CCFC statement (1 Viewer)

AFCCOVENTRY · Nov 14, 2014

Please read the following statement in response to the liquidator's offer being turned down by the Alan Edward Higgs Charity...

This morning the liquidator's offer for a stake in the Ricoh Arena company, was turned down by the Alan Edward Higgs Charity.

Naturally, the club are extremely disappointed. Our proposal was for a far-reaching partnership with the Higgs Charity to work together on community projects. Our offer was a unique opportunity to meet the twin objectives of the Club and the charity, using the power of football and sport in creating community cohesion and for the benefit of the whole Coventry community.

Despite the fact that access to critical documentation was denied, the liquidator's offer for the charity’s 50% stake in the Ricoh Arena was generous – around £2.8 million – and guaranteed above market value price. Alongside the proposed CCFC-Higgs Charity partnership, we felt this was the right deal for everyone concerned that demonstrated our ambition for the future of the club in the city. We have pursued every possible avenue.

Our deal at the Ricoh with Wasps remains in place. We will be playing our home matches there for the next four seasons and look forward to working with Wasps to ensure our mutual success on and off the field.

Our ultimate goal is to return CCFC to the Premier League but we can only do this if we own our own stadium, allowing us to access 100% of our revenues. In the near future, we will be able to give our fans more details of our plans and tell you where the new stadium will be.

The liquidator has declined our request, in the interests of transparency, to publish the full details of the offer. We have released in full the detail of our proposed community partnership with the Higgs Charity. We have continually stated since our return to the city, that community will be at the heart of our development and that still remains very much the case.

Nick · Nov 14, 2014

Ah, so about the same if not more than Wasps?

SkyBlue_Bear83 · Nov 14, 2014

I don't think they ever expected it to be accepted.

mattylad · Nov 14, 2014

So they matched the bid and Higgs stook two fingers up. It does sound like they have secured/or are very close to securing a plot of land for the stadium so lets hope it is announced sooner rather than later.

will am i · Nov 14, 2014

Nick said:
Ah, so about the same if not more than Wasps?

Unfortunately too little too late and they could have done a deal long before Wasps even thought about it. Lets hope they really can build a new stadium and no reason for it to be outside Coventry now.

Jack Griffin · Nov 14, 2014

mattylad said:
So they matched the bid and Higgs stook two fingers up. It does sound like they have secured/or are very close to securing a plot of land for the stadium so lets hope it is announced sooner rather than later.

Yeah, lets hear it!

ccfcway · Nov 14, 2014

"near future"

:wave:

sw88 · Nov 14, 2014

So it's 4 years now, not two with the option of a further two?

torchomatic · Nov 14, 2014

Good to know the offer matched Wasps'. One less stick and all that.

SkyblueBri · Nov 14, 2014

At least at long last a line as been drawn. Now we need to move forward its in your court Sisu let's see the planning application

chiefdave · Nov 14, 2014

sw88 said:
So it's 4 years now, not two with the option of a further two?

Since Wasps came in there has been a subtle change of language from SISU, there's been lots of mentions of potential build delays and needing to stay at the Ricoh longer. It's almost as if they have absolutely no plans for a new ground and have had their bluff called.

italiahorse · Nov 14, 2014

mattylad said:
So they matched the bid and Higgs stook two fingers up. It does sound like they have secured/or are very close to securing a plot of land for the stadium so lets hope it is announced sooner rather than later.

Yes we should really believe Fisher !!!
A new smaller stadium out of town rented from Sisu. That's the way forward ?

torchomatic · Nov 14, 2014

Either that or the two thirds empty bowl we'll be paying rent to your lot from London. Ooh, what a tantalising choice.

italiahorse said:
A new smaller stadium out of town rented from Sisu. That's the way forward ?

CCFC_Charlie · Nov 14, 2014

sw88 said:
So it's 4 years now, not two with the option of a further two?

The condition for getting the additional two was that we played the Gillingham game at the Ricoh

Bill Glazier · Nov 14, 2014

sw88 said:
So it's 4 years now, not two with the option of a further two?

