Manhattan Capital... are they back in town? (2 Viewers)

[AFCCOVENTRY]

Manhattan Capital is a private investment firm that identifies and develops assets with unique potential for capital appreciation in the financial, real estate, and sports entertainment sectors. By focusing on these select industries, we are able to leverage our expertise and extensive relationships to maximize value for our investors. Manhattan Capital enhances its investments by providing them with strategic planning and corporate development, operational design, customer and partner relationship development, media and public relations, sales and marketing analyses and investor relations management.



Manhattan Capital Sports invests in the burgeoning market of professional sports franchises and venues. Partnering with Herb Simon, owner of the Indiana Pacers and Co-Chairman of Simon Properties Group, Inc., an S&P 500 company and the largest public real estate company in the U.S., Manhattan Capital Sports has purchased the Tucson Sidewinders, the Triple-A affiliate of the Arizona Diamondbacks, a member of the Pacific Coast League, and the 2006 Triple-A Champions. For more information, please click the Tucson Sidewinder link to the left.

The company's goal is to produce the best sports-entertainment product possible, maximize attendance, and to translate its market appeal into advertising opportunities that benefit corporate sponsors as well as the community, the venue, and the owners.

 

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[AFCCOVENTRY]

Coventry takeover still on course

Coventry managing director Paul Fletcher says the takeover by American consortium Manhattan Sports Capital Partners is progressing.
The Manhattan Sports Capital Partners consortium agreed a deal to buy the Sky Blues earlier this year.

Fletcher admitted negotiations were slow but he remains optimistic.

He said: "I met with key members of the Manhattan Capital Partners on Wednesday and Thursday this week. I'm happy to report things are still progressing."

He added: "I am also fully aware the speed of negotiations is far slower than most people's expectations - especially CCFC supporters.

"But such is the complexity of potential agreements between Coventry City Football Club, Coventry City Council, Arena Coventry Ltd and the Higgs Charity more time is necessary to ensure everyone is happy.


606: DEBATE
Give your reaction to the takeover of Coventry
"Once these negotiations reach a satisfactory conclusion and Manhattan have made their formal offer, Coventry City Football Club will then be in a position to make a formal statement."

Last month City called an Extraordinary General Meeting and asked shareholders to vote in favour of the club transferring their option to buy back 50% ownership of the Ricoh Arena to acting chairman Geoffrey Robinson as security for personal loans he has made to the club.

The club sold their 50% share in the Arena to the Alan Edward Higgs Charity during more troubled times.

Manhattan Sports Capital Partners is the bid vehicle for American investors Sean McDevitt and Philip Harris, along with US-based English investment advisor Roger Marment.

The takeover talks are being spearheaded by business consultant and life-long City fan Gary Hopkins.

http://news.bbc.co.uk/sport1/hi/football/teams/c/coventry_city/6763627.stm

 

[Jack Griffin]

Tell you what that sounds a devil of a lot better than a hedge fund that specialises in distressed debt.

 

[jon92]

That news link was from 2007

 

[AFCCOVENTRY]

At least Gary Hopkins is a cov fan and the company actually own other sports teams.

Anyone remember why their deal fell through?

 

[Jack Griffin]

That news link was from 2007

Yeah understood, but the essential point made was that Manhattan look to develop the club not asset strip it al la SISU modus operandi.

 

[Grendel]

Yeah understod, but the essential point made was that Manhattan look to develop the club not asset strip it al la SISU modus operandi.

Your missing a fundemental point. They looked at the arrangement and back over the pond.

More chance of Manhatten Transfer doing a comeback gig here - that should swell some coffers.

 

[Jack Griffin]

Your missing a fundemental point. They looked at the arrangement and back over the pond.

What is that in English? Are you missing a verb perchance.

By the way Manhattan Transfer are still touring, if you are keen to catch them this is their schedule http://manhattantransfer.net/tour-dates/

 

[ggrady]

I dont understand is this a new story or old?

 

[Grendel]

I dont understand is this a new story or old?

Put it this way Derek Robbins will be buying the club soon and recruiting jimmy hill as manager.

 

[Jack Griffin]

I dont understand is this a new story or old?

The rumour is that ACL have been talking to US based investors & Joe Elliot/Jackie Issacs (ACL Chief Exec) showed them round the Arena recently.

AFCCOVENTRY is speculating that these investors are the Manhatten Group that showed interest in hte period before the time SISU took over.. he has reproduced n old story about that interest & also a description of the groups aims & objectives.

 

[Jack Griffin]

Put it this way Derek Robbins will be buying the club soon and recruiting jimmy hill as manager.

Laugh I nearly pissed myself, oh you are a one..

