£6-7m sale price?

Discussion in 'Coventry City General Chat' started by AFCCOVENTRY, Oct 3, 2016.

  1. AFCCOVENTRY

    AFCCOVENTRY Well-Known Member

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    Was an interesting read this article and interview with the smurf. Personally at the moment Sisu would be lucky to get £6-7m imo. Interesting to see that he says something I mentioned about the investors. They would want out as they aren't making any money on this hedge. You wouldn't want to be the last investor in the pot.

    Smurf believes there are potential buyers out there. That is true. The problem is always what Sisu want and actually what the club is worth now.

    http://www.coventrytelegraph.net/sport/football/coventry-city-owners-sisu-sell-11973299
     
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  2. Nick

    Nick Administrator

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    Should pm him to get him to come on and give more info ;)
     
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  3. albatross

    albatross Active Member

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  4. martcov

    martcov Well-Known Member

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  5. mrtrench

    mrtrench Well-Known Member

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  6. skybluetony176

    skybluetony176 Well-Known Member

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    When someone already involved in football at this level (with their own money) makes a statement like that you have to take it seriously. It's certainly more probably than £15-25M. That's just crazy talk.
     
  7. Como

    Como Member

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    “It will take deep pockets and a very motivated person to do it. But if there’s anyone who thinks they are going to make money, make a quick return, it’s just not going to happen. So those people should stay away.”

    What land is worth with a different planning permission is irrelevant unless there is some possibility that would happen.
     
  8. Gazolba

    Gazolba Well-Known Member

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    Take away the 'm' and the price is about right.
     
  9. dongonzalos

    dongonzalos Well-Known Member

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    Problem we that is I believe they already had a structured over of around 5 million based on future success and were not interested.
    However then I suppose they had a plan of getting hold of ACL cheaply.
    That option isn't there now so who knows?
     
  10. chiefdave

    chiefdave Well-Known Member

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    Didn't the club get something from him to support one of their past barmy decisions that went up on the website?

    Could this be SISU getting a figure out in the open? Its certainly not far from the amount OSB suggested they might accept.

    Probably wishful thinking but stranger things have happened.
     
  11. Terry Gibson's perm

    Terry Gibson's perm Well-Known Member

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    I have been told that Ryton has already been moved well away from the football club so it can't be counted in any value so the club is still worth zero.
     
  12. Captain Dart

    Captain Dart Well-Known Member

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    Yes it is held as a security by ARVO. If they demand it then it will have to be handed over.
     
  13. Kingokings204

    Kingokings204 Well-Known Member

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    Great article and worth about what OSB predicted but I still struggle to see how it's worth more than £1. The club looses money every year and last year was a good one financially. Still lost over a million though.

    What did smurf say? All it is, is ticket sales and crest. How's that worth £5mil?

    Give them a way out. If you present a way out for them they will go. Certain. The game is up and has been for a while but as smurf says it's a hard business to value. What sisu want and what they would get it is the sticking point?

    I agree with him, give sisu some up front capital for them (sounds like they need it) and a percentage if promotion was achieved. So double win for them.

    They haven't got the time or the money to piss around anymore thank god. When they stopped money in summer 2014 that was the end. Wasps got the Ricoh and the game was up. Everything since has been going though the motions and the club still looses money and even if we reached break even then so what? Doesn't help sisu does it? They won't make money if we break even. So no interest. They are a hedge fund and they make quick profits.

    It's all very clear, I will some up the last 4 years in a nut shell for a non ccfc fan.
    Sisu tried to get the Ricoh for next to nothing by moving us to Northampton which pissed off ccc and wasps with a helpful ccc came in and Gazumped it. At which point sisu stopped all monies and now it's try to break even (self funded) and maybe fluke a promotion whilst looking for a way out.
     
    Last edited: Oct 3, 2016
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  14. georgehudson

    georgehudson Well-Known Member

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    the problem i think, & it's just my opinion,
    is that JS, is in deep doo doo, & is of the obstinate variety,
    & refuses to admit or accept that this whole business has been a complete f*ck up,
    complicit in this have to be the 'oiks' who have poked their noses into the CCFC morass,
    Bosco, Brody, Bradley, Clarke, Clouting, & that's only the bbc part,
    imho, as a point of honour,
    GIVE US OUR CLUB BACK
     
  15. Paxman II

    Paxman II Well-Known Member

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    If it were just 5 or 6m then I think there would be a plethora of interested parties including surely Hoffman and his cohorts? The fact is what it's worth and what it's value is are very different.
     