Is that a mutual break clause does anyone know? It could mean WASPS chuck us out after 2 years if they don't want nasty common footballers messing up their turf for Tarquin, Hugo and Benedict,

italiahorse · Nov 14, 2014

torchomatic said:
Either that or the two thirds empty bowl we'll be paying rent to your lot from London. Ooh, what a tantalising choice.

Sooner pay rent to competent business outfit like Wasps that have committed to the Ricoh wihin days of coming here than the rogues of SISU who have destroyed the club and done absolutely nothing positive in 7 years.

You really do need to ask your mates to show you the figures before you bare your arse to them.

torchomatic · Nov 14, 2014

How do you know Wasps are competent business people? It's just another hedge fund.

As for the matched offer. I'm sure PWKH will be more than happy to reappear like the Christmas Fairy to tell us it's nonsense. After all, it was a little hobby of his at one time, wasn't it? Let see if he or Higgs disagree.

italiahorse said:
Sooner pay rent to competent business outfit like Wasps that have committed to the Ricoh wihin days of coming here than the rogues of SISU who have destroyed the club and done absolutely nothing positive in 7 years.

You really do need to ask your mates to show you the figures before you bare your arse to them.

mattylad · Nov 14, 2014

italiahorse said:
Yes we should really believe Fisher !!!
A new smaller stadium out of town rented from Sisu. That's the way forward ?

And so tell me how this stadium we are going to "rent" works out badly? Because to be blunt I would rather we pay "rent" to the people who have a vested interest (all be it their own) in seeing CCFC succeed so they can sell us on than it be going into Wasps arse pocket.
Do you honestly think SISU will just walk away or sell for about 5% of what they have invested?
Or that another party will just come waltzing in and throw millions at us for the hell of it?
Or that Wasps who have made it clear they have no intention of running a football club will suddenly change its mind?
I’m certainly not rejoicing at the thought of an out of town stadium and had part Ricoh ownership been an option I would never have backed them in moving, but it’s not and we need to move on or we will die once and for all.

TheRoyalScam · Nov 14, 2014

Unlike the £2.77m Wasps bid, the CCFC Ltd (in liquidation) bid via liquidator Appleton for £2.8m was 'conditional' - Higgs directors were duty bound to accept the best bid for their charity's share - it's obvious that the Wasps bid was open, transparent and 'unconditional' - to criticize Higgs after all they've been put through by SISU seems perverse to me.

Could someone explain what 'near future' means? It's a favourite Fisherism of mine

Otis · Nov 14, 2014

italiahorse said:
Sooner pay rent to competent business outfit like Wasps that have committed to the Ricoh wihin days of coming here than the rogues of SISU who have destroyed the club and done absolutely nothing positive in 7 years.

You really do need to ask your mates to show you the figures before you bare your arse to them.

I think we need to really try and get the best rent deal going so staying at the Ricoh can work, with a partnership to maybe be in the offering further down the line.

Instead of trying to raise £20m to build a new stadium out in the sticks, why don't we try and raise the money to buy a half share or percentage from Wasps?

I get the 'must own, own stadium, 100% of the revenues' blah, blah blah, but the fact is, if we build a new stadium outside of Coventry we are going to probably lose thousands of fans anyway. Then you ask the question, 100% revenue of what? How much would that be on much reduced attendances etc?

We need to make this rental deal work and impress on Wasps that they need us there and they are going to struggle without us.

torchomatic · Nov 14, 2014

Duty bound, my arse. They were always going to give it all to Wasps.

TheRoyalScam said:
Unlike the £2.77m Wasps bid, the CCFC Ltd (in liquidation) bid via liquidator Appleton for £2.8m was 'conditional' - Higgs directors were duty bound to accept the best bid for their charity's share - it's obvious that the Wasps bid was open, transparent and 'unconditional' - to criticize Higgs after all they've been put through by SISU seems perverse to me.

