Indemnity question (1 Viewer)

Deleted member 2526 · Mar 8, 2020

Not trying to stir anything up here, and apologies if this has already been covered elsewhere.

If Wasps' indemnity clause is to cover any possible losses from the EU complaint, and Sepalla has been quoted before as saying that all legal costs would be covered by the owners and not the club... Why are the club saying that the indemnity is a threat to the club's finances (and existence)?

Apologies if I'm being thick and completely misunderstanding the situation!

matesx · Mar 8, 2020

Thick fook

.... I don’t know either

better days · Mar 8, 2020

covcityaaron said:
Not trying to stir anything up here, and apologies if this has already been covered elsewhere.

If Wasps' indemnity clause is to cover any possible losses from the EU complaint, and Sepalla has been quoted before as saying that all legal costs would be covered by the owners and not the club... Why are the club saying that the indemnity is a threat to the club's finances (and existence)?

Apologies if I'm being thick and completely misunderstanding the situation!

I believe it's a completely open ended indemnity which means it could in theory be many tens of £ millions
No organisation could sign it

skybluegnome · Mar 8, 2020

It may mean that the owners would have cut down any funds they were giving to MR..I don't know, its just a thought.

Frank Sidebottom · Mar 8, 2020

covcityaaron said:
Not trying to stir anything up here, and apologies if this has already been covered elsewhere.

If Wasps' indemnity clause is to cover any possible losses from the EU complaint, and Sepalla has been quoted before as saying that all legal costs would be covered by the owners and not the club... Why are the club saying that the indemnity is a threat to the club's finances (and existence)?

Apologies if I'm being thick and completely misunderstanding the situation!

I imagine if SISU ended up having to pay X million to wasps it would bankrupt SISU and as SISU are currently propping us up we'd be fucked.

Grendel · Mar 8, 2020

covcityaaron said:
Not trying to stir anything up here, and apologies if this has already been covered elsewhere.

If Wasps' indemnity clause is to cover any possible losses from the EU complaint, and Sepalla has been quoted before as saying that all legal costs would be covered by the owners and not the club... Why are the club saying that the indemnity is a threat to the club's finances (and existence)?

Apologies if I'm being thick and completely misunderstanding the situation!

How on earth is an indemnity the same as legal costs?

Yeah you are being thick

Skybluefaz · Mar 8, 2020

covcityaaron said:
Not trying to stir anything up here, and apologies if this has already been covered elsewhere.

If Wasps' indemnity clause is to cover any possible losses from the EU complaint, and Sepalla has been quoted before as saying that all legal costs would be covered by the owners and not the club... Why are the club saying that the indemnity is a threat to the club's finances (and existence)?

Apologies if I'm being thick and completely misunderstanding the situation!

Because legal costs does not cover the potential punishment if the eu finds the council did do wrong?

skybluesam66 · Mar 8, 2020

Timperley said:
I imagine if SISU ended up having to pay X million to wasps it would bankrupt SISU and as SISU are currently propping us up we'd be fucked.

they would probably call in the outstanding debt

clint van damme · Mar 8, 2020

covcityaaron said:
Not trying to stir anything up here, and apologies if this has already been covered elsewhere.

If Wasps' indemnity clause is to cover any possible losses from the EU complaint, and Sepalla has been quoted before as saying that all legal costs would be covered by the owners and not the club... Why are the club saying that the indemnity is a threat to the club's finances (and existence)?

Apologies if I'm being thick and completely misunderstanding the situation!

I'm fairly sure that someone, I think Boddy, said that wasps wanted indemnity against the EC co.plaint not just from the owners but also the club so if sisu fucked off city would still be liable.

Nick · Mar 8, 2020

Promotion, checkatrade, top of the league...

Nah I'll go and post something after a few years about the indemnity showing I don't really know what I'm on about.

Wasps wanted both ccfc and sisu to cover the indemnity.

fernandopartridge · Mar 8, 2020

covcityaaron said:
Not trying to stir anything up here, and apologies if this has already been covered elsewhere.

If Wasps' indemnity clause is to cover any possible losses from the EU complaint, and Sepalla has been quoted before as saying that all legal costs would be covered by the owners and not the club... Why are the club saying that the indemnity is a threat to the club's finances (and existence)?

Apologies if I'm being thick and completely misunderstanding the situation!

Wasps are asking for the sort of legal cover that an insurance company would not provide.

chiefdave · Mar 8, 2020

covcityaaron said:
Not trying to stir anything up here, and apologies if this has already been covered elsewhere.