  16. westofrayne

    westofrayne Active Member

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    6-7m maybe but what about the loans/debts? There is no way they are going to write them off. so the new owner will have to either take them on or pay (a %) to wipe them out.

    I struggle to understand who would buy a club for 6-7m that is loosing money daily, has only 18 months of access to a stadium and no training ground (assuming this is sold for housing by the owners)
     
  17. Otis

    Otis Well-Known Member

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    Hmm, that would leave you with £6 - £7, so minus one pound.

    Sisu therefore need to pay someone one shiny pound to take the club off them.

    I'll have a go. I'd put the pound straight on the Health Lottery and hope to win the jackpot.
     
  18. Kingokings204

    Kingokings204 Well-Known Member

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  19. albatross

    albatross Active Member

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    I saw that in his interview, The point I was considering is where does that asset lie within the organisation? Does it belong to the club? If yes I understand that it has effectively been mortgaged. If that is the case what is the charge over Ryton. It certainly would not be the £7 million as at the time it was mortgaged the asset value would not have been "development" land, now it potentially has a significantly higher value.

    I know that in 2011 the club took out a reported £1m mortgage on Ryton but did they lose this asset through admin?
     
  20. sparky

    sparky Member

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    I still think there's a twist to all this, sounds to me the perfect scenario would be wasps buying the football club for 1 pound, sisu keep the training ground to sell as part of the deal, move the football players to the Higgs with the rugger lot.
    Then wasps have got both teams under one roof at the Ricoh making a good turnover because fans can see a future with the council happy because they have trust in board members at the wasps to run everything correctly. Win win. Main question is would sisu sell to wasps or say no out of principle with what's gone on?
     
  21. Kingokings204

    Kingokings204 Well-Known Member

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    I like the sentiments but the big question is whether wasps can afford or would want us? Why would they?

    Sisu would sell to anyone at the right deal that's not an issue.
     
  22. mrtrench

    mrtrench Well-Known Member

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    I don't know where the asset lies but I do know how collateral works when mortgaged. If the land were sold then the mortgage would have to be paid off. If the land is worth more than the mortgage the monies would be transferred via a trusted third party on the same day.
     
  23. sparky

    sparky Member

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    Kingokings, why? Money, fan attraction, ambition, making a community sporting hub, I.e footy on a sat wasps on a sun makes good sporting entertainment and business, imagine if they done deals for a footy and rugger season tickets at say 500 quid? I wont Li I be interested.
    If they can afford or want us?
    That's a question I cant answer and most probably no one on this forum can either.
     
  24. Kingokings204

    Kingokings204 Well-Known Member

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    No I see what you're saying and I'm not totally against the idea of wasps taking us over but I question their means and will.

    The businesses working side by side would be great and more use of the stadium and more revenues and more everything but wasps are struggling with their own debts and means. Looking after a football club as well would mean more effort and time into football. Not something that interests them I'm afraid.

    http://www.coventrytelegraph.net/news/coventry-news/derek-richardson-wasps-owner-rules-9055299
     
  25. sparky

    sparky Member

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    Just a thought from my above post, I don't know too much about wasps set up, but a hear that mayb be hedge funded may wrong, even if they couldn't afford us what's stopping from loaning a minium amount to buy the football club then the wasps board selling both teams for big bucks making there profits? Like hedge funds do.
     
  26. Skyblueweeman

    Skyblueweeman Well-Known Member

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    Is there a chance that this fella is selling Port Vale to make an offer for us?


    Sent from my iPhone using Tapatalk
     
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  27. jas365

    jas365 Active Member

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    Another forum I use (not a CCFC forum) had a thread about the worst team to support in the last 20 years - most fans of other teams agreed it was us!!!

    There was one post on there from a guy who has a mate who worked for SISU when they bought CCFC, he said to this day no one understands why they did, and now they can't get rid as they will not take a loss on the purchase i.e. they want back what they've put in. Said the whole thing has been a complete disaster.

    Something tells me if they were prepared to take £6-7m they would be long gone by now.
     
  28. Kingokings204

    Kingokings204 Well-Known Member

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    Not really sure if it works like that or not. Who knows? Trouble is as I say not so much money although wasps need every penny by the sounds of it. It's just ccfc are in a ruinous state and would need a lot of time and effort and money probably all things wasps don't have for a football team. Why buy something that is paying you rent and probably increased rent soon every year making your better business better?
     
