Seppala Interview on Sky Sports News (5 Viewers)

[chiefdave]

The responses Gilbert is getting from Hoffman and Wasps indicate Sepalla is correct in what she says. They are choosing very specific language and not actually denying what is being put to them.

 

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[Nick]

Extended version at 3.30 apparently

 

[Nick]

The responses Gilbert is getting from Hoffman and Wasps indicate Sepalla is correct in what she says. They are choosing very specific language and not actually denying what is being put to them.

It was probably this one from Eastwood:

We have no interest in buying Coventry City - we would simply like to see the club back playing at the Ricoh Arena, a view we believe is shared by everyone involved.”

 

[chiefdave]

So CCFC should indemnify Wasps / CCC if any of them are forced to have to pay anything because of them doing something wrong?

If any fan actually sat down and thought about what this means and the potential impact on the football club I can't believe there would be anyone who thinks SISU aren't right in refusing to sign us up to such a deal.

 

[Nick]

 

[skybluepm2]

I have been a huge critic of JS and one of those criticisms has been shying away from the media; a club owner should really have some kind of public profile in my view. So give her credit where it is due, I didn't think we'd see the day when she fronted up for the cameras and spoke like this. Fair play to her.

I was almost inclined to agree with you then, but then I thought no, it’s the first time in a period of 12 years of disastrous mis-management that she’s come out and spoken publicly and still with no real acknowledgment of hers/SISU’s shortfalls or unforgivable actions. More importantly, there is no real clear vision for the future cited nor any indication if and when a new fairytale stadium will be built. This has done absolutely nothing to change my view on her ownership.

 

[chiefdave]

The actual EC investigation will only go ahead against the council IF the EU think there is grounds for it..

This point needs to be pressed with the council and Wasps.

 

[SBAndy]

Off book just means that the trade didn't go through the exchange. Most trades go through market makers, who quote a price to buy (bid) and to sell (offer) simultaneously - so there is liquidity in the market for the issue. The price quoted *27,000 * 100 will be the amount paid + any interest accrued to date on the next coupon (when you add on the accrued interest it's called the Dirty Price - without is called the Clean Price).

The benefit of trading off book is that one doesn't have to go through the bid-offer spread. The market makers have to made some money, so they quote, say, 90 to buy and 92 to sell (so if they can find a buyer and a seller at the same time they make 2). By trading off book, both counterparts can agree a price of 91 and both gain 1. There's nothing sinister or unusual about this and no reason to suspect SISU is accumulating a holding in the bond.

The off-book was used more as a reference for the transactions. As I said at the outset, it was just a hunch and they may be looking to accumulate slowly so as to not raise any suspicions. Baseless conjecture I know, but food for thought of a potential strategy, and if not now then maybe at some point in the near future.

 

[chiefdave]

If anyone wonders why there's a distrust of the council this tweet sums it up.

The former leader of the council suggesting that if the council are found to be in the wrong which would mean the taxpayer had lost out of tens of millions it would be wrong to expect the party who benefitted to pay.

 

[duffer]

This is one of the best threads for months, if not years ! Sensible posts and comments. Little sarcasm, balanced and constructive replies.

Hold my pint...

 

[mrtrench]

The off-book was used more as a reference for the transactions. As I said at the outset, it was just a hunch and they may be looking to accumulate slowly so as to not raise any suspicions. Baseless conjecture I know, but food for thought of a potential strategy, and if not now then maybe at some point in the near future.

They cannot accumulate a large amount secretly. Once they breach certain percentages of the issue they have to report it to the exchange. That's what I was looking for on LSE - but there's nothing.

Buying Wasps bonds would be possibly something they might do as a hedge only: so they make something if their EU complaint fails. However they might have to disclose this information if they went to the EU court and it might look aggressive and sneaky - I don't know anything about EU Law so maybe not. I think in the balance of probability, without any evidence to the contrary, SISU are not buying Wasps bonds.

 

[oldskyblue58]

Are you all certain that the assurances sought by Wasps are specific related to the EC complaint? The more comments that are made by both SISU and wasps the more i think the assurances relate to what happens after in terms of possible new civil suits that SISU might then seek to bring. Those in theory could be brought whether or not SISU get the result they want from the EC, which explains to me the comments about a "deal being done irrespective of the EC" and SISU and CCFC "protecting their future legal rights". I would think such actions would be about much more than the EC judgement on the lease extension and could take years

As much as SISU and CCFC have the right to manage their risk and its mitigation so do others. Which is essentially what is going on, hence the impasse.

Would like her to explain how SISU have invested £50m. It isnt or wasnt their monies it was their clients, and the 2018 financials for SBS&L show a much lower figure even before you exclude non cash items.

 

[SkyBlueDom26]

“We have no interest in buying Coventry City - we would simply like to see the club back playing at the Ricoh Arena, a view we believe is shared by everyone involved.”

So JS has come out and slated wasps in an interview yet wasps still want to see us back at the ricoh apparently....Wasps are deffo desperate but just dont want to look weak

 

[mrtrench]

Oh - one more thing. Secured by the Ricoh lease doesn't mean SISU get the Ricoh if they buy all the bonds. It just means that if Wasps default, this other company has provided a guarantee.

