Otis
Well-Known Member
I agree, but some people still seem to like the council
Yeah, the spouses of all the councillors who may have just recieved a shiny new Land Rover.:claping hands:
Yeah, the spouses of all the councillors who may have just recieved a shiny new Land Rover.:claping hands:
stupot07
Well-Known Member
Ok, say sisu sold the club tomorrow, half of the debt written off, half to be paid on getting to the PL.
What does the new owner do? Wasps won't want to sell the stadium, still won't be getting much access to matchday or additional revenues, turnover will still be limited to one of the lowest on the championship? What does the new owner do?
Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors
Nick
Administrator
Ok, say sisu sold the club tomorrow, half of the debt written off, half to be paid on getting to the PL.
What does the new owner do? Wasps won't want to sell the stadium, still won't be getting much access to matchday or additional revenues, turnover will still be limited to one of the lowest on the championship? What does the new owner do?
Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors
Wasps will obviously just hand it all over for free and walk away or Ann Lucas will personally build us a new stadium with her bare hands with 35,000 seats in Coventry.
rupert_bear
Well-Known Member
I don't agree the Wasp buy-out means the football club will never own the stadium, which by the way if it did would be the first time. This deal takes away any chance of sisu ever getting their hands on it, unfortunately at the moment sisu own our football club, but you never know the future and if a new mega-rich owner turned up he might find doing a deal with Wasps beneficial and fruitful. One thing for certain if our current owners owned the stadium not one penny from "other" revenues would find it's way to the team.
James Smith
Well-Known Member
Builds a new stadium as Joy intends to do. :facepalm: The council need to take a long hard look in the mirror.Ok, say sisu sold the club tomorrow, half of the debt written off, half to be paid on getting to the PL.
What does the new owner do? Wasps won't want to sell the stadium, still won't be getting much access to matchday or additional revenues, turnover will still be limited to one of the lowest on the championship? What does the new owner do?
Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors
Brighton Sky Blue
Well-Known Member
Ok, say sisu sold the club tomorrow, half of the debt written off, half to be paid on getting to the PL.
What does the new owner do? Wasps won't want to sell the stadium, still won't be getting much access to matchday or additional revenues, turnover will still be limited to one of the lowest on the championship? What does the new owner do?
Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors
The new owner pays £2.77m to the Higgs pronto. Which I see no sensible reason for SISU not to do so at this point-there is a choice between being joint landlords (which is what was intended at the start when the Ricoh was built) or remaining as tenants to a 3rd party but this time one with no affiliation to the city. It is a total no-brainer, we have to buy the Higgs share.
torchomatic
Well-Known Member
I find your "if"'s a bit iffy.
The chances of owning the Ricoh have plummeted since Wasps came onto the scene. The chances of getting rid of SISU, I would say, are smaller as a consequence.
The chances of owning the Ricoh have plummeted since Wasps came onto the scene. The chances of getting rid of SISU, I would say, are smaller as a consequence.
Otis
Well-Known Member
Rusty Trombone
Well-Known Member
Even if CCFC Ltd was resurrected, which would appear to be a very expensive, and unlikely thing to do, do you really think the owner of the other 50% would not veto the deal. Wasps want 100%, they wouldn't have gone this far if they thought there was a chance they wouldn't get it.
Brighton Sky Blue
Well-Known Member
The chance to own half of it has gone up considerably. Why don't we do it?
James Smith
Well-Known Member
The problem is that the Higgs share is not so easily bought, see the OSB58 post on this for chapter and verse. At the most basic the purchase of Ltd has to be made to acquire the option for the chance to get first dibs on the Higgs share. How much that costs is a matter for debate. Then we come to the veto and in buying Ltd you're only buying the option not the share and your bid for the share could still be vetoed by Wasps/council. Since the first dibs option is a one shot affair and can't be used again then it's quite a risky thing purchasing Ltd just for the option.
With apologies to OSB58 and his expert post on which this is based.
Brighton Sky Blue
Well-Known Member
CCFC Ltd hasn't been liquidated yet and Appleton was SISU's choice administrator. If we want it we have a month to pay the £2.77m which will land the share in our hands. No talk of Wasps being able to block it.
I think you'll find that route Is closed BSB ,due to nature of the liquidation and the desire of Wasps and the council to see Wasps as sole Owners of ACL.
Can It be legally Challenged ,seems not.
Can It be bought by injecting money back Into LTD + a share of paying down the loan and satisfying Higgs ?
Seppalla has said It's overvalued ,Do they have the money??
Yes and there will be a massive party at CCC when the Jr appeal is done with. Their job is done. Ccfc? Meh.
Brighton Sky Blue
Well-Known Member
Ltd was never sold. It remains in the hands of SISU-appointed Appleton-the Higgs statement is very clear, the liquidator can purchase the shares.
Brighton Sky Blue
Well-Known Member
The liquidator was appointed by SISU Wingy which is why I think there is more than a decent chance of us getting it were we to put the offer to Appleton.
