sky blues in court today (1 Viewer)

[Paxman II]

Just to add a thought before knowing the judgement statement:

It possibly also likely that the judge ordered the payment of outstanding past due amounts of 107k immediately and ordered the escrow to be realigned with 500k 'when they can' as CCFC would have argued they did not have those funds currently available but have every intention to do so. The escrow has done it's job therefore ACL are not currently owed anything other than the 107k and if CCFC pay the 107k and continue to pay rent each month then the court may have made that order on the escrow to be deposited 'when they can' which in of itself is a strange statement to make!

 

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[skyblueman]

Just to add a thought before knowing the judgement statement:

It possibly also likely that the judge ordered the payment of outstanding past due amounts of 107k immediately and ordered the escrow to be realigned with 500k 'when they can' as CCFC would have argued they did not have those funds currently available but have every intention to do so. The escrow has done it's job therefore ACL are not currently owed anything other than the 107k and if CCFC pay the 107k and continue to pay rent each month then the court may have made that order on the escrow to be deposited 'when they can' which in of itself is a strange statement to make!

Can't be as soft as that - I would expect the court to tell them to pay what they are contractually obligated to pay when they are supposed to pay it

CCFC are going to get a winding up order if they are not very very careful here IMO

 

[coundonskyblue]

I don't really understand this 'when you can' bit. Surely Sisu's whole argument is that they cant afford to pay the rent, therefore pay it when you can means never!

 

[skyblueman]

I don't really understand this 'when you can' bit. Surely Sisu's whole argument is that they cant afford to pay the rent, therefore pay it when you can means never!

If you can't pay your debts when they fall due then you are insolvent and directors of CCFC are then legally obligated to get the funds in immediately to cover them OR call in the administrators as they are over-trading which is illegal

 

[sky blue zam]

how long have city got to top up the escrow, interesting that now news bout the rent being reduced or would that be dealt with seperately

 

[Nonleagueherewecome]

without seeing the judgement i cant be sure SBD but the sum owed is £607k which is much more than the escrow account. It could be that the "pay when you can" relates to the £107k left and ongoing rental payments, but that the escrow needs to be £500k at all times. No judge would order the invoices paid twice and you can rest assured TF & SISU wont be paying twice for certain ..... they hate paying most stuff once let alone twice

Aint that the truth!

 

[Nonleagueherewecome]

A big thanks to OSB as usual for making sense of this for me. One thing that bothers me immensely: in light of the ruling, and the two sides being clearly singing from entirely different hymn-sheets , what on earth did SISU think they were going to achieve by all this is the first place? They haven't challenged the contract as valid (legally I'm certain they don't have a leg to stand on with that avenue). They have to pay eventually, they can't escape from that. Was this really just a matter of trying to save a few pennies in the short term? It's not like they'll be getting fat(er) off the interest of having that money or anything. I have no idea what they are up to. And this is a very worrying thing..

 

[skyblueman]

A big thanks to OSB as usual for making sense of this for me. One thing that bothers me immensely: in light of the ruling, and the two sides being clearly singing from entirely different hymn-sheets , what on earth did SISU think they were going to achieve by all this is the first place? They haven't challenged the contract as valid (legally I'm certain they don't have a leg to stand on with that avenue). They have to pay eventually, they can't escape from that. Was this really just a matter of trying to save a few pennies in the short term? It's not like they'll be getting fat(er) off the interest of having that money or anything. I have no idea what they are up to. And this is a very worrying thing..

Doesn't make much sense to me if they have any serious intent on negotiating for a stake in the ground and this is what worries me the most

 

[DD_Daphne]

Report just been on Midlands Today. ACL's lawyer was a bit of alright ;-)

 

[Astute]

Report just been on Midlands Today. ACL's lawyer was a bit of alright ;-)

Bloke or woman?

 

[Blinxs]

My guess would be SISU realised they would really struggle financially once relegated and obviously had to look at ways of cutting costs. One way is the wage bill which looks to have been reduced but you would hope they also realised they needed a team to get us back into the Championship where there is more money to be had so they have replaced high earners with low earners but hoping in a lower league, these players can deliver. The only other way i can see them majorly cutting costs in regards to CCFC is to negotiate the rent. Now most businesses play hard ball to get the best results for themselves and so SISU knowing they were the main tenants and knowing there was a pot of money to tie over ACL for a few months probably knew they could hold out for a better deal. Many accounts at businesses i have dealt with use delay tactics to put themselves in a better financial standing whether waiting for a new deal or waiting for monies to come in to cover costs. As always it is a gamble and there was a chance ACL would blink first and give in. However that hasnt happened, ACL are going to court and hopefully SISU having at least had a chance to assess their situation will follow the courts instructions and this whole mess will be put to rest until at least next season if we dont get promoted. The ball is now in SISU's court (pardon the pun) and let's hope they make the right decisions although on track record they will keep us guessing till the end. Of course i am just specualting here but i dread to think what the alternative of them not paying is

