Richardson - Genius or Villain? (1 Viewer)

Black6Osprey · Mar 20, 2013

In the light of the Arena Construction Report thread I thought I would throw this out there as he has become in many eyes the Devils own spawn.

Based purely on facts, Richardson purchased the land and sold it to Tesco for circa £60m.

The vast majority of modern stadia of a similar size should be and are constructed in the £30 - 40m area.

Having done this great bit of business and clearly not pocketing the lot and it actually being used in the construction of the ground. Why does Richardson seem to carry all the blame for his successors mistakes in arriving at such an expensive construction cost when he had left the club quite a few years previous to its construction?

coundonskyblue · Mar 20, 2013

The worst thing Richardson did was sell Highfield Road before the Ricoh was built. By doing that the club was committed to moving regardless of whether it could afford the rent.

torchomatic · Mar 20, 2013

We didn't need to move in the first place. We weren't exactly overflowing with fans at HR and only BR wanted to us to move to a new stadium. I don't recall fans clamouring for a new ground.

The rot started with him.

Black6Osprey · Mar 20, 2013

Yes but is your opinion clouded by what has happened rather than the facts?

By my calculation even with the sale of Highfield Road and the £900 k rent we then had to pay there should have been plenty left over from the £60m to pay that for few years and still get the project built with the funds from the land sale.

Someone after Richardson screwed it up IMO.

Brighton Sky Blue · Mar 20, 2013

Black6Osprey said:
In the light of the Arena Construction Report thread I thought I would throw this out there as he has become in many eyes the Devils own spawn.

Based purely on facts, Richardson purchased the land and sold it to Tesco for circa £60m.

The vast majority of modern stadia of a similar size should be and are constructed in the £30 - 40m area.

Having done this great bit of business and clearly not pocketing the lot and it actually being used in the construction of the ground. Why does Richardson seem to carry all the blame for his successors mistakes in arriving at such an expensive construction cost when he had left the club quite a few years previous to its construction?

It was his ill fated 'punt' which most people hold him in contempt for. Remember the £60m debt we were lumbered with after relegation which ultimately led to us selling our share in ACL, signing up to a £1.3m annual burden and sitting in this predicament now? It was this recklessness that we were lumbered with because of his own gross incompetence.

torchomatic · Mar 20, 2013

What facts don't you get? We owned our own ground. We sold it, rented it back, got a shed load of money from Tescos, ended up with nothing, paying an exorbitant rent for a ground we will never own. Not sure what's so confusing.

Selling our own ground isn't an opinion, it is a fact. Those after Richardson from McGinnity to SISU certainly have screwed it up, I agree, but this sorry tale can be traced directly back to Richardson.

Black6Osprey said:
Yes but is your opinion clouded by what has happened rather than the facts?

By my calculation even with the sale of Highfield Road and the £900 k rent we then had to pay there should have been plenty left over from the £60m to pay that for few years and still get the project built with the funds from the land sale.

Someone after Richardson screwed it up IMO.

coundonskyblue · Mar 20, 2013

If the Council are to blame for anything its what happened before the Ricoh project.

CCFC wanted to redevelop HR, mainly by building a new 10k capacity stand on the site of the old Sky Blue Stand, as well as develop the land behind the Sky Blue Tavern into a multi purpose building (probably incorporating much of what eventually would go into the Ricoh).

Dave Nellist then kicked up a fuss saying that residents round there wouldn't get any benefit of this and so the plans never got through the Council.

A redeveloped HR would have been so much better for the Club.

Black6Osprey · Mar 20, 2013

Yes I agree relegation did fuck it up but also remember that after flogging quite a bit of talent our debt was back in the mid £25m area.

Hindsight is a wonderful thing and there are plenty of ifs and buts about it but I do believe the idea was good but circumstances went against it. I also wish we had never moved because of what has happened since but taking off my blinkers I can see how it could and should have worked.

Otis · Mar 20, 2013

Villain, villain, VILLAIN!!!!!!!!!!!!! :slap:

Black6Osprey · Mar 20, 2013

torchomatic said:
What facts don't you get? We owned our own ground. We sold it, rented it back, got a shed load of money from Tescos, ended up with nothing, paying an exorbitant rent for a ground we will never own. Not sure what's so confusing.

