Grab a beer or a cup of tea, it’s CCFC!!

Captain Dart

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HARD-UP Coventry City are trying to renegotiate the deal to rent the Ricoh Arena to help them through their current cash crisis.

Acting chairman Geoffrey Robinson has admitted he is in talks with the Arena company and Coventry City Council as part of his financial restructuring plan for the club.

The Sky Blues are paying £1m a year to rent the new 32,000-seater stadium but Mr Robinson refused to confirm or deny that the club had approached the city council to release some of that cash to pay players' wages.

The money ! from the club's sale of Premier Club memberships to local businesses ! is held in a special account as a guarantee that it will pay its rent to the Arena company. It is understood the council - a major partner in the Arena scheme - would have to approve it being used for any other purpose.

The club is struggling financially as attendances at the Ricoh are not reaching the 23,000 break-even point given by former chairman Mike McGinnity earlier in the season but Mr Robinson categorically denied that the club was heading into administration.

"No, absolutely not," he said.

He said they were in talks with the Arena company, Coventry City Council and the club's bank over the best deal to suit everyone.

But he admitted the club will probably not be coming up with its financial plan for the next three years in time for its December 20 annual general meeting. He has already said the club's accounts will not be ready to be presented to the meeting.

The Coventry North West MP said: "We're in negotiations with all our partners to make sure we have genuinely well-based, profitable future which is what everybody wants.

"We're working on a plan for financial stability of the club and we'll make a statement (about that) as soon as we can.

"The late opening of the stadium caused problems. The point of the discussions is to (secure) the financial stability of the club over the next three years."

Asked if the club had requested a rebate of £1M from the city council, Mr Robinson said: "I'm not making any comment about the state of negotiations."
Pointless going back to before SISU became involved, if they didn't do their due diligence properly and bought a pig in a poke then more fool them.
 

Nick

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Pointless going back to before SISU became involved, if they didn't do their due diligence properly and bought a pig in a poke then more fool them.
May as well just use that every time the council moan about SISU.

Not too sure why it's pointless, unless people just want to sweep certain things under the carpet if they make other parties look bad? Of course it's relevant.
 
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fernandopartridge

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Pointless going back to before SISU became involved, if they didn't do their due diligence properly and bought a pig in a poke then more fool them.
But the article clearly credits the council fr keeping the club afloat, it stands up to no scrutiny whatsoever.
It's like saying somebody who throws a cardboard box away is providing a shelter for a homeless person
 
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chiefdave

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What he said was there was an option that could have been exercised, he then went on to mention the negotiation I described above, which Sepalla didn't follow through.
He also talked about it in terms of the Otium offer to buy Higgs share when they made an offer following Wasps offer
The Buy-Back Option granted to CCFC had been linked to a formula and this comment suggests that the Otium offer did not get over that hurdle.
Reads to me as if he expects the Otium offer to be based on the formula.

I don't think the numbers of the original negotiation circa. 2012 have ever been made public, maybe the courts had them but I haven't found them in the court judgements, have you, if you have some numbers I would be interested to hear them.
Look at PWKH’s post history on here. He wouldn’t confirm the exact figure due to confidentiality but confirmed posters who were stating it to be around £10m were correct.
 

Grendel

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He also talked about it in terms of the Otium offer to buy Higgs share when they made an offer following Wasps offer

Reads to me as if he expects the Otium offer to be based on the formula.


Look at PWKH’s post history on here. He wouldn’t confirm the exact figure due to confidentiality but confirmed posters who were stating it to be around £10m were correct.
Another question for PKBH
 
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torchomatic

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Pointless going back to before SISU became involved, if they didn't do their due diligence properly and bought a pig in a poke then more fool them.
Of course it's not pointless. It showcases perfectly why the whole Ricoh model was doomed from the off. City had been there four months when they asked for a rent reduction. That was when we were in a higher league, bigger crowds, better players, no SISU, etc etc. I still maintain that if CCC hadn't have ripped us off in the first place then we would be saying "SISU who?" now.

It highlights the disregard the Council has always had for the city's football club.
 

Nick

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PWKH doing his best fisherbaiter impression in that thread.



It's funny people always put it down to Paranoia isn't it? It usually means people are close to the mark....
 

Nick

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Of course it's not pointless. It showcases perfectly why the whole Ricoh model was doomed from the off. City had been there four months when they asked for a rent reduction. That was when we were in a higher league, bigger crowds, better players, no SISU, etc etc. I still maintain that if CCC hadn't have ripped us off in the first place then we would be saying "SISU who?" now.

It highlights the disregard the Council has always had for the city's football club.
Yes but that is something that isn't mentioned because it makes them look bad before SISU are here. They are only doing things against CCFC now because of SISU.

It doesn't fit the picture so we will just erase that bit. You would think having an ex council leader check it over would make that obvious.

It's like having a German Holocaust Denier check over your article about the war to make sure there's nothing in there that could make certain sides look bad.
 

torchomatic

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January 2006: COVENTRY City Council is about to fork out pounds £1.4M extra this year on the new Ricoh Arena.

