Wasps bid for Ricoh Arena valued at £30million

[Broken Hearted Sky Blue]

What's there to protest about we are back at the Ricoh ?
Well that's all the majority of fans were bothered about.

Correct we're back at the Ricoh but for how long? I for one do not want to go go through the shit we've been through for the past year again do you:facepalm:

 

[ccfcchris]

[h=1]Tuesday is key day in Coventry stadium plan for Wasps[/h]

Wasps could discover next week if their controversial plan to buy the Ricoh Arena and relocate to Coventry has been given the green light by the local council.

A revised offer to purchase 90 percent of ACL – the company that runs the 32,600 capacity stadium– is set to go before the local council in private next Tuesday. The council lent ACL £14.1m to secure the stadium’s future in January 2013.
Wasps, who dropped “London” from their name before this season started, believe they have to find an alternative home to Adams Park – which they share with Wycombe Wanderers – to become financially viable, although club officials have previously insisted their three year plan is aimed at targeting a new stadium nearer London.
Wasps fans have reacted strongly to the proposal to head to the Midlands following Standard Sport’s exclusive story revealing a plan to target the Ricoh Arena in August. The Arena cost £113m to build in 2005.
The club has won two Heineken Cup trophies and were England’s dominant club under captain Lawrence Dallaglio, previously played at Sudbury before moving to share Loftus Road with QPR under former owner Chris Wright. Wasps played Northampton at the Ricoh in 2007.
Adams Park has a capacity of 10,500 for rugby and Wasps have failed to build a strong fan base with less than 6,000 at Sunday’s win over Newcastle.
Derek Richardson, a London-based Irish businessman took over Wasps in April 2013 and stated:”Very obviously we want to increase revenue from ticket sales, increase sponsorship income and then, longer term, generate vital revenue through owning or co-owning our own stadium.”
The Coventry Telegraph has reported that financial advisors Deloitte has drawn up an investment prospectus, but it is rumoured the deal has hit a stumbling block, with Wasps struggling to generate enough support to meet the asking price of ACL’s joint stakeholders Coventry City Council and the Alan Edward Higgs Charity.
If a revised bid is put together, it is expected the council’s Labour group will discuss the deal on Monday and decide how to vote ahead of the full council meeting. Any deal would see the council retain a 10 per cent stake in ACL.
There is local anger at the plan with Coventry City football club having just returned to the stadium having spent a season playing at Northampton while Coventry Rugby Club insist they are the only rugby club in the City. Any deal would also have to be voted through by the full council – but that vote could be held in private for commercial confidentiality reasons .
A spokesman for Coventry City Council said: “We are committed to consider all options available to not just protect but also maximise the potential of the Ricoh Arena, but any discussions with any interested parties would remain commercially confidential until councillors needed to make a specific decision.”

 

[Sky Blue Dal]

Correct we're back at the Ricoh but for how long? I for one do not want to go go through the shit we've been through for the past year again do you:facepalm:

Well only for 2 to 4 years till we build a new stadium as SISU have repeadidly pointed out. Why we protesing against the council when there is no evidence that SISU our owners have made a counter offer.

 

[sky blue john]

Correct we're back at the Ricoh but for how long? I for one do not want to go go through the shit we've been through for the past year again do you:facepalm:

I'm tired of it all to be honest.
currently the Ricoh set up of various company's is to complicated this deal would at least put the Ricoh in one entity. This may pave the way for a Ricoh and CCFC unification in the future.

 

[Broken Hearted Sky Blue]

Well only for 2 to 4 years till we build a new stadium as SISU have repeadidly pointed out. Why we protesing against the council when there is no evidence that SISU our owners have not made a counter offer.

And where were you when all this was happening? Serious question by the way

 

[Broken Hearted Sky Blue]

I'm tired of it all to be honest.
currently the Ricoh set up of various company's is to complicated this deal would at least put the Ricoh in one entity. This may pave the way for a Ricoh and CCFC unification in the future.

We will all be dead by then.

 

[Rob S]

IIRC Rob you mentioned last week that you were hoping to meet with senior CCFC/SISU people by the end of this week. Did you have any joy (no pun intended) with this?

Glad to see at least one person has a memory ;-) Should have more by tomorrow lunchtime.

