Charity statement on court case (3 Viewers)

[fernandopartridge]

It is widely known that that this was offered, so despite you bringing other variables into it, it does read that there must have been some room for negotiation. Or do you say different?

The sliding scale was rejected but it wasn't always positive in favour of the club anyway. As far as I recall the sliding scale meant that the rent increased beyond £1.2m if the club were promoted to the Premier League and minor reductions (but still too expensive) whilst the club was in League 1 (this is the original negotiation not the more recent ones).

 

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[fernandopartridge]

We don't know what the starting rent would have been or any of the details so we don't know if it was a good deal or not. It could have meant that ACL paid the council an annual rent instead of the £21m upfront - we don't know. If PWKH makes an appearance on here again you can ask him.?

ACL got the mortgage with YB because it worked out cheaper than the scorching £1.9m that the Council wanted to charge them annually.

 

[wingy]

ACL got the mortgage with YB because it worked out cheaper than the scorching £1.9m that the Council wanted to charge them annually.

Council were charging ACL £900K @ inception.

 

[fernandopartridge]

Council were charging ACL £900K @ inception.

Not according to this article, can't remember who's work it is, it's either Godiva or osb58 or both.

http://www.skybluetrust.co.uk/attac...td and Ricoh build years 1993 to 2007-new.pdf

 

[James Smith]

ACL got the mortgage with YB because it worked out cheaper than the scorching £1.9m that the Council wanted to charge them annually.

Was it really that high a year - glad I'm not a tenant of CCC.

 

[wingy]

Not according to this article, can't remember who's work it is, it's either Godiva or osb58 or both.

http://www.skybluetrust.co.uk/attac...td and Ricoh build years 1993 to 2007-new.pdf

Apolgies young man,need for more retentive grey matter ,like Nicks server,thought I'd read It in the Completion pdf.

In a way It illustrates at outset that ACL would have been subsidising the the club's rent and costs ,good job they got the lease up and running within the year.

 

[Godiva]

Not according to this article, can't remember who's work it is, it's either Godiva or osb58 or both.

http://www.skybluetrust.co.uk/attac...td and Ricoh build years 1993 to 2007-new.pdf

Not guilty your Honour.

 

[fernandopartridge]

Apolgies young man,need for more retentive grey matter ,like Nicks server,thought I'd read It in the Completion pdf.

In a way It illustrates at outset that ACL would have been subsidising the the club's rent and costs ,good job they got the lease up and running within the year.

Or, that the Council set ACL up to fail or had unrealistic expectations of the earning power of the complex from the outset. That unrealistic expectation was passed on to the club in the form of a high rent.

 

[Jack Griffin]

I don't think they could have changed it.
One thing that has come to light during the Higgs vs Sisu case is that all parties involved plus Deloitte and PriceWaterhouseCooper agree ACL were not in a good financial position. Take away £1m yearly rent and ACL would have ended up in serious trouble.

Now, on the back of the Olympics and the restructures made the past two years ACL are doing better. But back in 2007 when sisu took over it seems there was no room for any rent reduction.

Meanwhile the club are losing £7M per year, which is far far worse!

 

[Godiva]

Meanwhile the club are losing £7M per year, which is far far worse!

And ebola has broken out again. That's not good either.

But that was not the subject. We were discussing ACL IIRC.

 

[Jack Griffin]

And ebola has broken out again. That's not good either.

But that was not the subject. We were discussing ACL IIRC.

I think Mr Fisher had a comment on the situation... something about two turkeys do not an eagle make.

Or in point of fact I'm agreeing with Fisher to some extent here, however we are no longer dealing with turkeys, what we have now is one dead parrot whose owner is pretending it is still alive and an ailing elephant.

 

[Godiva]

I think Mr Fisher had a comment on the situation... something about two turkeys do not an eagle make.

Or in point of fact I'm agreeing with Fisher to some extent here, however we are no longer dealing with turkeys, what we have now is one dead parrot whose owner is pretending it is still alive and an ailing elephant.

Unless he was referring to legal eagles ...

 

[skybluetony176]

I think Mr Fisher had a comment on the situation... something about two turkeys do not an eagle make.

I thought the saying was 8 QC's do not a killing make?

 

[Nick]

Apolgies young man,need for more retentive grey matter ,like Nicks server,thought I'd read It in the Completion pdf.

In a way It illustrates at outset that ACL would have been subsidising the the club's rent and costs ,good job they got the lease up and running within the year.

Leave the server out of it

 

[mighty quinn]

from the charity website http://www.higgscharity.org.uk/high-court-decision/


The Trustees are disappointed at the decision not to allow its claim for £29,000 for fees incurred. The Trustees are however pleased that the counterclaim for £290,000 was dismissed as "hopeless" and that the judge made plain that the criticisms made by Sisu of the Trustees' conduct were "misplaced and unfortunate allegations". The Trustees were duty bound to pursue their claim and defend Sisu's counterclaim in order to protect the Charity's funds.

Given the judge's decisions each party agreed to meet their own costs

Bet it was less than £29,000

 

[Jack Griffin]

Unless he was referring to legal eagles ...

Nice deflection technique, no the turkeys are mentioned in the court transcript.. Mr Justice Leggatt in his judgement said...

Mrs Knatchbull-Hugessen, in her witness statement, quoted a statement made by Mr Timothy Fisher, the chief executive officer of the club, on BBC Radio on 6 June 2013, but referring back to the due diligence undertaken by SISU and the club the previous year. He said: "Now, when we started the due diligence, ie we got into the numbers and we drilled down, we realised the business was nothing short of appalling, so actually there is no real business there. Half of something very small is very, very small and if you think the football club is struggling, I will tell you ACL is likely struggling and this is the point: two turkeys don't an eagle make. We would not strap ourselves to an ailing business and that is why we have to create our own."

 

[torchomatic]

Nice deflection technique, no the turkeys are mentioned in the court transcript.. Mr Justice Leggatt in his judgement said...

No worse than you ignoring the court documents and ignoring the council's role in our demise.

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[James Smith]

I've got a new one for Tim:

One albatross does not a hedge fund break.​

 

[Jack Griffin]

No worse than you ignoring the court documents and ignoring the council's role in our demise.

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I haven't ignored anything.