If Wasps' indemnity clause is to cover any possible losses from the EU complaint, and Sepalla has been quoted before as saying that all legal costs would be covered by the owners and not the club... Why are the club saying that the indemnity is a threat to the club's finances (and existence)?

Apologies if I'm being thick and completely misunderstanding the situation!

Legal costs simply covers the cost of taking the legal action. For all we know SISU have someone on retainer or some sort of no win no fee setup so saying they will cover those cost might mean nothing.

The indemnity is not a legal cost. Its saying if, for example, the EC say CCC were £30m too low on the sale price and CCC go to Wasps to pay that £30m rather than them paying it will fall to the club. That would quite possibly bankrupt the club.

No one would sign it, the suggestion is ridiculous and Wasps know that.

skybluetony176 · Mar 8, 2020

There’s only one thing you need to know about the indemnity. It’s bollocks.

Frostie · Mar 8, 2020

"Wasps demanded a further agreement to be signed both by the Football Club and SISU. This agreement introduced conditions that would unreasonably restrict the Club and SISU’s basic legal rights and would commit the Club and SISU to underwrite Wasps’ costs and any future damages."
NEWS: Statement issued by Coventry City Owners SISU following groundshare announcement

ccfcway · Mar 8, 2020

Complete and utter white noise. We need to move on from the Ricoh

Senior Vick from Alicante · Mar 8, 2020

I went to the Ricoh yesterday on free tickets, the official attendance was around 9000 our party of 4 thought the actual was nearer 7. Just wondering what their break even figure is, they can't be doing that well if the gates aren't massive. Most of the advertising round the ground wasn't local either. They surely can't be operating just on the goodwill of their owner?

rob9872 · Mar 8, 2020

Senior Vick from Alicante said:
I went to the Ricoh yesterday on free tickets, the official attendance was around 9000 our party of 4 thought the actual was nearer 7. Just wondering what their break even figure is, they can't be doing that well if the gates aren't massive. Most of the advertising round the ground wasn't local either. They surely can't be operating just on the goodwill of their owner?

c**t

rob9872 · Mar 8, 2020

My understanding was that indemnity wasnt just against club but individuals too.

pipkin73 · Mar 9, 2020

pipkin73 said:
The way i have understood it is....

EU say, it was sold to cheaply x amount has to be paid back to the council coffers..
WASPS are due to pay but won't and don't have to as CCFC or SISU have agreed to pay it (indemnity)
CCFC and SISU can't afford to pay and we are broke, at best admin if we tried too.
Meanwhile, Wasps who got the ground plus casino etc get off as it's not there problem no more,
as CCFC, SISU indemnified them.

EU say, it was sold to cheaply x amount has to be paid back to the council coffers..
CCFC, SISU won't (indemnity) them, now Wasps have to pay, plus the bond and the rest of the losses.
Wasps go bust, no team at the Ricoh so council are in the shit.

SISU, we will come back and cancel the new ground if you give us cheap rent, Food & Beverage income and as landlord
look after the pitch, stadium upkeep etc. Council (fuck you) and we go around in circles again until ONE backs down and just
offers/accepts a fair deal.

So even after Wasps, i still think the council will try to screw us.

This has a long way to run either way unless Wasps and SISU agree a deal this summer.
No deal this summer i think all parties are going for broke, let's hope we can hold on.

Also, congrats on another win, you are my City, my only city, you make make happy when sky's are blue.
Let's make sure we go up to add the pressure to both Wasps and the council.

If we win the league, don't stop at the council house, stop at a city icon, Lady Godiva and make them walk over for photos, interviews etc..
sure the police can sort this without council approval, show them the content they have showed us during our dark hours.

kg82 · Mar 9, 2020

ccfcway said:
Complete and utter white noise. We need to move on from the Ricoh

We have.

pipkin73 · Mar 9, 2020

kg82 said:
We have.

Yes we have, BUT we can't stay away for long unless we have real plans to build our own ground.
Long term it's The Ricoh or new ground. That's if we survive long term-

pastythegreat · Mar 9, 2020

covcityaaron said:
Not trying to stir anything up here, and apologies if this has already been covered elsewhere.

If Wasps' indemnity clause is to cover any possible losses from the EU complaint, and Sepalla has been quoted before as saying that all legal costs would be covered by the owners and not the club... Why are the club saying that the indemnity is a threat to the club's finances (and existence)?

Apologies if I'm being thick and completely misunderstanding the situation!

Surely the indemnity isnt for covering legal costs?! It's all well and good covering w**ps solicitors fees, but what w**ps are asking is, if found guilty for buying a ground on the cheap (with illegal state aid) then they want SISU to cover all costs? Indemnify w**ps from any wrongdoing. ie. Pay the shortfall of whatever they should have played for the stadium in the 1st place.