Selling our own ground isn't an opinion, it is a fact. Those after Richardson from McGinnity to SISU certainly have screwed it up, I agree, but this sorry tale can be traced directly back to Richardson.

I agree it's a sore subject for us all but if the idea/ plan was so bad why are the council all over like a rash and don't want to let it go?

Why do expect a rich tycoon to come in a buy CCFC? Its for the Arena, a multi purpose venue that Richardson thought would give us extra revenue.

Warwickhunt · Mar 20, 2013

coundonskyblue said:
The worst thing Richardson did was sell Highfield Road before the Ricoh was built. By doing that the club was committed to moving regardless of whether it could afford the rent.

he needed to raise cash so that ccfc could clear the toxoc peice of shit ground the council deemed suitable for the project, remembering they the council had plenty of opportunity to do this prior but needed some mugs to do it

Brighton Sky Blue · Mar 20, 2013

Black6Osprey said:
Yes I agree relegation did fuck it up but also remember that after flogging quite a bit of talent our debt was back in the mid £25m area.

Hindsight is a wonderful thing and there are plenty of ifs and buts about it but I do believe the idea was good but circumstances went against it. I also wish we had never moved because of what has happened since but taking off my blinkers I can see how it could and should have worked.

We got relegated essentially because of that punt on the likes of Bellamy (how we actually made a profit on him God knows). To effectively call him a pioneer who just got unlucky is laughable.

torchomatic · Mar 20, 2013

Because it's no longer about a football club. It's no longer about popping up to cheer on your local team. It's as you say, about a multi-million pound arena with land development and shopping centres and hotels. If that "multi purpose venue" was ours and the club were going to benefit then fair enough. But sadly, that's not the case.

Black6Osprey said:
I agree it's a sore subject for us all but if the idea/ plan was so bad why are the council all over like a rash and don't want to let it go?

Why do expect a rich tycoon to come in a buy CCFC? Its for the Arena, a multi purpose venue that Richardson thought would give us extra revenue.

coundonskyblue · Mar 20, 2013

Warwickhunt said:
he needed to raise cash so that ccfc could clear the toxoc peice of shit ground the council deemed suitable for the project, remembering they the council had plenty of opportunity to do this prior but needed some mugs to do it

So why didnt CCFC say no? Its a very simple word.

SBS · Mar 20, 2013

Can you imagine if we'd got the 60000 seated stadium that was once mooted? I know that was something to do with the national team / World Cup bid, but still!

kg82 · Mar 20, 2013

Richardson was wreckless in his grandiose ideas for little old Coventry. A 45000 capacity stadium - we wouldn't have sold that out even in the Prem. He had £ signs in his eyes with these ideas but ultimately his projects were fundamentally flawed. He probably would've made more money in the long run from trying to force through a HR redevelopment but he wasn't looking for long term gains unfortunately. He lost us our home, left us with a magnificent amount of debt and (along with other factors) got us relegated, from which we have never recovered and, unless something drastic happens, I can't see us fully recovering from for a long time.

oldskyblue58 · Mar 20, 2013

From details in CCFCH accounts

The option to buy the land lapsed sometime before 31/05/02. So CCFC never had any land to sell in part or its entirety to Tesco or anyone else

There had been costs incurred in the initial development some £18.4m against which there were debts and loans outstanding which reduced that to a net asset of £4.8m

The £4.8m was to be the investment from CCFC in the joint venture with CCC which did not commence until after 31/05/02. That investment was through football investors ltd

The club increased that £4.8m asset by £2m (i assume additional costs on the project) during the year to 31/05/03 leaving an asset of £6.8m.

The club couldnt afford to pay its way and sold the £6.8m asset to the Charity for £6.5m

The charity paid for it by £2m in cash the waiver of 2.5m 5% debebenture loans (2003) and the settlement of £2m loans directors of CCFC made to CCFC

Those folks are the facts as disclosed by the club and its auditors in accounts filed at Companies House

Got to ask how the club spends £20m on a project to build on land it doesnt own - and they do it by almost equally massive loans and debt !!!??

