We paid £850k of rent last season. Shortfall on the annualised rent was £636k. The council withheld a rate rebate of £399k and had been overcharging rates since day one of the Ricoh Arena occupancy but we can only currently claim for the last three years. The Valuation Office (Central Govt) has told Coventry City Council to pay back £399k to club. That hasn’t happened yet so we are issuing legal proceedings against the council to recover the monies owed.
Can anybody in the know expand on this?
Why were the council ordered to give CCFC money back?
Got to be clear who is due the rate refund is it CCFC or CCFC Ltd ? I would have thought that CCFC Ltd as owner of the lease & Licence at the Ricoh
Can the rights to a rate refund be bought and claimed by a third party? - I thought it was a tax and tax can only be paid to the taxpayer but I dont know a lot about the legal side of such things so anyone able to say?
Got to be clear who is due the rate refund is it CCFC or CCFC Ltd ? I would have thought that CCFC Ltd as owner of the lease & Licence at the Ricoh
Can the rights to a rate refund be bought and claimed by a third party? - I thought it was a tax and tax can only be paid to the taxpayer but I dont know a lot about the legal side of such things so anyone able to say?
I thought CCFC owed ACL £1.4m in unpaid rent? it this still owed, talk about complex eh.
I thought CCFC owed ACL £1.4m in unpaid rent? it this still owed, talk about complex eh.
What would they owe the fans for the last 6 years?
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Included in the final administrators report 27/09/13 there was the following detail as part of what Otium bought from CCFC Ltd
"The debts and benefits of all guarantees, indemnities and security rights in respect of them, including any rates rebate £1,000,000"
So looks like the administrator was expecting a rates refund. How he could create a charge over assets in the company in administration I am not sure because at first sight that appears to prejudice the other creditors perhaps there is a way. I dont know. Certainly TF believes there is a £399k refund due to someone
If the rates refund is £399k and Otium benefit from it then the cash cost of acquiring CCFC Ltd assets nets down to £1.1m it would seem. Equally if that is the case then ACL do not benefit from the £400k set off against their claim it seems to me but perhaps it can be explained differently?
I get the last couple of seasons, but What are they apologising for the first 3 1/2 years?
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Just goes to show how unclear this whole arrangement was and reinforce how much simpler the life of a CCFC fan would be if the club owned it's own stadium
They are in charge- they have overseen: £60M worth of debt +/-, a relegation, administration, and now we are homeless-not a lot to boast about for 6 years of "management"; bucks stops with them.. yeah yeah yeah I know the council have some responsibility and I agree.
You probably heard Mr L tonight on CWR.... enough said.
No didn't listen to it.
The 2 things I blame them for is:
1) not buying 50-100% of ACL at the start in ores to access revenue
2) not slashing and restructuring the wage right at the start.
Relegation was almost inevitable, we'd been struggle in the championship for years, with an average squad we couldn't afford and no access to revenue and high rent. Should have took the hit in the first season, got relegated and rebuilt like they're doing (in a squad sense) now.
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