Broken Hearted Sky Blue
Well-Known Member
Been checking the Higgs site all day,there is now a statement on but I dont know how to put it up here:facepalm:
Higgs Statement (3 Viewers)
- Thread starter Broken Hearted Sky Blue
- Start date
ccfcway
Well-Known Member
[h=1]The sale by the Trustees of their shares in Arena Coventry Ltd[/h]admin • November 14, 2014
Safeguarding the Arena Project
The Trustees of the Higgs Charity had clear objectives when in 2003 they bought Football Investors Ltd which owned 50% of Arena Coventry Ltd. Primarily they sought to ensure that the planned development of the Ricoh Arena would go ahead. In partnership with the City Council the development would act as a major stimulus to the regeneration of north east Coventry. This has been achieved.
They also hoped to protect their investment. In this they have not succeeded. As Mr Justice Hickinbottom said in his judgement in proceedings earlier this year between the Charity and Sisu Capital Limited “iii) SISU distressed the financial position of ACL by refusing to pay ACL any rent or licence fee. That made ACL commercially vulnerable, because it could not service its Bank loan. It also had the effect of reducing the value of the share in ACL that SISU coveted.” This loss of value is reflected in the offers received by the Trustees for their shares. ACL, following a period of restructuring both of its debt and its business, is now fully profitable but at the point where new investment is required to finance the next expansion onto Car Park C and on the adjacent leisure land. The sale of their shares by the Trustees will enable this continuation of the regeneration of north east Coventry.
The offer from the Joint Liquidators of CCFC Ltd
In rejecting the offer from Otium, the Sisu company which owns the Coventry City Football Club name and the licence to play in the Football League, the Trustees are fully aware of the possibility that they may be subjected to criticism, as they were by Sisu Capital Limited in the court proceedings between the Charity and Sisu Capital Limited earlier this year. In those proceedings Mr Justice Leggatt stated in his judgement in April 2014 that:
“ the criticisms made of the Trustees by Sisu as to the propriety of their conduct in December and January and the arguments made about them undermining the bargain by their actions at that time are misplaced, and it is unfortunate that allegations were made in some of the pejorative terms which have been used by Sisu in these proceedings. There was no warrant for those allegations”.
Notwithstanding the history of Sisu’s behaviour, the Trustees considered carefully the offer to purchase made by Otium through the Joint Liquidators of CCFC Ltd. In addition to the financial aspects of the offers, the Trustees considered all other factors. Amongst other factors considered, the Wasps offer was unconditional; the Otium offer was conditional. The Wasps offer requires in effect nothing of the Trustees other than the transfer of the shares. The offer from Otium through the Joint Liquidators is expressly stated to be non-binding and subject to a number of conditions. It contains conditions, none of which can be fulfilled wholly by the Trustees owing to duties of confidentiality to third parties.
Further the question of ownership of the Option agreement has been made ambiguous by the Joint Liquidators. They claim both that it is the right of the liquidators of CCFC Ltd exclusively to exercise their option to buy and also that the Option was sold to Otium in 2013 out of the Administration of CCFC Ltd . Further, the Option has been reported in the annual accounts of the Sisu company that owns Otium, Sky Blue Sports and Leisure, in 2008, 2009 and 2010 as an asset (valued at £1m). To be absolutely clear the Option was expressly stated to be non-assignable without the express consent of the Trustees, which consent has not been asked for or given. The Trustees were reluctant to enter this morass of conflicting spurious claims.
Alongside the offer through the Joint Liquidators is an offer from Otium to allow the Charity to join it in an extensive football club based community programme. The proposal does not fit the Trustees’ plans for their future activities and commitments already made. The Trustees hope that Otium will now engage with the community as they suggested in 2012 and now again in this recent letter from Mr Fisher. It is not for a charity to support the activities of a commercial enterprise; however it is socially responsible for commercial enterprises to support the local community.
The Ricoh Arena is a major asset to the City and continues to be the home of ‘Coventry City Football Club’. Responsibility for the future of both the football club and Wasps lies with their owners.