Otis
Well-Known Member
I'm sure Sisu's legal team are all over this, but you have to assume Wasps have done all their sums on this.
Can't believe Wasps would have bought 50% without knowing for certain they could obtain the other 50%.
Rusty Trombone
Well-Known Member
Yes/no, I agree about the share option being difficult, however whilst it remained with Higgs and the council there was alway hope in the medium/long term the club would get first dibs, and that would have been far more attractive to a potential owner than the situation we find ourselves in - wasps will own 100% (well their Maltese hedge fund owners) and we will very likely never have an option to buy a majority stake - 100% ever again.
Do you think Leicester's billionaire owner would have bought them in the same circumstances as us? At least he knew that they were accessing revenues, and that he could buy the stadium and reunited it with the football club and own some assets.
We're now pretty much doomed to being a league one - championship yo yo club at best, another 2-3 seasons will see attendances drop to 6.5-7k
Depressing, yet it seems to me there's very few people bothered, they have some romantic notion that wasps either buy us or hand us over revenue
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I think the share option died when CCFC Ltd did, but the shares were available to buy without the need for the option, Wasps have proved that. Higgs were prepared to sell before, the Council through Lucas said they wanted to hear from anyone that had a proper offer. The problem is that SISU thought it would be worth their while to hang on a bit longer, and they got their timing wrong.
A rich owner may well have been interested, but none were or are coming forward. It happens far too rarely for a business plan to be based on it.
I would be happy to become a yo yo club, at least it would be more exciting. I'm also not fussed about the Premier League, less games and more expensive, thats not what I'm after.
Rusty Trombone
Well-Known Member
The other shareholder will be able to block it, and they would.
Brighton Sky Blue
Well-Known Member
Simply going from what the Higgs have said-a deal has been agreed with Wasps if the liquidator of Ltd doesn't want to pursue it themselves. That liquidator was put in place by SISU and the liquidation has dragged on and on under him-these things are surely not coincidental and lead me to believe if we went for it we'd get it.
Ok, say sisu sold the club tomorrow, half of the debt written off, half to be paid on getting to the PL.
What does the new owner do? Wasps won't want to sell the stadium, still won't be getting much access to matchday or additional revenues, turnover will still be limited to one of the lowest on the championship? What does the new owner do?
Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors
Who is going to even look at ccfc? Maybe if we pushed top end championship. Even then buying back into the ground might be costly.
I hope we can miraculously get 50% Ricoh. More legal action??
Brighton Sky Blue
Well-Known Member
How do you know that?
torchomatic
Well-Known Member
I think I read somewhere that Higgs would prefer to sell to Wasps.
James Smith
Well-Known Member
Yes the problem is that what the administrator has doesn't give you the share it only gives you the first dibs on the share and can only be used once. That purchase can be vetoed and do you think Wasps only want to own 50% and wouldn't veto it?
Brighton Sky Blue
Well-Known Member
Evidence? Wasps have come out and stated that they respect that the 'charity will do what's best for the charity'.
Rusty Trombone
Well-Known Member
It was the deal before, and its the only sensible thing to do when dealing with a 50/50 shareholding. Why would Wasps leave themselves open to the possibility of having to work, and agree all deals, with anyone else?
Rusty Trombone
Well-Known Member
Presumably you would agree that Wasps will do what's best for Wasps.
Grendel
Well-Known Member
PWKH said they want the shares to go to wasps and they will.
jimmyhillsfanclub
Well-Known Member
....yeah, but PWKH also apparently had absolutely no idea about ACL talking to WASPS for the last couple years.....
...so I'd politely suggest he may well be full of shit....IMHO...
EDIT: Although obviously I agree the shares will go to wasps to complete the stitch-up....
...so I'd politely suggest he may well be full of shit....IMHO...
EDIT: Although obviously I agree the shares will go to wasps to complete the stitch-up....
Rusty Trombone
Well-Known Member
Have you got the full quote?
Sick Boy
Well-Known Member
You are going to become a 'usual suspect' if you aren't careful.
Nick
Administrator
Approached in June or July this year weren't they by Wasps? Sure I read that in a CET article.
jimmyhillsfanclub
Well-Known Member
I was refereeing to the CT article from Aug. 2013 where ACL were reported to have been sounding out WASPS etc. as far back as 2011......but PWKH said he had no knowledge of such activity.
Article is here. http://www.coventrytelegraph.net/news/red-button-ricoh-arena-chairman-5431948
I do not have any quote regarding him stating share will go to Wasps.....I've only read that on here!!!
Moff
Well-Known Member
Dont surmise Nick. Rusty Trombone wants the whole quote and he wants it now!
Edit - Saved there is now a link to PWKH making the dastardly comment.
James Smith
Well-Known Member
Well the veto exists and the council I think still have their share (not seen anything to say that the sale has actually gone through) which includes the veto so what we need for a quick purchase is there to be no bad blood between the council and Sisu.
If Wasps are happy with 50% and Sisu having the other 50% then great - but do read the OSB58 post on the costs associated with Ltd. it isn't as easy or as cheap as we might hope.
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