Yes they are, the interest payments go to them rather than to the Yorkshire, so they will be up on the deal.
You may be right that will continue their "rent strike" in the hope that the council will believe that sufficient CCFC fans/voters will take SISU's side.
Personally, I think they have massively overplayed their hand, but each individual will have their own reading of the situation.
P .S . I'm assuming that it was normal Grendel exaggeration - or do you not really understand the South Sea Bubble
Can't help but think that many of the Council/Higgs trust haters live outside the City.
Its easy to turn a blind eye to a London based hedge fund raping a City when you don't live there I suppose.
Its easy to turn a blind eye to a London based hedge fund raping a City when you don't live there I suppose.
Torchy you and grendel are loosing all credibility on this issue. Clutching at straws springs to mind.
Only 3 options left
1/ A new rent agreement is agreed and sisu continue to try and balance the books, hoping the team continues on the up, thus giving a more attractive proposition for someone to buy the club. ......a better return on their inevitable losses
2/ACL wind up the club and someone comes in and reinvents a new Coventry city..sisu only get ryton and a lawnmower
3/Sisu put us into admin and someone buy CCFC from the administrator for 1p in the pound....sisu only get secured assest ,ie Ryton
With new owners The Higgs and council would ok a sale of the Higgs share of the arena with owners of CCFC who have an genuine interest in the football club
Think I'll sort out my family budget with a one/off expenditure on black at the Casino.
OldSkyblue - in addition to the three options sisu have which you listed earlier in the thread - and lots of people seem to think there are only 2 options: walk away (which = liquidation) or come to a 'sensible' rent agreement - is there another option of making 'no more losses' their immediate goal (rather than the current break even in 2/3 years) and then just bide their time? If sisu walk away they are saying goodbye to £40+m which is a heck of a hit to take. If today's events mean sisu can't get ownership of even half the stadium then they are solely reliant on income from football. And football clubs lose money rather than generate profit. For all the talk in the last year of new owners/investors coming in, nothing concrete has happened. Presumably non-ownership of the Ricoh makes ccfc even less attractive to potential investors. So could sisu decide just to intensify cost cutting so as to stop incurring further losses, irrespective of how well/badly we do on the pitch, reach a compromise on the rent (but perhaps regularly default!), and then just bide their time. The recession will end one day and rather than waving goodbye to £40m they could hold on to ccfc as a currently worthless asset but one that no longer losses them money and maybe in sunnier economic times would be of interest to someone with more money than sense (even if by then we are in somewhere in the Blue Square league)?
And for posters who seem to understand sisu's position, how much would sisu now accept to walk away?
FFS, look at the language you are using!
Well even Joy herself would admit they are a London based Hedge fund, so I guess my language there is accuate.
As for saying they are raping the City. Definition of raping:
1. To force (another person) to submit to sex acts, especially sexual intercourse; commit rape on.
2. To seize and carry off by force.
3. To plunder or pillage
I think 2 & 3 describes their actions quite well.
Torchy you and grendel are loosing all credibility on this issue. Clutching at straws springs to mind.
Only 3 options left
1/ A new rent agreement is agreed and sisu continue to try and balance the books, hoping the team continues on the up, thus giving a more attractive proposition for someone to buy the club. ......a better return on their inevitable losses
2/ACL wind up the club and someone comes in and reinvents a new Coventry city..sisu only get ryton and a lawnmower
3/Sisu put us into admin and someone buy CCFC from the administrator for 1p in the pound....sisu only get secured assest ,ie Ryton
With new owners The Higgs and council would ok a sale of the Higgs share of the arena with owners of CCFC who have an genuine interest in the football club
Yes, that must be comforting to those who have lost their jobs and seen services suffer. I work for a local authority and I know how these things work.
Well even Joy herself would admit they are a London based Hedge fund, so I guess my language there is accuate.
As for saying they are raping the City. Definition of raping:
1. To force (another person) to submit to sex acts, especially sexual intercourse; commit rape on.
2. To seize and carry off by force.
3. To plunder or pillage
I think 2 & 3 describes their actions quite well.
Why didn't the council go all the way and buy the Higgs shares?
Would have taken some of the complexity out of it all.
What a disgusting post -- this should be removed
Similarly, if the arena goes down the pan, due to non payment of rent (at any level, not the existing high one) lots of people will lose their jobs also.
In turn, that affects taxes, rates, and future income to the region's businesses and workers, which will affect council services and employees just the same, possibly more.....
It isn't a simple equation......economic viability is impacted by many factors, we are all inter-dependant.
I don't think that it affects the ownership issue in the slightest really, Sisu still have to come up with the £6million or so to buy out the Higgs share before the option runs out.
The option must be pretty much due to expire by now.
Think that after that Higgs could sell it to whoever they choose, for however much they can sell it for, though don't know for sure.
