This new Fisher Arena nonsense is exactly that. How would they pass a league fit and proper test with £70m debt year want to spend at least £50m on a new stadium.
They are trying to pull the wool over the leagues eyes as well.
While I dont like what the administrator has come out with, playing devil's advocate, he has to do a thorough job and find out precisely where all the money has gone and where the assets are. On first glance you would have thought he would only have to go back to when sisu took over, it seems that when the previouc custodians were in charge there might have been not necessarily anything illicit going on, but more on the lines of incompetent.
It all boils down to semantics in the namings of the companies, made worse deliberately by sisu. By continuing his investigations, surely this is not bad news, as if the administrator agreed with sisu their were no assets within Ltd, then he would just close the book and move on. Obviously I could be wrong, but if he is doing more research, it would suggest there ARE assets in Ltd, and therefore adds weight to the claims Ltd IS coventry city.
Also Mr Appleton hasn't conspicuously NOT endorsed the move Mr Fisher has claimed, and if he is in their pocketm then surely he would concur with his statements. Maybe I'm wrong, but until the administrator flat out says there is nothing within Ltd, then it is more likely that he is preparing to assign the assets to Ltd, and hence clear the path for the sale.
On the other hand he may also just be stalling to allow sisu chance to move things around, or produce other legal trickery, but it's all guesswork as to where the administrator is directing the club. The mere fact he has put Ltd for sale implies there are SOME assets there!
Hoping more than expecting I am right BTW
A deal by early June!?
I'm sure I read something about the possibility of a new stadium a few months ago. Anyone fancy trying to find it?
I'm sure I read something about the possibility of a new stadium a few months ago. Anyone fancy trying to find it?
Fisher spoke about South Warks....Here's a novel idea.......look for yourself!
I'm on my phone and it's a bit of a hassle. People have confirmed what I thought.
You angry little man.
It's true, it goes back way further than SISU. You only have to cast your mind back to the Ron Atkinson era when Richardson allowed him to spend more than any manager in the history of the club, only for us to survive by the skin of our teeth. That then spurred almost 20 years of over spending and under achieving, the sale of HR with no ground to move into and then The Ricoh years.
The mantra in our final few seasons in the Premier League was that we had to spend big to keep up, but for the amount we were spending, keeping up wasn't enough. We then get relegated to the championship - That team we had in our first season - I still don't know how we didn't get automatically promoted with them - since then it's just been a soap opera about real estate, local politicians, local business men and hedge funds.
Think building a new stadium has been mentioned several times before just that no one took it seriously.
2024
.
I'm sure I read something about the possibility of a new stadium a few months ago. Anyone fancy trying to find it?
The Sky Blues' owners Sisu have looked at the option of a future away from the Ricoh Arena ever since the rent row escalated before Christmas, when the club were threatened with being locked out of their own ground.
its not £60m debt, its a debenture, only a debt if someone else wants to buy the club
i'd like to see us groundshare with the rugby club, make the Butts arena FL standard,
easy to erect temporary modular stands intime for the new season
city centre stadium ... PERFECT!
Coventry City: Ricoh Arena confused by reports of new stadium plan
Arena Coventry Ltd (ACL), the firm who run the Ricoh Arena, say they are baffled by reports that Coventry City now intend to resolve their year-long rent row by building a new stadium.
Sky Blues chief executive Tim Fisher announced on Saturday that specialists have been hired to advise on new sites.
But solicitor James Powell, from the firm acting for ACL, says he cannot see how the club can afford a new ground.
"I was surprised and taken aback," he told BBC Coventry & Warwickshire.
"My personal impression was that this was an announcement made on the hoof.
"There's not been any suggestion of another stadium in and around Coventry in anything Mr Fisher or the club have been saying over the last few months.
"The Football League are looking for a whole host of things. A ground in the vicinity of Coventry is one of those things, but a club with financial stability is far more important.
"Mr Fisher is a director, or the director, of a company that, according to the administrator's report, is £70m in debt and was described as a 'catastrophic insolvency' by the administrator's own barrister.
"You'd be asking the question 'Mr Fisher, where are you getting the money from, given that you've managed to lose £70m over the last few years?'"
Who in their right mind would lend them any money?I suspect ACL are fully aware that the club have never lost £70m over the past few years. They know - as do those who read OSB and skybluesquirrel's financial analysis that sisu have only injected something like £30m - and it could even be lower than that.
They are also fully aware that funding a new stadium at say £30m would not require sisu to actually inject that amount themselves. At least £25m would be financed with a mortgage.
So it's yet another spin exercise.
How come people here are so quick to react to all the spin coming from sisu, but blindly accept the spin from ACL?
How come people here are so quick to react to all the spin coming from sisu, but blindly accept the spin from ACL?
They don't. They are merely more critical of the spin from SISU as they're prepared to put the very existence of our club on the table as a bargaining chip. Anyone on here should love the club. By definition, anyone should judge so harshly any party who's prepared to be so flippant with it's future.
To give you an example of SISU spin: 'we have no debt' - Tim Fisher, September 2012. When does 'spin' become a 'lie'?
I suspect ACL are fully aware that the club have never lost £70m over the past few years. They know - as do those who read OSB and skybluesquirrel's financial analysis that sisu have only injected something like £30m - and it could even be lower than that.
They are also fully aware that funding a new stadium at say £30m would not require sisu to actually inject that amount themselves. At least £25m would be financed with a mortgage.
So it's yet another spin exercise.
How come people here are so quick to react to all the spin coming from sisu, but blindly accept the spin from ACL?
You say people do not blindly accept ACL's spin.
And then back your statement with a sisu spin ...
Wouldn't it have proved your point if you had quoted a ACL spin and a post where you react critically to that?
the repayment on a 25 million mortage over 25 years at 3% is over 1.4 mill a year. at 4% 1.6 mill and 5% is 1.77 mill.
if sisu have put in 30 mill and are owned 70 mill. then how much is it going to cost to borrow another 30 mill from them to build a stadium?. With the interest and charges they are loading on the club would owe them hundreds of millions if not billions after 25 years. it takes nearly 40% interest to go from 30 mill to 70 mill over 5 years.
so if they gave 30 mill more, we'd owe them 100 mill, at 40% interest we'd have to pay them 40 mill a year for 25 years to pay them back at a total cost of 1 billion pounds.
So if they can turn a loan of 30 mill to 70 mill debt in 5 years I think acl aren't spinning enough, not spinning to much.
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