Could someone explain what 'near future' means? It's a favourite Fisherism of mine

albatross · Nov 14, 2014

£2,770,000 vs £2,800,000 just about covers the £29k figure they fought about before costs!!

you could not make it up

TheRoyalScam · Nov 14, 2014

torchomatic said:
Duty bound, my arse. They were always going to give it all to Wasps.

You obviously don't understand Company Law and the duties of directors. Take off your sky blue tinted glasses and face the facts for once.

Grendel · Nov 14, 2014

TheRoyalScam said:
You obviously don't understand Company Law and the duties of directors. Take off your sky blue tinted glasses and face the facts for once.

There would have been no breach in Company Law if they had gone the other way on the bid.

italiahorse · Nov 14, 2014

mattylad said:
And so tell me how this stadium we are going to "rent" works out badly? Because to be blunt I would rather we pay "rent" to the people who have a vested interest (all be it their own) in seeing CCFC succeed so they can sell us on than it be going into Wasps arse pocket.
You need to explain what the plan to succeed is. I must be dreaming we are in a relegation battle in L1, knocked out by Worcester at least 3 divisions below us with amateur players.
Do you honestly think SISU will just walk away or sell for about 5% of what they have invested?
Invested ? We have nothing other than Ryton and a team of loan players and kids.
Or that another party will just come waltzing in and throw millions at us for the hell of it?
We have relatively few costs now and we are worth very little. Sisu will never get their money back in a sale.
Or that Wasps who have made it clear they have no intention of running a football club will suddenly change its mind?
The football club staff can run that, we just need better owners. Sisu surely can't be considered worthy owners of our club.
I’m certainly not rejoicing at the thought of an out of town stadium and had part Ricoh ownership been an option I would never have backed them in moving, but it’s not and we need to move on or we will die once and for all. Fisher has blinded you with his verbal garbage, work the finances out for yourself

mrtrench · Nov 14, 2014

Doublespeak all round. Read between the lines people

SkyBlue_Bear83 · Nov 14, 2014

TheRoyalScam said:
You obviously don't understand Company Law and the duties of directors. Take off your sky blue tinted glasses and face the facts for once.

It was nothing to do with what the best bid was, the decision was made weeks ago by the council. In all truth even though we held out hope till it was signed and sealed, this was a formality, we could have offered 20 million and it would have been rejected.

covcity4life · Nov 14, 2014

i love how council employees will talka bout wheres new ground rather than the corrupt higgs organisation declining offer.

oldskyblue58 · Nov 14, 2014

Just a few thoughts really

- what if AEHC didn't want a partnership with anyone? You can not impose one
- what if the charity simply want out to concentrate on other things like Drapers Hall
- Do the Charity want to take on extra charitable ventures or do they want to distribute grants only
- doesn't SBITC do exactly what CCFC were offering? Wouldn't the two (AEHC + SBITC) be duplicating efforts and costs
- a partnership would surely mean an investment in time and finance by the Charity. It would seem that Wasps offered a donation for every ticket sold in the newly named Higgs Charity stand. Over time do those donations cover any shortfall on the deal
- why would you convert income generating areas (that ACL is dependent on) in to a charitable comminversity? Is it me but don't the pillars of partnership sound a little airey fairey and easily redescribed? Perhaps I am being cynical when I think that letter has been thrown in because "yanno its a charity"
- The offer was conditional so why at this stage were the documents critical surely due diligence would have covered it. In any case things like the ACL agreement with CCC were not the Charity's to give they have no legal title to some of those documents so could the bid succeed if the conditions not met. Surely SISU legal advice knew that?
- market price would seem to be a minimum of £2.77m bidding £2.8m is not a significant increase (1.083%). It might mean the Trustees must look at the bid but it doesn't really put any pressure on to accept it
- is the CCFC offer just enough to cover what the Charity was due from the last proposed sale
- what is the ambition of SISU/CCFC for the future of the club in the city. Why is the future of the club something AEHC must consider when assessing the bids. The legal duty is simply to consider the best interests of the Charity. Is there a moral duty to consider more or simply a moral duty to ensure the best result for AEHC?
- The rent deal at the Ricoh is 2+2 isn't it or have they decided that they are exercising the second period option already?
- got to say the premiership seems a hell of a long way off and will take more than the income from a new stadium to achieve. With our debt burden who will want to invest in the team the present owners show no great ambition in that direction I feel
- "in the near future", sick and tired of this to be honest the idea of a new ground was floated December 2012 and we still do not know..... or is it now a bargaining chip for talks with Wasps
- The liquidator declined the request....... wasn't it Otium's bid that was made through the liquidator he is hardly likely to add his own terms. So why cant Otium detail their offer?
- is whether offer conditional or not really a factor because due diligence would still be required once the bid accepted and can walk away if needed
- the history has to be a factor. They are proposing a partnership having in the past failed to work together, publically castigated each other, failed to pay bills and ended up in court ........against the potential for doing a deal with parties who you would assume have tried and succeeded in convincing the Trustees that they are honourable people to work and do business with

