bigfatronssba
Well-Known Member
Ok. Do you have an evidence of a direct link between the Acl loan and council cutbacks? Surely your pleased as the interest received will help the local public purse in the long run?
Sixfields attendees (1 Viewer)
- Thread starter Tonylinc
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Ok. Do you have an evidence of a direct link between the Acl loan and council cutbacks? Surely your pleased as the interest received will help the local public purse in the long run?
Wyken Sky Blue
Well-Known Member
Why are people saying SISU are the guilty part for putting the club into administration? ACL applied to the High Court to put the club into admin so SISU may as well had filed anyway so they could appoint their own administrator. They did what any other business would've done. Therefore the first 10 points were ACL's fault.
Secondly the CVA was rejected by ACL. SISU never rejected it did. ACL say they care about the club being back in Coventry but at the biggest chance of all to get them back instead of doing so they'd think of number one. Brilliant. Second 10 points was also ACL's fault.
Ironically, ACL filed for admin to stop the club from being liquidated. Once the CVA process began they rejected it to put the club into liquidation. Well done ACL.
Secondly the CVA was rejected by ACL. SISU never rejected it did. ACL say they care about the club being back in Coventry but at the biggest chance of all to get them back instead of doing so they'd think of number one. Brilliant. Second 10 points was also ACL's fault.
Ironically, ACL filed for admin to stop the club from being liquidated. Once the CVA process began they rejected it to put the club into liquidation. Well done ACL.
Who else is threatening to sue fans? How many rapacious owners are trying to get a Coventry stadium on the cheap? Who else signed ( took over ) a rental agreement that they now don't like? I see only only one party as the main culprit. It's up to you if you go to Sixfields, but I respect the people who won't feed this rapacious owner. IMHO! Yes Yes Yes PUSB - as you like to say….
Grendel
Well-Known Member
What interest rate is being charged?
CJ_covblaze
Well-Known Member
Also who distanced themselves from/disagreed with Leonard Brody's comments that the rent was too high a couple of years ago?
bigfatronssba
Well-Known Member
Well we've been told a higher rate than what the council pays to borrow the money.
Grendel
Well-Known Member
So it could be .00001% over 40 years?
Astute
Well-Known Member
So you are saying that Timothy is a bullshitter then?
lordsummerisle
Well-Known Member
Apparently so in one case I know of.
Sky Blue Kid
Well-Known Member
torchomatic....Seems you can imagine quite a bit. Think of a figure, double it, then post it as fact. You'll be a hero.....................................................................................................A La Grenduffy?
James Smith
Well-Known Member
This all stems from the decision by our club/Sisu Capital Partners not to attempt to negotiate the rent they agreed to and instead just start a boycott. Then Mr Timothy Fisher mentioned to the press that and I quote
ACL were therefore forced to do what any other business would have done when faced with their biggest debtor suggesting liquidation.
Can you point to anywhere where Tim, Mark or Joy have ever said that we would be coming back to Coventry (except in a new stadium) - before the CVA was rejected.
ACL are a business first and foremost they've got shareholders who are ultimately a charity and the council. They didn't want the ltd business being liquidated because they were owed a large sum of money by this business.
Astute
Well-Known Member
I state the truth on another thread that the loan isn't taxpayers money but made by another company. CCC could get a much lower rate than ACL. CCC make a small profit on this. The taxpayers make a profit. You don't make a comment on this but go onto another thread to come out with more untruths on same subject when you know the truth.
Grendel
Well-Known Member
What happnes if ACL default on the loan -- no impact to the taxpayer in that scenario? Right.
lordsummerisle
Well-Known Member
It's something often stated as fact that the taxpayers make a profit on the loan, but have never seen anywhere what the ate of the loan to the council was and what the rate of the loan to ACL is.
Quite possibly I've missed it, but if you have it would be grateful to know.
James Smith
Well-Known Member
Can you name that case?
Grendel
Well-Known Member
John Mutton said we'd make a small profit but that could be one pence the loan could be 40 years and the taxpaayer would be better off if it was paid off tomorrow.
lordsummerisle
Well-Known Member
Not my place to do so, though surprisingly it wasn't me!
GaryPendrysEyes
Well-Known Member
The bottom line is Sisu are responsible for the well being and stewardship of CCFC.
The buck stops with them as it does with any business owner, the fact is they signed rent and other supplier contracts.
The concept of 'balanced responsibility' is a nonsense in business terms, there is an owner they appoint a board, executives who are paid to make the club a success. It's their job.
