2? 3?
Possibly partly to do with that or leasing back the ground from the builders
Or is it more specific than that CD?
It's a council report. Nothing legal about it. Accounts are legal documents however and show a CCFC investment of £6.8m
If what Astute is saying is true you'd expect the authorities to get involved and charges to be filed. All the details are on the Sky Blue Trust website. Not sure why Astute is choosing to ignore known facts.This is quite worrying. If what you say is true (and I have no reason to disbelieve you) £6.8m went out of CCFC's accounts allocated to the stadium. If what Astute says is true ( again, I have no reason to disbelieve him) it was never received at the apparently intended destination. So what did happen to it?
Indeed.Then they sold the rights they'd acquired for that money to the Higgs charity for £6.5M.
Sky Blues Trust said:Accounts for CCFC Group show a net investment of £6,808,425 in the Arena Project which was then sold to the AEH Charity for £6,500,000. The balance of £308,425 was written off. CCFC H paid land lease of £308500 in the year but unclear if that all related to Highfield Rd
Arena 2001 Ltd no longer a going concern. Net liabilities of £6,607,035, including £5,225,228 owed to CCFC H. There are no payments to directors.
Football Investors Limited accounts disclose that the company had purchased a 50% share in Arena Coventry Limited at a cost of £2m. The purchase was financed by loans from D A Higgs, M C McGinnity and G Robinson tota lling £2m (unsecured and interest free). The accounts also disclose the subsequent sale of those shares to the Alan Edward Higgs Charity.
Alan Edward Higgs Charity acquires 50% of ACL from CCFC H Ltd. Shares owned by Football Investors Limited, which becomes a wholly owned subsidiary of the Charity. Cost to Charity £6,523,184 inc. fees. Payment made of £2m cash, £2.5m waiver of loan and £2m to two directors who had outstanding loans to FIL who then re-loaned the money to CCFC Ltd. CCFC Ltd acquires option to purchase shares back from the Charity
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