Brighton Sky Blue
Well-Known Member
I'm sure they could think of something.
It would be interesting to see what they would do with the green bit then.
It would be interesting to see what they would do with the green bit then.
Sisu will not pull the plug on CCFC.... There is no way they can walk away from this situation. They will hang on until they can get something out of the mess to at least give there investors something back, otherwise Sisu as a hedge fund will lose all credability and be finished.
No good idea. Lets then all hold a party when the club disappears for ever. Can't wait. Least we won't have to argue about JPT anymore.
But taking over failing companies and breaking them up to realise the assets is what hedge funds do. Amongst the sort of people they mix with, failing to liquify CCFC already is no doubt seen as a sign of weakness. Blaming ACL, who have done no wrong, is merely a smokescreen for the action they appear to be taking. Why do you think they bought back the training ground and then transferred the ownership to Arvo in the Cayman Islands? They're asset-stripping - as I say, it's what they do.
outdoor foxy boxing?
What is a worry is that the two sides don't seem that far apart £200k on one side and £400k on the other yet the intransigence appears to be coming from the club.
Apparently im a racist cos i called leicester fans taxi drivers and said they wore bedsheets all day. Racist no,true yes.
Just being honest. I couldn't give a fuck what you or the doo gooders think.
This whole sorry mess needs sorting and its not a matter of winners and losers but compromise and getting the best deal for BOTH parties. At the end of the day they both need each other, whatever each says, and the sooner they stop poncing about and get it sorted the sooner we can all get back to slagging off McSheff Baker, Murphy etc etc
What is a worry is that the two sides don't seem that far apart £200k on one side and £400k on the other yet the intransigence appears to be coming from the club. ACL have come down from £1.2m to 400k yet Fisher hasn't budged. In reality if he trimmed 10% of the wage bill we would be there. He goes on about average League 1 rents but doesn't seem to accept that we have a better than League 1 ground, better than League 1 crowds and a much higher than League 1 playing bill which should be trimmed anyway not withstanding the rent fiasco.
I thought and I may well be wrong on this that the Charity legally had to sell the shares for the same or more than they paid for them. Therefore if that is the case there isn't any option to offer their shares at a reduced rate to someone (even if it was SISU, or Gary Hoff, the Hoff, KITT etc.) Would the same or similar be true of the council, who are looking after the ratepayers money of our fair city of Coventry. Anyone with charity law please correct me as I'm doubtless wrong on many counts.So another rent offer is turned down - but why?
All we know is ACL have said they have made an offer that they wouldn't make to any other tennant.
That's fine then, but from what date? If the new rent was supposed to kick in from jan 2013, then I can see why it's turned down.
The club probably doesn't have the £1m+ that is owed, and their stance will be: We have paid matchday cost in all these months, and we are not prepared to pay more than the difference between the matchday payment and the new rent to settle the debt.
On the other hand, ACL seem in some kind of trouble themself. So I wonder if they can get permission from the banks who are 'restructuring' ACL's own debts to write off the £1m+.
PKWH is the only involved who gets on this forum and gives his side of the story. And he comes across as very articulate and very likeable so naturally he gets all the sympathy. He is talking the Higgs side of things mostly, and Higgs are actually ready to leave ACL if they can get their shares sold. But here may be another twist as Higgs seem to value their shares much higher than any investor/potential buyer would. If Higgs ask for £6-10m most investors would expect the ACL to produce a yearly profit at around £2-3m representing a yearly profit (or asset gain) of around £1m-1.5m for the 50% shareholding. That is very far from the profits produced in the past.
A new investor may accept a lessor profit if ACL has a considerable book value but the emergence of Deloitte to help restructuring doesn't really support that possibility.
ACL's businessplan is also somewhat tainted with the clubs refusal to pay the usual rent. If ACL and the club agree a new and much lower rent, then the profit goes out of the window. If ACL evicts the club and even succeed to get a replacement tennant, then the profit will also go out the window.
So however this whole situation evolves, ACL stand to lose a lot of profitabillity and the Higgs share value will suffer greatly. It will be a long time before any investor will be willing to buy Higgs shares for £10m or even £6m.
As it stands right now, everybody is going to lose. Nobody is gaining anything.
ACL stands to lose it's original purpose: Making sure the city's proud football club has a place to play.
Higgs stand to lose a good percentage of the book value of their shares and the their investment is locked up for years to come.
Sisu stand to lose all the money their clients have invested.
The city stand to lose it's football club.
Of course there is a morale issue in here, but in reality there's no good guys and no bad guys in business. There are only winners and losers.
If all parties at some point accept that whereever they turn they face defeat unless a deal is made, then there's a chance ccfc will live to play another game.
But it is my oppinion that to get to that point ACL will probably have to change owners for a price investors is ready to pay: 2-4 times the expected yearly profit (excluding the rent from the club) plus net asset value.
Only remaining problem will be to make sure ACL becomes part of ccfc and stays there whatever sisu or any future owner do.
Don't blow people up though do we.
Don't blow people up though do we.
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