Anyone heard of tactics like this before by SISU? (1 Viewer)

dongonzalos · Feb 15, 2013

The rent deal offer from ACL laid out in writing on 29 January was verbally agreed following an extremely detailed discussion with the three directors of CCFC, namely John Clarke OBE, Tim Fisher and Mark Labovitch.

The offer set the rent payable by CCFC to ACL at £400,000 per annum while the Club remains in Football League 1.

It included agreement from ACL to waive more than £300,000 of the £1.347 million rent arrears, with a generous approach to clearing the balance. It also agreed the principle of ACL matchday revenues benefitting CCFC, and ACL paying a larger share of rates on the stadium.

Instead of confirming its written acceptance, CCFC then proposed an alternative Heads of Terms, which bore no relation to that agreed.

It demanded the waiver by ACL of all rent arrears claims pre-dating 1 January 2013. It demanded also the withdrawal of the Statutory Demand for the payment of rent arrears issued by ACL against CCFC on 5 December 2012.

It was accompanied by an emailed statement from Tim Fisher declaring that CCFC has “no option but to build a new venue” and that CCFC’s proposals were predicated on playing at the Ricoh Arena for a “run-off period of three years

dongonzalos · Feb 15, 2013

Nicholas Carter, Chairman, Arena Coventry Limited, said: “To spend many hours engaging in positive and constructive discussions, leading to a detailed point by point discussion of a proposed Heads of Terms Agreement resulting in verbal agreement and handshakes all round; only to then renege when it came to signing the Agreement, is truly reprehensible behaviour.

“There’s simply no point in continuing these discussions while the Club, under Sisu’s ownership, continues to behave in this manner. We will only be prepared to resume these conversations if John Clarke, Tim Fisher and Mark Labovitch sign up to the deal to which they agreed.

“If the Club Directors can’t or won’t follow through on the Agreement they participated in creating, then we suggest to them that the time has come to consider offering ownership of CCFC to an outside buyer better placed to run the Club’s financial operations. Make no mistake, now is the time for Sisu to pay up or sell up and get out of Coventry.”

The Board of ACL believes that Sisu, have no intention of entering into a meaningful dialogue to resolve this issue. It is the Board’s view that the primary aim of Sisu throughout the last eleven months has been to undermine the financial position of ACL’s business through the non-payment of lawfully owed rent and stalling on reaching an agreement.

The recent talks between ACL and the Club’s Directors followed the agreement for Coventry City Council to pay off the loan owed previously by ACL to Yorkshire Bank plc, with repayments now being made to the Council by ACL on more affordable terms.

This further enhancement of ACL’s financial position was what enabled the Board to offer the very generous terms proposed in the Heads of Terms agreement proposed and agreed by the Club’s Directors before their unexplained U-turn.''

SBS · Feb 15, 2013

I remember Ray Ranson being very unhappy with Michael Mifsud when he was offered a deal at Bristol which he was going to accept, then turned round and asked for more money. Same principle, but they don't like it when it's not in their favour.

psgm1 · Feb 15, 2013

Do SiSU actually live on planet earth?

All that will happen, is that if SiSU move away, because of the amount of money outstanding, they would simply liquidate them! SiSU will NOT be able to simply walk away from their financial commitments and keep the sky blues.

So what would they have left?

They would have a liquidated club, no assets no fanbase, and no revenue streams! The FA changed the rules so that no shister could get away with what SiSU are trying to pull

If they moved to rugby then how could they possibly claim to be coventry city?

Arsenal have problems moving 6 miles - a move to rugby would basically mean forming a brand new club.

It is just a non-starter (and I think SiSU know it TBH)

Basically SiSU have 2 options,

1) Sell the club to another investor prepared to take on some or all of the current debt ( Hoffman is the name that first comes to mind) OR
2) Go into Administration.

I just CANNOT see any future with SiSU at the reigns.

Its GAME OVER SiSU, just Fuck off and take your drones with you

Mucca Mad Boys · Feb 15, 2013

psgm1 said:
Do SiSU actually live on planet earth?

All that will happen, is that if SiSU move away, because of the amount of money outstanding, they would simply liquidate them! SiSU will NOT be able to simply walk away from their financial commitments and keep the sky blues.

So what would they have left?

They would have a liquidated club, no assets no fanbase, and no revenue streams! The FA changed the rules so that no shister could get away with what SiSU are trying to pull

If they moved to rugby then how could they possibly claim to be coventry city?

Arsenal have problems moving 6 miles - a move to rugby would basically mean forming a brand new club.

It is just a non-starter (and I think SiSU know it TBH)

Basically SiSU have 2 options,

1) Sell the club to another investor prepared to take on some or all of the current debt ( Hoffman is the name that first comes to mind) OR
2) Go into Administration.

