48 hours away from expulsion / New Ricoh Talks! (1 Viewer)

Nick

Administrator
Interesting that certain people don't seem to have been back after posting in this thread.

It was almost as if they were trying exactly what I said they were.
 

Great_Expectations

Well-Known Member
The trouble with this rumour is that no one has been clear as to what "buying 49% of the Ricoh" actually means.

Is it incomes shared 49% if so which incomes?
Is it 49% of the net profit from the match day incomes ?
Is it buying 49% of IEC Experience Limited which is the catering and events company ?
is it 49% of ACL which owns IEC but also receives rent ?
is it 49% of the lease valued at £60m?
is it some brand new joint venture company to cover the relationship shared 49:51?

It all costs to varying degrees, and doesn't stop CCFC having to agree a rent. Pretty certain Wasps rugby pay rent so quite unlikely that CCFC would not

Also as nothing has been disclosed so far because of the non disclosure agreement in place how do these, i assume peripheral, people know? For them to know and to be spreading it far and wide jeopardises any agreement

also wasps have given the "ricoh" as security to the bond 100%. If SISU are not going to be part of that security that means that wasps must find something to replace the 49% they are selling to make sure the bond is fully covered. Alternatively the proceeds of sale would need to be sufficient to pay down the bond to balance the security requirement. That would be early repayment of the bond so would not be £1 for £1 because the bond terms set a premium for early repayment currently around 5%. Wasps are not going to go out borrow more to do that so that means the sale proceeds would need to cover it. £35m x 49% x 1.05 = approx 18m proceeds but that ignores possible tax costs.

All that to buy in to something that doesn't make big profits in the first place and might not guarantee income?

Yep, as I say I can’t see how it works or why, but these things have to be shared on an internet forum! It’s interesting nobody else seems to have heard anything similar.
 

ccfc92

Well-Known Member
Coventry City Football Club can confirm that it is still in discussions with Wasps Holdings Limited regarding extending our current license to play at the Ricoh Arena.

There have been a few hurdles along the way, but we are all working hard, and are continuing to work hard, to overcome these and reach an agreement to play at the Ricoh Arena, therefore avoiding the need to groundshare.

Details of discussions with Wasps Holdings Limited are confidential at this stage, due to mutually signed confidentiality agreements, and we will update fans as soon as we are able to do so.
 

rob9872

Well-Known Member
Probably just holding out until after Sunday so that we don't disrupt their games and then they'll advise all deals are off.
 

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