The Trustees have contributed greatly to the expansion of sporting facilities and to the development of a coherent sports strategy for the City. They believe that the resource deficit in the Arts needs to be addressed. The renovation and expansion of the Drapers’ Hall as a home for Music Coventry will, they hope, stimulate the same step change in the Arts in the City as the Alan Higgs Centre helped to do in sport.
Safeguarding the Arena Project
The Trustees of the Higgs Charity had clear objectives when in 2003 they bought Football Investors Ltd which owned 50% of Arena Coventry Ltd. Primarily they sought to ensure that the planned development of the Ricoh Arena would go ahead. In partnership with the City Council the development would act as a major stimulus to the regeneration of north east Coventry. This has been achieved.
They also hoped to protect their investment. In this they have not succeeded. As Mr Justice Hickinbottom said in his judgement in proceedings earlier this year between the Charity and Sisu Capital Limited “iii) SISU distressed the financial position of ACL by refusing to pay ACL any rent or licence fee. That made ACL commercially vulnerable, because it could not service its Bank loan. It also had the effect of reducing the value of the share in ACL that SISU coveted.” This loss of value is reflected in the offers received by the Trustees for their shares. ACL, following a period of restructuring both of its debt and its business, is now fully profitable but at the point where new investment is required to finance the next expansion onto Car Park C and on the adjacent leisure land. The sale of their shares by the Trustees will enable this continuation of the regeneration of north east Coventry.
The offer from the Joint Liquidators of CCFC Ltd
In rejecting the offer from Otium, the Sisu company which owns the Coventry City Football Club name and the licence to play in the Football League, the Trustees are fully aware of the possibility that they may be subjected to criticism, as they were by Sisu Capital Limited in the court proceedings between the Charity and Sisu Capital Limited earlier this year. In those proceedings Mr Justice Leggatt stated in his judgement in April 2014 that:
“ the criticisms made of the Trustees by Sisu as to the propriety of their conduct in December and January and the arguments made about them undermining the bargain by their actions at that time are misplaced, and it is unfortunate that allegations were made in some of the pejorative terms which have been used by Sisu in these proceedings. There was no warrant for those allegations”.
Notwithstanding the history of Sisu’s behaviour, the Trustees considered carefully the offer to purchase made by Otium through the Joint Liquidators of CCFC Ltd. In addition to the financial aspects of the offers, the Trustees considered all other factors. Amongst other factors considered, the Wasps offer was unconditional; the Otium offer was conditional. The Wasps offer requires in effect nothing of the Trustees other than the transfer of the shares. The offer from Otium through the Joint Liquidators is expressly stated to be non-binding and subject to a number of conditions. It contains conditions, none of which can be fulfilled wholly by the Trustees owing to duties of confidentiality to third parties.
Further the question of ownership of the Option agreement has been made ambiguous by the Joint Liquidators. They claim both that it is the right of the liquidators of CCFC Ltd exclusively to exercise their option to buy and also that the Option was sold to Otium in 2013 out of the Administration of CCFC Ltd . Further, the Option has been reported in the annual accounts of the Sisu company that owns Otium, Sky Blue Sports and Leisure, in 2008, 2009 and 2010 as an asset (valued at £1m). To be absolutely clear the Option was expressly stated to be non-assignable without the express consent of the Trustees, which consent has not been asked for or given. The Trustees were reluctant to enter this morass of conflicting spurious claims.
Alongside the offer through the Joint Liquidators is an offer from Otium to allow the Charity to join it in an extensive football club based community programme. The proposal does not fit the Trustees’ plans for their future activities and commitments already made. The Trustees hope that Otium will now engage with the community as they suggested in 2012 and now again in this recent letter from Mr Fisher. It is not for a charity to support the activities of a commercial enterprise; however it is socially responsible for commercial enterprises to support the local community.
The Ricoh Arena is a major asset to the City and continues to be the home of ‘Coventry City Football Club’. Responsibility for the future of both the football club and Wasps lies with their owners.