 

[chiefdave]

We're Manhattan the crowd that had a meeting with the council then made a hasty retreat saying they would be impossible to work with?

 

[Grendel]

We're Manhattan the crowd that had a meeting with the council then made a hasty retreat saying they would be impossible to work with?

Yes. Gary Hopkins a Coventry businessman was trying to broker a deal. The ground ownership issue undoubtably was the major stumbling block.

Paul fletcher has many times stated the club are a dead club walking and he has actually been proved right on this.

 

[Jack Griffin]

Another 2007 story http://metro.co.uk/2007/03/07/sky-blues-reveal-us-takeover-talks-164210/

Coventry have moved a step closer to a takeover after confirming that an American consortium are in advanced talks to buy the club.

The Manhattan Sports Capital Partners are the bid vehicle for American investors Sean McDevitt and Philip Harris who, along with US-based English investment advisor Roger Marment, have already agreed a deal to buy the Coca-Cola Championship club and take on their estimated debts of £28million.

Talks are being spearheaded by US-based business consultant Gary Hopkins who is a lifelong Sky Blues fan and has been putting the consortium together over the last five months.

A club statement said: “The chairman and board of Coventry City Football Club confirm that non-binding heads of agreement have been signed with Manhattan Capital Sports Partners, a US group led by Gary Hopkins.

“The Manhattan group are at an early stage of their due diligence and it will not be possible for some time to be sure whether or not the deal will go ahead. We hope it will.

“Meanwhile, we have made it clear to the Manhattan group that any new arrangements for the club must involve substantial investment in improving and strengthening the squad to achieve the club’s Premiership ambitions.”

Hopkins told the Coventry Telegraph: “We are on a very critical path to make this happen.

“We are not delving right down into finances just yet but what we will come back with in about four to five weeks is what we believe is a rational, sensible plan for our own investment in the club.

“And if the parties all agree, we will come together and at that stage disclose what the investment will be.

“But clearly it is big solution. Clearly it is not a few million pounds.”

From http://www.ccfc.co.uk/club/history/

Even before its end, the 2007/08 season will go down as one of the most eventful in Coventry City's history.

The campaign began with the announcement that takeover talks with USA based Manhattan Sports Capital were bearing fruit.

However, after a long wait, which led to the departure of MD Paul Fletcher, Manhattan eventually pulled out of the deal, leaving City - led by a newly appointed chairman in former director Joe Elliott - looking for new investors with the threat of administration looming.

That threat continued to look more realistic until, with less than an hour before the deadline, a deal was struck with SISU, a consortium led by former footballer Ray Ranson.

 

[Colonel Mustard]

As Grendel said, MSG walked away from negotiations in 2007. Why would they want to resume interest when the club is in an even poorer state than it was then?

Then you have to ask yourself - if they did want to acquire an English football club, why on earth would they (or anyone) pick Coventry City over any other team? The club is a complete basketcase.

 

[Nonleagueherewecome]

Well thanks to the OP's thread title, I have the Ugly Duckling song in my head yet again..

 

[Jack Griffin]

Col. in that case then why did SISU pick it up, not I am sure out of the goodness of their hearts?

 

[Colonel Mustard]

Col. in that case then why did SISU pick it up, not I am sure out of the goodness of their hearts?

Their motivation was profit, just as Manhattan's would have been.

 

[Jack Griffin]

Their motivation was profit, just as Manhattan's would have been.

Well how they gonna do that now, with much reduced revenue and a division lower than when they took over? Seems to me they are going in one direction, down the plughole!

 

[lordsummerisle]

Col. in that case then why did SISU pick it up, not I am sure out of the goodness of their hearts?

Ranson, stupidity, and being turned over by Robinson, the widows friend.

 

[Grendel]

Well how they gonna do that now, with much reduced revenue and a division lower than when they took over? Seems to me they are going in one direction, down the plughole!

They are not as astute. They were sold a vision by a blinkered fool in ranson and let him get on with it.

No sensible investor would touch is then so not a prayer now.

 

[Colonel Mustard]

Well how they gonna do that now, with much reduced revenue and a division lower than when they took over? Seems to me they are going in one direction, down the plughole!

You won't get much argument about SISU's mismanagement of the club, but this is about CCFC's value and appeal.

 

[WestEndAgro]

They are not as astute. They were sold a vision by a blinkered fool in ranson and let him get on with it.

No sensible investor would touch is then so not a prayer now.

Not strictly true, no one would want the football club because as a early poster said "the club is a basket case", but it's not about CCFC its all about the arena, the surronding area and it's potential.

 

[hutch1972]

Your missing a fundemental point. They looked at the arrangement and back over the pond.

