OLD OLD OLD OLD OLD NEWS : CET: Deal struck for half of the stadium with Higgs Trust (2 Viewers)

Sky Blues · Sep 21, 2012

Struggling to believe this - it's not a Thursday!

Seriously though, there should be, tucked away somewhere in the finance section of this forum, a pretty good old explanation from OSB of what this is likely to mean. I can't remember all the details off the top of my head, but I hope this "headline agreement" contains clauses about protecting this stake from remortgaging, debentures and being sold separately to the club. If the land around is developed I think from memory it would increase income streams - more hotels make it more attractive as a conference venue etc. The more money ACL makes, the quicker the mortgage can be repaid I guess. Sorry, slightly random thoughts there.

DazzleTommyDazzle · Sep 21, 2012

Sick Boy said:
As you have said Evans, if it was Hoffman buying half the stadium there would be those calling for him to be knighted.

It still makes me laugh that Elliot, Ranson & Hoffman have all been seen as being separate from SISU, as though they were tricked into everything by the evil SISU.

Whilst others maintain that everything was Ranson's (or even more oddly Hoffman the non-exec director's) fault despite SISU having control of the business.

Just goes to show that everyone will believe what they want to.

Sick Boy · Sep 21, 2012

DazzleTommyDazzle said:
Whilst others maintain that everything was Ranson's (or even more oddly Hoffman the non-exec director's) fault despite SISU having control of the business.

Just goes to show that everyone will believe what they want to.

So none of them are in anyway partly responsible? Maybe they just wanted to sit in on the board meetings?

How much did Ranson take out of the club?

Elliot was the one who went round to people's house to get them to hand over their shares. Maybe he was threatened by the evil SISU and had no other choice!

valiant15 · Sep 21, 2012

Sick boy,are you for real? None of us had a clue what sisu would be like when they took over. Hoffman would be treated as a saviour only because of how bad sisu have been.

Sutty · Sep 21, 2012

ajsccfc said:
This is one step closer to four huge helicopters taking a corner each and lifting the Ricoh away to SISU's private tropical island where they'll no doubt plan world domination, because they're so evil. Can James Bond save the day?

Don't worry, the club has sent a crack team to stop them

ajsccfc · Sep 21, 2012

Wow, Al-Qaeda's entry requirements have really relaxed over the years.

dongonzalos · Sep 21, 2012

Just hope it allows sisu to find a buyer, once they get us into the championship.

lordsummerisle · Sep 21, 2012

valiant15 said:
Sick boy,are you for real? None of us had a clue what sisu would be like when they took over. Hoffman would be treated as a saviour only because of how bad sisu have been.

Ranson certainly should have done, been involved with them sometime before us trying to buy various clubs, and managed to take a lot of money out of the club through yearly iflated wages, Pro-zone, and his heavily interest bearing "loan".

Would never want him associated with the club again in any form.

Hoffman happy enough to stay on the board for three years.

Elliott, either complicit over the last 15 year or so decline or ineffectual.

Neither of which mark him out for hero status with the fans as far as I can see.

mattylad · Sep 21, 2012

As I see it

1) Council has long said that SISU will not be able to move debt or remortgage the Ricoh even if it owns half of the stadium
2) Got to be better for investment to have part of the stadium in the clubs hands
3) We dont need to take a dividend to make money, its more important to have the revenue stream on the books to compete in the new world of financial fair play.

skyblueman · Sep 21, 2012

mattylad said:
As I see it

1) Council has long said that SISU will not be able to move debt or remortgage the Ricoh even if it owns half of the stadium
2) Got to be better for investment to have part of the stadium in the clubs hands
3) We dont need to take a dividend to make money, its more important to have the revenue stream on the books to compete in the new world of financial fair play.