The Trustees have contributed greatly to the expansion of sporting facilities and to the development of a coherent sports strategy for the City. They believe that the resource deficit in the Arts needs to be addressed. The renovation and expansion of the Drapers’ Hall as a home for Music Coventry will, they hope, stimulate the same step change in the Arts in the City as the Alan Higgs Centre helped to do in sport.
J
Jack Griffin
Guest
So in short,we're out of here, thank f**K, and will now refocus on the arts.
Sure we knew it already, but SISU have totally alienated an organisation that was a major supporter of the club.
Sure we knew it already, but SISU have totally alienated an organisation that was a major supporter of the club.
italiahorse
Well-Known Member
In brief then ... the Sisu bid had conditions and the Wasps bid had none.
Sisu wanted community links that did not fit in with Higgs aims.
I think Sisu fukced up again.
Sisu wanted community links that did not fit in with Higgs aims.
I think Sisu fukced up again.
Grendel
Well-Known Member
Notwithstanding f the fact that PWKH had already sated that they were selling to wasps before CCFC had even stated they would bid.
Minor detail.
italiahorse
Well-Known Member
Gulp
Broken Hearted Sky Blue
Well-Known Member
No said a sale was agreed,in the late 80s lost out on two houses after prices and sales were agreed.
Kingokings204
Well-Known Member
Sounds like Higgs are ecstatic to be out of here and I don't blame them for this. It has been a royal fuck up for all.
They reading this clearly blame sisu entirely for the 50% not going to them and I am with them.
What has happened to this football club and we didn't get the 50% shares lies solely with the owners otium. Make no mistake the ccc/ACL have fucked us over in a way but anything that happens and continue to happen to ccfc relies solely 100% with sisu otium. They have the responsibilty solely for this mess this has become.
I'm sick to death of this Richardson shit. Yes he sold the HR stadium. Did we not all know this in 2008 when sisu bought it. It's a false argument. Sisu knew we didn't own the ground etc all then so the last 7 years has been solely them.
They are the problem not the council not Higgs. They are not involved now so have nothing to do with it. They are gone and now sisu need to go also.
They reading this clearly blame sisu entirely for the 50% not going to them and I am with them.
What has happened to this football club and we didn't get the 50% shares lies solely with the owners otium. Make no mistake the ccc/ACL have fucked us over in a way but anything that happens and continue to happen to ccfc relies solely 100% with sisu otium. They have the responsibilty solely for this mess this has become.
I'm sick to death of this Richardson shit. Yes he sold the HR stadium. Did we not all know this in 2008 when sisu bought it. It's a false argument. Sisu knew we didn't own the ground etc all then so the last 7 years has been solely them.
They are the problem not the council not Higgs. They are not involved now so have nothing to do with it. They are gone and now sisu need to go also.
ccfcway
Well-Known Member
SkyblueBazza
Well-Known Member
As I posted earlier then on the "CCFC Statement" thread...
"The liquidator has declined our request, in the interests of transparency, to publish the full details of the offer."
That probably means some clause or other that was a step too far. SISUs problem is that it is really ALL about money. So their thought would be to bid the same or a little bit higher...but ask for something that added value beyond what might be considered reasonable. Hence the liquidator doesn't want the transparency (& maybe SISU don't really either?)
PUSB
"The liquidator has declined our request, in the interests of transparency, to publish the full details of the offer."
That probably means some clause or other that was a step too far. SISUs problem is that it is really ALL about money. So their thought would be to bid the same or a little bit higher...but ask for something that added value beyond what might be considered reasonable. Hence the liquidator doesn't want the transparency (& maybe SISU don't really either?)
PUSB
Grendel
Well-Known Member
So the Wasps bid is transparant then -- what is it in detail?
WestEndAgro
Well-Known Member
London-based administrator charges up to £450 an hour, report to Companies House reveals
Bill Glazier
Active Member
I still think Higgs and the council should have kept ACL until SISU got bored and did one.
