J
Writing for the Telegraph, Bob Ainsworth MP explains while the council will be pleased to off-load the Ricoh Arena to Wasps, they won't be celebrating just yet
As the dust begins to settle on last week's momentous decision to sell the Ricoh lease to the Wasps, let's look at what went on and what is likely to happen now.
Senior people at the council have been talking to Wasps for a long time and yet there was little or no consultation or prior warning.
They felt that any confirmation of the deal risked an injunction designed to prevent it and so they had no choice but keep it tight.
The internal management of a decision not shared with many councillors until late in the day will have been their main worry. Externally they were unable to fully consult Coventry Rugby Club. However, as they were never going to give the club a veto on what was planned, it was believed upsetting them was a price they had to pay.
Wasps had been consulted on the agreement that recently brought Sky Blues back to Coventry and were content with the arrangement. But they will now want changes.
They are intent on 100-per-cent ownership of the lease, will have satisfied themselves this purchase cannot be prevented and will have made it clear to all that they do not expect opposition.Sisu may want to satisfy themselves that they cannot prevent this.
Wasps will expect Sisu, now that the council are out of the equation, to reassess their thinking and be prepared to make a deeper and more long-term commitment to the Ricoh.
While they will be reasonable, wanting the club to be successful, business is business and there will be "nowt for nowt". I doubt if they will think the stated plan to build a new stadium is any more realistic than many others do but they will try to make the Ricoh work for the Sky Blues as well as themselves.
Alan Higgs Charity are pleased to be getting more of their money out of the Ricoh investment than they have in recent times expected and in cash up front.
They will be counting the days until they can sign the final papers and hope never to have dealings with Sisu again. The last couple of years have been so stressful for them and a total distraction from the good work they want to get back to in the community.
The council will not have given any thought to the notion, being touted by some, to offer the Ricoh to Sisu at a discount. Why would they?
The idea of a taxpayer-funded discount to the football club while it's owned by a Cayman Island-based company and is carrying so much debt is a nonsense.
However, they will be concerned about the club and will hope they settle into a successful relationship with their new landlords. They will, because of the millions of pounds of debt the club is carrying, have some concerns about the possibility of liquidation.
This would be terrible for Coventry and there would be people who would be, oh so quick, to blame them. However, as all of the debt is owed to the club's owners on the face of things there is no financial advantage to liquidation. However, as we cannot know all of that is goes on within a group of private companies it is something, when so much debt is involved, that will be a worry.
They will be concerned about the ongoing threat of litigation but will feel, having sold the lease with the loan that is being challenged as State aid, to a private investor that they cannot have damaged their chances of success. Particularly if they can show that the whole deal has been properly evaluated by reputable outside people.
They will think they have pulled off a great deal, and brought in a new major sports club too.
While the council has put the Ricoh in good hands and on a firmer footing thereby improving the economic prospects of the city as well as the sporting offer, they will not be celebrating.
After such a prolonged struggle with Sisu, that will be on hold until the litigation is over.
The idea of a taxpayer-funded discount to the football club while it's owned by a Cayman Island-based company and is carrying so much debt is a nonsense.
Anyone else think that is saying a lot without actually saying much at all?
Anyone else think that is saying a lot without actually saying much at all?
The councillors probably don't know that. It's mad how everyday people on a forum seem to know more.What's the difference between being based in Malta or the Cayman Islands?
What's the difference between being based in Malta or the Cayman Islands?
5% in tax I think5,750 miles?
Bob Ainsworth. a Wood Ender and ex jag track rat. been an MP for over 25 years with all the perks and money that brings in, yes a thick 'un our Bob, very thick !!He's not only a politician. He's a thick politician. His performance as forces minister did as much to promote Coventry as that bird with big tits on Big Brother.
Why wasn't Bobs article just titled, 'Bobs Opinion of Events Whilst Actually Knowing Fekk All of The Detail'?
You should read it rather than blindly slagging it off.
The article gave me the distinct impression he knew all about the sale & agreed with it.
I think you should actually be asking exactly what SISU have done that provoked this action, there is no doubt it wasn't a decision that was arrived at overnight, a head of steam has been building up for years.
They'd elect a monkey with a red rosette.Bob Ainsworth. a Wood Ender and ex jag track rat. been an MP for over 25 years with all the perks and money that brings in, yes a thick 'un our Bob, very thick !!
