higgs half still for sale (1 Viewer)

[dongonzalos]

And to think they told the court 6 months ago that they valued it at £7.5m. We've been well and truly screwed over.


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Charity values Ricoh Arena share at £6.5million - Coventry ...
www.coventrytelegraph.net/.../coventry-c...

 

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[limoncello]

I'm sure I remember a few on here demanding that the charity should at the very least get their investment back. Now they're down over £3.5m.

Where's the outrage?

 

[dongonzalos]

No it seems they got the full amount -- I assume they insisted on it or wouldn't surrender the share.

The council get -- ahem -- £4,000 a year for the next 250 years.

The charity got the full amount?
So that is the bit where the council invoked the clause to buy out the charity ensuring the deal and selling the combined share?

 

[Grendel]

They said in court they offered 2 million for 'something that was worthless because the Higgs are a charity'
Wasps must be more charitable

Cut the bullshit it is boring. Wasps have purchased a lease 5 times longer than was ever offered to the club and have paid less than than Higgs are owed for the whole 100%. Stop wumming and face it -- you've been had -- they were clearly going to the wall and clearly wanted rid to anyone other than the football club.

The council have sold the community asset for £1 million over 250 years

 

[Grendel]

The charity got the full amount?
So that is the bit where the council invoked the clause to buy out the charity ensuring the deal and selling the combined share?

I would guess that the charity stood their ground and insisted on it and the council walked away with nothing

I assume ACL were on the brink of insolvency I can see no other reason for doing this deal.

 

[lewys33]

Simon Gilbert has confirmed the figure is £2.77m for higgs share. I'm infuriated. I hope the 0.77million was really worth it chaps!

 

[dongonzalos]

Cut the bullshit it is boring. Wasps have purchased a lease 5 times longer than was ever offered to the club and have paid less than than Higgs are owed for the whole 100%. Stop wumming and face it -- you've been had -- they were clearly going to the wall and clearly wanted rid to anyone other than the football club.

The council have sold the community asset for £1 million over 250 years

Nice try

You have blindness praised SISU's hardball tactics.
ACL should be owned by CCFC
There is only one reason it isn't.........
SISU's hardball tactics.

You should finally hold your hands up on getting this spectacularly wrong

 

[Grendel]

Simon Gilbert has confirmed the figure is £2.77m for higgs share. I'm infuriated. I hope the 0.77million was really worth it chaps!

Tbf this is not what the BBC say

 

[Grendel]

Nice try

You have blindness praised SISU's hardball tactics.
ACL should be owned by CCFC
There is only one reason it isn't.........
SISU's hardball tactics.

You should finally hold your hands up on getting this spectacularly wrong

Don no one is with you on this

 

[stupot07]

Charity values Ricoh Arena share at £6.5million - Coventry ...
www.coventrytelegraph.net/.../coventry-c...

Ah the inconsistency of the same paper:

Earlier, high court heard that the trustees valued their share in ACL at at least £7.5m.

Paul Harris, a trustee and board member of ACL, had earlier said he had negotiated a deal with Ms Seppala for £5.5m for the charity’s share. this was with also buying the loan

The court heard evidence that the charity had later pursued a separate deal for Sisu to purchase the Higgs share in ACL away from negotiations about Sisu taking on ACL’s debt from Yorkshire Bank.

Mr Harris earlier gave evidence suggesting this offer was in the region of £2m.


http://www.coventrytelegraph.net/news/coventry-news/sisu-v-higgs-court-battle-6914945

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[lewys33]

Simon Gilbert:

@SkyBlueBen Council can't control what Higgs do so no need to vote. But Higgs have also agreed to sell as part of deal. £2.77million

@Scott_Lymath Higgs have agreed to sell the share directly to Wasps. This will be confirmed tomorrow by Higgs. Figure is £2.77m.

 

[lewys33]

Tbf this is not what the BBC say

I know, conflicting stories everywhere making it more frustrating. Either way it's a massive fuck up.

 

[covmark]

I'm sure I remember a few on here demanding that the charity should at the very least get their investment back. Now they're down over £3.5m.

Where's the outrage?

You've been a member since January, so you should be well used to the skybluestalk double standards. Come on catch up.

 

[Brighton Sky Blue]

I'm sure I remember a few on here demanding that the charity should at the very least get their investment back. Now they're down over £3.5m.

Where's the outrage?

