AFCCOVENTRY
Well-Known Member
http://www.coventrytelegraph.net/news/coventry-news/2013/02/14/exclusive-ricoh-rent-talks-with-sky-blues-have-collapsed-92746-32810856/
Ricoh rent deal has collapsed (1 Viewer)
- Thread starter AFCCOVENTRY
- Start date
AFCCOVENTRY
Well-Known Member
RENT deal talks between Ricoh Arena stadium bosses and Coventry City Football Club owners Sisu have "collapsed", the Telegraph can reveal.
A statement issued by Arena Coventry Limited today also alleges the Sky Blues have told Ricoh bosses they intend to build a new stadium.
The ACL statement says: "Make no mistake, now is the time for Sisu to pay up or sell up and get out of Coventry."
Rumours were confirmed this afternoon in a statement issued to the Telegraph by ACL - the company equally owned by Coventry City Council and the Alan Edward Higgs Trust.
It follows the relegated and loss-making Sky Blues' rejection of an offer by Ricoh bosses late last year to cut the annual rent for using the stadium, from £1.29million to £400,000.
ACL had in December also issued a statutory demand for the club to pay back in full more than £1million of rent arrears accrued since the football club began witholding monthly payments last April.
Talks had been resumed after Coventry City Council last month agreed a deal in private to buy out ACL's mortgage with Yorkshire Bank. Council leaders claimed it relieved a threat to ACL's financial viability from hedge fund Sisu's withdrawal of rent, and potentially paved the way for a belated rental agreement.
But today's statement reads: "The board of Arena Coventry Limited (ACL) regrets to announce that talks with Sisu, the owners of Coventry City Football Club (CCFC), in relation to rent arrears and future rent and matchday revenue arrangements, have collapsed.
"The ACL board will not resume talks until such time as CCFC and Sisu confirm in writing their acceptance of a Heads of Terms Agreement laid out in writing by ACL on 29 January. This agreement was discussed point by point in a series of meetings between the board and the three club directors and agreed verbally by all parties.
"The club directors, however, then proceeded to renege on this agreement. This is wholly unacceptable to the Board of ACL.
Read More http://www.coventrytelegraph.net/ne...-have-collapsed-92746-32810856/#ixzz2KsvDc42A
A statement issued by Arena Coventry Limited today also alleges the Sky Blues have told Ricoh bosses they intend to build a new stadium.
The ACL statement says: "Make no mistake, now is the time for Sisu to pay up or sell up and get out of Coventry."
Rumours were confirmed this afternoon in a statement issued to the Telegraph by ACL - the company equally owned by Coventry City Council and the Alan Edward Higgs Trust.
It follows the relegated and loss-making Sky Blues' rejection of an offer by Ricoh bosses late last year to cut the annual rent for using the stadium, from £1.29million to £400,000.
ACL had in December also issued a statutory demand for the club to pay back in full more than £1million of rent arrears accrued since the football club began witholding monthly payments last April.
Talks had been resumed after Coventry City Council last month agreed a deal in private to buy out ACL's mortgage with Yorkshire Bank. Council leaders claimed it relieved a threat to ACL's financial viability from hedge fund Sisu's withdrawal of rent, and potentially paved the way for a belated rental agreement.
But today's statement reads: "The board of Arena Coventry Limited (ACL) regrets to announce that talks with Sisu, the owners of Coventry City Football Club (CCFC), in relation to rent arrears and future rent and matchday revenue arrangements, have collapsed.
"The ACL board will not resume talks until such time as CCFC and Sisu confirm in writing their acceptance of a Heads of Terms Agreement laid out in writing by ACL on 29 January. This agreement was discussed point by point in a series of meetings between the board and the three club directors and agreed verbally by all parties.
"The club directors, however, then proceeded to renege on this agreement. This is wholly unacceptable to the Board of ACL.
Read More http://www.coventrytelegraph.net/ne...-have-collapsed-92746-32810856/#ixzz2KsvDc42A
AFCCOVENTRY
Well-Known Member
"As of 1 February 2013, CCFC owes ACL £1.347 million in rent arrears. CCFC have failed to pay or contest the High Court judgment obtained by ACL in August 2012 and neither did CCFC contest the Statutory Demand served by ACL in December 2012.