I don't think that it affects the ownership issue in the slightest really, Sisu still have to come up with the £6million or so to buy out the Higgs share before the option runs out.
The option must be pretty much due to expire by now.
Think that after that Higgs could sell it to whoever they choose, for however much they can sell it for, though don't know for sure.
It expires in 2014, was it an exclusive option?
It expires in 2014, was it an exclusive option?
Yes, it was exclusive to CCFC.
Didnt Robinson try and pull a fast one at some point and make it exclusive to him?
If I have no credibility in the eyes of "fans" who want their club to go down the tubes then I'm pleased.
I keep hearing about these "new owners". I wonder when they'll turn up?
<br />"As I and others have said before, administration should have happened years ago. SISU did not "save" us, they merely deferred the inevitable in the hope that they could make a killing off the back of the demise of our club"<br />
<br />
Of course SISU "saved us" - which is why you, like every other Coventry fan will remain utterly grateful to SISU. And lets not forget that administration would have caused pain and financial misery to a lot of companies and organisations which were owed money by the club - thanks to the financial mismanagement prior to the arrival of SISU and Ranson. More evidence that the real culprits are and will remain Robinson and Richardson.<br />
<br />
More importantly, for those who can't grip this, administration doesn't lead automatically to a buy out by a wealthy benefactor who will bankroll the club for all time and hand out free scarves to season ticket holders. Ask Rangers fans.<br />
<br />
In all likelihood, administration would have resulted in liquidation. And even if you are one of those who cannot accept reality when it kicks you in the slats, if you believe that liquidation was only a 10% chance, then does any real fan believe it would be worth the risk?<br />
<br />
Administration might still happen. In which case, all SISU did was buy us extra time with a limited investment that wasn't enough to repair the damage caused by R and R. And that time was wasted, possibly due to poor managerial appointments and poor player acquisition - debatable.<br />
<br />
It appears that we have long gone beyond the stage when rational thought and assessment can be applied. The anti-SISU apologists have reached hysteria levels where their prejudices are too ingrained to change.<br />
<br />
This was never about SISU bad or Council good. This is about the long-term future of our football club. If SISU had left in the summer (shame no one else is interested in our club) and a new owner was in dispute with the Council, most Coventry fans would be backing the new owner. But because this is SISU, the bleating and prejudice means the whingers has latched onto the Council and ACL's stance.<br />
<br />
Conveniently forgetting that the Council and ACL are on record as saying that the club can afford the rent because the club pays too much in wages. If you back this then fine. It is time for you to start demanding that SISU cut back on the squad and wages to pay the bills.<br />
<br />
Of course, SISU remain in the wrong legally for not paying the rent but the club has no money unless we cut back on expenditure. Which brings us to the real reason: all the fans want is an owner who continually pumps money into club on an indefinite basis. This is the unpleasant chav-type bling culture that has become pervasive. Football has developed a belief, utterly wrong, that an owner is morally obliged to keep putting their hand in their pocket, in this case to fund and sustain a loss-making club.<br />
<br />
In the real world, its time for fans to accept that most clubs should be self-sustaining in the first instance. And we can never do that until the club is reunited with ownership (in some form) over its own ground.
Lots of people would lose their jobs and the council would lose another £14million to whatever is already invested in the stadium.
Eggs and baskets spring to mind.
what a childish reply.....where did anyone say they want the club to go down the tubes.
laughable that you try to imply that someone would try to buy the club when they know that they can eventually get it for a lot less than £40 millionish that sisu require
Perhaps then you, MMM, Sky Blue John, Garry (Masters) Pendrey and of course dear old CJ can all dance on the clubs grave say I told you so and spend every Satuday at the Ricoh watching the grass grow. At least the council tax will be paying for it.
Can someone explain the outcry from those opposed to today's move to transfer the ownership of the mortgage?
Put simply, if the Yorkshire bank had passed the mortgage on to, say, the HSBC, would it have been a problem?
Ultimately, this gives ACL some leeway on the rent that they require, if the interest rate is lower than that charged by YB. That has to be good news for the club, as it means that ACLcan afford to accept a lower rent from the club.
For example, a 5% interest rate on £14.4M , means £722K in interest per year. A 2% interest rate means £288K interest per year, saving £434K, which could be passed on as a rent reduction.
Can't help but think that many of the Council/Higgs trust haters live outside the City.
Its easy to turn a blind eye to a London based hedge fund raping a City when you don't live there I suppose.
Ha ha, dreamland....Depends if the council was making more money on interest where it was before it was used for ACL, if you're going to take the "council getting ripped off by the club line".
If it enables a lower rent to be paid and the Arena to become profitable then obviously would be the best option,
Perhaps the £14million could have been put direct into CCFC? Ranson got 16% interest on his £1.5 million "loan" to the club, surely could have got more than that with a greater amount?
Council would have been quids in.
Ha ha, dreamland....
Would you invest in a football club....eg your pension?
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