Just thoughts really ....... they do not matter really because the deal is done. We must move on and the club must be stabilised. I wont hold my breath for news on the new stadium.... but I am still left with the feeling this bid was made with a view to fail.

stupot07 · Nov 14, 2014

Otis said:
I think we need to really try and get the best rent deal going so staying at the Ricoh can work, with a partnership to maybe be in the offering further down the line.

Instead of trying to raise £20m to build a new stadium out in the sticks, why don't we try and raise the money to buy a half share or percentage from Wasps?

I get the 'must own, own stadium, 100% of the revenues' blah, blah blah, but the fact is, if we build a new stadium outside of Coventry we are going to probably lose thousands of fans anyway. Then you ask the question, 100% revenue of what? How much would that be on much reduced attendances etc?

We need to make this rental deal work and impress on Wasps that they need us there and they are going to struggle without us.

I don't want a new stadium, but we do need access to matchday and additional revenue to progress. We've been treading water before sinking whilst we've been at the Ricoh. A rental deal only is no good to us and is just more of the same.

I really don't know what the answer is. Basically nothing's changed short term, but now we're very likely fooked in the medium to long term future.

Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors

covcity4life · Nov 14, 2014

stupot07 said:
I don't want a new stadium, but we do need access to matchday and additional revenue to progress. We've been treading water before sinking whilst we've been at the Ricoh. A rental deal only is no good to us and is just more of the same.

I really don't know what the answer is. Basically nothing's changed short term, but now we're very likely fooked in the medium to long term future.

Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors

yup

now its over less hope the non ccfc fans leave this forum at least.

torchomatic · Nov 14, 2014

Never. Nothing else matters.

TheRoyalScam said:
Take off your sky blue tinted glasses and face the facts for once.

SkyBlue_Bear83 · Nov 14, 2014

covcity4life said:
yup

now its over less hope the non ccfc fans leave this forum at least.

No doubt the Wasps RFC forum will have a large increase in member numbers over the next few days.

Ashdown · Nov 14, 2014

It really just never ends does it ?! Why us, why Coventry City ? Essentially we are faced with a choice of new Landlords{ who with their track record I expect SISU will fall out with double quick} or a small identikit piece of shit stadium somewhere in the Coventry area which will ultimately limit us forever more to a footballing status something akin to Doncaster Rovers. Marvellous, happy days !

Moff · Nov 14, 2014

TheRoyalScam said:
Unlike the £2.77m Wasps bid, the CCFC Ltd (in liquidation) bid via liquidator Appleton for £2.8m was 'conditional' - Higgs directors were duty bound to accept the best bid for their charity's share - it's obvious that the Wasps bid was open, transparent and 'unconditional' - to criticize Higgs after all they've been put through by SISU seems perverse to me.

Could someone explain what 'near future' means? It's a favourite Fisherism of mine

Sorry where the details of the Wasps bid?
I do believe they have asked the details of their bid not to be released to the press, so how do you know it was unconditional?
Well unless you are guessing

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