Over a million in legal fees (1 Viewer)

[joemercersaces]

Spent so far by SISU according to the article by Neil McInnes in The Guardian on 12 October 2016 subject of a separate thread. Seems too significant a point to bury in that thread now. I presume it is a reasonably accurate figure. And for what exactly? To prove that the company SISU were trying to shaft shouldn't have been bailed out by the council. Wouldn't a million pound plus investment in the team get us out of this division? It clearly shows that they have zero interest in the fortunes of the club; zilch, diddly squat, fuck all.

 

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[skybluetony176]

Got to pay the councils costs as well I'd imagine if they don't win. That's been reported as being over a million as well hasn't it?

 

[Monkeyface]

I shall enjoy reading the responses to this... some of which I have predicted, written down and put in sealed envelopes with the names of expected contributors on them!

 

[dongonzalos]

Attempted to agree rent deal at Ricoh with ACL = failed
Attempted to buy ACL = failed
Move to Northampton expecting 8k fans to follow = failed
Attempted to build new stadium = so far failed.
Attempted to agree long term rental with Wasps = failed.
Attempted to secure long term future of academy at Higgs centre = failed
Attempt to build new academy/training = so far failed.
Attempt to have the club as self sufficient = so far failed.
Attempt to get promotion = so far failed
Attempt to sue the council over the loan = so far failed.
Attempt to sue council over the sale to Wasps = in the pipeline
Attempt to do something at the Butts = failed

It really doesn't make great reading

 

[Ashdown]

I'm guessing they won't get anywhere near the Butts either and it was interesting if not a little disappointing to see that 'Cov' have some Wasps players in the team now and seem to be working together on player development............So failed again !

 

[6 Generations]

There is an excellent and to the point article in The London Economic describing the owners of our club as 'Clueless'.

 

[Terry Gibson's perm]

Over a million in legal fees wasted, the only surprise is that only a million I thought it would be way more.

 

[Rusty Trombone]

Attempted to agree rent deal at Ricoh with ACL = failed
Attempted to buy ACL = failed
Move to Northampton expecting 8k fans to follow = failed
Attempted to build new stadium = so far failed.
Attempted to agree long term rental with Wasps = failed.
Attempted to secure long term future of academy at Higgs centre = failed
Attempt to build new academy/training = so far failed.
Attempt to have the club as self sufficient = so far failed.
Attempt to get promotion = so far failed
Attempt to sue the council over the loan = so far failed.
Attempt to sue council over the sale to Wasps = in the pipeline
Attempt to do something at the Butts = failed

It really doesn't make great reading

Fisher did agree a rent deal with ACL but Joy must have told him off so it didn't go ahead (I think this may have been about the time he told people that Joy was bonkers). Agree the rent, don't break the lease, and the likelihood anyone else would buy ACL (with the club's right to buy 50% still in place) is, in my view, zero.

 

[martcov]

I'm guessing they won't get anywhere near the Butts either and it was interesting if not a little disappointing to see that 'Cov' have some Wasps players in the team now and seem to be working together on player development............So failed again !

I thought Rugby JS said he didn't want his Rugby club to be "rattling around in a big bowl" - or something similar. He refered to Darlington who are ( or maybe were? ) doing just that. That was when CCFC were talking about 15000. So, I don't know where Tim dragged the 25000 figure for the Butts, which will be built within 3 years after the nasty CCC embargo has gone, from. Has Rugby JS changed his mind and now wants Cov Rugby playing in front of 1000+ fans in a 25000 arena? Or is Tim spewing bullshit?

 

[Ashdown]

I thought Rugby JS said he didn't want his Rugby club to be "rattling around in a big bowl" - or something similar. He refered to Darlington who are ( or maybe were? ) doing just that. That was when CCFC were talking about 15000. So, I don't know where Tim dragged the 25000 figure for the Butts, which will be built within 3 years after the nasty CCC embargo has gone, from. Has Rugby JS changed his mind and now wants Cov Rugby playing in front of 1000+ fans in a 25000 arena? Or is Tim spewing bullshit?

I think we can all guess which ?

 

[Captain Dart]

There is an excellent and to the point article in The London Economic describing the owners of our club as 'Clueless'.

I've been saying that for years.

 

[Astute]

Attempted to agree rent deal at Ricoh with ACL = failed
Attempted to buy ACL = failed
Move to Northampton expecting 8k fans to follow = failed
Attempted to build new stadium = so far failed.
Attempted to agree long term rental with Wasps = failed.
Attempted to secure long term future of academy at Higgs centre = failed
Attempt to build new academy/training = so far failed.
Attempt to have the club as self sufficient = so far failed.
Attempt to get promotion = so far failed
Attempt to sue the council over the loan = so far failed.
Attempt to sue council over the sale to Wasps = in the pipeline
Attempt to do something at the Butts = failed

It really doesn't make great reading

Maybe they have meant to fail. And all in the name of not putting money in and getting damages off CCC.

 

[dongonzalos]

Yes pretty sure Jon Sharpe doesn't want the rugby club playing in a 22k plus stadium.
I think the original plans for the Butts had the ability to increase to 13k.
Also I think the 25k takes away the ability the build the other stuff that would provide the 24/7 revenue.
However to be fair I think all discussion have mentioned the stadium having the ability to get to 25k.
The only difference now it seems that when talking about political embargo's the 25k bit is from the off as oppose to maybe one day.