"The rent deal offer from ACL laid out in writing on 29 January was verbally agreed following an extremely detailed discussion with the three directors of CCFC, namely John Clarke OBE, Tim Fisher and Mark Labovitch.
"The offer set the rent payable by CCFC to ACL at £400,000 per annum while the club remains in Football League 1.
"It included agreement from ACL to waive more than £300,000 of the £1.347 million rent arrears, with a generous approach to clearing the balance. It also agreed the principle of ACL matchday revenues benefitting CCFC, and ACL paying a larger share of rates on the stadium.
"Instead of confirming its written acceptance, CCFC then proposed an alternative Heads of Terms, which bore no relation to that agreed. It demanded the waiver by ACL of all rent arrears claims pre-dating 1 January 2013. It demanded also the withdrawal of the statutory demand for the payment of rent arrears issued by ACL against CCFC on 5 December 2012.
"It was accompanied by an emailed statement from Tim Fisher declaring that CCFC has 'no option but to build a new venue' and that CCFC’s proposals were predicated on playing at the Ricoh Arena for a 'run-off period of three years.'
"This is totally unacceptable to ACL."
Nicholas Carter, Chairman of Arena Coventry Limited, said: "If the club directors can’t or won’t follow through on the agreement they participated in creating, then we suggest to them that the time has come to consider offering ownership of CCFC to an outside buyer better placed to run the club’s financial operations.
"Make no mistake, now is the time for Sisu to pay up or sell up and get out of Coventry."
''The board of ACL believes that Sisu, have no intention of entering into a meaningful dialogue to resolve this issue. It is the board’s view that the primary aim of Sisu throughout the last 11 months has been to undermine the financial position of ACL’s business through the non-payment of lawfully owed rent and stalling on reaching an agreement."
Read More http://www.coventrytelegraph.net/ne...ave-collapsed-92746-32810856/2/#ixzz2KsvfJzmN
"The rent deal offer from ACL laid out in writing on 29 January was verbally agreed following an extremely detailed discussion with the three directors of CCFC, namely John Clarke OBE, Tim Fisher and Mark Labovitch.
"The offer set the rent payable by CCFC to ACL at £400,000 per annum while the club remains in Football League 1.
"It included agreement from ACL to waive more than £300,000 of the £1.347 million rent arrears, with a generous approach to clearing the balance. It also agreed the principle of ACL matchday revenues benefitting CCFC, and ACL paying a larger share of rates on the stadium.
"Instead of confirming its written acceptance, CCFC then proposed an alternative Heads of Terms, which bore no relation to that agreed. It demanded the waiver by ACL of all rent arrears claims pre-dating 1 January 2013. It demanded also the withdrawal of the statutory demand for the payment of rent arrears issued by ACL against CCFC on 5 December 2012.
"It was accompanied by an emailed statement from Tim Fisher declaring that CCFC has 'no option but to build a new venue' and that CCFC’s proposals were predicated on playing at the Ricoh Arena for a 'run-off period of three years.'
"This is totally unacceptable to ACL."
Nicholas Carter, Chairman of Arena Coventry Limited, said: "If the club directors can’t or won’t follow through on the agreement they participated in creating, then we suggest to them that the time has come to consider offering ownership of CCFC to an outside buyer better placed to run the club’s financial operations.
"Make no mistake, now is the time for Sisu to pay up or sell up and get out of Coventry."
''The board of ACL believes that Sisu, have no intention of entering into a meaningful dialogue to resolve this issue. It is the board’s view that the primary aim of Sisu throughout the last 11 months has been to undermine the financial position of ACL’s business through the non-payment of lawfully owed rent and stalling on reaching an agreement."
Read More http://www.coventrytelegraph.net/ne...ave-collapsed-92746-32810856/2/#ixzz2KsvfJzmN
torchomatic
Well-Known Member
"Get out of Coventry", eh? Serious stuff. Warwickshire welcomes you, CCFC.
AFCCOVENTRY
Well-Known Member
Acl and the council can fuck off.
They know how to put the knife into our club
Our season is being completely derailed now
They know how to put the knife into our club
Our season is being completely derailed now
torchomatic
Well-Known Member
To be fair though, SISU should sort this out now and for all or at least pay something as a gesture.
Sky Blue Pete
Well-Known Member
Yep quite right!!
