Some more Ricoh questions (1 Viewer)

shy_tall_knight · Nov 17, 2014

Interesting debates over the weekend re the Ricoh not sure I was certain of my facts

Q1 how much rent did we pay since the Ricoh opened including the amount settled as part of our admininstration

Q2 how much did CCFC pay into the Ricoh project before it was taken over by the Council in 2002

Q3 the initial match day deal, what matchday revenues, car parking, food & beverages what did CCFC get and what did ACL get ?

SkyBlueScottie · Nov 17, 2014

Ball park figure for Q1, around 10 million.

oldskyblue58 · Nov 17, 2014

There are some details are in various sets of accounts that can be downloaded from Companies House.

However there is no split of who the rents were paid to. For instance Ricoh rents paid by the club will be mixed in with rents at the Alan Higgs centre and rents for other facilities for academy etc in their accounts. Total rents paid out from June 2005 to May 2013 were approx. £9.6m. ACL accounts show no split between tenants of rental income

The net cost of CCFC being involved in the Ricoh project was around £300k which is the shortfall on the deal it did with the Charity. Anything they put in to the project came with loans and creditors on the other side. The net amount they put in was £6.8m and the club got £6.5m back when it sold out.

The Trust did a question and answer article on this. The lease/licence included 900 parking spaces. All pitch side advertising was the clubs. Clearly CCFC got some income from food & drinks in hospitality because CCFC were selling hospitality packages in the lounges and boxes. The idea was that CCFC bought in off ACL/Compass and sold on for a profit.

CCFC PimpRail · Nov 17, 2014

Q4- what would the mortgage repayments be on a £25 million loan for a new ground, and how much extra would have to be initially spent to give a steady income...?

oldfiver · Nov 17, 2014

CCFC PimpRail said:
Q4- what would the mortgage repayments be on a £25 million loan for a new ground, and how much extra would have to be initially spent to give a steady income...?

Slightly more than the £20m debt WASPS have taken on

stupot07 · Nov 17, 2014

oldskyblue58 said:
There are some details are in various sets of accounts that can be downloaded from Companies House.

However there is no split of who the rents were paid to. For instance Ricoh rents will be mixed in with rents at the Alan Higgs centre and rents for other facilities for academy etc. Total rents paid out from June 2005 to May 2013 were approx. £9.6m

The net cost of CCFC being involved in the Ricoh project was around £300k which is the shortfall on the deal it did with the Charity. Anything they put in to the project came with loans and creditors on the other side. The net amount they put in was £6.8m and the club got £6.5m back when it sold out.

The Trust did a question and answer article on this. The lease/licence included 900 parking spaces. All pitch side advertising was the clubs. Clearly CCFC got some income from food & drinks in hospitality because CCFC were selling hospitality packages in the lounges and boxes. The idea was that CCFC bought in off ACL/Compass and sold on for a profit.

Not sure how true it is, but I'm sure I read on here a day or so ago that the club had to contribute £2m of the £6.5m they got from Higgs to towards the fit out of the Ricoh?

Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors

Kingokings204 · Nov 17, 2014

CCFC PimpRail said:
Q4- what would the mortgage repayments be on a £25 million loan for a new ground, and how much extra would have to be initially spent to give a steady income...?

N/A

Warwickhunt · Nov 17, 2014

stupot07 said:
Not sure how true it is, but I'm sure I read on here a day or so ago that the club had to contribute £2m of the £6.5m they got from Higgs to towards the fit out of the Ricoh?

Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors

I believe that we paid out quite a bit on cleaning up the land to satisfy the environment council

skybluetony176 · Nov 17, 2014

Warwickhunt said:
I believe that we paid out quite a bit on cleaning up the land to satisfy the environment council

I thought tescos paid for that in the end?

oldskyblue58 · Nov 17, 2014

Its more accurate to say that we accrued a lot of creditors than say we paid out.

From the 2002 & 2003 accounts.........

In the year to 31/05/2002 the amounts that had been either paid or contracted for on the project totalling £18.4m were reclassified to current asset investment. However against this asset were liabilities to creditors and loans of £13.6m. The net current asset was therefore £4.8m (ie 18.4m - 13.6m). The £4.8m was included as the net investment in the project by CCFC - ie the project joint venture took over not only the previous amount spent but also the amounts owed

in the following year to 31/05/2003 the club contributed a further £2m to the project (I think this is the amount you referred to from another poster stupot). That took the value of the current asset included in the accounts to £6.8m. That current asset was disposed of by the club to AEHC for £6.5m. So the actual cost in the CCFC accounts to date of any involvement in the project build was £300k. I would imagine those were costs the Charity felt bore no real value to what was being bought by them.

There is no evidence of any other contributions that I can see in CCFC accounts, ACL accounts, AEHC accounts etc

torchomatic · Nov 17, 2014

We also had to pay money for improved transport links.

And if I call correctly there was something or other to do with job creation in that part of the City.