 

[skyblueman]

If ACL have gone this far then I can't see them backing down on this - CCFC will HAVE to pay and pay in full whatever is in the contract - there is no right in law to simply insist on a re-negotiation on this sort of contact - SISU will have to put the money in if it's not there in the CCFC bank account

 

[mattylad]

There was no point ccfc being in court as there was no recognisable defence

 

[Official Away Travel]

ACL don't need the club, the Ricoh would attract bigger and better events without them. The football club only brings in 10% of the revenue ACL generates a year, they made more out one Olympic game than the whole CCFC season. Everyone saying ACL couldnt survive without the club is laughable, they have just spent 4million on new hotel rooms in the old gym, and the potential development of the land by the old Tesco stand - dnt look a company that struggling does it? The Ricoh does more than what people of Coventry relaise and has big plans for the future. The Ricoh has taken Coventry from being 55th to 7th most visited city in the UK for conferences and events.

CCFC should never get the Ricoh, if they can't run there own business right, then why hand over one of the best things that has happened to Coventry!!

ACL should never reduce the rent either, I don't see my bank lowing my morgage when I get a pay cut at work!!!! They are just trying to bully ACL in reducing the rent cus they think they are untouchable.

Get CCFC out of the Ricoh, whack a roof on the stadium and you would have europes biggest indoor arena!!!

 

[sw88]

Wasn't it 17% income the football club generated? Either way, should they stop us playing there, where will they get the additional 17% (or 10% on your figures) from?

 

[stupot07]

ACL don't need the club, the Ricoh would attract bigger and better events without them. The football club only brings in 10% of the revenue ACL generates a year, they made more out one Olympic game than the whole CCFC season. Everyone saying ACL couldnt survive without the club is laughable, they have just spent 4million on new hotel rooms in the old gym, and the potential development of the land by the old Tesco stand - dnt look a company that struggling does it? The Ricoh does more than what people of Coventry relaise and has big plans for the future. The Ricoh has taken Coventry from being 55th to 7th most visited city in the UK for conferences and events.

CCFC should never get the Ricoh, if they can't run there own business right, then why hand over one of the best things that has happened to Coventry!!

ACL should never reduce the rent either, I don't see my bank lowing my morgage when I get a pay cut at work!!!! They are just trying to bully ACL in reducing the rent cus they think they are untouchable.

Get CCFC out of the Ricoh, whack a roof on the stadium and you would have europes biggest indoor arena!!!

No but you could take a 3 month mortgage break and remortgage to a lower rate, interest only or over more years to lower your monthly costs.

You almost sound like you want them to liquidate us do you can 'whack a roof on'....

The Ricoh's former chief exec certainly had worries about attracting business and also the affordability of lowering the rent - http://www.coventrytelegraph.net/n...cussions-amid-profit-concern-92746-30981518/

It looks as though De Vere paid for the hotel expansion http://www.expotel.com/487

 

[CJparker]

ACL don't need the club, the Ricoh would attract bigger and better events without them. The football club only brings in 10% of the revenue ACL generates a year, they made more out one Olympic game than the whole CCFC season. Everyone saying ACL couldnt survive without the club is laughable, they have just spent 4million on new hotel rooms in the old gym, and the potential development of the land by the old Tesco stand - dnt look a company that struggling does it? The Ricoh does more than what people of Coventry relaise and has big plans for the future. The Ricoh has taken Coventry from being 55th to 7th most visited city in the UK for conferences and events.

CCFC should never get the Ricoh, if they can't run there own business right, then why hand over one of the best things that has happened to Coventry!!

ACL should never reduce the rent either, I don't see my bank lowing my morgage when I get a pay cut at work!!!! They are just trying to bully ACL in reducing the rent cus they think they are untouchable.

Get CCFC out of the Ricoh, whack a roof on the stadium and you would have europes biggest indoor arena!!!

Sorry but I don't agree. The site has potential, but without CCFC's rent then ACL is immediately in a critical loss-making position - a quick glance at the company's accounts is enough to tell you that, as our rent is significantly higher than the annual profit.

