Sky Blue Pete
Well-Known Member
Proof of it I suppose one could argue would have resulted in a different outcome with efl and potentially kings sale
What seems to not be in doubt there though is that there were talks
Proof of it I suppose one could argue would have resulted in a different outcome with efl and potentially kings saleThe BBC claimed so
Details emerge about William Storey's "£30m" bid to buy Coventry City
Latest Coventry City news from CoventryLive as businessman William Storey makes a takeover claim involving the Sky Blues and mounts a legal challenge to Doug King's dealwww.coventrytelegraph.net
Their biggest mistake was to lend to a separate company that had no assets. WASPS Finance only had a guarantee from within the Group and no access or rights to the Stadium Lease. Their only recourse was to enforce the guarantees but that still did not mean they controlled the primary assetThe people who bought it were greedy as at the time the returns were massive compared to bank interest and probably thought if anything goes wrong we have the arena to sell, but probably hadn’t thought who would want it.
There were only limited discussions because Hoffman backed Storey who in turn had people supporting him.Whether that prompted DK to act quickly - I have no ideaProof of it I suppose one could argue would have resulted in a different outcome with efl and potentially kings sale
What seems to not be in doubt there though is that there were talks
DK did not fund the Club before he bought it.Well he hasn’t in reality. He provided it seems some short term funding in January to cover operating losses. I guess from his perspective whatever fund he’s got that from it’s not a huge sum - around £7m? - there are player assets to sell now and a shot at promotion when he can then walk away with a big profit.
DK did not fund the Club before he bought it.
Just clarifying your opening lineHe bought in January which was my point?
He bought in January which was my point
Well he hasn’t in reality. He provided it seems some short term funding in January to cover operating losses. I guess from his perspective whatever fund he’s got that from it’s not a huge sum - around £7m? - there are player assets to sell now and a shot at promotion when he can then walk away with a big profit.
DK is in same position - as regards assetsSISU didn't have a lot to sell other than players? As we know the value of players can rise and fall dramatically in a very short space of time. It is not like valuing real estate.
DK is in same position - as regards assets
We don't know what the paid for Club or where he got the money
We do know he has taken on a very short lease period problem he will have to resolve soon. Something he tried to avoid by buying the stadium
As Gateshead found out the EFL regulations require a 10 year security of tenure agreement. So unless DK pleaded a special case there is a problem loomingThat is an interesting problem. Initially both sides were new feet under the table with a lot to sort out and both probably playing hardball
I think the five year deal probably suited both sides in the short term.
How it pans out will be interesting as both sides need each other. Hopefully they will work together.
No scenario is perfect as Oxford found out when their owner bought their stadium. Assets can be split up if it suits. Also see Wasps and their training ground. Wasps obtaining a long term lease on the Ricoh meant nothing. Chelsea are selling assets (hotels) to meet financial rules (how long can that go on?).
Us little fans are vulnerable to the whim of any owner, whether that is club, stadium or both.
As Gateshead found out the EFL regulations require a 10 year security of tenure agreement. So unless DK pleaded a special case there is a problem looming
That surely was permission to enter the EFL - it’s one year if in the
Shugs, usually.who was the smug twat who thought they were on safe ground and wouldn't listen to our warnings?? I can't remember his name but I'm glad they've fucked off into oblivion
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