SlowerThanPlatt
Well-Known Member
According to the BBC
I am guessing they have been left with no choice but apply for the winding up order
If Joy didn't see it as important enough to stick around to negotiate
I am guessing they have been left with no choice but apply for the winding up order
If Joy didn't see it as important enough to stick around to negotiate
Statement Tomorrow.
According to the BBC, a statement regarding Coventry City's future at the Ricoh Arena will be announced tomorrow.
The twenty one deadline set by Arena Coventry Limited in which City and their owners SISU must either pay the £1.1m owed rent or sort out a deal in order to avoid being wound up, passed by yesterday.
The only thing City have said on the subject in the last few days was a Christmas Statement from SISU boss Joy Seppala and a statement saying how little Doncaster Rovers pay for their 10,000 capacity Keepmoat Stadium, whilst ACL have that there has been no agreement and talks have stalled yet again.
Keepmoat is 15,000 seater capacity that can be raised to 20,000 if needed!
I thought the club was making the announcement not ACL so if that is the case it won't be about a winding up order. Beginning to think we might be leaving the Ricoh though. I hope I'm wrong.
Mediation or Arbitration is needed here now ,the only way to drag them to the table by the look of it .It has to be resolved and it has to be done soon ,based on sound reasoning and the facts pertaining to this individual case ,not some pie in the sky comparisons and ever shifting goalposts.
According to the BBC
What made you think that?
I've read the statement again I Miss read it. I am concerned that ACL have already said that no agreement has been reached then there is this announcement tomorrow it points to bad news but as I said before I really do hope I'm wrong.
Sky Blue Trust have just tweeted what they say is an ACL statement: "At the current time, no agreement has been reached with CCFC owners Joy Seppala and her Mayfair-based hedge fund Sisu over the outstanding rent issue. Arena Coventry Limited is disappointed at this and will be considering its legal options and the appropriate course of action.”
If a winding up order is issued the following will happen;
1. The bank will freeze all bank accounts.
2. Any loans / credit will become due immediately and in full.
3. The Football League will put us in a transfer embargo.
4. The Football League will issue a 10 point deduction.
So whilst the only benefit to ACL is that it draws SISU's attention there are huge negatives for CCFC and SISU. If ACL had an alternative tenant (which is not going to happen) I could see why ACL would issue the order. Even if a winding up order is issued it would then be challenged through the courts by CCFC and could drag on for a while, but don't forget the points 1 to 4 I mentioned.
My guess is that SISU will offer to pay what they think is a reasonable rent now to keep negotiations open without the winding up order. :thinking about:
Have you ever owed the council money? They aren't backwards in coming forward for it. Just about the worst people you can owe money to with some really nasty powers to ensure they get paid
I'm sure sisu are terrified that mutton is on the case. The court costs will be born by the taxpayer.
Mutton dressed as lamb!
ACL / CCC don't have the balls to face down SISU. If I was in their shoes, I would do everything possible to ensure immediate back-payment of all rents due, and scrap the over-generous offer already made, maybe make a second offer of 1/3 rent reduction together with an immediate winding up petition. I'd also see if there are any legal avenues for suits against private individuals (TF, Joy) or SISU directly as the controller of CCFC - some CCJs etc against their own accounts would make them sit up.
In short, I'd fight fire with fire and not get pushed around by the SISU bully-boys. CCFC have practically nowhere else to go, so no point in ACL bending over backwards to meet SISU#'s ridiculous demands.
Mutton dressed as lamb!
ACL / CCC don't have the balls to face down SISU. If I was in their shoes, I would do everything possible to ensure immediate back-payment of all rents due, and scrap the over-generous offer already made, maybe make a second offer of 1/3 rent reduction together with an immediate winding up petition. I'd also see if there are any legal avenues for suits against private individuals (TF, Joy) or SISU directly as the controller of CCFC - some CCJs etc against their own accounts would make them sit up.
In short, I'd fight fire with fire and not get pushed around by the SISU bully-boys. CCFC have practically nowhere else to go, so no point in ACL bending over backwards to meet SISU#'s ridiculous demands.
Has anyone seen official confirmation that there's an announcement tomorrow. Cov Mad said the bbc but I've not found any link to it.
What do we all think? A deals been agreed, they continue to talk or that a winding up petition has been posted.
bored of this, ACl do something, or SISU do something
I wanna concentrate on the on field activities
But which field will we be playing on . That's the problem
The Ricoh it's free.
Have you ever owed the council money? They aren't backwards in coming forward for it. Just about the worst people you can owe money to with some really nasty powers to ensure they get paid
As much as it annoys me to say it after the way sisu have behaved but are we now at the point when the council has to let sisu buy the Higgs share. The charity wants out, sisu want in and won't pay unless they get what they want. The council won't like working with sisu and there will no doubt be arguments over the running of acl in the future but its the only way the ricoh won't turn into a white elephant (there's examples of empty stadiums all over the world - Barcelona, juventus, rushden and diamonds).
Disgraceful how sisu have behaved, but the more that comes out the more last seasons conspiracy theory's stack up. Get relegated, reduce income streams, withhold rent thus forcing the stadium company to the brink. Then give them the ultimatum - let us buy the stadium or we take you down with the football club. Remember the complex ownership structure saddles the debt with the club not sisu. If they pull it off they've played a blinder
This is the leverage they are working.. FFS.. why can't people see the cynical game SWSIU are playing here!
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