Yes, we could move to Nuneaton, put up a couple of large-ish temporary stand and plays in a 10k capacity ground - but Coventry is our home. We need to play at the Ricoh and make a success of it. SISU are playing hardball like the always do, because they can. I really can't see any other way out than a negotiated settlement where the council back down more than SISU.

 

[Official Away Travel]

The DeVere hotel isn't owned by DeVere it's a franchise - its still ran by Compass/ACL.

CCFC have had there 3 or so month mortage (rent) break so it's time to pay up or move out!!

The Ricoh doesn't need the club - compass/ACL loss money on some matches!

Dont always believe what you read in the Telegraph - half the stuff they report is made up.

 

[Astute]

The DeVere hotel isn't owned by DeVere it's a franchise - its still ran by Compass/ACL.

CCFC have had there 3 or so month mortage (rent) break so it's time to pay up or move out!!

The Ricoh doesn't need the club - compass/ACL loss money on some matches!

Dont always believe what you read in the Telegraph - half the stuff they report is made up.

Our club don't need the Ricoh. We need somewhere to play though that is big enough and don't cost more than we can afford. What is the use of paying for a large stadium we can only half fill? We put many millions into this project just to end up with nothing. OK, the project was saved when money came in to finish it, but all we have is a home we can't afford at the moment. If it was a house we were renting to live in we would move to somewhere we could afford. We are stuck in a contract though.

It would be best all round if we could come to an agreement to get us through whilst in Div3. We still need to pay rent, but it should be set to what we can afford until our gates go up through having a successful season or getting promotion. The rent is taking about 1/4 of our income. Something needs to give.

 

[Sub]

shame we couldn't move to where the cov rugby team are based in the middle of the city !!! better access for everybody and it the heart of the city, not on the edge of no where with crap access and not being able to park with 5 miles of the ground!!!! the location of the stadium is a joke i miss highfield road

 

[I'mARealWizard]

shame we couldn't move to where the cov rugby team are based in the middle of the city !!! better access for everybody and it the heart of the city, not on the edge of no where with crap access and not being able to park with 5 miles of the ground!!!! the location of the stadium is a joke i miss highfield road

You'll have your KNUCKLE soon enough

 

[Wrenstreetcarpark]

shame we couldn't move to where the cov rugby team are based in the middle of the city !!! better access for everybody and it the heart of the city, not on the edge of no where with crap access and not being able to park with 5 miles of the ground!!!! the location of the stadium is a joke i miss highfield road

Great ambition, shared by Sisu. How far do you want the crowd reduced? Down to 2,000? Lower? The fewer the supporters the less need for car parks, less need for stands etc. Sheer genius, all the costs will be really reduced, if you got it really right and really small we could stop playing players wages but you'd still have to find the ref's fees. Unless you got really small and played in the park with some coats to mark out the goals.

 

[torchomatic]

Good old Bryan.

shame we couldn't move to where the cov rugby team are based in the middle of the city !!! better access for everybody and it the heart of the city, not on the edge of no where with crap access and not being able to park with 5 miles of the ground!!!! the location of the stadium is a joke i miss highfield road

 

[Sub]

Great ambition, shared by Sisu. How far do you want the crowd reduced? Down to 2,000? Lower? The fewer the supporters the less need for car parks, less need for stands etc. Sheer genius, all the costs will be really reduced, if you got it really right and really small we could stop playing players wages but you'd still have to find the ref's fees. Unless you got really small and played in the park with some coats to mark out the goals.

i am on about the location of the ground not the size of the ground they have !!

 

[CJparker]

Surely it is possible to add some fair-sized temporary stands at the rugby ground to take capacity up to around 15k?

 

[fernandopartridge]

ACL don't need the club, the Ricoh would attract bigger and better events without them. The football club only brings in 10% of the revenue ACL generates a year, they made more out one Olympic game than the whole CCFC season. Everyone saying ACL couldnt survive without the club is laughable, they have just spent 4million on new hotel rooms in the old gym, and the potential development of the land by the old Tesco stand - dnt look a company that struggling does it? The Ricoh does more than what people of Coventry relaise and has big plans for the future. The Ricoh has taken Coventry from being 55th to 7th most visited city in the UK for conferences and events.

CCFC should never get the Ricoh, if they can't run there own business right, then why hand over one of the best things that has happened to Coventry!!

ACL should never reduce the rent either, I don't see my bank lowing my morgage when I get a pay cut at work!!!! They are just trying to bully ACL in reducing the rent cus they think they are untouchable.

Get CCFC out of the Ricoh, whack a roof on the stadium and you would have europes biggest indoor arena!!!

Utter nonsense, complete and utter nonsense.