They made the mistake of believing Mike McGinnity when he said 'don't worry, we'll buy that share back in no time'.

 

[Rusty Trombone]

Ah the inconsistency of the same paper:

Earlier, high court heard that the trustees valued their share in ACL at at least £7.5m.

Paul Harris, a trustee and board member of ACL, had earlier said he had negotiated a deal with Ms Seppala for £5.5m for the charity’s share. this was with also buying the loan

The court heard evidence that the charity had later pursued a separate deal for Sisu to purchase the Higgs share in ACL away from negotiations about Sisu taking on ACL’s debt from Yorkshire Bank.

Mr Harris earlier gave evidence suggesting this offer was in the region of £2m.


http://www.coventrytelegraph.net/news/coventry-news/sisu-v-higgs-court-battle-6914945

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I read that as the £2m was still with SISU taking on the loan, it's just the offer wasn't dependant on SISU getting the loan reduced, which was subject to ongoing negotiation.

 

[Rusty Trombone]

Tbf this is not what the BBC say

I think the BBC TV and CWR are getting confused, probably understandably.

 

[stupot07]

I read that as the £2m was still with SISU taking on the loan, it's just the offer wasn't dependant on SISU getting the loan reduced, which was subject to ongoing negotiation.

Pretty sure £2m was without the loan, as at that point the council were buying the loan.


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[Rusty Trombone]

Pretty sure £2m was without the loan, as at that point the council were buying the loan.


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Thats just changing the lender from the bank to the Council, the debt was still owed by ACL, just repayable to someone else.

 

[Warwickhunt]

And where is "Compass" in all this?

 

[James Smith]

Pretty sure £2m was without the loan, as at that point the council were buying the loan.


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I thought and I may well be wrong on this that the first offer (£5.5m) was an upfront payment of a far smaller amount and then the rest by installments later on. The second offer of £2m was I think supposed to be a one payment cash deal but don't quote me on that. No idea on loan dependency.

If as is being reported the Higgs lost out in this then that's their tough luck. The value of investments can go down as well as up and they didn't get back what they invested - that's life. The same is true of most investments and just because they're a charity based in Coventry, or a hedge fund in London doesn't affect this. Was it a good investment, probably not but the same can be said of our club. I'd be unhappy with a return like that but they were supporting a Coventry based project and (if correct) not expecting to still have the share after all this time. It stings a fair bit (edit: pun not intended) though that they're selling to the council and then the council are selling on to Wasps.

Does the Wasps sale mean the council are out of the stadium loan business? And that as a result the implications should they lose a successful JR appeal are lessened?

Did we ever make a serious offer for ACL since moving to Northampton and will we ever build the new stadium?

 

[James Smith]

Another thought (as I don't appear to be able to get back to sleep) how cast iron are the guarantees from Wasps over our 2+2 years.

 

[Baginton]

http://www.telegraph.co.uk/sport/ru...-light-to-purchase-Coventrys-Ricoh-Arena.html

Wasps will unveil on Wednesday full details of their proposed purchase of the Ricoh Arena in Coventry after the city council gave them permission to proceed with the takeover of the company that owns the stadium.

The Premiership club’s plan to purchase 100 per cent of shares in the Arena Coventry Limited was ratified unanimously on Tuesday by Coventry City Council, which is a co-owner of ACL, along with the Alan Higgs Trust.

As part of the £20 million deal the council and the charity will receive £2.77  million while Wasps will also take on the company’s £14.4 million loan from the council.

Wasps believe that the move from Adams Park in High Wycombe, where the former Sudbury club have been based since 2002, is crucial to securing their long-term future.

Wasps, who will also look to build a new training base in the city by relocating from their west London base in Acton, will be granted a 250-year lease at the site, but the council will retain the freehold.