So when CCFC "invested" in the joint venture they transferred to the assets but also the associated creditors....... and then received pretty much the full value from the charity for something that hardly existed

Jack Griffin · Mar 20, 2013

The club never owned the land, they ran out of money before they could purchase it, which is why the Council did the deal., yet Richardson said this in the Cov Telegraph.

We bought 88 acres from British Gas.

"I sold 30 of the 88 acres where it is now for £66.5m which was the highest price Tesco had ever paid for an out of London site. And there were no fees so the club didn’t pay anyone because I did it direct with Tesco, and that saved the club £3m in fees.

“I don’t know what happened after that but before long the whole thing had gone to the Higgs Charity and the Council.

I'll give Richarson this though, he was the driving force behind the Ricoh concept, its just that the execution was screwed up somewhere along the line.

Unless the stories told by the current & former owners can be verified independantly I reserve the right to treat all of them with a large pinch of salt.

PWKH · Mar 20, 2013

OSB

"The charity paid for it by £2m in cash the waiver of 2.5m 5% debebenture loans (2003) and the settlement of £2m loans directors of CCFC made to CCFC"

Just for complete accuracy the Charity paid £4m in cash. CCFC then used £2m to settle loans made by Directors. That was a decision of CCFC.

kg82 · Mar 20, 2013

Jack Griffin said:
The club never owned the land, they ran out of money before they could purchase it, which is why the Council did the deal.
I'll give Richarson this though, he was the driving force behind the Ricoh concept, its just that the execution was screwed up somewhere along the line.

Unless the stories told by the current & former owners can be verified independantly I reserve the right to treat all of them with a large pinch of salt.

He may have been the driving force behind it but hardly anybody actually wanted to move. He forced everyone's hand by selling HR - that was the downfall of this club.

torchomatic · Mar 20, 2013

Is being the "driving force behind the Ricoh concept" a compliment?

Jack Griffin said:
The club never owned the land, they ran out of money before they could purchase it, which is why the Council did the deal.
I'll give Richarson this though, he was the driving force behind the Ricoh concept, its just that the execution was screwed up somewhere along the line.

Unless the stories told by the current & former owners can be verified independantly I reserve the right to treat all of them with a large pinch of salt.

SkyBlueCharlie · Mar 20, 2013

Jack Griffin said:
Unless the stories told by the current & former owners can be verified independantly I reserve the right to treat all of them with a large pinch of salt.

History is often rewritten by those who have something to hide and wish for it to stay hidden. In this day and age however, much to their discomfort, the facts are too readily available to the masses and the blindfold is too easily lifted.

Gynnsthetonic · Mar 20, 2013

I miss Highfield Rd terribly, everytime i went there there was something about the place that gave me butterflies before every game and i`m 41 years old and it hurts me to have thrown our history and roots away, a 10k stand on the old sky blue would of been superb. Hopefully a new owner will realise that building a new 30m stadium will be cheaper than buying out ACL. Sisu were right when TF stated that the worst thing CCFC did was sell HR and was right about building our own stadium to access 100% funds and it would be all ours.

leicesterskyblue · Mar 20, 2013

agree with what TF said about ground etc, hardly rocket science though.

Richardson, the man who paid himself a £1m finders fee for Robbie Keane, the same man who sacked Stachan when pretty much every fan at HR was chanting sack the board!

Jack Griffin · Mar 20, 2013

torchomatic said:
Is being the "driving force behind the Ricoh concept" a compliment?

Well he had the vision, I don't think remaining at Highfield Road was feasible, the roads are not there. I miss the old ground, but nothing stays the same forever. Anyway, no point retreading that old argument, its gone now.

torchomatic · Mar 20, 2013

I understand it's an old argument, water under the bridge and all that. When a chairman of a football club initiates a project that 15 years later sees us on the brink of administration or worse, directly due to his insistence that we leave a ground that was ours, I really cannot see how the word "vision" can be used.

And why wasn't staying at HR feasible? Who says so? Did we sell out week after week with hundreds of punters being locked outside? No.