Astute
Well-Known Member
Wasps bid....'We will pay you the money agreed. We will also donate 50p per ticket sold in the stand we rename after your charity'
SISU bid.....'We will pay you the money although nobody will blame you for not believing us. We will also put some conditions with the bid'
AFCCOVENTRY
Well-Known Member
PWKH
You and the Higgs charity are just part of the wider gang of culprits in screwing the people of Coventry over.
That statement above is a mild pasting over of your apparent duty to the people of Coventry this time through sport.
What you have in fact done in collaboration with Coventry City council is a slow death of Coventry rugby club. A long and historic club that has been around over a century. You and the council have invited and allowed Wasps, a London based club owned by another hedge fund to move into Coventry. In other words allowed franchise sport to happen in this country and maybe allowing the City of Coventry to become a trendsetter in this field. Congratulations on Coventry becoming Milton Keynes.
We know Sisu and Higgs are like chalk and cheese. However, your duty was to protect the share that CCFC surrendered by its own doing by not being able to fund Arena 2000 in the first place. That we understand.
I can't fathom the reason you and Ann Lucas believe this is in the best interests of the City and for the local community.
The heartbeat of this once proud city came from the cornerstone of 1000s of locals coming under one roof to support the Sky Blues. Yes Sisu have played their part, yes you have all played games with each other including ballon-gate...however the decision you and the council have taken is a bitter pill to swallow. You have ended the hopes of ccfc ever owning part of the stadium built for the club and the fans being able to call it home.
You and the council are just as deluded as the owners of ccfc if you think the Ricoh will thrive and is in the best interest of the people of Coventry.
1000s of locals have lost all affiliation with the Ricoh. It's a meaningless stadium for franchise support and believe me, the people of Coventry are strong willed. They won't embrace that stadium ever again.
So once again, congratulations on getting some money to restore some buildings, getting your name on the stand of a franchise stadium and most of all well done on being part of the motley crew that royally screwed Coventry fans and residents.
Thank god you and the council have nothing to do with ccfc anymore.
All we need is new owners and us fans can breath again from all this poison.
Fans will stick together. We will fight till the game is won.
PUSB
You and the Higgs charity are just part of the wider gang of culprits in screwing the people of Coventry over.
That statement above is a mild pasting over of your apparent duty to the people of Coventry this time through sport.
What you have in fact done in collaboration with Coventry City council is a slow death of Coventry rugby club. A long and historic club that has been around over a century. You and the council have invited and allowed Wasps, a London based club owned by another hedge fund to move into Coventry. In other words allowed franchise sport to happen in this country and maybe allowing the City of Coventry to become a trendsetter in this field. Congratulations on Coventry becoming Milton Keynes.
We know Sisu and Higgs are like chalk and cheese. However, your duty was to protect the share that CCFC surrendered by its own doing by not being able to fund Arena 2000 in the first place. That we understand.
I can't fathom the reason you and Ann Lucas believe this is in the best interests of the City and for the local community.
The heartbeat of this once proud city came from the cornerstone of 1000s of locals coming under one roof to support the Sky Blues. Yes Sisu have played their part, yes you have all played games with each other including ballon-gate...however the decision you and the council have taken is a bitter pill to swallow. You have ended the hopes of ccfc ever owning part of the stadium built for the club and the fans being able to call it home.
You and the council are just as deluded as the owners of ccfc if you think the Ricoh will thrive and is in the best interest of the people of Coventry.
1000s of locals have lost all affiliation with the Ricoh. It's a meaningless stadium for franchise support and believe me, the people of Coventry are strong willed. They won't embrace that stadium ever again.
So once again, congratulations on getting some money to restore some buildings, getting your name on the stand of a franchise stadium and most of all well done on being part of the motley crew that royally screwed Coventry fans and residents.
Thank god you and the council have nothing to do with ccfc anymore.
All we need is new owners and us fans can breath again from all this poison.
Fans will stick together. We will fight till the game is won.
