Labour group votes to approve £19.5m Ricoh sale to Wasps (1 Viewer)

[Sick Boy]

Do you think this meeting was minuted?

Yes, ccc is a beacon of honesty in all of this. I'm sure we will all be able to see them soon.

 

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[steveo1987]

28k four or so weeks ago,7k last week, up shit Creek yet again, congratulations to all.

 

[duffer]

ALways liked Nellist. Years ago me and my mate used to take our decks and play records in quite a few pubs around and about. On the front of our decks we had a sticker "Vote Dave Nellist". One landlord told us to take it off, we refused, and he asked us to leave, which we did. It was a New Years' Eve do.

He spoke a lot of sense and was spot on when he said CCC are doing exactly was SISU did.

The thing about Nellist, whether you like his politics or not, he is absolutely consistent on what he stands for and believes.

Ann Lucas, the leader of Coventry City Council, has proven herself to be a complete hypocrite.

Our politicians should be held to the highest standards, and major decisions and debates should be held in public. Coventry City Council clearly differs on this though. It's another major decision relating to the Ricoh that will be passed in private, and away from scrutiny. I can only presume that they're secretly ashamed of what they're doing. They should be.

 

[Gosford Green]

It looks like the council and the Higgs charity just want out of the whole ACL thing in its entirety.




rs

 

[Rob S]

Some more details...
@Lesreidpolitics:
...Breaking: continued: I'm told Coventry council's Labour group took 5hrs & voted for 250-yr leasehold of ACL/Ricoh Arena to London Wasps

Labour group decision means Ricoh Arena sale to London Wasps WILL be agreed today. Lab have 43 of 54 councillors.No free vote

I'm told price for sale to London Wasps is in line with a KPMG valuation of Ricoh Arena of c. £17m to £19m

Council will retain the £14.4m loan - now £13.4m - & act as banker, which Wasps will pay back over 20 not 40 years

Labour decision was to sell all council's ACL share.Council right to veto sale of Higgs ACL share to #CCFC transfers to Wasps

Price for sale of Higgs Charity's 50pc Ricoh share is unknown. There are technical issues involving CCFC Ltd's liquidation

 

[torchomatic]

Totally agree. What ever anyone's political hue they really should admire politicians like Nellist. Guys who are genuinely not in it for themselves. And as you say Lucas has really sold out on this.

The thing about Nellist, whether you like his politics or not, he is absolutely consistent on what he stands for and believes.

Ann Lucas, the leader of Coventry City Council, has proven herself to be a complete hypocrite.

Our politicians should be held to the highest standards, and major decisions and debates should be held in public. Coventry City Council clearly differs on this though. It's another major decision relating to the Ricoh that will be passed in private, and away from scrutiny. I can only presume that they're secretly ashamed of what they're doing. They should be.

 

[Rob S]

@Lesreidpolitics: Breaking more:Another source tells me the £19.5m Wasps deal INCLUDES the £13.5m on loan & £2.7m each for council/Higgs shares.We'll see

If true, we've been through the past couple of years of bullsh*t for what exactly?

 

[Nick]

@Lesreidpolitics: Breaking more:Another source tells me the £19.5m Wasps deal INCLUDES the £13.5m on loan & £2.7m each for council/Higgs shares.We'll see

If true, we've been through the past couple of years of bullsh*t for what exactly?

Shocking if true. Are there ways to find these things out?

 

[duffer]

Do you think this meeting was minuted?

No obligation to do so, I suspect - I think it was an internal Labour meeting, as opposed to a Council meeting. Because Labour hold such a massive majority, if they all back it, then it goes through. In the main council meeting with all parties they'll hide behind commercial confidentiality - so that will be private too.

They could of course debate the principle of the thing in public, without having to go into the commercial details, but clearly that won't suit them here, so they won't.

As soon as government, either local or national, feels the need to make decisions in private, we should worry - imho.

 

[steveo1987]

Shocking if true.

The deal will see the council purchase the Higgs Charity's stake in ACL before it is sold on to Wasps in order to circumnavigate a potential clause which could still entitle current sporting tenant Coventry City FC to 'first option' on the charity's share of ACL.

 

[Nick]

The deal will see the council purchase the Higgs Charity's stake in ACL before it is sold on to Wasps in order to circumnavigate a potential clause which could still entitle current sporting tenant Coventry City FC to 'first option' on the charity's share of ACL.

That in itself is a bit shady.

 

[torchomatic]

Absolutely. Imagine the uproar if you know who were doing this today.

That in itself is a bit shady.

 

[Skyblueweeman]

The deal will see the council purchase the Higgs Charity's stake in ACL before it is sold on to Wasps in order to circumnavigate a potential clause which could still entitle current sporting tenant Coventry City FC to 'first option' on the charity's share of ACL.

If true, that confirms that CCC are happy to drive the final nail into our coffin.

B*&tards.

 

[oldskyblue58]

To be honest I am going to go get some work done and come back to it when some proper details are released. All this speculation, guesswork, he said she said, leaks and mobile goalposts just confuses everyone and pisses me off.

There are two stakeholders in ACL willing to sell. There is one party interested in acquiring ACL and it isn't who it should be it seems

really not happy with any of this

 

[Sick Boy]

The deal will see the council purchase the Higgs Charity's stake in ACL before it is sold on to Wasps in order to circumnavigate a potential clause which could still entitle current sporting tenant Coventry City FC to 'first option' on the charity's share of ACL.

