Astute
Well-Known Member
I got fed up of putting the official costings up. And each time I put it up there were comments about the 1.7m that CCFC had put in. And you have certainly seen it for yourself.
If Tesco paid for the land why on earth would they then pay £59.4m to lease it?
Are you referring to the £1.7m paid by the club directly to ACL and retained by ACL to fund the fit out?
Appendix 2 is a company structure diagram? Appendix 1 is the outturn report, is that what you are referring to? It lists the land purchase as £24m but as far as I can see doesn't say the council put £24m in to cover that.
If the council did in fact put £34m in then that means there is over £20m that is unaccounted for - where did that go?
“It wasn’t about that, it was about people wanting to be chairman and do whatever they wanted to do.
...
He added: “Would I have done anything differently? Yes, I wouldn’t have had some of those people on the board. They actually destroyed Coventry City Football Club.”
Tesco paid £59.4m, land and decontamination costs are itemised in the completion report but are included in other costs (land acquisition costs, decontamination and infrastructure, siteprofiling, fees, joint venture operating costs and interest payable during the constructionperiod). All of that totals £52.5m.
They still own the land don't they you idiot. That isn't in the cost of building is it.
Wrong, the equity injected was £10M, the Council also paid £24M for the land. It is in Appendix 2 of the Council Construction report under the heading land acquisition. I do wish you wouldn't misrepresent the facts.
What's going on:
http://www.coventrytelegraph.net/news/coventry-news/former-coventry-city-fc-supremo-10989495
One thing is for sure, GR is / was a very powerful man with great influence. I don't think Richardson was party to any confidentiality agreements or was he?
What the hell are you on about?
The land acquisition was £24m but it wasn't paid by the council. The £24m is part of the total land related expenditure of £43m. There's then construction costs of £66m, and other costs of £10m. That gives a total cost for the whole project of £118.7m.
The funding for that was made up of: CCC £10m, Tesco £60m (including the interest), hotel £.5m, residual land sale £5m, borrowing £21m (repaid using the ACL lease payment), EDRF grant £4.4m, AWM grant £4.8m, casino £5.9m, ccfc £1.8m, a few other bits and pieces That gives total income of £115.8.
Those figure are all from Appendix 1 of the completion report. Where does it say the council put in £24m to purchase the land?
What the hell are you on about?
The land acquisition was £24m but it wasn't paid by the council. The £24m is part of the total land related expenditure of £43m. There's then construction costs of £66m, and other costs of £10m. That gives a total cost for the whole project of £118.7m.
The funding for that was made up of: CCC £10m, Tesco £60m (including the interest), hotel £.5m, residual land sale £5m, borrowing £21m (repaid using the ACL lease payment), EDRF grant £4.4m, AWM grant £4.8m, casino £5.9m, ccfc £1.8m, a few other bits and pieces That gives total income of £115.8.
Those figure are all from Appendix 1 of the completion report. Where does it say the council put in £24m to purchase the land?
This guy has a cheek in these comments. He fucking started our downfall!
So true. And that is why I get wound up by people defending him. I am happy for people to have a go at CCC. But defending someone so guilty as him just so they can have a go at CCC just isn't on. Others end up thinking he is innocent and feel sorry for him. If it wasn't for Richardson we would still own our own ground, CCC wouldn't have shafted us and we wouldn't be run by SISU.
So you agree that CCFC never put in nearly 7m now?
Who owns the freehold to the land, how was that paid for by magic?
No it wasn't paid for by magic. Look at the report. The land purchase at £24 formed part of the land expenditure of £43m which in turn was part of the total build costs of £118.7m
The funding for the project as a whole shows £10m being put in by CCC.
Answer the question, who owns the freehold?
The council, that has nothing to do with how much money they put in.
So you think they got the land from British Gas or whoever for free do you?
No I don't, they used some of the money that came in to fund the project. It could have been the EDRF money, could have been AWM, could have been Tesco, could have used the Prudential loan. The simple fact is that their own document shows the council put in £10m of their own money.
I have not a second of time for that slimy toad all of that crew were very iffy, but I did enjoy signing all the stars. The worse thing we did was to sell the ground for a short term fix.
And CCFC put in 1.78m however you word it.
No I don't, they used some of the money that came in to fund the project. It could have been the EDRF money, could have been AWM, could have been Tesco, could have used the Prudential loan. The simple fact is that their own document shows the council put in £10m of their own money.
Is there any particular reason you're ignoring the £6,808,425 that is listed by the Sky Blue Trust, drawn from the various accounts lodged with companies house, and only including the £1.78m paid to ACL?