Warwickhunt said:
I believe that we paid out quite a bit on cleaning up the land to satisfy the environment council

CCFC PimpRail · Nov 17, 2014

Coventry might have the most un-loyal of football fans, but those who support ccfc must be amongst the most financially aware now, if only there was that awareness 10 years ago when the club was obviously being burdened with unnecessary payments towards somebody else's project, whilst selling the family silver such as HR and their share in ACL (although I still laugh when thinking of a more recent letter in the CET from when Olympic football was being played there but neither season ticket holders were given free tickets, or ccfc benefitted from ticket sales. Here's the hint- it's not ccfc's stadium...!).

torchomatic · Nov 17, 2014

We agreed to pay £330K for road improvements around the stadium and traders in Nun and Bed offered £75K to "soften blow" of new arena shopping complex. We also gave a further £150K for road works, environmental work and training local people around North Coventry.

Ashdown · Nov 17, 2014

torchomatic said:
We agreed to pay £330K for road improvements around the stadium and traders in Nun and Bed offered £75K to "soften blow" of new arena shopping complex. We also gave a further £150K for road works, environmental work and training local people around North Coventry.

If this is all accurate, why wasn't some sort of covenant put in place to compensate the club in the 'unlikely' event that the club would not be the major tenants or part owners in the future ?

torchomatic · Nov 17, 2014

Ash, all that was "agreed", whether it actually happened is another thing.

Ashdown said:
If this is all accurate, why wasn't some sort of covenant put in place to compensate the club in the 'unlikely' event that the club would not be the major tenants or part owners in the future ?

oldskyblue58 · Nov 17, 2014

torchomatic said:
We agreed to pay £330K for road improvements around the stadium and traders in Nun and Bed offered £75K to "soften blow" of new arena shopping complex. We also gave a further £150K for road works, environmental work and training local people around North Coventry.

was that before or after they sold the interest in the project though?

skybluefred · Nov 17, 2014

All of this fiasco is the result of Richardson chasing the fans dream of being a top Premiership team and playing in Europe.

Unfortunately he did not have enough money and had lost huge amounts.He recognised that Highfield Rd was not big
enough to fund the Clubs and the fans aspirations,and he also wanted to recoup some of his outlay,Hence the Ricoh.

From the moment a contaminated piece of wasteland was chosen for the new stadium, it meant the costs of clean up
and build rose dramatically and outside influences ie CCC & Tesco became involved.

If Richardson could have found a buyer for CCFC before the sale of Highfield Rd we might still own our ground,
however because of our fickle fans who only turn up when we are winning we would still probably be in the lower
reaches of Div 1.

torchomatic · Nov 17, 2014

Agree 100%. I would love to know what is behind all the gagging orders on Richardson, McGinnity, etc. Didn't some guy write a book that cannot be published after his death as it lays it all out what a dodgy character Richardson was?

skybluefred said:
All of this fiasco is the result of Richardson chasing the fans dream of being a top Premiership team and playing in Europe.

Unfortunately he did not have enough money and had lost huge amounts.He recognised that Highfield Rd was not big
enough to fund the Clubs and the fans aspirations,and he also wanted to recoup some of his outlay,Hence the Ricoh.

From the moment a contaminated piece of wasteland was chosen for the new stadium, it meant the costs of clean up
and build rose dramatically and outside influences ie CCC & Tesco became involved.

If Richardson could have found a buyer for CCFC before the sale of Highfield Rd we might still own our ground,
however because of our fickle fans who only turn up when we are winning we would still probably be in the lower
reaches of Div 1.

skybluefred · Nov 17, 2014

torchomatic said:
Agree 100%. I would love to know what is behind all the gagging orders on Richardson, McGinnity, etc. Didn't some guy write a book that cannot be published after his death as it lays it all out what a dodgy character Richardson was?

Torchy I wasn't aware of these gagging orders but Highfield Rd must have sold for a tidy sum.

shy_tall_knight · Nov 17, 2014

skybluefred said:
Torchy I wasn't aware of these gagging orders but Highfield Rd must have sold for a tidy sum.

I doubt it was for that much, it wasn't then and isn't now a desirable area, there has been a property boom since it was sold and we also need to remember it was rented back and I could be wrong on this but the rentals were close to or exceeded the sales price received - again could be very wrong on this

jimmyhillsfanclub · Nov 17, 2014

shy_tall_knight said:
I doubt it was for that much, it wasn't then and isn't now a desirable area, there has been a property boom since it was sold and we also need to remember it was rented back and I could be wrong on this but the rentals were close to or exceeded the sales price received - again could be very wrong on this

I also recall reading that the rent we paid for HR while waiting for the cursed Ricoh to be finished wiped out all profits made from the sale of HR......I think you're correct on that one....

Ashdown · Nov 17, 2014

It seems criminal now though that CCFC contributed so much to clean up the site and help with the regeneration only for a franchise rugby club to muscle in and buy it for a song. I cannot for the life of me{ despite the appalling relationship with SISU } see why the council did not feel some obligation to one of it's historical sports clubs to ensure that they continued to play in the stadium that was built for them on reasonable terms. It smacks of most gutless politicians these days who hide behind 'Market forces' to cover up their lack of moral fortitude and integrity !

jimmyhillsfanclub · Nov 17, 2014

Its not the only thing that "seems criminal" regarding the Richarse/McGin&T era......right dodgy pair of cunts.

EDIT....Allegedly....

...the cunts.

Some more Ricoh questions (1 Viewer)

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