Indemnity question (1 Viewer)

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Not trying to stir anything up here, and apologies if this has already been covered elsewhere.

If Wasps' indemnity clause is to cover any possible losses from the EU complaint, and Sepalla has been quoted before as saying that all legal costs would be covered by the owners and not the club... Why are the club saying that the indemnity is a threat to the club's finances (and existence)?

Apologies if I'm being thick and completely misunderstanding the situation!
 
better days

better days

Well-Known Member
covcityaaron said:
Not trying to stir anything up here, and apologies if this has already been covered elsewhere.

If Wasps' indemnity clause is to cover any possible losses from the EU complaint, and Sepalla has been quoted before as saying that all legal costs would be covered by the owners and not the club... Why are the club saying that the indemnity is a threat to the club's finances (and existence)?

Apologies if I'm being thick and completely misunderstanding the situation!
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I believe it's a completely open ended indemnity which means it could in theory be many tens of £ millions
No organisation could sign it
 
skybluegnome

skybluegnome

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It may mean that the owners would have cut down any funds they were giving to MR..I don't know, its just a thought.
 
Frank Sidebottom

Frank Sidebottom

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covcityaaron said:
Not trying to stir anything up here, and apologies if this has already been covered elsewhere.

If Wasps' indemnity clause is to cover any possible losses from the EU complaint, and Sepalla has been quoted before as saying that all legal costs would be covered by the owners and not the club... Why are the club saying that the indemnity is a threat to the club's finances (and existence)?

Apologies if I'm being thick and completely misunderstanding the situation!
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I imagine if SISU ended up having to pay X million to wasps it would bankrupt SISU and as SISU are currently propping us up we'd be fucked.
 
Grendel

Grendel

Well-Known Member
covcityaaron said:
Not trying to stir anything up here, and apologies if this has already been covered elsewhere.

If Wasps' indemnity clause is to cover any possible losses from the EU complaint, and Sepalla has been quoted before as saying that all legal costs would be covered by the owners and not the club... Why are the club saying that the indemnity is a threat to the club's finances (and existence)?

Apologies if I'm being thick and completely misunderstanding the situation!
Click to expand...

How on earth is an indemnity the same as legal costs?

Yeah you are being thick
 
Skybluefaz

Skybluefaz

Well-Known Member
covcityaaron said:
Not trying to stir anything up here, and apologies if this has already been covered elsewhere.

If Wasps' indemnity clause is to cover any possible losses from the EU complaint, and Sepalla has been quoted before as saying that all legal costs would be covered by the owners and not the club... Why are the club saying that the indemnity is a threat to the club's finances (and existence)?

Apologies if I'm being thick and completely misunderstanding the situation!
Click to expand...
Because legal costs does not cover the potential punishment if the eu finds the council did do wrong?
 
clint van damme

clint van damme

Well-Known Member
covcityaaron said:
Not trying to stir anything up here, and apologies if this has already been covered elsewhere.

If Wasps' indemnity clause is to cover any possible losses from the EU complaint, and Sepalla has been quoted before as saying that all legal costs would be covered by the owners and not the club... Why are the club saying that the indemnity is a threat to the club's finances (and existence)?

Apologies if I'm being thick and completely misunderstanding the situation!
Click to expand...

I'm fairly sure that someone, I think Boddy, said that wasps wanted indemnity against the EC co.plaint not just from the owners but also the club so if sisu fucked off city would still be liable.
 
fernandopartridge

fernandopartridge

Well-Known Member
covcityaaron said:
Not trying to stir anything up here, and apologies if this has already been covered elsewhere.

If Wasps' indemnity clause is to cover any possible losses from the EU complaint, and Sepalla has been quoted before as saying that all legal costs would be covered by the owners and not the club... Why are the club saying that the indemnity is a threat to the club's finances (and existence)?

Apologies if I'm being thick and completely misunderstanding the situation!
Click to expand...

Wasps are asking for the sort of legal cover that an insurance company would not provide.
 
chiefdave

chiefdave

Well-Known Member
covcityaaron said:
Not trying to stir anything up here, and apologies if this has already been covered elsewhere.

If Wasps' indemnity clause is to cover any possible losses from the EU complaint, and Sepalla has been quoted before as saying that all legal costs would be covered by the owners and not the club... Why are the club saying that the indemnity is a threat to the club's finances (and existence)?

Apologies if I'm being thick and completely misunderstanding the situation!
Click to expand...
Legal costs simply covers the cost of taking the legal action. For all we know SISU have someone on retainer or some sort of no win no fee setup so saying they will cover those cost might mean nothing.

The indemnity is not a legal cost. Its saying if, for example, the EC say CCC were £30m too low on the sale price and CCC go to Wasps to pay that £30m rather than them paying it will fall to the club. That would quite possibly bankrupt the club.

No one would sign it, the suggestion is ridiculous and Wasps know that.
 
Senior Vick from Alicante

Senior Vick from Alicante

Well-Known Member
I went to the Ricoh yesterday on free tickets, the official attendance was around 9000 our party of 4 thought the actual was nearer 7. Just wondering what their break even figure is, they can't be doing that well if the gates aren't massive. Most of the advertising round the ground wasn't local either. They surely can't be operating just on the goodwill of their owner?
 
rob9872

rob9872

Well-Known Member
Senior Vick from Alicante said:
I went to the Ricoh yesterday on free tickets, the official attendance was around 9000 our party of 4 thought the actual was nearer 7. Just wondering what their break even figure is, they can't be doing that well if the gates aren't massive. Most of the advertising round the ground wasn't local either. They surely can't be operating just on the goodwill of their owner?
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c**t
 
rob9872

rob9872

Well-Known Member
My understanding was that indemnity wasnt just against club but individuals too.
 
pipkin73

pipkin73

Well-Known Member
pipkin73 said:
The way i have understood it is....