I just CANNOT see any future with SiSU at the reigns.

Its GAME OVER SiSU, just feck off and take your drones with you

I thought you'd shut the feck up now MR is gone.

Can we have 2-3 weeks of mourning?

georgehudson · Feb 15, 2013

has it not been clearly spelt out,
s*su have yet again reversed a decision,
TF, ML, & JC,
the board agreed, then the owner, steps in,
? is Ms Seppala the owner then ?
? fit & proper ?
come & explain it to the fans Ms Seppala,
we wait

Sky Blue Kid · Feb 15, 2013

Nicholas Carter, Chairman, Arena Coventry Limited, said: “To spend many hours engaging in positive and constructive discussions, leading to a detailed point by point discussion of a proposed Heads of Terms Agreement resulting in verbal agreement and handshakes all round; only to then RENEGE when it came to signing the Agreement, is truly reprehensible behaviour.

The "Capitalised" word is one that SISU do on a regular basis...ie- Renege on buying the share of the Ricoh on takeover of CCFC....and Renege every month for the last 12 months on paying the rent.

cloughie · Feb 15, 2013

I would love to see how the figures stack up with a new £30million ground

Ie same amount of fans at same price = same revenue income plus stadium naming rights and food etc

Beverages income was calculated by OSB on other threads and if I remember correctly was only in the 100, 000 s area at max per year

Bearing in mind we are loosing millions each year even without paying rent, what would the difference be for sisu and how would they get any return on an investment of £30million?

I look forward to having the plan explained by fisher or some of his supporters on here who believe every word that comes out of his mouth

dongonzalos · Feb 15, 2013

cloughie said:
I would love to see how the figures stack up with a new £30million ground

Ie same amount of fans at same price = same revenue income plus stadium naming rights and food etc

Beverages income was calculated by OSB on other threads and if I remember correctly was only in the 100, 000 s area at max per year

Bearing in mind we are loosing millions each year even without paying rent, what would the difference be for sisu and how would they get any return on an investment of £30million?

I look forward to having the plan explained by fisher or some of his supporters on here who believe every word that comes out of his mouth

It's not going to be explained us it.

It would be good if CWR or the CET asked him to break it down

dadgad · Feb 15, 2013

dongonzalos said:
It's not going to be explained to us, is it?

It would be good if CWR or the CET asked him to break it down

I do think the local media have a much bigger role to play in all of this.....they certainly come over as incapable of asking searching questions.
P'raps they worry about losing favour with the club, oh dear.

Cov City Daytrader 87 · Feb 15, 2013

SkyBlue_Taylor said:
I thought you'd shut the feck up now MR is gone.

Can we have 2-3 weeks of mourning?

The guy would have a go at anything that moves in Coventry City.

Jack Griffin · Feb 15, 2013

http://www.telegraph.co.uk/finance/...te-companies-Finance-at-its-very-highest.html

8 Sisu Capital
£17m

Hedge fund Sisu Capital bid for several debt-ridden football clubs, before saving Coventry City FC from administration this year.

The mysterious Mayfair fund, co-founded by traders Joy Seppala and Dermot Coleman, made pre-tax profits of £17m last year, primarily by buying up bad debt.

The fund often resorts to hard-ball courtroom tactics to get what it wants.

Sisu's glamorous Finnish-American chief executive, Ms Seppala, has been described as one of the stock market's boldest traders. Indeed, Sisu means "inner fortitude, strength and guts" in Finnish.

The fund blocked a £381.5m refinancing deal for troubled hotel chain Welcome Break in 2004, securing full pay-outs for creditors.
But Ms Seppala was censured by a High Court judge in 2006 when Sisu's bid for a better deal from debt-ridden power company TXU Europe failed.

Bluegloucester · Feb 15, 2013

Jack Griffin said:
http://www.telegraph.co.uk/finance/...te-companies-Finance-at-its-very-highest.html

This article was so full of half truths, I've seen a photo of her. She aint glamorous!

Jack Griffin · Feb 15, 2013

Bluegloucester said:
This article was so full of half truths, I've seen a photo of her. She aint glamorous!

Where is that photo mate?

Bluegloucester · Feb 15, 2013

Jack Griffin said:
Where is that photo mate?

I can't publish it on here, it will compromise my mate.

Sky Blue Kid · Feb 15, 2013

This is Joy Seppala....Get your darts out guys...one hundred and eightyyyyyyyyyyyyy

Sky Blue Kid · Feb 15, 2013

Weird....picture didn't load?!?!?

Anyone heard of tactics like this before by SISU? (1 Viewer)

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