It's disgusting. It makes their claims of having ccfc's interests at heart laughable. They are effectively killing off the football club. Didn't AL claim to support ccfc?

 

[Rob S]

Simon Gilbert has written up an article based on info released so far. Additional info is that we can be releived that Ranson not involved.

http://www.coventrytelegraph.net/news/coventry-news/rugby-club-wasps-20m-takeover-7893659

 

[Nick]

It's disgusting. It makes their claims of having ccfc's interests at heart laughable. They are effectively killing off the football club. Didn't AL claim to support ccfc?

Didn't realise that was taken from the cet article! Pretty much confirms it then!

 

[Sick Boy]

Didn't realise that was taken from the cet article! Pretty much confirms it then!

I don't understand how some are still trotting out justifications for the whole thing. This is wrong on so many levels.

 

[Ashdown]

It's all ok though Ann Lucas, Geoffrey Robinson et al will all be voted back into power by the citizens of Coventry at every opportunity. What good have they ever actually done this crowd ?

If this goes through it will be damning of the council and their obligations to thousands of CCFC fans in the City and damning of the poisonous hedge fund who so weakened and ridiculed the club with their selfish shenanigans and their continued bullshit identikit stadium. We will have been stabbed in the back by all concerned !

 

[limoncello]

Looks like the children's charity are gonna lose £3.5m.

 

[lewys33]

Fucking outraged. Is there much point in going on a rant? I hope Higgs enjoy their extra 1 million from what sisu offered. Cunts.

 

[Nick]

So if it does go for this, surely the sisu valuation of higgs share was correct?

 

[Sick Boy]

Looks like the children's charity are gonna lose £3.5m.

You should wait until you have all the facts before discussing anything.

My hunch though is that it's simply business.

 

[Grendel]

Fucking outraged. Is there much point in going on a rant? I hope Higgs enjoy their extra 1 million from what sisu offered. Cunts.

Its less than a million - more like £5-£700,000 if reports are correct.

 

[Rob S]

It's all ok though Ann Lucas, Geoffrey Robinson et al will all be voted back into power by the citizens of Coventry at every opportunity. What good have they ever actually done this crowd ?

If this goes through it will be damning of the council and their obligations to thousands of CCFC fans in the City and damning of the poisonous hedge fund who so weakened and ridiculed the club with their selfish shenanigans and their continued bullshit identikit stadium. We will have been stabbed in the back by all concerned !

Just a reminder...there was an offer on the table two years ago where Higgs would get £2m for their half share, the debt would be repaid and ACL would get a 125-year lease as shown in the high court.

And of course CCFC would have had a future at the Ricoh.

 

[lewys33]

Its less than a million - more like £5-£700,000 if reports are correct.

It's OK though because it is in the "best interests of the city". This is potentially more damaging than any ground share.

 

[torchomatic]

Well on here, we've had a full range of corkers:

1. Wasps need a home
2. It's business
3. Yeah but, it's all SISUs fault
4. Good for the people of Coventry
5. What can ACL be expected to do
6. CRFC don't mind
7. Wasps fans don't seem to mind
8. They are a nomadic club anyway
9. It's best for our Civic Asset

It's OK though because it is in the "best interests of the city". This is potentially more damaging than any ground share.

 

[Rob S]

Kevin Hill (BBC CWR) reporting a charge of £5.5m for CCC & Higgs shares in ACL. This just stinks. We could have avoided Sixfields and could even be in the Championship by now if Peter K-H hadn't thrown his toys out of the pram. Shameful.

 

[Jack Griffin]

Simon Gilbert has written up an article based on info released so far. Additional info is that we can be releived that Ranson not involved.

http://www.coventrytelegraph.net/news/coventry-news/rugby-club-wasps-20m-takeover-7893659

So why did you claim he was involved?

 

[Sick Boy]

Well on here, we've had a full range of corkers:

1. Wasps need a home
2. It's business
3. Yeah but, it's all SISUs fault
4. Good for the people of Coventry
5. What can ACL be expected to do
6. CRFC don't mind
7. Wasps fans don't seem to mind
8. They are a nomadic club anyway
9. It's best for our Civic Asset

Hahaahaha....surely they will be in full support when the club once again leaves Coventry. We will need a new home, we have been nomadic and after all, it's simply business eh?

 

[Sick Boy]

So why did you claim he was involved?

Rob S said it was a rumour he had heard.

 

[Sick Boy]

Kevin Hill (BBC CWR) reporting a charge of £5.5m for CCC & Higgs shares in ACL. This just stinks. We could have avoided Sixfields and could even be in the Championship by now if Peter K-H hadn't thrown his toys out of the pram. Shameful.

I'm a little surprised he hasn't been on here recently to update us all on this. Maybe his internet connection has been cut off?

 

[limoncello]

So why did you claim he was involved?

So how do you feel about the news Jack? Best council ever?

 

[torchomatic]

Probably forgotten his password. Happens all the time.

I'm a little surprised he hasn't been on here recently to update us all on this. Maybe his internet connection has been cut off?

 

[Rob S]

Rob S said it was a rumour he had heard.

Correct. And I'd heard it from multiple sources and that tends to be the bar for giving something more credibility. It came from the possible involvement of Eurofin Capital who RR allegedly consults for.

Of course there are still rumours about backers swirling around. See spider_ricoh's 'Can Wasps consortium...' thread. Welcome to SBT Mr Griffin!