Ainsworth is ok. Did his best to get as much publicity for case of the deplorable FL blindly supporting the unfit and far from proper club owners who wanted to get their hands on a publicly funded asset on the cheap.
Anyone who thinks that Sisu owning the Ricoh would have helped the club is dreaming.
BA knew this, the Council knew it, and just about everyone with a brain cell.
Oh well, wasps owning the Ricoh certainly won't help the club. We've now got a lifetime of being tenants to a london club in a stadium purpose built for us, with little/no access to matchday and additional revenue which will likely see us blah blah blah
Oh well, wasps owning the Ricoh certainly won't help the club. We've now got a lifetime of being tenants to a london club in a stadium purpose built for us, with little/no access to matchday and additional revenue which will likely see us as a league one-championship yo-yo club tops, dwindling attendances and no assets and no great proposition for perspective new owner especially now that the option to buy Higgs share is all but gone.
At least it told sisu.
(Disclaimer, I'm not absolving sisu of their wrong doings)
Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors
What's the problem? Joy made it clear on many occasions that they weren't interested in renting the Ricoh after the CCFC ship sailed with Captain Tim at the helm until they lost their way. How many times have they told us that they are building their own stadium? They are only back at the Ricoh on a temporary basis because they realised that Tim's attendance predictions were wildly optimistic and that they were losing so much money at Sixfields.
The wasps deal changes nothing. We would still be a club with no assets, little matchday revenue and dwindling attendances. That has been the case since 2001 but, what's the problem? Joy and Tim are going to build us a nice new stadium. The club will still have no assets (the club won't own the stadium), the matchday and additional revenue will be used to pay the rent to SISU and attendances will be limited by the size of the tin pot stadium anyway.
Tim said they won't sell 'at the bottom of the business cycle'. I fear we haven't bottomed out yet!
When will people on here realize that CCFC were never going to own the Ricoh under any circumstances. They have no money and are millions in debt. If you are talking about SISU owning the Ricoh, saddling CCFC with the debt whilst taking the matchday revenues and lining their pockets with it, yes that was an alternative outcome. But not one I would prefer over the current arrangement.
In the short term - The wasps deal changes nothing.
In the medium to long term - the wasps deal changes a hell of a lot. It stops sisu or our next owner from buying into the Ricoh. Wasps won't be giving up their 100%. The glass ceiling has well and truly been put up regardless of who owns us.
This is what I don't get, everyone is so focused on the here and now, but are not seeing the bigger picture. At least before we had the option to buy the Higgs share, that was something a potential new owner could look at, adding an asset. Gone now. Along with hope, the hope that 1 day we might be reunited with the Ricoh, that 1 day we get some decent owners, that 1 day we will get back to PL. It might not be in the next 2-3 years but 8-10 years time, but that is gone. League one-championship club at best.
Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors
At least before we had the option to buy the Higgs share, that was something a potential new owner could look at, adding an asset. Gone now. Along with hope, the hope that 1 day we might be reunited with the Ricoh, that 1 day we get some decent owners.
Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors
Stu - are you suggesting the share option has gone as a result of the Wasps deal, I don't see anything has changed with the option, it was going to be as difficult to use as soon as CCFC Ltd went into liquidation.
You should read it rather than blindly slagging it off.
The article gave me the distinct impression he knew all about the sale & agreed with it.
Everyone is so focused on the here and now, but are not seeing the bigger picture. At least before we had the option to buy the Higgs share, that was something a potential new owner could look at, adding an asset. Gone now. Along with hope, the hope that 1 day we might be reunited with the Ricoh, that 1 day we get some decent owners, that 1 day we will get back to PL. It might not be in the next 2-3 years but 8-10 years time, but that is gone. League one-championship club at best.
Again, you're too focused on here and now, and under sisu's stewardship. Look at the bigger picture, beyond sisu's reign. They won't be here forever.
Well, after supporting the team for 35+ years and never seeing a top 6 finish, to hear we might be in the championship in next 8-10 years sadly excites me, as I know at least one season of something to cheer about in my lifetime is coming !
If when we dropped down from the Prem, someone would have said "sadly, that is us. Years and years on nothing in the championship, followed by relegation and years and years of nothing in League One, people would have thought you are mad. Hell, I still have my "championship on tour" t-shirt
Putting them in a position of owning the stadium & land which they can use to they can bleed the club dry to pay for their follies can never be good for the future of the club.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?