 

[chiefdave]

Are you all certain that the assurances sought by Wasps are specific related to the EC complaint? The more comments that are made by both SISU and wasps the more i think the assurances relate to what happens after in terms of possible new civil suits that SISU might then seek to bring.

How would SISU bring further action against Wasps?

In mid-April, SISU signed an undertaking to irrevocably cease all proceedings against Wasps relating to the sale and lease of the Ricoh Arena, in order to allow talks about extending our agreement at the Ricoh Arena to take place.

 

[chiefdave]

“We have no interest in buying Coventry City - we would simply like to see the club back playing at the Ricoh Arena, a view we believe is shared by everyone involved.”

If they have no involvement in any potential takeover shouldn't be an issue for them to confirm they haven't met with Hoffman or anyone else who wishes to takeover.

 

[Nick]

Are you all certain that the assurances sought by Wasps are specific related to the EC complaint? The more comments that are made by both SISU and wasps the more i think the assurances relate to what happens after in terms of possible new civil suits that SISU might then seek to bring. .

Would that not be covered in what was signed to say there would be no more legal action regarding it that Wasps needed before they even started talks?

 

[SkyBlueDom26]

If they have no involvement in any potential takeover shouldn't be an issue for them to confirm they haven't met with Hoffman or anyone else who wishes to takeover.

We all know they have though, is this SISU PR a way to pressure wasps into letting us back to the ricoh

 

[chiefdave]

We all know they have though, is this SISU PR a way to pressure wasps into letting us back to the ricoh

And that's exactly why it needs the Telegraph and CWR to ask the right questions and not be fobbed off by Wasps.

 

[SkyBlueDom26]

And that's exactly why it needs the Telegraph and CWR to ask the right questions and not be fobbed off by Wasps.

See Gilbert is putting it all over twitter that hes asking them, whether he is or not who knows

 

[theferret]

Would like her to explain how SISU have invested £50m. It isnt or wasnt their monies it was their clients, and the 2018 financials for SBS&L show a much lower figure even before you exclude non cash items.

The first bit is just semantics tbh. As for the amount, I defer to your knowledge on that matter.

 

[sw88]

Interesting, especially as it’s Gilbert who is asking the Q and not getting a satisfactory answer!

 

[sw88]

See Gilbert is putting it all over twitter that hes asking them, whether he is or not who knows

What would he have to gain by not asking? He’s a journalist at the end of the day and he’d feed off news like this.

 

[Nick]

What would he have to gain by not asking? He’s a journalist at the end of the day and he’d feed off news like this.

He could have asked when I prompted him about it before it all really kicked off?

 

[better days]

Are you all certain that the assurances sought by Wasps are specific related to the EC complaint? The more comments that are made by both SISU and wasps the more i think the assurances relate to what happens after in terms of possible new civil suits that SISU might then seek to bring. Those in theory could be brought whether or not SISU get the result they want from the EC, which explains to me the comments about a "deal being done irrespective of the EC" and SISU and CCFC "protecting their future legal rights". I would think such actions would be about much more than the EC judgement on the lease extension and could take years

As much as SISU and CCFC have the right to manage their risk and its mitigation so do others. Which is essentially what is going on, hence the impasse.

Would like her to explain how SISU have invested £50m. It isnt or wasnt their monies it was their clients, and the 2018 financials for SBS&L show a much lower figure even before you exclude non cash items.

Always enjoy your input OSB
It's all conjecture as each side puts their own spin on it
To me there are no good guys (apart from the club) but for a long time only one party was getting the blame

 

[Paul Anthony]

See Gilbert is putting it all over twitter that hes asking them, whether he is or not who knows

He should have been asking these kind of questions already.

 

[SkyBlueDom26]

What would he have to gain by not asking? He’s a journalist at the end of the day and he’d feed off news like this.

Well why didn't he ask earlier then until it took Joy to come out and say it

 

[ccfc92]

Well why didn't he ask earlier then until it took Joy to come out and say it

Not the sharpest tool in the box to be fair, is he?

 

[Nick]

 

[Lord_Nampil]

I think the answer now is yes isn’t it......

 

[chiefdave]

Hoffman and Elliott both refusing to deny any Wasps involvement speaks volumes.

It should be something anyone involved in a takeover bid for the club should be able to laugh off as a ridiculous suggestion.

 

[Paul Anthony]

So, nobody wants to confirm or deny. Which pretty much on its own confirms it. If there wasn't any truth in it, they'd all stick to a very solid "no."

 

[Liquid Gold]

If Joy's mission today was to shred Hoffman's reputation she's done a very good job.

 

[Skyblueweeman]

He gets a lot of stick (and rightly so) and perhaps he could've addressed this earlier in time, but at least he's not shying away from asking them today and conveying their responses.

Fair play.

 

[theferret]

Just watched the extended clip. Still only 10 minutes out of a much longer interview so I would be interested to see the transcript. Lots of talk about aspiration and potential, but no real detail. I suspect it was edited for general SS viewers in mind more than fans of the club. Hopefully the full interview will be released. Does look like a bit of a missed opportunity though.