 

[oldskyblue58]

looking at gendels post above I think we would broadly be in agreement that it certainly is not £30m cash

I would expect
- a lease extension 99 years plus
- the loan remaining is £13.4 so I would think that makes up part of the £30m figure
- I would guess it will morph from the Ricoh arena to the Jaguar or JLR Arena - as old deal is running out what is that worth in the deal? anything?
- there are included apparently stadium improvements so that's what 2m or more - wont be cheap
- there is the £1m written off the loans
- CCC buying the shares from AEHC say for £7m (cost 6.5m originally) then reselling to Wasps consortium (back to back)

clear cash looks like it is what £7m or less....... of course there might be clauses about future incomes and purchase of the 10%

Guys the £7m aside from being pure speculation is also after money that could be paid to AEHC. If the figure estimated is correct or not I think the principle remains ....... CCC pay AEHC £7m for their shares followed by Wasps Consortium paying CCC for the shares that used to be AEHC's plus any clear cash balance. Net effect CCC receives £7m

So the actual cash could be £14m going to CCC who will have paid out £7m against it.

Naming rights. Well the deal with Ricoh I believe is up for review next year. If not renewed then there would be no sponsor. Not exactly sure why the naming rights would be part of the £30m deal to buy out CCC and AEHC. Wouldn't the naming rights income go to ACL as it did with Ricoh? ACL of course would be owned by the Wasps consortium when the new sponsor comes in 2015?

 

[Mr T - Sukka!]

Well this clusterfuck is all down to SISU. They went back on an agreed deal for the Ricoh. And the failed JR.

They claim they are not intrested in the Ricoh and they are building their own stadium outside of Coventry.

It does not affect SISU in anyway.
They now HAVE TO build a new stadium. The actions of themselves has forced them to.

 

[Sky Blue Dal]

And where were you when all this was happening? Serious question by the way

edit: Why we protesing against the council when there is no evidence that SISU our owners have made a counter offer.


btw I was marching with the rest to bring City home.

 

[Frisky blue]

Christ, don't you read anything on here?

No,but mohamed might do.

 

[Sky Blue Dal]

Well this clusterfuck is all down to SISU. They went back on an agreed deal for the Ricoh. And the failed JR.

They claim they are not intrested in the Ricoh and they are building their own stadium outside of Coventry.

It does not affect SISU in anyway.
They now HAVE TO build a new stadium. The actions of themselves has forced them to.

Here! Here!

We are in this position for one reason and one reason only and that is SISU acting like Dick Turpin.

 

[Frisky blue]

This I think is one thing that I doubt anyone can disagree with.

grendel and Nick will.

 

[limoncello]

grendel and Nick will.

Now really isn't the time for petty one-upmanship and division.

 

[Grendel]

We will all be dead by then.

Christ we are now forming an unholy alliance.

 

[Ian1779]

Well this clusterfuck is all down to SISU. They went back on an agreed deal for the Ricoh. And the failed JR.

They claim they are not intrested in the Ricoh and they are building their own stadium outside of Coventry.

It does not affect SISU in anyway.
They now HAVE TO build a new stadium. The actions of themselves has forced them to.

Don't be soft. This path we are on was set in motion long before SISU arrived. Yes they have exacerbated it.

Also there was never a deal for the Ricoh -just a deal for 50% of the lease holding company.... Not quite the same is it.

 

[skybluetony176]

Glad to see at least one person has a memory ;-) Should have more by tomorrow lunchtime.

Nice one. Will you be reporting back on here? Assuming that there is something to report.

 

[Sky Blue Dal]

Also there was never a deal for the Ricoh -just a deal for 50% of the lease holding company.... Not quite the same is it.

and even that they couldn't pull off.

One failure after another.

 

[Cov Kid Dave]

This is crazy, what the hell are the council playing at - this type of news really starts to show they are far from squeaky clean in the farce that planet Ricoh has become. This sale seems rushed and has to be stopped just as the relationships seems to be improving with Steve Waggot and the guy from ACL talking about a future CCFC ownership. Sell it to CCFC is you must sell. The Sky Blues Trust, NOPM and any other group should be outside the council house making views known for the Council meeting on Tuesday. This is showing the other face of the council - how dare they even consider selling our asset to a club outside of Coventry - remember Lucas said not long ago it wasn't for sale. Absolutely fuming and if they sell out to Wasps - well roll on the council elections .

 

[Broken Hearted Sky Blue]

edit: Why we protesing against the council when there is no evidence that SISU our owners have made a counter offer.

Didn't see that bit. However and this is from someone who has supported ccc throughout and as most people on here know hates Sisu,The Council are wrong here,Sisu have not put in a counter offer why because the council are keeping tight lipped about the offer why dont they put it out there ? Does anybody know the real details? Why the rush? Why the secret council meeting to decide if you've got nothing to hide? A few months ago we had some council elections why was this not mentioned? Lastly why didn't the council put it out for tender to see what the response would be?

 

[Ian1779]

and even that they couldn't pull off.

