Yes, It's all the council fault.
Should have illegally subsidised the poor management of the club and then put the icing on the cake by giving the stadium to Sisu as a gift.
Critise Sisu ............. if you dare.
Is this your new 'race to the bottom'?
No it's not all the councils fault. Not sure he said it was though.
No they shouldn't have illegally subsidised poor management of the club. Not sure he said that either.
No the stadium shouldn't have been gifted to sisu. But yes it should have been gifted to the football club who had been here since 1883. We propped it up for 10 years. We made it possible. When I say we I mean the club and fans not the owners.
Stop making shit up italia. It's boring. Your arguments have zero credence because of your hypocrisy and making shit up. Give it a rest.
Your brown nosing of wasps is disgusting. Their level? Mortgaging the stadium? Permanent relocation 90 miles away? Using other people's money and not their own? Muscling in on another cities sporting clubs? Bullshitting the fans so the owners get what they want? That last one sounds familiar. Which one italia? Your hypocrisy knows no bounds. You're as much vermin as sisu, council, wasps and higgs.
You just did!No-one's mentioned Hitler yet.
I just go and watch. Get over it.
So you don't want them to sell the club you want them to put is into administration and get another points deduction. At best meaning we have little chance of promotion, at worst condemning us to relegation.
To all intents and purposes we've already been through administration twice. The process KMPG ran was administration in all but name and we ended up with SISU being the only ones prepare to buy the club. Then ACL forced administration in a weird attempt to force an ownership change and we ended up with SISU again!
But the question still stands, why would anyone who isn't a fan buy a debt ridden CCFC (even if the debt is lower via a SISU write off or administration) with no ground, nowhere to play after next season and no academy? There's can't be a single club in the country that isn't a better option than buying us.
The council stepped in and wrestled all control from the club. Why did they do this? Ever asked that. The project wouldn't have existed without the club. The ricoh wouldn't have stayed open without the club. Or as we now know a London rugby club. When we had propped it up for 10 years and were the reason behind the project, shouldn't we be given it? Couldn't afford to run it? Is this a we believe what fisher said moment? Aeg were going to run it. As one of the biggest arena operators in the world I imagine they would have been ok. Substantial losses? A bit like those at the London rugby club it was sold to? Yeah they did forgo that and as I pointed out earlier in the thread due to previous owners chasing a quick buck rather than seeing the bigger picture. Sit back and understand how we got here? Through various different parties. Current owners. Previous owners. Council's. Charities. Not just sisu. Maybe you should try sitting back and understanding how we got here.
They could have supported the club in improving and extending HR negating the need to move. They could have given the club a loan to exercise the buy back clause on HR. They could have purchased HR and leased it back to the club at a peppercorn rent. They could have stuck to the original agreement and split the freehold 50/50 with the club. They could have given the club a reasonable rent with revenue access. They could have worked with one of the six non-SISU potential owners to ensure the ground and club were united. They could have sold ACL to the club at a reasonable rate rather than offering them matchday revenues for £34m. They could have retained ownership of ACL until SISU are gone and sold it to the club then, making the club a more attractive prospect for a takeover.So the council that stepped in and ensured the stadium was built when we sold our old ground and couldn't afford to build the new stadium should then have given it to the club?
Can you explain how the club couldn't afford to run it, makes no sense unless you are saying it incurs losses. Also maybe you could explain how Wasps, with substantial losses, can take the stadium on but not the football club it was built for.So the club who couldn't afford to run it from division 1 and were running with substantial losses should be given the stadium?
No, this was PWKH spin. The rent at the Ricoh is the same as the total the club paid in their final season at HR. What he failed to mention is that by that point the club was paying a huge penalty to the new owners for delays in moving out. And of course we weren't exactly the picture of financial health at that point.[/QUOTE]Wasn't the original rent the same as for Highfield Road and didn't the club forgo a reduced rent should they be relegated to league 1?
So you don't want them to sell the club you want them to put is into administration and get another points deduction. At best meaning we have little chance of promotion, at worst condemning us to relegation.
Wasn't exactly a large debt though was it. We were still paying matchday costs so ACL weren't losing out by having us playing there (and of course they were still getting the other revenue streams on matchday) and ACL were drawing down out of escrow as well as claiming off the guarantors.You can't run a business and just ignore a large debt, then you would be running a charity wouldn't you.
