My ideal solution (1 Viewer)

[dongonzalos]

Thank goodness for good ole ACL who are there to help the club out. Phew.

Did the council and charity ever help the club out?

SISU helped us out, you are debt free now, all the debt is cleared.

 

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[torchomatic]

Coventry City: Help! Help! I'm drowning, please throw me that life belt! Please!

ACL: Of course! Firstly, please sign this contract. I will pull you out of the water but you will have to continue to wear the lifebelt at a charge of £1.2M a year.

Coventry City: What, are you joking, I'm starting to sink!

ACL: Well, those are the terms. Take them or leave them.


Did the ACL thing help the club out? Well, looking at it now, no they didn't. Neither did BR and neither did SISU.

Did the council and charity ever help the club out?

SISU helped us out, you are debt free now, all the debt is cleared.

 

[dongonzalos]

Coventry City: Help! Help! I'm drowning, please throw me that life belt! Please!

ACL: Of course! Firstly, please sign this contract. I will pull you out of the water but you will have to continue to wear the lifebelt at a charge of £1.2M a year.

Coventry City: What, are you joking, I'm starting to sink!

ACL: Well, those are the terms. Take them or leave them.

And who else was there to help at the time?

 

[dongonzalos]

Coventry City: Help! Help! I'm drowning, please throw me that life belt! Please!

ACL: Of course! Firstly, please sign this contract. I will pull you out of the water but you will have to continue to wear the lifebelt at a charge of £1.2M a year.

Coventry City: What, are you joking, I'm starting to sink!

ACL: Well, those are the terms. Take them or leave them.

Plus it is pretty similar isn't it.

Apparently before we were minutes from administration.

This time we are in administration 8 parties would like to buy us.

SISU did not allow it to go to administration last time.

They bought the debt, cleared it.

Unless someone ever tries to buy CCFC then the debt reappears and is doubled.

So another support belt. You have no debt but we will let you continue to sink. If someone else wants to take over they can buy the debt and double it.

Thanks for that...... So glad you 'saved us'

 

[torchomatic]

No one, which is the whole point. Which is why ACL could charge what the hell they wanted to and CCFC couldn't do a thing about it. No, not ACLs fault that BR ruined the club, but they certainly took advantage of the situation.

The Pay Day Loan scenario is very appropriate.

And who else was there to help at the time?

 

[dongonzalos]

No one, which is the whole point. Which is why ACL could charge what the hell they wanted to and CCFC couldn't do a thing about it. No, not ACLs fault that BR ruined the club, but they certainly took advantage of the situation.

The Pay Day Loan scenario is very appropriate.

Not relevant to when SISU bought the football club
That agreement was in place.

The original agreement ACL wanted with the football club was one where the rent rose and fell in line with which division we were in.
CCFC only saw us as going up so said no chance and demanded the flat rate that was agreed.

So they did have some negotiating power.

 

[duffer]

No one, which is the whole point. Which is why ACL could charge what the hell they wanted to and CCFC couldn't do a thing about it. No, not ACLs fault that BR ruined the club, but they certainly took advantage of the situation.

The Pay Day Loan scenario is very appropriate.

I'm sorry, but that's simply not true. £1.2m was a pretty fair rent considering the cost of the stadium build.

And the club could have had a deal where they paid more in the Prem, but less in lower divisions, but decided not to.

Also there was a agreement on the able for £400k don't forget, which is almost half what SISU themselves charged the club in interest fees in the last accounts.

If there's anyone here taking advantage of the club it isn't ACL. It's our owners, who rather than admit they've screwed up on a colossal scale, have loaded a ton of false debt onto the club and hugely endangered our chances of rescue.

 

[torchomatic]

And the same question to you. Who else was there?

And if Preston saves us, we'll just be in debt to him rather than SISU.

Thanks for that...... So glad you 'saved us'

 

[torchomatic]

As i've said many times, SISU aren't blameless, but I don't think ACL are either. You and others feel differently, fair enough. We'll have to agree to disagree.

If there's anyone here taking advantage of the club it isn't ACL. It's our owners, who rather than admit they've screwed up on a colossal scale, have loaded a ton of false debt onto the club and hugely endangered our chances of rescue.

 

[dongonzalos]

And the same question to you. Who else was there?

And if Preston saves us, we'll just be in debt to him rather than SISU.

I believe he would like to buy half of ACL.

I get the impression he wants to develop the whole area and one day sell it on for a profit.

It seems from what we are told he understands that in order to do this the club must also become a success.

He may fail but at the moment SISU's idea is build up debt let the club go into a downward spiral whilst trying to break ACL.

At the same time upsetting our key partners and fans. It may work in three years I suspect it won't.

It could more likely push Coventry towards ceasing to exist.

Mr Haskell if his words are true wants to invest in the playing squad ( not massively) wants a tier one academy. Wants half of ACL and wants to develop the arena.

The trick is to make the package worth more than the debt after 5-6 years of your project.

SISU are trying to use the debt to put off buyers make the club well worth less than the debt so they can break ACL.

Or if they are forced to go they get as much of the debt back as possible.

Tough choice really between the two options for a fan (or maybe not)