Coventry to be Moved? (1 Viewer)

lordsummerisle

Well-Known Member
http://www.bloodandmud.com/2014/10/breaking-wasps-to-move-coventry-to-belize.html

[h=3]BREAKING: Wasps to move Coventry to Belize[/h] Following further tweaks to their relocation business plan, Wasps have revealed that they plan to move the city of Coventry to the central american tax haven, Belize.
In a statement, the club said, "We said last week that we were keen to find an exciting new home for Derek Richardson's money, oh and the club of course. Coventry was a decent start, but after looking into it in more detail it seems clear that it is in the wider best interests that we move the city of Coventry to Belize"
"This decision has not been taken lightly, it has been a very thorough and detailed process and we truly believe this is the best option to secure a successful long-term future for Derek's money. Oh, and the club as well"
"Our first priority now is to patronise the people of Coventry and anyone else who deosn't agree with us"
Club captain, James Haskell, said "as a lifelong fan, I think it's best I regurgitate whatever company line I'm given"
Coventry resident, Eileen Bobblehat, said, "How can a load of insects moving in lead to this? What? They're a rugby club? In Coventry? That'll never work"
 

Moff

Well-Known Member
http://www.bloodandmud.com/2014/10/breaking-wasps-to-move-coventry-to-belize.html

BREAKING: Wasps to move Coventry to Belize

Following further tweaks to their relocation business plan, Wasps have revealed that they plan to move the city of Coventry to the central american tax haven, Belize.
In a statement, the club said, "We said last week that we were keen to find an exciting new home for Derek Richardson's money, oh and the club of course. Coventry was a decent start, but after looking into it in more detail it seems clear that it is in the wider best interests that we move the city of Coventry to Belize"
"This decision has not been taken lightly, it has been a very thorough and detailed process and we truly believe this is the best option to secure a successful long-term future for Derek's money. Oh, and the club as well"
"Our first priority now is to patronise the people of Coventry and anyone else who deosn't agree with us"
Club captain, James Haskell, said "as a lifelong fan, I think it's best I regurgitate whatever company line I'm given"
Coventry resident, Eileen Bobblehat, said, "How can a load of insects moving in lead to this? What? They're a rugby club? In Coventry? That'll never work"

On this move Ann Lucas was heard to say "its not all about me, well it is, and I love Coventry particularly in a tax haven where I can stash my earnings as council leader. Now can I stand next to James Haskell again and leer at him like I did last week."
 

martcov

Well-Known Member
On this move Ann Lucas was heard to say "its not all about me, well it is, and I love Coventry particularly in a tax haven where I can stash my earnings as council leader. Now can I stand next to James Haskell again and leer at him like I did last week."

Why Belize, why not Cayman Isles, our Investors already have their money there?
 

torchomatic

Well-Known Member
Looking forward to Dongo's thread analysing crowds, job creation, etc.
 

torchomatic

Well-Known Member
Or Malta where your team's owner has his money.

Why Belize, why not Cayman Isles, our Investors already have their money there?
 

dongonzalos

Well-Known Member
I know you will never admit it Torch.
But you would be on the bandwagon criticising the council. If CCFC left the Ricoh. Then some professor quotes an estimated figure saying this is what turning down wasps cost the Coventry economy. The council did this hoping CCFC would stay despite CCFC telling them they wouldn't.

I can just see you applauding the council now saying they did the right thing fair play them etc etc etc
 

covcity4life

Well-Known Member
I know you will never admit it Torch.
But you would be on the bandwagon criticising the council. If CCFC left the Ricoh. Then some professor quotes an estimated figure saying this is what turning down wasps cost the Coventry economy. The council did this hoping CCFC would stay despite CCFC telling them they wouldn't.

I can just see you applauding the council now saying they did the right thing fair play them etc etc etc

just like you refuse to call them out on anything
 

Warwickhunt

Well-Known Member
Ever thought that our investors and Wasps' investors are not particularly different. We still have no idea how they've raised the capital to buy ACL.
SISU are still very quiet about all of this?
 

stupot07

Well-Known Member
Why Belize, why not Cayman Isles, our Investors already have their money there?

I'm see I read on here that wasps are backed by a Maltese Hedge Fund?