That's how I interpret it anyway. Gladly be corrected if wrong?!

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pastythegreat · Mar 9, 2020

Senior Vick from Alicante said:
I went to the Ricoh yesterday on free tickets, the official attendance was around 9000 our party of 4 thought the actual was nearer 7. Just wondering what their break even figure is, they can't be doing that well if the gates aren't massive. Most of the advertising round the ground wasn't local either. They surely can't be operating just on the goodwill of their owner?

You have a CCFC badge as your avatar, yet went to watch w**ps. You, are as much as the problem as SISU. Aka, a c**t!

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Senior Vick from Alicante · Mar 9, 2020

rob9872 said:
c**t

That was constructive you prick.

Senior Vick from Alicante · Mar 9, 2020

pastythegreat said:
You have a CCFC badge as your avatar, yet went to watch w**ps. You, are as much as the problem as SISU. Aka, a c**t!

Sent from my SM-N960F using Tapatalk

Twats like you are the problem with the lynch mob mentality. You don't know me from Adam, you don't think before you open mouth, you don't know motives or reason.

shmmeee · Mar 9, 2020

pastythegreat said:
You have a CCFC badge as your avatar, yet went to watch w**ps. You, are as much as the problem as SISU. Aka, a c**t!

Sent from my SM-N960F using Tapatalk

Grow the fuck up and spend some time off the internet you twat.

pastythegreat · Mar 9, 2020

Senior Vick from Alicante said:
Twats like you are the problem with the lynch mob mentality. You don't know me from Adam, you don't think before you open mouth, you don't know motives or reason.

You've been and supported/funded a team that has actively banished us from our ground and city! If that makes me a lynch mob for having a pop at you, then sharpen my pitch fork.

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pastythegreat · Mar 9, 2020

shmmeee said:
Grow the fuck up and spend some time off the internet you twat.

Or else?

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Senior Vick from Alicante · Mar 9, 2020

pastythegreat said:
You've been and supported/funded a team that has actively banished us from our ground and city! If that makes me a lynch mob for having a pop at you, then sharpen my pitch fork.

Sent from my SM-N960F using Tapatalk

If you read the post it did say it was for free, I paid for a hot dog, I don't think that will pay off their debt do you?

Skybluefaz · Mar 9, 2020

Giving it stacks on the internet. Great look.

pastythegreat · Mar 9, 2020

Senior Vick from Alicante said:
If you read the post it did say it was for free, I paid for a hot dog, I don't think that will pay off their debt do you?

Paying for a hot dog is still what? £5-6? And all 9k that attended bought a hot dog, or a pie or a pint. At £5 per head spend, you contributed to approx £45,000 take (assuming that everyone only spent £5 each, some would of spent more). Dont claim innocence "I only bought 1 hot dog" bullshit. By being there (free or otherwise) you're adding to the problem, the owners will look and say, "weve still got 9k people here, spending money and supporting us"! You're effectively giving them the green light to keep city out of the city. Claim your innocence all you like. Your just as bad as Lucas and Seppalla and Eastwood in my eyes. Not just you. ANYONE who has EVER attended a w**ps match that claims to be a CCFC fan or that comes from the greater coventry are! You are ALL part of the problem. End of!

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skybluesam66 · Mar 9, 2020

Imagine robbing a bank
You are a landlord and your tenants know you have robbed a bank
They say they are going to the police
You agree so long as your tenants agree to take full blame and consequences and put that in legal writing

pastythegreat · Mar 9, 2020

Skybluefaz said:
Giving it stacks on the internet. Great look.

Says the person joining in to somebody else's conversation on the internet to give it stacks?

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Skybluefaz · Mar 9, 2020

pastythegreat said:
Says the person joining in to somebody else's conversation on the internet to give it stacks?

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Thing is I'm not abusing you am I? Would you call him a c**t to his face? Just asking that you have a think about it.

pastythegreat · Mar 9, 2020

Skybluefaz said:
Thing is I'm not abusing you am I? Would you call him a c**t to his face? Just asking that you have a think about it.

Yes, if I was in a conversation and somebody said they'd just been to watch w**ps I would happily tell them exactly what I've just written. I've got no time for w**ps or anybody who has ever been to see them since they've been in the city. No keyboard warriors or hiding behind the internet. You watch w**ps but call yourself a CCFC fan, then dont expect me to hold back.

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Indemnity question (1 Viewer)

Deleted member 2526

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