PUSB
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SkyblueBazza
Well-Known Member
I have absolutely no idea...but Higgs statement clearly suggests there were no such naughty clauses in the Wasps bid.
PUSB
Grendel
Well-Known Member
Where is the loan? As for the 50 pence please.
Astute
Well-Known Member
You just can't help yourself can you?
Cheshire Sky Blue
New Member
and alienated the greater proportion of its loyal fans in the process. Surely even Tim can see that it is the strategy that he and Seppela rocked up with that has caused this shite to happen. If either of them have one ounce of decency they will get out now and allow us to rebuild our once great club.
.......so i guess that means they will be around for a fair while yet
Grendel
Well-Known Member
Help what? Face it you just swallow any rubbish PWKH spouts. You broke the Guinness book of records for the amount of likes whenever he appeared on here.
It was always a toss up between him and OSB who you hero worshipped the most .
skybluetony176
Well-Known Member
↑ Someones jealous ↑
I'll start giving you some more likes if you like Grendull? You clearly feel the need for praise and who am I to deny another human being of something so simple.
Grendel
Well-Known Member
Feel the need for praise? Get real -- I leave that to the usual suspects -- not for me
blueflint
Well-Known Member
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Astute
Well-Known Member
OSB is easily one of the best posters on here. We have all learned things from his posts. Whereas you love chatting shit.
Grendel
Well-Known Member
lol
Astute
Well-Known Member
Are you now pretending that you have never learned anything from his posts?
skybluetony176
Well-Known Member
I aint buying that. I've give you a couple of likes already. That's what a nice bloke I am
shy_tall_knight
Well-Known Member
OSB is without doubt the best poster on this site, balanced well informed, I always learn more following one of his posts. There are too many on here looking to score points Grendel for all your talk and snide comments, SISU have been shown to be amateurs out thought by a charity and CCC but ultimately we have lost but I know where the blame lies and its SISU. hopefully there is some light at the end of the tunnel. Whilst there was potential for SISU to get the Ricoh it would have been more of the same and we've all had enough. While the situation looks hopeless not sure SISU getting hold of the Ricoh would necessarily benefit the club much either.
stupot07
Well-Known Member
Small print: all 12k free tickets are for the "Higgs stand" and when ticket sales are low we shall be following CCFC's JPT and closing that stand...
*disclaimer this may or may it be true, but shows that the 50p offer looks good on paper, but may not be as good as it seems.
Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors
Rusty Trombone
Well-Known Member
The Higgs statement, if I'm reading it correctly, says that Otium sent the bid in rather than CCFC Ltd. If Higgs only invited CCFC Ltd to bid as holder of the right to bid, then surely Otium knew this would fail, so why bother.
James Smith
Well-Known Member
According to everything I've heard the Higgs were only supposed to be holding on to the share temporarily whilst we got our finances sorted out, and we all know how that went. Sisu obtain the shares in our club (clearly didn't have a problem with funds) and then didn't buy them back. They made no attempt to buy the share until they'd started the rent boycott and thanks to the court case we now know the outcome of that. Then they took us to Northampton and said we've moved on, not going back to the Ricoh and that they were planning to build us a new stadium. Then even after the move to Northampton proves to be a step too far and return is announced they say that this is a temporary deal and persist with the line that they're building us a new stadium.Wasps approach the council at some point whilst we're in Northampton and the council agree to a longer lease etc. At some point the Higgs are informed of the Wasps offer.Even once the Wasps deal is announced Joy says she won't interfere in the sale.
So let's play armchair charity trustee for a second and ask you what would you have done in their place?
Brighton Sky Blue
Well-Known Member
Had we made an unconditional offer greater than Franchise RFC we'd have been in with a shout. Quite a big one considering there'd have been no need for an ongoing future partnership with the Higgs. This was not a serious bid and Fisher's letter, which clinched its failure, has been written to make the club look like it made a good effort. What a shame-even at the last minute we could have got the half stake but went against it.
Can we not get even one decision right?