Wasn't it them or the council who put a bid in?Wasn't exactly a large debt though was it. We were still paying matchday costs so ACL weren't losing out by having us playing there (and of course they were still getting the other revenue streams on matchday) and ACL were drawing down out of escrow as well as claiming off the guarantors.
Lets not kid ourselves it was a business decision, they were trying to force a change of ownership.
What are you basing this on? Why do we have little chance of promotion?We have little chance of promotion and relegation is a serious possibility eventually.
ACL certainly registered an interest, can't recall now if they actually placed a bid or not.Wasn't it them or the council who put a bid in?
Wasn't exactly a large debt though was it. We were still paying matchday costs so ACL weren't losing out by having us playing there (and of course they were still getting the other revenue streams on matchday) and ACL were drawing down out of escrow as well as claiming off the guarantors.
Lets not kid ourselves it was a business decision, they were trying to force a change of ownership.
ACL certainly registered an interest, can't recall now if they actually placed a bid or not.
Except it wasn't really £1.3m was it. They drew down £530K from the escrow account and had Robinson and McGinnity (?) as guarantors in the event of unpaid rent. Forcing administration broke the lease so they weren't owned more after that.The very idea £1.3M isn't a large debt is daft. Ask OSB.
Bit like when the council got found out trying to block professional football at the Butts.Don't think so, it was believed to be some sort of fishing expedition to see what details a potential buyer would be given.
perhaps they would know how to run a business negotiate deals develop relationships with other organisations and have a plan which goes beyond turning us into an organisation which pisses everyone off and is unable to compete financially with burton and rotherham. Maybe there is opportunity to improve.So given there are so many other clubs in the country who would purchase an in-debt Coventry City with no ground, nowhere to play home games after next season and no academy after this season for a £1?
Unable to compete with teams in the league above? Burton had a smaller budget I think when they went up.perhaps they would know how to run a business negotiate deals develop relationships with other organisations and have a plan which goes beyond turning us into an organisation which pisses everyone off and is unable to compete financially with burton and rotherham. Maybe there is opportunity to improve.
Except it wasn't really £1.3m was it. They drew down £530K from the escrow account and had Robinson and McGinnity (?) as guarantors in the event of unpaid rent. Forcing administration broke the lease so they weren't owned more after that.
Grendel never said it's the councils fault,......... really ?
So the council that stepped in and ensured the stadium was built when we sold our old ground and couldn't afford to build the new stadium should then have given it to the club?
So the club who couldn't afford to run it from division 1 and were running with substantial losses should be given the stadium?
Wasn't the original rent the same as for Highfield Road and didn't the club forgo a reduced rent should they be relegated to league 1?
Sometimes you need to sit back and understand how we got here.
But that money wasn't released till the admin, so SISU benefited because they did not have to pay the full amount.
Yeah, what crap business people, I sure wouldn't like them to run anything I'm involved in.Sisu still paid more in rent than dear old wasps did to buy the whole lot and on a 6 fold increase in the lease period.
Yeah, what crap business people, I sure wouldn't like them to run anything I'm involved in.
But that money wasn't released till the admin, so SISU benefited because they did not have to pay the full amount.
The account earnt interest and by 2012 stood at over £530k. It was drawn down April through to July 2012
Unable to compete with teams in the league above? Burton had a smaller budget I think when they went up.
If they were so good at negotiation, they would just buy another club. I doubt anybody splashing out on a football club would want to play in a wasps stadium and a wasps academy.
Even if they were the worlds best negotiators they'd be starting from a position far worse than if they took over any other club in the country so again why would anyone other than a fan buy us?perhaps they would know how to run a business negotiate deals develop relationships with other organisations and have a plan which goes beyond turning us into an organisation which pisses everyone off and is unable to compete financially with burton and rotherham. Maybe there is opportunity to improve.
To go back to the OP, I believe that SISU are hanging around for two reasons:
1. It's not costing them anything as long as the club can pay its own way.
2. Wasps will likely encounter significant financial difficulties when the bond becomes due for repayment as they are still making huge losses.
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