Accounts for CCFC Group show a net investment of £6,808,425 in the Arena Project which was then sold to the AEH Charity for £6,500,000. The balance of £308,425 was written off . Source Companies House , CCFC Group Accounts 2003 & 2004
19th December Alan Edward Higgs Charity acquires 50% of ACL from CCFC ltd. Shares owned by Football Investors Limited, which becomes a wholly owned subsidiary of the Charity. Cost to Charity £6,523,184 inc. fees. Payment made £2m cash £2.5m waiver of loan and £2m to two directors who had outstanding loans to FIL who then re loaned the money to CCFC ltd. CCFC Ltd acquires option to purchase shares back from the Charity. Source
CCFC H accounts, Judicial Review docs
Is there any particular reason you're ignoring the £6,808,425 that is listed by the Sky Blue Trust, drawn from the various accounts lodged with companies house, and only including the £1.78m paid to ACL?
So you contend that the council were given many acres of land for free. You are an idiot if you think that. No in fact the council bought the land for £24M and sold a large part on to Tesco for nearly £60M, the difference and nearly £10M interest as well as £10M equity investment went into the project. That is a council investment of over £50M achieved through a shrewd business deal. They still own the land and receive rates for the commercial premises built on it. I'll tell you what that makes them look much better at business than SISU.
This is what happened to that club 'investment', it was sold to the Higgs charity.. the club put f**k all net investment in, though it is clear they paid through the nose in excessive rents to cover ACL's business for some years, a stupid position which I don't think the clubs then directors can justify.
That's a bonkers way of looking at it. Its all part of one project, thats why the council themselves have it all in one income and expenditure account in their own report! You can't separate it out the way you have it makes no sense. If the project as a whole wasn't going ahead would the council have purchased the land? Would Tesco have paid £60m?
The councils own document says they put £10m in.
Indeed it was but its still money they put up in the first place and of course in real terms (i.e.: cash) they got a lot less from Higgs than they put in. If CCFC hadn't put that money in to start off with, before anyone else was putting money in, would the stadium have even been built?
You can't really net it off like that. Where would you stop? Do you now deduct what the council have received from Wasps off their investment, what about the money they received off ACL?
What he failed to mention was the money paid by Tescos covered buying the land and the decontamination of it. Nothing else.
Wrong, the equity injected was £10M, the Council also paid £24M for the land. It is in Appendix 2 of the Council Construction report under the heading land acquisition. I do wish you wouldn't misrepresent the facts.
They still own the land
And do you honestly think that CCFC not paying the 1.78m would have been a deal breaker?
What point are you two trying to actually prove or are you just trying to bash the club and / or heap praise on the council? All I said originally was Richardson's POV was that he arranged the deal with Tesco and therefore he believes that should be attributed to CCFC. For some reason that seems to have sent the two of you on some strange rant.
It started off with Tesco buying the land and paying for the contamination with nothing left over.
When this was pointed out to be factually incorrect you started banging on about how much CCFC had put in. Yet you want to ignore the amount they put in prior to the council becoming involved and only count the amount they paid to ACL towards the fit out. I even asked if that was what you were referring to and you said no you were talking about the total amount put in by CCFC to the project!
Sure if you only want to look at what happened from the point the council took over you can but to be in complete denial that money was spent by the club prior to this is very odd. Its not even something that has been disputed before. The trust have been though the accounts and posted it up on their site for everyone to see but you are now denying it!
You're also got Jack claiming the council put in an additional £24m that doesn't show up anywhere in the councils own report!
Claiming that the missing money someone exists as
And now
a) no idea what this has to do with the original point and b) at no time have I said anything even remotely alluding to that.
Who bought the land for £24M? Answer that.
It certainly wasn't EDRF or AWM money because that is grant money which is supplied for a specific business development purpose, not to buy land or the local council. That would be illegal funding!
Who bought the land for £24M?
CCFC put in 1.78m. You said it was nearly 7m. I told you where to see the official document.
Is there any particular reason you're ignoring the £6,808,425 that is listed by the Sky Blue Trust, drawn from the various accounts lodged with companies house, and only including the £1.78m paid to ACL?
Sky Blue Trust / Companies House CCFC Group Accs 2003 & 2004 said:Accounts for CCFC Group show a net investment of £6,808,425 in the Arena Project
The 1.78m wasn't paid to ACL as it didn't even exist then
CCC Arena Construction Completion Report said:CCFC - direct payment to ACL £1,758,000
And BTW Tescos never bought the land. You are certainly showing that you haven't got a clue on what happened.
He seems to think that Tescos bought the land
Tescos paid for the land.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?