The cash is said to be needed because the eye-catching complex was not fully ready when it opened on August 19. It meant the firm running the whole venue could not do everything properly that it planned and so lost income. Now the council is poised to give it 5 1/2 months rent-free at the stadium AND offer it a £1M "overdraft".

The firm,Arena Coventry Ltd, is jointly owned by the city council and a local charity, the Alan Edward Higgs Trust. The Tory-run council cabinet is being recommended to vote for both sweeteners when it meets tomorrow.

The Ricoh Arena opened on August 19 - 19 days late - with the first Sky Blues football match being played the following day. But not everything was ready - including some of the hotel facilities - and that affected ACL's business plans.

Angie Ridgwell, council finance director, said the council was now taking legal advice to see if it could get compensation from developer Laing O'Rourke over the shortcomings. She said: "The Ricoh Arena was open just 19 days later than originally expected but building and finishing work has continued over the past months. This has affected some of Arena Coventry Ltd's trading plans.

"This temporary cash-flow assistance will give Arena Coventry Ltd the flexibility to pursue its business plan. Current prospects for business are extremely promising.

"We are also taking legal advice on opportunities for getting compensation from Laing O'Rourke for the delays in building work."

Last week it was announced that Paul Fletcher, the 54-year-old chief executive of the Ricoh Arena, is leaving the post to become the new managing director of the Sky Blues.

Bosses pleased with first months MORE than 300,000 visitors have set foot in the Ricoh Arena since it opened last August and the company said feedback had been "extremely positive".

Andrew Young, chairman of Arena Coventry Ltd, said: "Everyone connected with the Ricoh Arena s very pleased with the opening few months.

"We have had teething problems as parts of the building were yet to be completed. However, it would have been extremely naive to open the arena one day and expect it to be 100 per cent operational the next.

"Every business objective we set out has been achieved and in many instances, in areas such as sponsorship, the objectives have been substantially over- achieved."

A health and leisure facility is due to open soon, and Ricoh and Yorkshire Bank will unveil offices.

The £40M casino, run by Isle of Capri, should be unveiled later this year and American rockers Bon Jovi will perform the first concert in the stadium on June 7.
 

fernandopartridge

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PWKH doing his best fisherbaiter impression in that thread.



It's funny people always put it down to Paranoia isn't it? It usually means people are close to the mark....
I doubt he is Fisherbaiter. He was never interested in the club he married into the Higgs family, he was looking after the investment
 

Nick

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Now posted in full on the Trust site / social media



I will await the "What's wrong with that" comments.

"we had a meeting with council this week, we sympathise with them"
"heres an article that misses out the things the council has done"
 

chiefdave

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Now posted in full on the Trust site / social media
Find that hard to believe. After all we are constantly told Johnson is nothing to do with the trust. Not to mention the number of posters who have used the ‘its just his opinion’ defence in this thread.
 
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Nick

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Find that hard to believe. After all we are constantly told Johnson is nothing to do with the trust. Not to mention the number of posters who have used the ‘its just his opinion’ defence in this thread.
When you read this it fits in nicely

Albany Meeting ?
 

skybluetony176

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Find that hard to believe. After all we are constantly told Johnson is nothing to do with the trust. Not to mention the number of posters who have used the ‘its just his opinion’ defence in this thread.
They’ve got the next home game just above. Clearly Tim Fisher has something to do with the trust.
 

Nick

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Oh look, Tony trying to jump in because somebody said something.

It's a bit embarrassing isn't it? Especially when it's got to the point people are preempting things.
 

skybluetony176

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Oh look, Tony trying to jump in because somebody said something.

It's a bit embarrassing isn't it? Especially when it's got to the point people are preempting things.
You’ve just jumped in yourself because someone said something. Is it embarrassing? You tell me? You’re equally as qualified as me now to answer that question. Apparently.

If it’s at the point where people are preempting things then I preempt that the trust will also be advertising the following home game. That being the case and using your methodology that’s got to be cast iron proof in your book that it is in fact Tim Fisher who runs the Trust. Well done Miss Marple.
 

Grendel

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You’ve just jumped in yourself because someone said something. Is it embarrassing? You tell me? You’re equally as qualified as me now to answer that question. Apparently.

If it’s at the point where people are preempting things then I preempt that the trust will also be advertising the following home game. That being the case and using your methodology that’s got to be cast iron proof in your book that it is in fact Tim Fisher who runs the Trust. Well done Miss Marple.
Are you drunk Tony?
 

Nick

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You’ve just jumped in yourself because someone said something. Is it embarrassing? You tell me? You’re equally as qualified as me now to answer that question. Apparently.

If it’s at the point where people are preempting things then I preempt that the trust will also be advertising the following home game. That being the case and using your methodology that’s got to be cast iron proof in your book that it is in fact Tim Fisher who runs the Trust. Well done Miss Marple.
You don't need to be miss Marple to be fair. Just an ounce of common sense.

You are getting a bit like Captain dart, desperate.