The revenue stream is with ACL not CCFC so how does this help?

thegameaintstraight · Sep 21, 2012

I really do hope that this is good news for CCFC.
But, I am not at all sure that it is.
SISU have established an almost impenetrable financial web round the club and this latest development will certainly add to that. (it might get a mention in the accounts about 2 years hence)
If they were open and explained clearly what they intended we might not like it but at least we would know.
As it is they have never been open and clear and that is why few trust them to act in the clubs best interest.

cloughie · Sep 21, 2012

mattylad said:
As I see it

1) Council has long said that SISU will not be able to move debt or remortgage the Ricoh even if it owns half of the stadium
2) Got to be better for investment to have part of the stadium in the clubs hands
3) We dont need to take a dividend to make money, its more important to have the revenue stream on the books to compete in the new world of financial fair play.

The council have said alot of things in the past only to change their minds when money is concerned

Nonleagueherewecome · Sep 21, 2012

covcity4life said:
NLHWC isnt very smart mate.

Just spotted this-you are a vindictive little twerp. Grow up.

TheParsonsHose · Sep 21, 2012

Sutty said:
Don't worry, the club has sent a crack team to stop them

Makes you cringe really ......

Macca · Sep 21, 2012

That's the gayest thing I have ever seen!

swanageskyblue · Sep 21, 2012

thegameaintstraight said:
I really do hope that this is good news for CCFC.
But, I am not at all sure that it is.
SISU have established an almost impenetrable financial web round the club and this latest development will certainly add to that. (it might get a mention in the accounts about 2 years hence)
If they were open and explained clearly what they intended we might not like it but at least we would know.
As it is they have never been open and clear and that is why few trust them to act in the clubs best interest.

The nightmare scenario for me is that SISU manage to include their share of ACL in the debenture arrangement out in the Cayman Islands, that CCFC at some point run out of cash (as we are still losing money monthly and it appears this 50% share will not provide additional income in the short-term), SISU then decide to liquidate CCFC and claim any assets remaining ie their 50% share in ACL.

If there could be an absolute guarantee built into the purchase agreement that this could never happen, I would be able to banish these poisonous thoughts from my simple little mind. Until then, I will remain tormented by them. Can anyone out there help?

LilleSkyBlue · Sep 21, 2012

I can't even understand, let alone help.

That's what a languages degree does for you

Official Away Travel · Sep 21, 2012

The deal isn't done - the Higgs shook hands on this 4 moths ago and they are still waiting for CCFC to show them the money!! There are loads of clauses for them to meet and the council has the poer to veto any sale.

SISU have only leaked the story as Daniel Kidney is leaving ACL for Lancaster cricket club - he handed his notice in before the Olympics. It's just a smoke screen to keep the fans on there side for longer!!!

Paxman II · Sep 22, 2012

I think you will find that the 50% share will be to CCFC and not directly as a SISU asset to offload. So it will always be CCFC's asset who ever the owners are. This needs clarity and as yet we don't have it.

But the nes is generally good.

dongonzalos · Oct 15, 2014

Thread bump
'Fernando' this is where Mr Mutton asked for any buyer to include a sound business plan and a proposal to develop the surrounding land.
He also said the councils share was not for sale unless a fantastic offer came in then it would be voted on....
The veto of the Higgs deal would also have required the whole council to vote.

Sick Boy · Oct 15, 2014

Why should a sports club be responsible for developing the surrounding land?

How was the Wasps deal fantastic?

bigfatronssba · Oct 15, 2014

Sick Boy said:
Why should a sports club be responsible for developing the surrounding land?

How was the Wasps deal fantastic?

Why should a local authority be responsible for only selling ACL to CCFC?

shy_tall_knight · Oct 15, 2014

This is where CCC were totally unrealistic regarding its demands. I doubt WASPS have the same constraints. SISU's tactics backfired Lucas PWKH have probably been more stressed by the Ricoh than by any other issue in the whole of their commercial / political life, they had had enough but instead of selling to SISU at a discount it went to WASPS at a discount, a disaster for the Cov fans.

Nick · Oct 15, 2014

bigfatronssba said:
Why should a local authority be responsible for only selling ACL to CCFC?