One failure after another.

Evidently not...

Whilst we are in the subject - remind me how many times the football club owners (SISU and before) were offered a 90% stake in ACL.....?

 

[sky blue john]

Don't be soft. This path we are on was set in motion long before SISU arrived. Yes they have exacerbated it.

Also there was never a deal for the Ricoh -just a deal for 50% of the lease holding company.... Not quite the same is it.

Lol !!
Your priceless !
There has always been a deal available Sisu are solely to blame for it not happening !
You were wrong about the JR and your wrong again now !!

 

[Rusty Trombone]

Evidently not...

Whilst we are in the subject - remind me how many times the football club owners (SISU and before) were offered a 90% stake in ACL.....?

I don't think they have ever been prevented from putting in an offer for 90%.

 

[Ian1779]

Lol !!
Your priceless !
There has always been a deal available Sisu are solely to blame for it not happening !
You were wrong about the JR and your wrong again now !!

Yet again - complete inability to read my posts correctly. In fact you just make it up as you go along...

When has their ever been a deal for the 'Ricoh' as a whole??

As for the JR - I said very little about it.

 

[Ian1779]

I don't think they have ever been prevented from putting in an offer for 90%.

It's never been available.

 

[dongonzalos]

When SISU were throwing figures about were they talking with or without the loan? When they offered the £2million up front to Higgs?

They believe the charity itself paid 2 million for ACL the other 4.5 million was a debt owed to the owner if the charity. (I believe)

 

[skybluetony176]

I don't think they have ever been prevented from putting in an offer for 90%.

The previous owners were given 50%. Something often forgotten. And the only thing stopping the current owners from yet making an offer (well a serious one anyway) is themselves.

Hopefully Rob hears some more positive news tomorrow.

Oh shit. I've just had a vision of Rob being told that they're going to start court proceedings to block the take over. Doh! Rob if that happens so long as it's a man saying it you have my permission to knock em out

 

[Ian1779]

The previous owners were given 50%. Something often forgotten. And the only thing stopping the current owners from yet making an offer (well a serious one anyway) is themselves.

Hopefully Rob hears some more positive news tomorrow.

Oh shit. I've just had a vision of Rob being told that they're going to start court proceedings to block the take over. Doh! Rob if that happens so long as it's a man saying it you have my permission to knock em out

They weren't given it - they paid for it. Then sold it as they were fucked financially.

 

[James Smith]

So basically we've screwed ourselves over if the long term plan really was the Ricoh. If the shareholders in ACL can get £30m (or nearest offer) then that's great news for them but not so good for us or the rugby club. If we really wanted to stay at the Ricoh we should never have been talking about our new stadium and saying that we've moved on. I'm not surprised that councillors are up in arms, this could bugger our chances of staying at the Ricoh long term especially given the massive amount of progress on the new stadium.

How has Joy let it get to this situation? I thought she was supposed to be clever and a brilliant negotiator/deal maker. I can't imagine that there are many supporters who are happy that Wasps might be in a position to buy the lease on what should be our home.

 

[skybluetony176]

They weren't given it - they paid for it. Then sold it as they were fucked financially.

Out of interest how much did the club pay for it?

 

[Sky Blue Dal]

Didn't see that bit. However and this is from someone who has supported ccc throughout and as most people on here know hates Sisu,The Council are wrong here,Sisu have not put in a counter offer why because the council are keeping tight lipped about the offer why dont they put it out there ? Does anybody know the real details? Why the rush? Why the secret council meeting to decide if you've got nothing to hide? A few months ago we had some council elections why was this not mentioned? Lastly why didn't the council put it out for tender to see what the response would be?

TBH I can't see this being voted through and definately not IF SISU had made a counter offer. The only way forward is to get in touch with the city councillors demand more transparency.

btw I agree with most of what you have said.

 

[Gynnsthetonic]

Let the egg chasers have it and CCC can allow and find room for a proper football ground to be built nearer the city centre not some soulless arena which has been a disaster from day 1. Couldn't even get it open on time for the first game in 2005. Highfield Rd 3 as number 2 built in the Coventry area would have always been a no goer.

 

[Ian1779]

Out of interest how much did the club pay for it?

Only a couple of million or something for their share in FIL.

And just to pre-empt your next comment,, you could say that Higgs got a share in ACL at a knockdown rate - especially if 90% is going at £30m...

 

[letsallsingtogether]

Yes but with the council now buying the Higgs share the football club has been pushed out completely and now has no options open to them!!!

So it will be a new ground or bust.

 

[Rusty Trombone]

It's never been available.

You're making that up. Which offers have been turned down for the 90%?