Key Quotes from Reid/Seppala (3 Viewers)

[davebart]

Indeed, proves they are determined to keep their slice of the pie, whatever may happen.

Our football club must be in a better position without having to contend with the Council.

Yes if only the council hadn't believed the club's stated aim of getting back to the premiership and built them a stadium to suit. What a laughable idea that was.

 

---

[Nonleagueherewecome]

They informed ACL in January that it was their plan to build a new stadium and offered ACL a deal to rent the Ricoh in the interim for 3 years which was rejected by ACL. No idea what the deal looked like though. So perfectly possible they spoke to the Football League about it then.

Isn't the fact that they had a legally binding lease on The Ricoh at that point slightly relevant? But I forget, you're the objective voice of the people, aren't you? Pfft.

 

[theferret]

Yes if only the council hadn't believed the club's stated aim of getting back to the premiership and built them a stadium to suit. What a laughable idea that was.

Built them a stadium using other people's money only then to impose terms that made it nigh on impossible for the club to achieve that stated aim. Genius.

 

[Cheshire Sky Blue]

But cant new habits be formed and lost?

Yes the idiotic move to Northampton risks losing a whole generation of fans, but should the club do well again, people will come back and the habit will be reformed.

Look at Swansea. When they were in Division 4 there crowds were far below what they are now, the winning habit brought fans new and old back.

Then there was Chelsea, who in the 1980's had crowds of 12,000 or so. Give them some money and all the glory fans now watch them. As opposing fans sing to them, "where were you when you were sh*t"

Success should it come will bring back more fans...but only if we are back at home...or close to home.

Neither Swansea nor Chelsea abandoned the fans of there home town Location. That is the suicide context behind what SISU have done

 

[Moff]

Swansea didn't play "away" for 5 years and, as for Chelsea, our owners are not billionaires, they will never invest in the team and we will never be in the Champions League. Get real - there's no comparison is there?

My point was about fans forming habits you moron. So why don't you get real. Sorry my comparisons were not up to your perfect standard.

 

[Moff]

Neither Swansea nor Chelsea abandoned the fans of there home town Location. That is the suicide context behind what SISU have done

True, its been an absolutely terrible decision to move us, but should we ever get back and have some success then maybe just maybe some may reform the habit.
Here's hoping.

(Oh and before anyone goes off on one like a pathetic baby I am trying to look at the postive so forgive me if my previous examples weren't up to someones jumped up standards - this isn't in response to you Cheshire)

 

[davebart]

Built them a stadium using other people's money only then to impose terms that made it nigh on impossible for the club to achieve that stated aim. Genius.

if it was so simple to build a stadium using other people's money why didn't the club do it?

 

[Astute]

My thoughts

"What’s exciting is being involved in the beginning to the end of building something like that, from purchasing land to planning permission to the designs for the stadium.
Building it is exciting, different and new."

So no idea about football, fans or even building anything. Don't fill me with confidence.


"Look at what Northampton’s council leader said about Coventry City groundsharing -that they were delighted to have Coventry City fans contributing to the town’s economy"

Proves again that she don't care about anything to do with Coventry. Not the fans, our club, our local economy or anything else.

"The new stadium will be close to Coventry but not in the jurisdiction of Coventry City Council. Instinctively, it would not cross my mind to have it within Coventry City Council’s boundary given the history, histrionics and the issue of freehold ownership"

So how many places will have a large enough plot of land that can be built on which would be given planning permission for a building that would need roads good enough for thousands of vehicles without causing gridlock that are close to Coventry? Can anyone think of any?

"I am not concerned about the funding of a stadium. I'm reasonable comfortable that won’t be an issue"
"I am not looking to pack my bags and go away. I want return on my investment."

Of course she wants as much of the debts back our club owes SISU. But she don't say that there won't be a problem getting the money to do it. Who in their right mind would lend SISU the money when we all know they prefer litigation to paying debts and are still chasing the JR where they wanted to offer much less than the mortgage to take over the loan.

"But the reality is we’re in it for the long term. We don’t want to sell anyone in January (when the transfer window next opens). If we have a squad with the ability to compete and be promoted, we have £5million in additional revenues in the Championship"

Long term? Well she wouldn't say they will do a runner as soon as they can. We will have to see what will happen during the window. But we need to strengthen the defence if we are to have a chance this season. We are good at going forward, but as soon as the other team goes forward we look in trouble all the time.