Jack Griffin said:
Well he had the vision, I don't think remaining at Highfield Road was feasible, the roads are not there. I miss the old ground, but nothing stays the same forever. Anyway, no point retreading that old argument, its gone now.

RedSalmon · Mar 20, 2013

All our problems stem from the sale of Highfield Road. And yes Richardson was the driving force behind it. Think at the time most fans I spoke to wanted to stay at Highfield Road, but that didn't really seem to count for anything once the ball got rolling.

The man had a massive ego, and we have paid a heavy price for it. He had the biggest salary in the league for a Chairman, which was ludicrous for a club of our size. If there is one person who should be answerable for our present plight, he is the man!!!

Maybe Graham Hoover could answer a few questions as well, was he not the finance director at the time of the land deal?

Does anyone know what Richardson is up to now?

Jack Griffin · Mar 20, 2013

Richardson & others screwed up execution of a good idea, jeez I'm not defending that.

Ultimately the man was wreckless with the money, him and many others that should have taken much better care of the club.

Derrick Robins was probably the last compedent custodian the club has had, but was 80 at the time Richardson took control from him, 7 years later we were relegated.

coop · Mar 20, 2013

So he sold HF road sold the land for 60 million and we own fuck all? IF I'm right then he is a villain by a long way.

Sky Blues · Mar 20, 2013

In my opinion things were going awry even before the Arena project. Remember what Richardson told Rick Gekoski (as reported by Gekoski in his book "Staying Up") after we survived the drop in 1997: "We’re having a bit of a punt here. We’re £20million in debt and the effects of relegation would have been catastrophic.”

How did a homily club with a turnover of just £3m a year before the Premier League was created get itself into £20million of debt so quickly?

(By the by, having just typed that, in a going-full-circle kind of way I can't help but think that CCFC's turnover now, if you strip out 20 odd years of inflation, is maybe no more than £3million a year!)

Ashdown1 · Mar 20, 2013

Gynnsthetonic said:
I miss Highfield Rd terribly, everytime i went there there was something about the place that gave me butterflies before every game and i`m 41 years old and it hurts me to have thrown our history and roots away, a 10k stand on the old sky blue would of been superb. Hopefully a new owner will realise that building a new 30m stadium will be cheaper than buying out ACL. Sisu were right when TF stated that the worst thing CCFC did was sell HR and was right about building our own stadium to access 100% funds and it would be all ours.

If you honestly believe that at some point in these dire economic times a new football stadium will be built in Coventry then you are sadly misguided. The powers to be will sort this shambles out eventually and City will play in the perfectly suitable Ricoh Arena and the area around will be developed and in time it will become home. I have fond memories of HR too but what's done is done and the stadium in CV6 is probably in the top 15 in the country and looked fantastic on February 5th when remarkably with Wembley in sight 31,000 overcome all the trivial excuses usually made to attend to fill the place !

CovLis86 · Mar 20, 2013

There's no doubt the ricoh is a fantastic arena, and unfortunately it's just the way all football grounds will go over time. They have no character, and not great atmosphere. But that's football these days chaps.

mattylad · Mar 20, 2013

neither just a visionary buffoon who had no idea the sh!t he was getting CCFC in to...also responsible for not sacking GS straight after relegation and so wasting our best chance at getting straight back up....and the man who sold John Hartson to Celtic and then paid over 5 million for Lee Hughes :jerkit:

The CableGuy · Mar 20, 2013

SBS said:
Can you imagine if we'd got the 60000 seated stadium that was once mooted? I know that was something to do with the national team / World Cup bid, but still!

I remember the residents in Longford (in meetings with ACL) demanding nothing else than a 30,000 space car park - that's bigger then any car park at Heathrow Airport!

Jack Griffin · Mar 20, 2013

mattylad said:
neither just a visionary buffoon who had no idea the sh!t he was getting CCFC in to...also responsible for not sacking GS straight after relegation and so wasting our best chance at getting straight back up....and the man who sold John Hartson to Celtic and then paid over 5 million for Lee Hughes :jerkit:

Oh god don't remind me, WBA drooled all the way to the bank & we got a vile character who never cut the mustard in return.

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