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

Nick

Administrator
From a Wasps website:

Wasps’ ownership since Steve Hayes lost interest has not been a model of transparency. The majority of London Wasps Holdings’ shares were owned by Derek Thorne’s ‘non-trading’ company Canmango – a company that was nothing more than a file in a cupboard at lawyers Kennedy’s on Fenchurch Avenue in the City. Canmango sprang into life on 17 August precisely to execute Derek Thorne’s purchase. Its accounts and annual returns are a model of obfuscation.

Then, on 5 April 2013, Derek Thorne sold the company to Moonstone Holdings – aka Derek Richardson – and its affairs receded even further into the murk. Moonstone is a Malta based company whose ultimate controlling interest is MGI Fiduciary Services, an ‘accounting services’ company also based in Malta.

MGI’s value to its clients does not lie in its commitment to transparency.

Richardson, we now know, was interested in Coventry/Ricoh (and the acres of land around screaming ‘regeneration’) up to two years ago – before he bought Wasps.

it would seem an awkward thing to do to try to persuade oneself that it was the survival of Wasps close to its heartland that was his principal interest.

Doesn't sound too different to SISU does it?

Will anybody take note of this or just brush it under the carpet ;)
 

martcov

Well-Known Member
Or Malta where your team's owner has his money.

Like it. "My" rugby team is here in Kiel - I am the wealthy Sponsor... ;-) Luckily they only play for the love of the game and my contribution is limited... On the other hand maybe I could secure their future in Cov.....
 

dongonzalos

Well-Known Member
We'll have to see how Wasps get on with it?

It wasn't mentioned in the waffle from CCC about the sale.

I was under the impression and my memory may fail me, however I thought the council were saying any sale would need to lead to generation of jobs and development of the area around the Ricoh ie the hotel Etc...
I think some on here argued that it is not down to SISU to develop the surrounding land and creat jobs?
I will do a bit if digging and I may bump a thread if I find it. Apologies for the bump in advance I know it seems to cause up roar ;)
 
Last edited:

Grendel

Well-Known Member
I was under the impression and my memory may fail me, however I thought the council were saying any sale would need to lead to generation of jobs and development of the area around the Ricoh ie the hotel Etc...
I think some on here argued that it is not down to SISU to develop the surrounding land and creat jobs?
I will do a bit if digging and I may bump a thread if I find it. Apologies for the bump in advance I know it seems to cause up roar ;)

I am sure that the purchasing consortium will have claimed to look at it as CCFC are claiming to be looking at a new stadium.
 

skybluetony176

Well-Known Member
From a Wasps website:



Doesn't sound too different to SISU does it?

Will anybody take note of this or just brush it under the carpet ;)

This is a CCFF forum. Why should anyone be taking note of Wasps owners. You should try pointing your "investigations" into our owners.
 

stupot07

Well-Known Member
This is a CCFF forum. Why should anyone be taking note of Wasps owners. You should try pointing your "investigations" into our owners.

.....because they are now our landlords?


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stupot07

Well-Known Member
That's good so my thread about wasps is relevant ;)

No, your thread is about whether the sports team success that has nothing to do with us, however the owner of the ricoh's business. It's similar to compass, they may do our F&B's but I'm really not arsed about how successful their contract is at the QE2 conference centre.

Do we even know they the ownership model will be?


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

dongonzalos

Well-Known Member
We'll have to see how Wasps get on with it?

It wasn't mentioned in the waffle from CCC about the sale.

Months of deadlock ends with groundbreaking `headline agreement'

A DEAL has been struck over Coventry City football club owning half the Ricoh stadium, the Telegraph can reveal.
Coventry City Council leaders have been briefed that a groundbreaking “headline agreement“ has been reached for Sky Blues owners Sisu to buy a 50 per cent stake in the Ricoh Arena company from the Alan Edward Higgs Charity.

The agreement follows months of deadlock over a deal considered a financial lifeline by the relegated Division One club incurring multi-million-pound annual losses.

Rumours of administration or liquidation for the club deprived of income from stadium commercial activities were alleviated when hedge fund Sisu agreed to pay any losses this season.

The Telegraph revealed in June an initial offer by Sisu had been rejected by the Higgs charity. The two parties have had secret talks intermittently since.

The breakthrough comes as John Mutton * leader of Coventry City Council which owns the other half-stake in Ricoh company Arena Coventry Ltd (ACL) * challenged Sky Blues chief executive Tim Fisher's claims Sisu has wiped out the club's debts by paying off creditors.

Coun Mutton said, while Sisu itself was the club's main creditor, he understood the club had still not paid six months of rent arrears worth £600,000 into a joint bank account, to enable ACL to continue receiving payments.