"I would like to get to a point where people are so interested in the football, they stop talking about Sisu Capital"

We will start to talk about football again when we don't have the worry of what is going to happen to the club we love next.

"I shepherd other people’s money. I don’t have the desire to run a football club, I don’t know anything about football."

We have noticed. Otherwise us fans would have been treated much better.

"The business side is operationally in a good place. Tim Fisher’s done a good job."

Timothy has done a good job for her. He has been her mouthpiece no matter how much shite he got for ruining our club. Business side in a good place? Remind me of the crowds we used to get and what we get now. How much has our income disintegrated to? If this is good I am glad it isn't bad enough for her to say so.

 

[Astute]

if it was so simple to build a stadium using other people's money why didn't the club do it?

They did. Now the next owners want it for much less than was put into it.....including what a charity put in. This is what upsets me the most.

 

[DazzleTommyDazzle]

Some of what JS says in the interview makes sense.

Sadly, it appears that she believes that the club can prosper even with five years "in exile" in Northampton.

I believe that that is a grave error.

 

[NorthernWisdom]

Some of what JS says in the interview makes sense.

Sadly, it appears that she believes that the club can prosper even with five years "in exile" in Northampton.

I believe that that is a grave error.

The more depressing aspect from a personal point of view is that either she's a damned fine negotiator, or the prospect of zero return until either a new ground is built, or the club goes belly up looks more real than ever.

It wasn't an interview that engenders positivity!

 

[DazzleTommyDazzle]

The more depressing aspect from a personal point of view is that either she's a damned fine negotiator, or the prospect of zero return until either a new ground is built, or the club goes belly up looks more real than ever.

It wasn't an interview that engenders positivity!

True, in fact I feel more depressed about our future today than at any previous time.

Some bloody birthday

 

[WiganSkyBlue]

Well, the sacred cow has certainly accomplished getting us all at each other's throats again - so, job done!

 

[theferret]

if it was so simple to build a stadium using other people's money why didn't the club do it?

Who said it was simple? It's a completely redundant question given that you know the answer. Most of the funding was already in place, there was a shortfall and the council bridged that with a bank loan, a loan the club were never going to get.

I notice you neglected to address the second part of my statement.

 

[kmj5000]

My point was about fans forming habits you moron. So why don't you get real. Sorry my comparisons were not up to your perfect standard.

Steady on!

 

[Moff]

Steady on!

Apologies! It was over the top.

 

[kmj5000]

Apologies! It was over the top.

Truce.

 

[Moff]

Truce.

Definitely.

 

[Astute]

Who said it was simple? It's a completely redundant question given that you know the answer. Most of the funding was already in place, there was a shortfall and the council bridged that with a bank loan, a loan the club were never going to get.

I notice you neglected to address the second part of my statement.

If most of the funding was in place the last small part would have been easy. Not only was the last part of the funding found but enough money was raised to keep our club running.

And after all of this the ones that are seen as to blame are the ones that saved the situation we were in. The catering rights were sold. Naming rights were sold. Higgs put money in. A 14m loan was made. To me this was a little more than just a last part of the funding.

 

[theferret]

If most of the funding was in place the last small part would have been easy. Not only was the last part of the funding found but enough money was raised to keep our club running.

And after all of this the ones that are seen as to blame are the ones that saved the situation we were in. The catering rights were sold. Naming rights were sold. Higgs put money in. A 14m loan was made. To me this was a little more than just a last part of the funding.

Sorry, I don't know what you mean. Catering rights and naming rights revenues were not included in the funding sources for £120 million build costs (iirc) - those revenues went direct to ACL. The council did stump up £12 million, that is undeniable, so they made it happen in that sense. But the point I was making was in response the specific claim that the council built the stadium in order to help the team back to the premiership - that is a ludicrous claim when you consider the crippling rent deal that they then imposed on the club.

 

[wince]

Every single player for 10 years has been audited and re-audited and all of the players over the years were registered in Holdings, with only one or two exceptions down to administrative errors. All the players were in Holdings at the time of the administration.