More chance of Manhatten Transfer doing a comeback gig here - that should swell some coffers.

The council wouldn't deal with them either, that was the reason PF cleared off sharpish.

 

[AFCCOVENTRY]

As Grendel said, MSG walked away from negotiations in 2007. Why would they want to resume interest when the club is in an even poorer state than it was then?

Then you have to ask yourself - if they did want to acquire an English football club, why on earth would they (or anyone) pick Coventry City over any other team? The club is a complete basketcase.

At an Admin stage the club is cheaper to buy and ACL will be more willing to arrange a better deal on the stadium while they buy the higgs stake.

Club is now cheaper than it was when they were first interested.

 

[Grendel]

At an Admin stage the club is cheaper to buy and ACL will be more willing to arrange a better deal on the stadium while they buy the higgs stake.

Club is now cheaper than it was when they were first interested.

Actually it isn't. The last owners pretty much surrendered on admin type terms to SISU. Also administration means the administrators have one motive only - to pay football creditors. Any potential owners will not be able to negotiate buying the ACL stake while buying the club. Independant administrators will divorce this.

 

[torchomatic]

Didn't the Council dismiss them out of hand last time though?

 

[Grendel]

Didn't the Council dismiss them out of hand last time though?

I believe that the Group found the relationship between the club and the council to be totally unworkable -- how odd.

 

[torchomatic]

Exactly right. As will the next owner's motivation be. As is ACLs motivation.

Their motivation was profit, just as Manhattan's would have been.

 

[Colonel Mustard]

I believe that the Group found the relationship between the club and the council to be totally unworkable -- how odd.

From 2007: http://www.bbc.co.uk/coventry/content/articles/2007/10/05/fletcher_resigns_feature.shtml

Some snippets:

'For much of this year there had been hope that Manhattan Sports Capital Partners would put in an offer for City but this ultimately never came to fruition - a major stumbling block was the fact the club didn't own their ground, the Ricoh Arena'

'Fletcher added: "The Football club cannot survive under the current regime. It cannot survive when it pays a cost of four million pounds of its income each year into the company called ACL (Arena Coventry Limited). "It could survive when it owned half of ACL but unfortunately the situation is it cannot survive and it just cannot go on so something has to give."'

 

[Mucca Mad Boys]

From 2007: http://www.bbc.co.uk/coventry/content/articles/2007/10/05/fletcher_resigns_feature.shtml

Some snippets:

'For much of this year there had been hope that Manhattan Sports Capital Partners would put in an offer for City but this ultimately never came to fruition - a major stumbling block was the fact the club didn't own their ground, the Ricoh Arena'

'Fletcher added: "The Football club cannot survive under the current regime. It cannot survive when it pays a cost of four million pounds of its income each year into the company called ACL (Arena Coventry Limited). "It could survive when it owned half of ACL but unfortunately the situation is it cannot survive and it just cannot go on so something has to give."'

Add Alki Dave too that as well.

Mr David claimed: "After looking through the finances and seeing the numbers, the club is falling apart.

"Good luck to whoever takes them on. I am certainly not getting involved.

"I had Geoffrey Robinson here this afternoon when I was ready to commit.

"He left me a document on the finances of the club.

After looking through the finances and seeing the numbers it is no surprise that the club is falling apart."

Read More http://www.coventrytelegraph.net/news/coventry-news/2007/12/12/alki-david-pulls-out-of-coventry-city-takeover-talks-50003-20237838/#ixzz2NYb6Dtwj

Wonder what influenced expenditure and debt?

Begs the question, were SISU doomed to fail before they came in?

This is hilarious!

http://www.bbc.co.uk/dna/606/A30071846

Be careful what you wish for, you might get it! But might not end p better off.

http://www.bbc.co.uk/dna/606/A30053864

 

[coundonskyblue]

Can't be bothered to read through it all, but basing my comments purely on the title.

Manhattan Capital... are they back in town?

Well lets hope not, as all they were interested in was the Ricoh. They expected the Stadium to be pretty much handed over to them for free. Once they discovered this wasn't the case they legged it.

 

[AFCCOVENTRY]

To sum up which ever way you look at this.

Club can't survive without a stake in the Ricoh.

 

[coundonskyblue]

To sum up which ever way you look at this.

Club can't survive without a stake in the Ricoh.

Agree, but the sad thing is right now the Ricoh isn't the main problem. I think its pretty much a certainty that the club is still making a loss despite not making a rent payment within the last year.

The Ricoh rent is an issue, but until the other 75% of losses are addressed then arguing about the Rent is pointless.

The club needs to sort itself out across the board.