Rob S
Well-Known Member
This move would circumnavigate a contractual clause which could potentially still entitle the Ricoh’s current sporting tenants, Coventry City, to ‘first option’ rights on the charity’s shares in ACL.
(From the article)
How come the club have an option on the shares? Sorry, big thread and I haven't been paying attention to this story particularly.
Course it is good news at means SISU will feck off
Can somebody explain how Councillors can be forced to vote for something they don't agree with? I don't know how it works.
Pity you completely rubbished the person who can do just that in the Brighton radio thread the other day, eh? ;-)
They are forced to vote how the party wishes, as enforced by the local party whip, a member who will tell them how to vote whether they agree or not.
If they go against this, they could at worst, lose the party whip, which basically means they become an independent, and may not be sleected as a candidate for the party at the next local election, and so unless they stood as an independant would lose their seat.
This would mean loss of nice expenses, allowances etc, and so their nose would have to come of the trough it so freely feeds from, namely the tax payers money. This isnt likely to happen as it would be like a trukey voting for christmas.
This move would circumnavigate a contractual clause which could potentially still entitle the Ricoh’s current sporting tenants, Coventry City, to ‘first option’ rights on the charity’s shares in ACL.
(From the article)
So basically the vote outcome is known before they even vote? Not really a vote then is it?
Well there is a price then....
30 million for a new stadium (at least) or I am sure SISU would be be able to negotiation a slightly better deal than as above to outmanoeuvre the wasp consortium.
Say about 25 million over a prolonged period for all of ACL.
So basically the vote outcome is known before they even vote? Not really a vote then is it?
And be replaced by who? Potential owners of a club that has no stake in the stadium it plays in and may be homeless in two years? They'll be lining up.
Really .. What could you have done that the others who have failed to.
We have been at this for 18 months now and still have not got that answer.
Talking one sided nonsense on a Brighton Radio station was a way of getting into SISU's good books was it.
It's not too late .. So if you think you can get an honest answer from them please do. but I won't hold my breath..
Doesn't really answer my question. Thanks though.
This is fantastic. We'll come back to this tomorrow
This is fantastic. We'll come back to this tomorrow
It doesn't if it turns out to be like OSB says ith only 7m changing hands though? Or am I thinking of something different? (yes I know it is just guesses from people)
The only way that would turn positive if the consortium were also targeting CCFC
Correct me if I'm wrong but the original price that SISU agreed with Higgs for their share was £5.5M. SISU then said that they wanted to pay X pounds upfront and the balance over X amount of years. When Higgs asked for proof of funds that's when SISU came back with the £2M because Joy recognised that they are a charity, all hail Saint Joy.
Unless I've got the wrong end of the stick it now seems that Higgs will receive not £2M, not £5.5M but £7M so the deal can good through.
So £5.5M doesn't look too bad of a deal. Especially when you take into account SISU's legal bills they wouldn't be paying and CCC's legal bills that they wouldn't have been paying and all the lost revenue from the Northampton move. And all the lost revenue from half of the non football revenue since they would have taken control of the Higgs share and the lost opportunity for ARVO to restructure the debt to the benefit of ARVO (isn't that what SISU really are? a vehicle to gain opportunity for ARVO to restructure debt? Surely that's where their profit is, sorry was?) and the opportunity to create the right atmosphere that promotes success on the field increasing the value and saleability of CCFC.
Looks to me that SISU have really fucked up and fucked us over in the process.
clear cash looks like it is what £7m or less
Can somebody explain how Councillors can be forced to vote for something they don't agree with? I don't know how it works.
So basically the vote outcome is known before they even vote? Not really a vote then is it?
I have to say I feel sorry in the main for our supporters and the supporters of Wasps.. This situation completely highlights the issue with modern sports.
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& Cov Rugby of course
no they are buying the shares to stop the charity having to offer the shares to CCFC before anyone else..... not quite the same as stopping matching offers. If they didn't do that SISU, who have repeatedly said they do not want to buy ACL and will build their own ground, could block a sale of something they say they not interested in. That could lead to court cases, delays and possibly compensation
And I would guess this deal doesn't actually stop CCFC being at the Ricoh if they choose to be .......
Of course building their own ground is an option...... an expensive one but still an option
Ccfc will surely at worst always be tenants at the Ricoh? Just like they are now. Why would that ever have to change? Surely wasps would love to be the landlord to the city's football team.
I don't like the way every time I read it it says "wasps lead consortium" something is definitely happening here imo. Sisu and/or ccfc have to be involved in this deal. I'm convinced.
All of a sudden £5.5M for the Higgs Share looked a bargain. Still, at least we have the appeal to look forward to now.
Well done SISU you're geniuses. How's are new stadium coming on?
Correct me if I'm wrong but the original price that SISU agreed with Higgs for their share was £5.5M. SISU then said that they wanted to pay X pounds upfront and the balance over X amount of years. When Higgs asked for proof of funds that's when SISU came back with the £2M because Joy recognised that they are a charity, all hail Saint Joy.
Unless I've got the wrong end of the stick it now seems that Higgs will receive not £2M, not £5.5M but £7M so the deal can good through.
So £5.5M doesn't look too bad of a deal. Especially when you take into account SISU's legal bills they wouldn't be paying and CCC's legal bills that they wouldn't have been paying and all the lost revenue from the Northampton move. And all the lost revenue from half of the non football revenue since they would have taken control of the Higgs share and the lost opportunity for ARVO to restructure the debt to the benefit of ARVO (isn't that what SISU really are? a vehicle to gain opportunity for ARVO to restructure debt? Surely that's where their profit is, sorry was?) and the opportunity to create the right atmosphere that promotes success on the field increasing the value and saleability of CCFC.
Looks to me that SISU have really fucked up and fucked us over in the process.
You could be right, I am confused myself.
I was going off this:
So I went off £7 million from Wasps changing hands in real money and not terms and conditions etc.
If this deal means that Wasps are franchised away from their fanbase, then it's wrong.
I don't care if it's better for CCC, ACL, CCFC and Cov RFC, if it tears Wasps away from their supporters then it's morally wrong, and we should all stand against it.
SISU have dropped us in the sh*t with their ridiculous mismanagement, but that doesn't absolve either the Council or The Higgs Trust for their actions if this goes ahead. Any councillor with the hint of a conscience should vote against this.
Just to add to that confusion. It's been suggested that the club still have the option of first refusal on the Higgs share. Does that mean that they will have to offer £7M to exercise that right and save the day for the football club? That would be another £1.5M it costs SISU on top of the £5.5M they could have paid if so.
You are wrong Tony, there are no facts, the £7m is a guess so I wouldn't be hanging your hat on it if I was you. Moreover the article questions that Higgs might noy get all their money back
Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors
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