SkyBlue_Bear83
Well-Known Member
So why did Ann Lucas say it was always built for a sports franchise then?
I don't agree. The stadium was built with funding through CCC when CCFC couldn't afford it, but it was clearly built for CCFC. ACL was set up to run it until a point CCFC could afford to buy into it. If SISU had exercised that option to buy in when they first took over we would now have a stake in it. SISU had not burned bridges with ACL at that time and could have bought in at that point if they had chosen to. Not exercising that option was in retrospect the first of many disastrous decisions which SISU have made that have brought the club to the position it now finds itself in.
Our club was GIVEN 50% of ACL.
Our club was GIVEN 50% of ACL. Our club then loaned 6.5m against this share. SISU then took over and didn't want to pay for this share to get it back. Our club could have had this share back for less than they got for it. So how could this have been massively overpaying for it? That is unless you count the millions wasted in legal fees
Absolutely spot on it would of been alot different today if Sisu had invested in the stadium we wouldn't be in the mess we are today.I don't agree. The stadium was built with funding through CCC when CCFC
couldn't afford it, but it was clearly built for CCFC. ACL was set up to run it until a point CCFC could afford to buy into it. If SISU had exercised that option to buy in when they first took over we would now have a stake in it. SISU had not burned bridges with ACL at that time and could have bought in at that point if they had chosen to. Not exercising that option was in retrospect the first of many disastrous decisions which SISU have made that have brought the club to the position it now finds itself in.
You're making it sound like the club put zero money in which wasn't the case. At the point the club took a 50% share in ACL they had put millions in to the project. Don't have the figures to hand but the amounts put in by the council and CCFC weren't that far apart from memory. Seem to recall the original agreement was for CCFC to have 50% of the freehold only to have CCC move the goalposts late in the day.
Also Higgs in real terms put in far less than £6.5m, there's a detailed post from OSB on here that shows that. They then expected CCFC to buy back at the formula price generally accepted to be in the region of £10m, a huge profit for them.
The club has made mistake after mistake and been run appallingly for years, that can't really be disputed, but that doesn't mean they haven't been on the receiving end of some pretty poor treatment on more than one occasion.
Massively overpaying for it based on the fact that Wasps paid around £5.5million for 100%.
Also Higgs in real terms put in far less than £6.5m, there's a detailed post from OSB on here that shows that. They then expected CCFC to buy back at the formula price generally accepted to be in the region of £10m, a huge profit for them.
And all thanks go to SISU for taking us to Northampton to devalue it. The values were before they took us there and then refuse to negotiate leaving the door open to Wasps. But lets not have the truth get in the way.
Higgs still valued their share at £6.5million after we'd been away for a season.
http://www.coventrytelegraph.net/news/coventry-news/coventry-city-council-values-ricoh-7051198
Though the council valued it at "nil" before we left.
But tried to sell it to SISU for 5.5m well before SISU moved us to Northampton to try and save some money by devaluing it......or was it in their attempt to get it unencumbered?
http://www.higgscharity.org.uk/the-ricoh-arena/
Would you like to show everyone where this 10m was ever asked for? Can show you lots for much less......even the JR..........
A price that CCC thought massively overvalued the share. Before we went to Northampton.
Surely you should be directing outrage at those who sold the business so cheap, especially as it now has two "sporting franchises" playing there.
There was a formula price which was confidential however most people believed it to be in the region of £10m. PWKH posted on here that he couldn't confirm the exact formula but that that it was about right.
Believed to be.......never seen proof of it myself and the most I have seen asked for it was 5.5m.......1m less than was paid for it and just over half the amount you were trying to make out that they wanted for it.
£5.5m bought 100% of it, both ACL and CCC shares.
Not to mention a lease extension of over 200 years chucked in for nothing.
Is that right? Who confirmed that?
When it came out that SISU were prepared to pay £2m for the Higgs Share it was mocked on here. The share went for £2.74m.
Well, given the context of this conversation, CCFC were offered 42 years for half ownership at £6.5 million I think it's been chucked in, don't you?
Nope. My view is that the Council will have sought to ensure that whatever deal was cut with Wasps followed the correct procedures. Logically in my opinion, extending a lease for free would be open to challenge, as the Council would not have received market/best value. So, if it becomes public knowledge, then I think we will see a payment was made for the extension.
Are you stating as fact that ACL paid a going rate for the additional 200 years on the lease over and above the amount previously reported for the sale of ACL to Wasps?
Given the cost of the initial lease we'd be talking about a figure of around £85m, surprised the council are keeping that quiet. If they have generated considerable funds for the city through this sale you would think they would be shouting it from the rooftops and not forging ahead with millions of pounds worth of cuts.
£5.5m bought 100% of it, both ACL and CCC shares.
The formula price of in excess of £10m was for the Higgs Share of ACL.
The SISU deal talked about was £5.5m for the Higgs Share.
When it came out that SISU were prepared to pay £2m for the Higgs Share it was mocked on here. The share went for £2.74m.
I think I said I was expressing my view. And I suspect your day job is not in property. When there is an existing lengthy lease in place, extending that lease will not cost anything like £85m.
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