The council leader also revealed a deadline for an agreement between the club and ACL over a lower rent had been extended for a month, until October 13.

The Telegraph revealed last month the Sky Blues had rejected an ACL offer to half the annual rent to £650,000 after a High Court ruling ACL had the right to recover full rent under previous agreements.

Controlling Labour cabinet members at the council were briefed on Wednesday about the Higgs/Sisu shares agreement.

Council leader John Mutton, facing accusations by Tory opponents of secrecy over negotiations after councillors were forced to sign confidentiality agreements, told the Telegraph: “Sisu and the Higgs charity have had discussions. I understand a price has been agreed.

“...I believe they’ve reached headline terms. There is still agreement to be reached on how and when it is to be paid.

“I knew they had agreed headline figures. My group are aware of that now.” Coun Mutton said he had not had direct talks recently with Sisu or the Higgs charity, but council officers had been updating him. The council’s representatives on the ACL board are chief executive Martin Reeves and council finance director Chris West.

Coun Mutton said he was not aware of the price agreed between Sisu and the Higgs charity, who would have to agree the fineprint before the full council of 54 councillors would vote on the deal.

The council could use a veto

blocking any deal on Ricoh shares if it was considered not to be in the interests of city taxpayers.
At Tuesday’s full council meeting, Coun Mutton re-iterated evidence was requested this summer from Mayfair-based Sisu that it had a “proper business case” for both investment in the Sky Blues and the development of a leisure complex around the stadium, including hotels.

ACL recorded profits of just £470,000 last year, expected to rise to £1million this year.

The council has yet to receive any dividend from its 50 per cent share. Any profits would first be used to pay back a £21million ACL loan to Yorkshire Bank. The loan was originally taken out by the council to rescue the Ricoh project in 2003 and ensure the stadium was built on the contaminated former Foleshill gasworks site.

Development of the “leisure land” – including more hotels to support the stadium’s hotel and conferences, and events including concerts – is seen as crucial in raising Ricoh revenue. The council also wants the development to create jobs in return for taxpayer investment in the disadvantaged north-east of Coventry.

The 2003 deal gave the council and football club 50 per cent each of ACL shares. But the Sky Blues sold its half-stake to the Higgs

charity in 2007 for a reported £6million, to stave off a threat of administration.
A complicated formula giving the football club an option to buy back the shares has long been rumoured to price Higg’s charity’s 50 per cent at £10million.

The Higgs charity’s Peter Knatchbull-Hugessen told the Telegraph in June Sisu’s initial rejected offer had been outside the formula.

News of the headline agreement comes days after Daniel Gidney resigned as ACL chief executive, and was understood to be increasingly disillusioned over the prospect of a deal with Sisu over stadium ownership.

Coun Mutton said the council still had a “not for sale” policy on its 50 per cent share.

But he added, if “a fantastic offer came in” for the council’s shares, the full council could vote on a change of policy.

Tim Fisher, Sky Blues chief executive, said: “We have made an undertaking not to discuss this matter publically. It is a highlysensitive commercial negotiation which all sides have undertaken to conclude before speaking to other parties. On the issue of financial debt and creditor profile of the football club, I am more than happy to go through the appropriate details with Coun Mutton in person and in private.
 

skybluetony176

Well-Known Member
No, your thread is about whether the sports team success that has nothing to do with us, however the owner of the ricoh's business. It's similar to compass, they may do our F&B's but I'm really not arsed about how successful their contract is at the QE2 conference centre.

Do we even know they the ownership model will be?


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

Again. This is a CCFC forum. If you're concerned about ownership models you should be more concerned about ours. Unless of course you know who does actually own CCFC in which case share it with the group.
 

dongonzalos

Well-Known Member
No, your thread is about whether the sports team success that has nothing to do with us, however the owner of the ricoh's business. It's similar to compass, they may do our F&B's but I'm really not arsed about how successful their contract is at the QE2 conference centre.

Do we even know they the ownership model will be?


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

Is the owner of the sports club not the key figure for our landlords?
 

stupot07

Well-Known Member
Is the owner of the sports club not the key figure for our landlords?

Yes I think that's what we said, however I have no interesting in what that rugby club do or don't do. Just like I'm not bothered about Compass's other ventures or the funds that sisu's (mis)manage, or who Higgs does and doesn't fund with charitable funding.


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

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