 

[hill83]

A. Stop the legal action and either sort the club out then fuck off or just fuck off

B. Keep the legal action going and waste more of your own money you bellends, then fuck off.

C. Bollocks

 

[Deleted member 5849]

The only difference now it seems that when talking about political embargo's the 25k bit is from the off as oppose to maybe one day.

So they've listened to the fans?

 

[martcov]

So they've listened to the fans?

yes....tell them what they want to hear. Always works...

 

[Colin Steins Smile]

Maybe they have meant to fail. And all in the name of not putting money in and getting damages off CCC.

That is a cunning plan, but unfortunately showing no possibility of being realised, as they seem incapable of winning any court ruling!

 

[Broken Hearted Sky Blue]

I shall enjoy reading the responses to this... some of which I have predicted, written down and put in sealed envelopes with the names of expected contributors on them!

Funnily enough I've done the same

 

[ccfcway]

1m is nothing compared to what they could win if they are successful in court. Its speculation money.

No different to me put £10 on ccfc to win 4-1. It may well lose, but the reward is worth the risk.

They are now chasing losses and have to see this through. I suppose the main question is, what's the plan for JR3 if 2 fails ?

 

[Gazolba]

I'm guessing business-related legal fees are tax deductible so it's not a million to them.

 

[kmj5000]

I'm guessing business-related legal fees are tax deductible so it's not a million to them.

Only deductible against profit - something they've never made on this business venture, or are ever likely to.

 

[ccfcway]

aren't we in profit this year when you include player sales ?

 

[stupot07]

aren't we in profit this year when you include player sales ?

Yeah, £700k I think it said. I imagine thats been carried forward to mitigate losses from the next financial year.

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[Grendel]

The chances are they haven't funded any of these fees and investors have as part of a high risk portfolio.

 

[Grendel]

Yeah, £700k I think it said. I imagine thats been carried forward to mitigate losses from the next financial year.

Sent from my SM-G930F using Tapatalk

It will have been and I assume to pay the bridging loan for the budgeting farce under waggott.

 

[dongonzalos]

It will have been and I assume to pay the bridging loan for the budgeting farce under waggott.

I thought that loan has already been paid back?
Is that not the case?

 

[Terry Gibson's perm]

It will have been and I assume to pay the bridging loan for the budgeting farce under waggott.

Would Joy not have been involved in the signing off if the budget or is she only involved when things go well? Might explain why we never see her.

 

[Rusty Trombone]

Yeah, £700k I think it said. I imagine thats been carried forward to mitigate losses from the next financial year.

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I suspect the Accounts will show a loss as they have made a point of saying its a profit of £700k before interest. Last year the interest cost was £1.4m, I doubt it would reduce much, if at all.

I know the interest isn't being paid out, but it still needs to show in the accounts, if it is still being charged.

That said, it is a surprising (to me) improvement. I suspect it's due to decent Wilson related payments, rather than Maddison, but clearly I'm guessing.

 

[Godiva]

aren't we in profit this year when you include player sales ?

Yeah, £700k I think it said. I imagine thats been carried forward to mitigate losses from the next financial year.

That's before interest.

 

[ccfcway]

That's before interest.

does anyone have any anymore ?

 

[wingy]

does anyone have any anymore ?

What
It's not that late
Plenty of time

 

[SkyblueBazza]

I have no doubt that SISU would like to have a successful team on the pitch. Their vision of the bigger picture is perhaps not aligned with what most fans want (/understand as realistic?)...had they succeeded in gaining the Ricoh at knockdown price CCFC would be in a better position (& hence SISU) - they are still pursuing their dreams! Hence the legal bills

...onwards & upwards PUSB

 

[Captain Dart]

aren't we in profit this year when you include player sales ?

That was a projection, if you chose to believe Fisher good luck to you.

 

[joemercersaces]

I have no doubt that SISU would like to have a successful team on the pitch. Their vision of the bigger picture is perhaps not aligned with what most fans want (/understand as realistic?)...had they succeeded in gaining the Ricoh at knockdown price CCFC would be in a better position (& hence SISU) - they are still pursuing their dreams! Hence the legal bills

...onwards & upwards PUSB

The point is that a million pounds invested in the team would have put a successful one on the pitch and in doing so increased crowds and so on. Before they went to Northampton Tim Fisher called me after I answered a questionnaire saying I wouldn't support it as it seemed they were holding the club hostage. In that call I suggested that a fairly modest investment would get us promoted (modest in comparison to what would be needed to go up further). He agreed and said he'd said the same to SISU. Instead there are cuts on cuts for the football side but an apparentlu unquenchable litigation budget.

 

[Grendel]

The point is that a million pounds invested in the team would have put a successful one on the pitch and in doing so increased crowds and so on. Before they went to Northampton Tim Fisher called me after I answered a questionnaire saying I wouldn't support it as it seemed they were holding the club hostage. In that call I suggested that a fairly modest investment would get us promoted (modest in comparison to what would be needed to go up further). He agreed and said he'd said the same to SISU. Instead there are cuts on cuts for the football side but an apparentlu unquenchable litigation budget.

You seem to miss the point that the million invested is invested to achieve a return by people who are not interested in investing in a football club