Didn't they agree to cross invoice if that is the term all the F&B income not just the 80% that Compass don't get so that CCFC had more money under FFP?
Having read your post I just had a vision of that new Davina show where they have the hourglass filled with pound coins and they just flow away in their thousands when the thing is turned over. Don't know why but somehow it seemed similar in some way.If you read the answers the club gave to the Trust a short while ago, they say that the negotiating team (headed by TF) was only able to accept an offer which would get the club to at least a break even position. That is, so that the owners wouldn't have to put any more money in to the business.
I don't think ACL could have physically handed over enough money to make this possible.
Didn't they agree to cross invoice if that is the term all the F&B income not just the 80% that Compass don't get so that CCFC had more money under FFP?
The market for 32,000 seat stadiums in Coventry that can be purchased on the cheap thanks to bankruptcy/administration cause in no small part by one of their tenants?What market is being distorted?
Two options here:
SISU are complaining that the council aided ACL by lowering the mortgage interest payments, which in turn allowed ACL to make an vastly improved rent offer to the club. This shows SISU to be idiotic in the extreme.
OR
SISU are complaining that the council (which did not use taxpayers money to fund ACL) helped to ensure that the company that it jointly owned could not be put in distress by SISU not paying contracted rent, and denied SISU the chance to pick up the Ricoh on the sly. This shows SISU to be scum.
So:
Stupid or Scum?
Having read your post I just had a vision of that new Davina show where they have the hourglass filled with pound coins and they just flow away in their thousands when the thing is turned over. Don't know why but somehow it seemed similar in some way.
It depends I suppose if the asset is considered to be the lease or the entire stadium, and whether that asset has been distressed in value by the actions of one of the tenants by non payment of their rent.Well to me it's either a delaying tactic or SISU believe they have a case.
As a delaying tactic I don't see the point, how would SISU be in a better place than they are now after the delay? The only thing I can think of is that they hope to put off any potential buyers but I'm still not sure why they want to stick around and what their plan to get their money back / exit strategy is.
If they have a genuine case it could get interesting but what would the end result be, a judge isn't going to just say hand over the keys to SISU! I wonder if SISU every approached Yorkshire Bank about buying the debt. If they did and recieved indication that they could buy it for somewhere in the £6m region then a whole can of worms could be opened up.
The most interesting thing in this is the fact that the money has actually come from taxpayers despite what everyone has been saying all along. What happens if it turns out the council can't get the loan when they need it or if they lose this case, would anyone give the council a loan for the full amount if it's been shown in court that the asset it is secured against is worth nowhere near the loan amount.
Wasn't aware it was a childrens charity, thought PWKH had said it was created to help the people of Coventry or something like that. I agree with you totally about the rest of the post though.It all adds up to the blinding obvious, now made even more so today, that SISU wanted nothing shy of busting ACL and getting the Ricoh for diddly squat. Does it matter that a children's charity and Coventry taxpayers form this evil entity? Does it feck.
If you read the answers the club gave to the Trust a short while ago, they say that the negotiating team (headed by TF) was only able to accept an offer which would get the club to at least a break even position. That is, so that the owners wouldn't have to put any more money in to the business.
I don't think ACL could have physically handed over enough money to make this possible.
Wasn't aware it was a childrens charity, thought PWKH had said it was created to help the people of Coventry or something like that. I agree with you totally about the rest of the post though.
Taylor's 17.
Wasn't aware it was a childrens charity, thought PWKH had said it was created to help the people of Coventry or something like that. I agree with you totally about the rest of the post though.
If sisu could buy the debt for 5/6million then so could someone else for lets say 7million, enter PHIVIf they have a genuine case it could get interesting but what would the end result be, a judge isn't going to just say hand over the keys to SISU! I wonder if SISU every approached Yorkshire Bank about buying the debt. If they did and recieved indication that they could buy it for somewhere in the £6m region then a whole can of worms could be opened up.
If sisu could buy the debt for 5/6million then so could someone else for lets say 7million, enter PHIV
It has been ACL's and CCC's policy to edge SISU out, now, they don't, shouldn't, have that power.
Shown when PWKH and another ACL person ties a 'SISU Out' balloon on Fisher's car, it was unprofessional, it compromised their impartiality, but most of all, how can they negotiate with people they treat with contempt? ACL have held back a deal just as much, if not more, than SISU.
There sounds a man who's skint.Yes I think it can. Just like everything else....too muc of a good thing...brings its virtues into question. Money is the root of all evil - and the love of it is the route to all evil. Too many people love money & simply cannot get enough of it.
Who knows what the real debt is but the Yorkshire would sell to the highest bidder surelyIf the debt is only worth £5m, what makes you think anybody would pay £7m?
I dont think theirs anything thing for us fans to worry over, its the last kickings of a dying dog. If the golden share is in the part of the club in administration, then surely all of this is a sideshow to any potential purchase? Sisu will have nothing, the player registrations have to stay with the golden ticket, no ticket, no players and no ground. At best all they can hope for is the council will get a smacked bum, the only downside i can see with this though is the club may end up loosing its training ground as that could still be theirs. The whole thing smacks of desperation, the council would have had to go through certain checks and balances legally before providing a loan, even if SISU have a piece of paper saying they could have bought the debt from the bank for 5 million it proves nothing. If the council did pay 14 million for the loan this may well have been the total loan, not the offer for someone to buy a debt from any potential administrator or debtor which is an entirely different thing. All SISU are doing at the moment is dragging their own name through the mud as well as the club, i think Miss Sepala may loose more than she bargained for if this continues for much longer.
This whole thing has the whiff of desperation and failure about it.
Why do it in the first place? well unless you are a hedge fund used to getting your'e own way, by using hard faced nastiness, and now that you arent you are resorting to straw clutching as you have no experience of coming second best?
Blatantly using ownership of a Football League club to distress the company managing a community asset.
I hope the Football League are taking note of this and will remember it when/if they have to decide if SISU are fit and proper owners.
All part of distressing ACL in my opinion............ quite deliberate, well planned, and has been going on for some time.
Yes, and my point was that I hope the Football League are taking note. Football and business are one thing, but using a football club to squeeze the life out of another company, in order to acquire its assets, should be off limits.
Football was told only recently to reform or there would be government intervention. The Football League need to send a message to SISU, and to other would be owners, that football belongs to the fans and the governing bodies put football and the fans before this sort of behaviour.
Yes, and my point was that I hope the Football League are taking note. Football and business are one thing, but using a football club to squeeze the life out of another company, in order to acquire its assets, should be off limits.
Football was told only recently to reform or there would be government intervention. The Football League need to send a message to SISU, and to other would be owners, that football belongs to the fans and the governing bodies put football and the fans before this sort of behaviour.
I suspect that the Football League response to that will be along the lines of
"it is not up to us to get involved in private disputes our only concern are the football related matters"
not saying that is what should be the response only that i think it will be
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