Why do her and fisher and Appleton keep saying the players were in holding at time of admin the question was when did the players(most) that were in ltd in 2011 accounts move to holdings ,we all know they were there at start of admin

 

[Astute]

Sorry, I don't know what you mean. Catering rights and naming rights revenues were not included in the funding sources for £120 million build costs (iirc) - those revenues went direct to ACL. The council did stump up £12 million, that is undeniable, so they made it happen in that sense. But the point I was making was in response the specific claim that the council built the stadium in order to help the team back to the premiership - that is a ludicrous claim when you consider the crippling rent deal that they then imposed on the club.

Yet ACL have never taken a penny out?

So a 14m mortgage came from a 12m loan? IIRC the build mainly came from naming rights, catering of which a big lump sum was paid and a big payment from Tesco's. Otherwise where did all of the money come from for the build? Approx 113m IIRC.

 

[WiganSkyBlue]

Sorry, I don't know what you mean. Catering rights and naming rights revenues were not included in the funding sources for £120 million build costs (iirc) - those revenues went direct to ACL. The council did stump up £12 million, that is undeniable, so they made it happen in that sense. But the point I was making was in response the specific claim that the council built the stadium in order to help the team back to the premiership - that is a ludicrous claim when you consider the crippling rent deal that they then imposed on the club.

The council taxpayers stumped up the shortfall, that is ALL CT payers, whether football supporters or not, so the council have a duty to manage their assets for the greater good of the whole community. The council were also able, as a public body, to access other income streams from the EC to make up other shortfalls.

Given the experiences that both parties in the council chamber have had with our hedge fund owners, is it any wonder that there is a reluctance to enter into any dialogue. It will have to happen sooner or later, but given JS's interview comments with the ct columnist, then it doesn't look like this will happen any time soon.

 

[theferret]

Yet ACL have never taken a penny out?

So a 14m mortgage came from a 12m loan? IIRC the build mainly came from naming rights, catering of which a big lump sum was paid and a big payment from Tesco's. Otherwise where did all of the money come from for the build? Approx 113m IIRC.

I can't recall the exact breakdown, although there was a document flying around here at some point that had it all itemised. The total contribution from the Tesco deal amounted to £60 million, there were ERDF grants, AWM grants, £6 million from Isle of Capri, £10 million from the council (plus an additional £2 million later) and then the rest was borrowed (about £20 million I believe).

The naming rights, catering rights were not included in the funding sources - all that money went to ACL post construction (but which may have been used for fitting out, not sure).

 

[Astute]

I can't recall the exact breakdown, although there was a document flying around here at some point that had it all itemised. The total contribution from the Tesco deal amounted to £60 million, there were ERDF grants, AWM grants, £6 million from Isle of Capri, £10 million from the council (plus an additional £2 million later) and then the rest was borrowed (about £20 million I believe).

The naming rights, catering rights were not included in the funding sources - all that money went to ACL post construction (but which may have been used for fitting out, not sure).

Fitting out or whatever term you want to use means it went towards the build. ACL file their books every year. No money has ever been taken out that you have said. The council were raising money as the build progressed.

This is where a major problem comes into it. Joy wants all catering rights. But this was sold to help with the build costs. But she wants it for nothing. It don't matter how low CCC will go. Will compass let go for free what they paid good money for? Joy will know this. It seems to me it is just another stick to attack with.

We are not in Northampton because of the pie money. Every person in the ground would have to eat 50 pies each to make up for the lower gates.......and this is without the cost of the pies.

 

[theferret]

Fitting out or whatever term you want to use means it went towards the build. ACL file their books every year. No money has ever been taken out that you have said. The council were raising money as the build progressed.

This is where a major problem comes into it. Joy wants all catering rights. But this was sold to help with the build costs. But she wants it for nothing. It don't matter how low CCC will go. Will compass let go for free what they paid good money for? Joy will know this. It seems to me it is just another stick to attack with.

We are not in Northampton because of the pie money. Every person in the ground would have to eat 50 pies each to make up for the lower gates.......and this is without the cost of the pies.

You're not listening. The sale of catering rights were not used for build costs, but what ACL chose to spend that money on I don't know. Yes, we know no dividends have been paid, but that is because the council chose not to take any. Fine. But then people are saying ACL can survive without the club? Can they?

The bottom line is that for a total investment of £12 million the council ended up with total ownership of a facility worth many times that, and also 50% of management company. So they did very well out of it. Fine, no issue with that, but I do have an issue with how they then proceeded to fleece the football club, and there is no denying they did that. If ACL can survive without the club, why was it necessary to charge them so much?