They aren't I guess, although it should have really been a local team after they had been laying it on thick about Coventry belonging in Coventry etc

bigfatronssba · Oct 15, 2014

Nick said:
They aren't I guess, although it should have really been a local team after they had been laying it on thick about Coventry belonging in Coventry etc

I don't disagree with that. CCC should put Coventry first. Equally so should CCFC.

My point is it is expected for CCC to treat CCFC as a special business, a community asset. Yet CCFC doesn't want to act like a community asset. CCFC wants to act like a normal private business.

The Council wouldn't do a normal private business any favours.

Nick · Oct 15, 2014

bigfatronssba said:
I don't disagree with that. CCC should put Coventry first. Equally so should CCFC.

My point is it is expected for CCC to treat CCFC as a special business, a community asset. Yet CCFC doesn't want to act like a community asset. CCFC wants to act like a normal private business.

The Council wouldn't do a normal private business any favours.

Unless it was ACL?

dongonzalos · Oct 15, 2014

Sick Boy said:
Why should a sports club be responsible for developing the surrounding land?

How was the Wasps deal fantastic?

This was the point in another thread that I made to nick, that some people were saying the club should not develop the land.

Fernando then said the council were not asking for someone to develop it. they were as any part of a sale.

It seems Mr Richardson has for a while been keen in developing the surrounding land

Nick · Oct 15, 2014

dongonzalos said:
This was the point in another thread that I made to nick, that some people were saying the club should not develop the land.

Fernando then said the council were not asking for someone to develop it. they were as any part of a sale.

It seems Mr Richardson has for a while been keen in developing the surrounding land

I didn't say anything about the club developing the land. I just said that some people go on about SISU only being after the land.

dongonzalos · Oct 15, 2014

Nick said:
I didn't say anything about the club developing the land. I just said that some people go on about SISU only being after the land.

And I said I thought they were saying its not for SISU to develop the land

dongonzalos · Oct 15, 2014

CET: Deal struck for half of the stadium with Higgs Trust

Fernando said the council made no mention about developing the land in their waffle

dongonzalos · Oct 15, 2014

Now we have the council waffling about developing the surrounding land and job creation has to be part of any deal.
Also someone just now has said why should a sports club develop the land

Jack Griffin · Oct 15, 2014

dongonzalos said:
Fernando said the council made not mention about developing the land in their waffle

They have always wanted additional development, the idea is to bring more jobs to the area, indeed that may be a condition of some the grants received.

BTW, this was in the waffle ... I think that is an example of land development in the area.. isn't it?

They’ll be moving to a world-class stadium and building state-of-the-art training facilities,

http://www.coventry.gov.uk/news/article/1169/council_agrees_deal_to_sell_share_of_acl

bigfatronssba · Oct 15, 2014

Nick said:
Unless it was ACL?

CCC had a vested interest.

dongonzalos · Oct 15, 2014

Thanks whoever changed the headline

mark82 · Oct 15, 2014

bigfatronssba said:
Why should a local authority be responsible for only selling ACL to CCFC?

Because they are a local authority and CCFC are a local sports team.

London Wasps are not.

Only a few months ago the council were saying how wrong it was for CCFC to move out of Coventry then enable another cities team to move in.

OLD OLD OLD OLD OLD NEWS : CET: Deal struck for half of the stadium with Higgs Trust (2 Viewers)

Active Member

Well-Known Member

Super Moderator

New Member

Member

Well-Known Member

Well-Known Member

Well-Known Member

Member

New Member

New Member

Well-Known Member

Well-Known Member

Member

Well-Known Member

New Member

Well-Known Member

New Member

Well-Known Member

Well-Known Member

Super Moderator

Well-Known Member

Well-Known Member

Administrator

Well-Known Member

Administrator

Well-Known Member

Administrator

Well-Known Member

Well-Known Member

Well-Known Member

Jack Griffin

Guest

Well-Known Member

Well-Known Member

Super Moderator

Users who are viewing this thread

Privacy & Transparency

Privacy & Transparency