If it was Woolworths would this concept of 'balance' equally blame consumers for not buying goods, councils for charging high city centre rates? No, Woolworths failed because their owner and board didn't run the business properly. They failed as a business owner responsible for that business.
The buck stops with them as it does with any business owner, the fact is they signed rent and other supplier contracts.
The concept of 'balanced responsibility' is a nonsense in business terms, there is an owner they appoint a board, executives who are paid to make the club a success. It's their job.
If it was Woolworths would this concept of 'balance' equally blame consumers for not buying goods, councils for charging high city centre rates? No, Woolworths failed because their owner and board didn't run the business properly. They failed as a business owner responsible for that business.
Astute
Well-Known Member
That is one big if.
ACL publish their accounts. They make a profit after paying the loan. Yes they would make even more of a profit if we still played there. This is why your beloved SUESUE won't even play there for free and leave us in Northampton. Yet you back them all the way. It is a few people like yourself that would love to see them fail. It is people like you that would love to see the taxpayer lose millions. It is people like you that would love to see a local charity lose millions just to put money into SUESUE.
Astute
Well-Known Member
Thought so :thinking about:
lordsummerisle
Well-Known Member
James Smith
Well-Known Member
Is there any evidence that they will and if so can you post it here? What is the total amount still outstanding? Yes there is a risk and it will be a calculated one that the council will review on a regular basis. ACL do at least publish accounts on time and so we have at least got those to go on. ACL could just go to a commercial lender and pay off the council- as allegedly they are doing better now - and thus insulate the council from any risk if there was a lull in business. At the moment though the interest rates from the council must be better and business not doing badly as they haven't had to do this yet.
There is far greater risk to our club (in my opinion) by staying in Northampton that there won't be enough supporters left when the new stadium is finally built.
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Firstly SISU didn't pay the rent for a long time. They took over a rental agreement when they bought the club. They should have renegotiated the rental deal at that time when they were the only viable purchasers. ACL did what any company would have done when faced with a tennant who refuses to pay the rent. SISU are therefore the reason why we lost the first 10 points. Secondly the CVA was rejected because of the way the administration was conducted. There was - and still is - a lack of clarity as to who the players played for and as to whether Coventry City Football Club FC was indeed a football club or rather a non-trading property company as claimed by SISU. ACL obviously believed that the tennants were a football club holding the football league "Golden Share". I think most CCFC fans also believed they were supporters of a football team and not a property company. I certainly did. So whilst I remain a CCFC lover - not ACL - I see clearly that the rapacious owners are clearly at fault for the pending (possible) demise of my favourite football club.
D
Deleted member 5849
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skybluetony176
Well-Known Member
Grendull, you keep going on about the council bailing out a private company that it has stake in. Yet you are happy for the council to sell the ricoh at a snip of its true value to a hedge fund that enjoys tax breaks and keeps most of its profit in a tax heaven. Would you not class that as a bail out of a hedge fund to assist them with their profit at the tax payers expense?
Double standards.
skybluetony176
Well-Known Member
At least you are finally admitting that susu cost us 10 points last season now. That's progress.
Grendel
Well-Known Member
No I am not
Do we know that it is over 40 years? Do we know what rate ARVO are charging for keeping CCFC alive throughout the Northampton phase? It would be good to know who is more rapacious - our owners or our council and charity? I would go for a hedge fund specialising in battering creditors in court, but I may be wrong.
Astute
Well-Known Member
Just like you thought about making such a serious comment with no forthcoming proof that hardly anyone would believe.......including yourself?
D
Deleted member 5849
Guest
In a world of litigation, it's wise to check sources before making accusations...
Word does reach me of threats to sue fans from other sources, it needs digging before committing to it however.
Good job some ask the qestions however rather than blindly accepting. let's hope the answer is 'no, I have never threatened a poster on a message board for libel' and then we can all be happy there is but one boogyman.
Grendel
Well-Known Member
He created the term Sisue -- I think he is rather proud of it.
skybluetony176
Well-Known Member
Sorry, i did'nt realise your little game of taking someone else's comments and twisting them to mean something else was a single player game.
skybluetony176
Well-Known Member
i think that must be the same source that told me you like to dress up as a woman and prance around the house when no-one's is in while shouting "look at me, I'm ladysummerisle".
but its not my place to say either
Astute
Well-Known Member
Try reading again what he said. He knows of one but it isn't his place to say who. Not he needs to check the legality as he knows
D
Deleted member 5849
Guest
Try reading again what he said. He knows of one but it isn't his place to say who. Not he needs to check the legality as he knows
It isn't his place to say who...
Especially as his sources have told him not to say who.