  29. Kingokings204

    Kingokings204 Well-Known Member

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    Not sure obviously on how reliable this is. We all know it's been a distaste and the Ricoh was their last chance at hitting gold it won't happen now.

    We keep hearing how they want their money back well they aren't going to get it so it's either sell now whilst the club exists and has a chance hopefully or wait for us to get relegated and or worse and then sell.

    We are not going to make them money nor more to the point reclaim their losses. It's impossible. There has to come a point where the money runs out completely or investors just say enough is enough this is a dead duck and let someone else have a go.

    They had a quick plan and it failed. The Ricoh was used as a last ditch attempt and it failed. Court cases have failed. Go now sisu.
     
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  30. torchomatic

    torchomatic Well-Known Member

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    The millionaire says City’s problems started before Sisu took over the club and that the club “sold its soul” when it left Highfield Road and that the deal to play at the Ricoh Arena without matchday revenue was “crackers”.

    “Unless you have a football club that is delivering both on the pitch and in terms of sitting in the stadium, and everyone has a collective aim, then no-one is going to buy it,” said the life-long City fan who points to the potential of the club highlighted by the 27,000 who turned up for the Sky Blues return to the Ricoh Arena from their Northampton exile.

    “One thing I can guarantee is that working against the club won’t help in the long term because you won’t get the right person to come along to acquire it.

    “There needs to be a concerted effort by the football club and the fanbase to both try to improve the fortunes on the pitch to help the revenues, because it means more people coming to watch, and demonstrate how big and great the club is to a third party prospective purchaser.
    “For those that went to the Gillingham game when they returned to the Ricoh – what a fabulous occasion and atmosphere and game and that’s what you need to have to put the emotion into someone to actually write a cheque to buy the club.”

    The Vale chairman believes City’s problems are historical.

    “You have to look at the bigger picture and go back to 2005, and the decision made three or four years before that to get rid of Highfield Road,” he said.

    “I remember when City beat Derby County 6-2 in the last game and it saddened me then that the then directors had sold their soul to the Devil, selling Highfield Road for development. I always thought that Coventry lost it’s community identity the minute they did that.

    “I think fans have to go back to that decision.”

    Smurthwaite says Coventry City Council must shoulder some of the blame for the club’s demise as politicians have “let the club down”.

    “When you look at the splendid work that’s gone on in the city regarding regeneration or property and the area, I think the politicians have let the club down,” he said.

    “I don’t think they understand the value of what the football club, which is a community club, does and they really haven’t made the right decisions over the last few years in relation to the club and the Ricoh. And those two things have contributed to the demise of the club and that was quite a few years from where we are now.

    “Whoever signed off the deal to play at the Ricoh with no matchday revenue must have been crackers because without that third party income you can’t actually run a business.
     
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  31. Nick

    Nick Administrator

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    Apparently he's a SISU spokesman.
     
  32. torchomatic

    torchomatic Well-Known Member

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    Is that on the comments? My work PC blocks the comments so I can't see those.
     
  33. Captain Dart

    Captain Dart Well-Known Member

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    I don't see why Wasps would want to take on a loss making business when they need to repay 6.5% interest on the £35M bonds they issued (they have to pay the punters that bought them £2.4M p.a. which is approx. 10% of the ACL/Wasps turnover, next £1.2M payment due soon).

    Achieving a some positive synergy through CCFC & Wasps working together is something that both companies should aspire to but cooperation of any sort is something that seems to be missing from the SISU locker, the only guy who remotely succeeded in that area was Steve Waggot but he has gone.

    My opinion is that Wasps have no interest in purchasing CCFC and would be foolish to do so.
     
  34. Otis

    Otis Well-Known Member

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    Ooh, Grendel won't like that. ;)

    I have consistently said our future lies at the Ricoh and he's always maintained he would rather we played miles away with temporary stands at a non league ground.

    This Port Vale chairman does make a lot of sense and it is rational. You will hardly find a single City fan anywhere who believes a new stadium will be built.

    At the moment all we have is the Ricoh and that's it.
     
  35. Kingokings204

    Kingokings204 Well-Known Member

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    That's the point. Ticket revenues are our biggest earner currently. We have a 32k seater stadium luckily.

    I do accept that highfield road was selling the soul and has wrecked the club. But it's gone now and we have to work to find a solution not cry over spilt milk. They certainly won't. Sisu knew the deal when they bought the club. Shows how much they know about football.
     

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