Warwickhunt
Well-Known Member
It feels like SISU want the Council to serve notice if you ask me! for what reason God only knows but they are playing games, Why is councillor Mutton coming out with statements that were confidential in the meetings, irrelivant if the talks have broken down he should have the business sense not to do this! he is asking for trouble.:jerkit:
Warwickhunt
Well-Known Member
Any Manager that wants to come here especially with the sword of damaclese hanging over us must be bleeding barking if you ask me
oldskyblue58
CCFC Finance Director
I have a feeling ACL have another trick up their sleeve rather than a winding up order ......... the way i read the statement is that they want the club to survive so wont want to issue winding up ....... what they need is to force money out of the club
Nonleagueherewecome
Well-Known Member
So Robins' reason for departing suddenly becomes clear. Well done SISU, your inability to take a reasonable deal has screwed us to the max once again!
RoboCCFC90
Well-Known Member
Okay now if SISU decide that the current option in the Ricoh isn't worth exploring anymore and they decide to build their own ground (Which for about 30Mil you are looking at a ground like St Mary's or something a little smaller) this would mean surely that they are looking to be at the helm of CCFC for the forseeable future and are basically ruling out allowing administration unless this threat of a new stadium is BS in which case please ignore all of the above..
RoboCCFC90
Well-Known Member
Are you on drugs? Did you not see the Robins interview on SSN or even see the thread about it on this site he blamed the Council..
Baginton
New Member
To be fair, they are being pratted about by SISU, I just hope its sorted one way or another sooner rather than later.
Just for the Record, I wouldn't set foot in a SISU built stadia away from Cov :facepalm:
SORT THE RENT OUT
torchomatic
Well-Known Member
cofastreecity
New Member
Mutton is out of order and should be lambasted for interfering in ACLs business, he has done this before, he should resign. However feels like SISU are looking for an escape goat re the winding up
Nonleagueherewecome
Well-Known Member
No, I'm at work, I didn't see SSN! All I've seen is this thread-if he's blaming the Council, he's an even bigger twat than I thought! Anyone in there right mind can see that ACL have made as much as they can in terms of concessions.
Mucca Mad Boys
Well-Known Member
You'd know that why?
You're an outsider, bitter with the ownership, whereas MR knows the ins and outs and has made an informed decision on the situation, have you? You know nothing compared to MR.
Nonleagueherewecome
Well-Known Member
MR is an expert on ACL's books and what they can afford to break even, is he? And he's a legal expert who can see the way out of the binding contract that sisu have reneged on, is he? Total bollocks. Any man as morally bankrupt as he is is sure to side with people with the same ethics as him.
RoboCCFC90
Well-Known Member
No but he has been in the situation of which I can assure you haven't
Baginton
New Member
Nah, work there.
blueflint
Well-Known Member
fffin moron SISU created this problem not the council higgs trust or acl so SISU should pay up or ship out i would prefer the latter
J
Jack Griffin
Guest
How can they do that? Unless they can put directors at risk of personal bankruptcy or prison.
Mucca Mad Boys
Well-Known Member
Morally bankrupt? No, he left in a disrespectful manner, but remember, today's football manager is yesterday's politician, they are careerists, and he's been offered a better job on more money, not morally bankrupt, he left for a 'promotion'.
Indeed, I am annoyed at him, but there is no such thing as loyalty in today's football, there's more risk involved in his move to Huddersfield, but there's more benefits if it works out.
Make no mistake, I'm annoyed and I feel disrespected, but that's the game now.
What would you know on the ins and outs of these negotiations, MR would, so he has a respectful view on this topic, he knows stuff we don't, he gets the meat on the bones, we just get the bones.
J
Jack Griffin
Guest
THE Arena Coventry Limited statement in full:
In my view it is time for ACL to line up an alternative tenant, like Nuneaton Borough FC so if CCFC starts to submit planning applications they can bring in a new tenant at short notice & cease to support them. This is pure bullying by SISU & totally unethical, it stinks to high heaven.
In my view it is time for ACL to line up an alternative tenant, like Nuneaton Borough FC so if CCFC starts to submit planning applications they can bring in a new tenant at short notice & cease to support them. This is pure bullying by SISU & totally unethical, it stinks to high heaven.