EU say, it was sold to cheaply x amount has to be paid back to the council coffers..
WASPS are due to pay but won't and don't have to as CCFC or SISU have agreed to pay it (indemnity)
CCFC and SISU can't afford to pay and we are broke, at best admin if we tried too.
Meanwhile, Wasps who got the ground plus casino etc get off as it's not there problem no more,
as CCFC, SISU indemnified them.

EU say, it was sold to cheaply x amount has to be paid back to the council coffers..
CCFC, SISU won't (indemnity) them, now Wasps have to pay, plus the bond and the rest of the losses.
Wasps go bust, no team at the Ricoh so council are in the shit.

SISU, we will come back and cancel the new ground if you give us cheap rent, Food & Beverage income and as landlord
look after the pitch, stadium upkeep etc. Council (fuck you) and we go around in circles again until ONE backs down and just
offers/accepts a fair deal.

So even after Wasps, i still think the council will try to screw us.

This has a long way to run either way unless Wasps and SISU agree a deal this summer.
No deal this summer i think all parties are going for broke, let's hope we can hold on.

Also, congrats on another win, you are my City, my only city, you make make happy when sky's are blue.
Let's make sure we go up to add the pressure to both Wasps and the council.

If we win the league, don't stop at the council house, stop at a city icon, Lady Godiva and make them walk over for photos, interviews etc..
sure the police can sort this without council approval, show them the content they have showed us during our dark hours.
Click to expand...
 
pastythegreat

pastythegreat

Well-Known Member
covcityaaron said:
Not trying to stir anything up here, and apologies if this has already been covered elsewhere.

If Wasps' indemnity clause is to cover any possible losses from the EU complaint, and Sepalla has been quoted before as saying that all legal costs would be covered by the owners and not the club... Why are the club saying that the indemnity is a threat to the club's finances (and existence)?

Apologies if I'm being thick and completely misunderstanding the situation!
Click to expand...
Surely the indemnity isnt for covering legal costs?! It's all well and good covering w**ps solicitors fees, but what w**ps are asking is, if found guilty for buying a ground on the cheap (with illegal state aid) then they want SISU to cover all costs? Indemnify w**ps from any wrongdoing. ie. Pay the shortfall of whatever they should have played for the stadium in the 1st place.

That's how I interpret it anyway. Gladly be corrected if wrong?!

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pastythegreat

pastythegreat

Well-Known Member
Senior Vick from Alicante said:
I went to the Ricoh yesterday on free tickets, the official attendance was around 9000 our party of 4 thought the actual was nearer 7. Just wondering what their break even figure is, they can't be doing that well if the gates aren't massive. Most of the advertising round the ground wasn't local either. They surely can't be operating just on the goodwill of their owner?
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You have a CCFC badge as your avatar, yet went to watch w**ps. You, are as much as the problem as SISU. Aka, a c**t!

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pastythegreat

pastythegreat

Well-Known Member
Senior Vick from Alicante said:
Twats like you are the problem with the lynch mob mentality. You don't know me from Adam, you don't think before you open mouth, you don't know motives or reason.
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You've been and supported/funded a team that has actively banished us from our ground and city! If that makes me a lynch mob for having a pop at you, then sharpen my pitch fork.

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Senior Vick from Alicante

Senior Vick from Alicante

Well-Known Member
pastythegreat said:
You've been and supported/funded a team that has actively banished us from our ground and city! If that makes me a lynch mob for having a pop at you, then sharpen my pitch fork.

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If you read the post it did say it was for free, I paid for a hot dog, I don't think that will pay off their debt do you?
 
pastythegreat

pastythegreat

Well-Known Member
Senior Vick from Alicante said:
If you read the post it did say it was for free, I paid for a hot dog, I don't think that will pay off their debt do you?
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Paying for a hot dog is still what? £5-6? And all 9k that attended bought a hot dog, or a pie or a pint. At £5 per head spend, you contributed to approx £45,000 take (assuming that everyone only spent £5 each, some would of spent more). Dont claim innocence "I only bought 1 hot dog" bullshit. By being there (free or otherwise) you're adding to the problem, the owners will look and say, "weve still got 9k people here, spending money and supporting us"! You're effectively giving them the green light to keep city out of the city. Claim your innocence all you like. Your just as bad as Lucas and Seppalla and Eastwood in my eyes. Not just you. ANYONE who has EVER attended a w**ps match that claims to be a CCFC fan or that comes from the greater coventry are! You are ALL part of the problem. End of!

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pastythegreat

pastythegreat

Well-Known Member
Skybluefaz said:
Giving it stacks on the internet. Great look.
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Says the person joining in to somebody else's conversation on the internet to give it stacks?
309b4dcabaa532ddd2bec53ed4274264.jpg


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pastythegreat

pastythegreat

Well-Known Member
Skybluefaz said:
Thing is I'm not abusing you am I? Would you call him a c**t to his face? Just asking that you have a think about it.
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Yes, if I was in a conversation and somebody said they'd just been to watch w**ps I would happily tell them exactly what I've just written. I've got no time for w**ps or anybody who has ever been to see them since they've been in the city. No keyboard warriors or hiding behind the internet. You watch w**ps but call yourself a CCFC fan, then dont expect me to hold back.

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