Wasps, who dropped the London prefix from their name earlier this year, however, must now begin the difficult task of allaying any concerns within their squad, staff and supporters about the move.
On Tuesday night, more than 2,000 supporters had signed an online petition against moving the club further away from their London base.
However, Wasps said in a statement: “We understand this is an unsettling period for our supporters and we will be holding a series of meetings for our season ticket holders, starting this week, where we can speak face-to-face to explain our decision and to address their concerns.
“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 the club.
“Our priority now is to work with our players, staff and fans on what this will mean for them.”
Wasps were rescued from potential bankruptcy in March last year by a multimillion-pound takeover led by Irish businessman Derek Richardson, who made a six-hour presentation to Coventry councillors on Monday night before the vote was taken.
“Wasps have spent years looking for a home that will help them fulfil their ambitions and visions,” Ann Lucas, the Coventry City Council leader, said. “They believe the Ricoh Arena could become one of the best sporting arenas in Europe: we believe that, too.”
The move is also expected to be swiftly rubber-stamped by rugby’s Professional Game Board, possibly as early as next week.
The decision to move their training base to Coventry may require the club to seek permission to join the Rugby Football Union’s Warwickshire constituent body.
Wasps will retain their academy in Middlesex, however, to avoid encroaching on their Premiership rivals Leicester and Northampton as well as the Championship side Worcester.

 

[skybluetony176]

An Lucus did say that the offer was open to anyone and always has been Wasps were the only takers, Sisu apparently never even inquired take it how you want to but in all our meetings with Joy and Tim they have never ever made an offer so we are where we are.

They could have had an Arena with conference facilities for 20 million now they are going to get a sectional ground in North Warwickshire and pay 30 million for it doesn't add up however you look at it.

Sisu have shot themselves in the foot again!!!!


As for the Council they have now got rid of a noose around their necks so they have come out on top yet again sisu really are employing the wrong people.

You have to say that Joy's statement about not standing in the way of this deal was either yet another bluff that has yet again back fired on her or an admittance that they don't have the financial ability to make a counter offer. If it's the latter then there is no chance of them building a new stadium. As you said, look at what they could have had and for less money. Don't add up.

I ask again. What does this takeover panel she's a member of do again?

 

[Samo]

Did I dream it or did Anne Lucas state on Sky Sports last night that the Higgs share was still available and that it was up to CCFC if they wanted to bid for it?
Please help me out here... Is the deal for the CCC half or for the whole lot?

 

[italiahorse]

I know, conflicting stories everywhere making it more frustrating. Either way it's a massive fuck up.

If people, radio and TV stations keep saying that Wasps have bought the Ricoh Stadium for £20M we will never get into the details.

 

[Sky Blue Pete]

They have purchased the CCc shares in acl.

 

[Astute]

Did I dream it or did Anne Lucas state on Sky Sports last night that the Higgs share was still available and that it was up to CCFC if they wanted to bid for it?
Please help me out here... Is the deal for the CCC half or for the whole lot?

We don't know for sure yet. This deal is starting to look like a normal SISU shitfest but done by CCC

 

[Samo]

We don't know for sure yet. This deal is starting to look like a normal SISU shitfest but done by CCC

Well if we don't know yet why would AL be saying that?

 

[Astute]

Well if we don't know yet why would AL be saying that?

I didn't hear her say anything. You don't seem to be sure that she said it. The word seems to be that the deal was for 100% and Higgs got 2.7M for their share.

Hopefully we will find more out today and there won't be any more bad news.

 

[Samo]

I didn't hear her say anything. You don't seem to be sure that she said it. The word seems to be that the
deal was for 100% and Higgs got 2.7M for their share.

Hopefully we will find more out today and there won't be any more bad news.

Well I was a tad tiddly but yeah I'm sure... Last nite... Sky Sports News.

 

[chiefdave]

Already been mentioned in the press conference thread but probably belongs here. All the information being released today by Wasps says 50% so Higgs share is still for sale. If SISU have half a brain between them they will be on the phone to Higgs ASAP to purchase their share.

 

[rondog1973]

Already been mentioned in the press conference thread but probably belongs here. All the information being released today by Wasps says 50% so Higgs share is still for sale. If SISU have half a brain between them they will be on the phone to Higgs ASAP to purchase their share.

Quite right. As you mentioned earlier, this could be a good deal for Sisu (Shared stadium running costs such as pitch maintenance etc) so long as they forget their ludicrous pipe dream of freehold ownership.

 

[quinn1971]

Quite right. As you mentioned earlier, this could be a good deal for Sisu (Shared stadium running costs such as pitch maintenance etc) so long as they forget their ludicrous pipe dream of freehold ownership.

The Higgs have sold their shares to wasps, wasps now have 100%

 

[lewys33]

CET still claiming that SG is right, and Higgs have agreed to sell for £2.77mill. Interview with higgs later.

 

[italiahorse]

The Higgs have sold their shares to wasps, wasps now have 100%

Why the 50% document saying they are joint owners.

Something still to come here ........................ holds breathe