Either Sisu pay up or ACL issue a winding up order and put us into admin. End of really. Personally I think we will either go into admin and end up owned by ACL/ a new buyer with a better deal with ACL. If Sisu want to be nasty they could liquidate us but not sure what the point would be as they will lose money
ACL running the club would be another public sector disaster. Leave CCFC in the private sector and hand over the assets so we can move forward.
Sell the complex at a fair price, let SISU develop the area, let them make a huge profit by selling a going concern and then SISU can move on.
We will be left with a great development, a well financed club and no SISU.
Why should we let SISU develop the area? They got shares for free and started in a 'debt free' situation. Last season alone we lost over £6m; and we're facing a winding up order that could obliterate the club totally.
What credibility have SISU shown you that they deserve an even bigger train set to play with? Is this so they can practise reading Due Diligence documents and hopefully begin to get one right?!?!
Why should we let SISU develop the area? They got shares for free and started in a 'debt free' situation. Last season alone we lost over £6m; and we're facing a winding up order that could obliterate the club totally.
What credibility have SISU shown you that they deserve an even bigger train set to play with? Is this so they can practise reading Due Diligence documents and hopefully begin to get one right?!?!
Why should we let SISU develop the area? They got shares for free and started in a 'debt free' situation.
They got shares for free and started in a 'debt free' situation.
If I had to forecast an eventual scenario, I can see the football club being united with the arena under the umbrella of the council/ plus a consortium of investors. This would surely be the best solution. .
Do you usually always just take one line out of everyone's posts in an attempt to ridicule them if they don't necessarily share your unbalanced view.Have you ever considered a career in stand up? With one liners like that you'd be made for the role.
The council can't even get bins collected when there is a snow flake on the Ground.
What do you suggest when we make more and more losses -- just add to the council tax?
Have you ever considered a career in stand up? With one liners like that you'd be made for the role.
The council can't even get bins collected when there is a snow flake on the Ground.
What do you suggest when we make more and more losses -- just add to the council tax?
A slightly alarmist post dear chap. From what I have seen, ACL and the council's involvement therein have played a blinder. The Arena is well-used and profitable, high-class concerts and sporting events abound; and when SISU resorted to distressing ACL, they've played wise hands not once but twice. Looking at SISU's track-record since taking over, and ACL's time in charge of the Ricoh - it's a brave man to claim SISU are the more responsible and credible
ACL might hold the cards, but the big card is Coventry City Football Club, the only card i and thousands of supporters are really concerned with and SISU hold that fucker !!
I don't give a monkeys cuss whether Take That, Oasis, Arctic whatnots or Val Doonican play at the Ricoh for a night or two.
The football club is a loss making institution and has been for years. Any public sector involvement would make it unworkable. ACL have managed the Ricoh but have relied on an over inflated income stream from ourselves to continue operating. Now the council have restructured the debt in a way that no commercial bank would ever have done.
I wonder if we were under such ownership how much the rent would be.
A slightly alarmist post dear chap. From what I have seen, ACL and the council's involvement therein have played a blinder. The Arena is well-used and profitable, high-class concerts and sporting events abound; and when SISU resorted to distressing ACL, they've played wise hands not once but twice. Looking at SISU's track-record since taking over, and ACL's time in charge of the Ricoh - it's a brave man to claim SISU are the more responsible and credible
The football club is a loss making institution and has been for years. Any public sector involvement would make it unworkable. ACL have managed the Ricoh but have relied on an over inflated income stream from ourselves to continue operating. Now the council have restructured the debt in a way that no commercial bank would ever have done.
I wonder if we were under such ownership how much the rent would be.
ACL only make around 500k profit, which includes a disgraceful 1.5-1.9m rent, 1.28m + revenue streams which varies season to season, take that away, and ACL are fucked, so no, they don't hold all of the cards, and they are in just as uncomfortable position as CCFC.
ACL only make around 500k profit, which includes a disgraceful 1.5-1.9m rent, 1.28m + revenue streams which varies season to season, take that away, and ACL are fucked, so no, they don't hold all of the cards, and they are in just as uncomfortable position as CCFC.
I can't understand how you can use such hyperbolic and alarmist descriptions as 'disgraceful' with regards the agreed rent; but you can't bring yourself to criticise one iota a party who's behaving illegally, is shipping money like the Zimbabwean finance ministry and has taken us to the cusp of financial abyss
The goalposts moved when the council took over the loan. The £1.2M rent is no longer on the table, it is 400K, a package which includes a share of revenues and a 300K write of from the existing £1.3M rent debt.
We don't know what ACL woulud end up like if CCFC left, currently it is a hypothetical situation. There is no doubt the 2 together have a positive synergy, but CCFC would still have to pay for an alternative venue & given their record it will have to be an up front payment, no rent strike would be possible in a new venue.
And remember CCFC are still tied into the Arena rent contract, no one wants ACL to force them to pay up in order to kill the club, but that remains an option. It will cost something for them to buy themselves out of it.
You say public sector involvement would make it unworkable. If you haven't noticed, with private sector ownership it is unworkable. The difference being, one of fact and one is conjecture on your behalf. I am not saying that's what should be done - lest you jump on yet another comment and clam it as fact - but what I am saying is that to pretend that the ACL route would be disaster, and that the SISU route has proven anything less is an unsustainable debate
The current arrangement is 1.28m with 0% of match day revenue.
Why should we share revenue CCFC fans make!? No, for me, it's got to be 100% match day revenue, no less, like most teams. Ok, they are writing off 300k of our 1.3m debt, meaning we would've had to pay 1m for the last year to rent the RICOH, which is unreasonable and still way above market value, this is a stumbling block in negotiations, ACL don't want to backdate it, unreasonable in my view, because the reason we stopped paying is that it's too much, and knocking off a mere 300k is actually a bit of an insult. I wouldn't accept it even if they gave us 100 years to pay it, because that's not the point.
If ACL make 500k profit in a year, and CCFC pay 1.28m rent, they're already in the red when you minus that, and that's without taking away the match day revenue on a weekly basis, it's fair to say they'll struggle because they won't have a club to rob.
SBT - no catches when asking this - but what do you define as match day income ?
also £500k of the demand relates to money a court has said the club needs to put back in the escrow account. Thats money that is not ACL's and sits in an account to cover default. Of course if in time the club can prove a excellent payment record, be less of a financial risk then part or all of that money can/could be refunded to the club. I know that doesnt change your view on payment but just want to make sure you were aware of that.
You mean like when most people rent a premises you have to pay a deposit?
The difference now is that the mortgage payments have been lowered by refinancing via the council so theyhave ovously worked it out they only need £150, 000 a year to break even. Also the £500,000 profit per year is only that low as ACL spent money on improvements on the Arena.
I would agree both sides need to be able to trade without being reliant on each other yet I think that the figures may suggest that ACL are nearer to that.
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