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/
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!
Acl and the council can fuck off.
They know how to put the knife into our club
Our season is being completely derailed now
Just for the Record, I wouldn't set foot in a SISU built stadia away from Cov :facepalm:
SORT THE RENT OUT
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:
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..
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.
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.
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.
Are you from Baginton?
Acl and the council can fuck off.
They know how to put the knife into our club
Our season is being completely derailed now
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
Aye, it all seems to make more sense now.So the penny finally drops. With the movement off the field lately I wondered if something was up. Seems like Robins may have been leaving a sinking ship.
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.
''The Board of Arena Coventry Limited (ACL) regrets to announce that talks with the Mayfair based hedge fund 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.
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, Arena Coventry Limited, said: “To spend many hours engaging in positive and constructive discussions, leading to a detailed point by point discussion of a proposed Heads of Terms Agreement resulting in verbal agreement and handshakes all round; only to then renege when it came to signing the Agreement, is truly reprehensible behaviour.
“There’s simply no point in continuing these discussions while the Club, under Sisu’s ownership, continues to behave in this manner. We will only be prepared to resume these conversations if John Clarke, Tim Fisher and Mark Labovitch sign up to the deal to which they agreed.
“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 eleven 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.
The recent talks between ACL and the Club’s Directors followed the agreement for Coventry City Council to pay off the loan owed previously by ACL to Yorkshire Bank plc, with repayments now being made to the Council by ACL on more affordable terms.
This further enhancement of ACL’s financial position was what enabled the Board to offer the very generous terms proposed in the Heads of Terms agreement proposed and agreed by the Club’s Directors before their unexplained U-turn.''
Read More http://www.coventrytelegraph.net/ne...coh-arena-talks-92746-32811178/#ixzz2KtAcJdfQ
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.
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