For what it's worth I have found the funding document (go to page 16):

http://moderngov.coventry.gov.uk/Da...08 - Arena Construction Completion Report.pdf

 

[Grendel]

The council taxpayers stumped up the shortfall, that is ALL CT payers, whether football supporters or not, so the council have a duty to manage their assets for the greater good of the whole community. The council were also able, as a public body, to access other income streams from the EC to make up other shortfalls.

Given the experiences that both parties in the council chamber have had with our hedge fund owners, is it any wonder that there is a reluctance to enter into any dialogue. It will have to happen sooner or later, but given JS's interview comments with the ct columnist, then it doesn't look like this will happen any time soon.

Nome of this is true. Why are you lying? What's your agenda?

 

[RegTheDonk]

Denying the plan was ever to distress ACL to get the stadium “on the cheap”, she said: “The council owns the freehold and has a right of re-entry. So in the event of ACL going bust they could take the lease over anyway and continue to run the stadium. This also means that if somebody went in to buy ACL, the council had the right to refuse the assignment, whoever that buyer was.
“I am focussing on the future and not looking back."
If she is focussing on the future and not looking back then why ask for a judicial review and then why appeal the decision, that is perpetuating the dispute and trying to distress the ownership. (Les Reid should have asked this question)

Yes, 100% agree with your take on this and Les definitely should have quizzed her on the JR.

 

[Astute]

You're not listening. The sale of catering rights were not used for build costs, but what ACL chose to spend that money on I don't know. Yes, we know no dividends have been paid, but that is because the council chose not to take any. Fine. But then people are saying ACL can survive without the club? Can they?

The bottom line is that for a total investment of £12 million the council ended up with total ownership of a facility worth many times that, and also 50% of management company. So they did very well out of it. Fine, no issue with that, but I do have an issue with how they then proceeded to fleece the football club, and there is no denying they did that. If ACL can survive without the club, why was it necessary to charge them so much?

For what it's worth I have found the funding document (go to page 16):

http://moderngov.coventry.gov.uk/Da...08 - Arena Construction Completion Report.pdf

Soi explain what happened to the input of CCC of 10m, borrowing of 21m and additional ACL borrowing of 1.1m from Yorkshire bank. If CCC never put in 32.1m where did it come from?

 

[stupot07]

Soi explain what happened to the input of CCC of 10m, borrowing of 21m and additional ACL borrowing of 1.1m from Yorkshire bank. If CCC never put in 32.1m where did it come from?

ACL borrowed the 21m not ccc which paid for the 50 year lease upfront (point 9, page 9), and that's the distressed debt that ccc bought out for 14m.


Sent from my iPhone using Tapatalk - so please excuse and spelling or grammar errors

 

[theferret]

Soi explain what happened to the input of CCC of 10m, borrowing of 21m and additional ACL borrowing of 1.1m from Yorkshire bank. If CCC never put in 32.1m where did it come from?

The council made an equity investment of £10 million, plus a further £2 million later one. The £21m was borrowed by ACL. I'm not sure where the confusion is?

 

[Tonylinc]

I would like to thank JS for her statement as many times I have stated on here that they would never return "without the keys", only to be shot down in flames by various posters saying, "give me the evidence that she ever said that". Well, you now have the evidence; not from me but better still, from JS herself. So thank you JS for that.......now F off.

 

[fernandopartridge]

That's the problem with the Astutes of this world. They don't even understand the facts they use in their argument.

 

[No future with SISU]

she has no intention of working with ACL after the way they have acted too, i mean come on, forcing admin and rejecting a CVA out of spite is enough to sower any business relationship.

its a shame but i can understand why they only want a full resolution to ricoh issue, they cannot work with each other it seems.

I have been told by the right people, Mutton said he was getting rid of sisu to her and she replied I will liquidate the club first, that is why she will not work with the council.

 

[Astute]

The council made an equity investment of £10 million, plus a further £2 million later one. The £21m was borrowed by ACL. I'm not sure where the confusion is?

So the stadium has cost CCC/ACL 33m?

So why do you all keep saying that SISU should get it for the 14m mortgage then as they have put nothing else in?

Keep on digging. The only difference between a rut and a grave is the depth.