Leyton Orient council want to help out by giving them £1M ............ (1 Viewer)

[RoboCCFC90]

I thought that the club was in danger of going under by breaching our banking covenants and to stave off the co-op bank pulling the plug the Higgs Charity stepped in and bought the clubs share of ACL, which bought us more time. I may be wrong though.

To be very honest with everything that's happened in the last year and a half I have started to forget all the facts that have happened previously..

 

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[RoboCCFC90]

It's not a case of knowing better. Accounts have been signed off by auditors, diligently and in compliance with law. That proves ACL's model. By simply stating you don't believe it as to question the auditors' findings and therefore reputation.

Which I don't mind if from someone of repute. This poster works in Pizza Hut from what I recall. I think there's some relevance in asking him where his authority to judge originates from

I won't stop you but when you praise SBT, don't make it sound like he is a cat who has just learned to pee in the kitty litter!

 

[James Smith]

It's amazing how other fans don't grasp the full extent of the facts when seeing our plight, but how quickly they realise when you explain it, I explain it to my work mates, but they also take the piss, mainly because they're Incester and Scum fans..

He's a nice guy but loves Chelsea with a passion that I can only hope is bettered by the love he has for his other half who is a very nice lady. He just assumed the rent wasn't being paid because we were bankrupt and that had caused the Admin. Couldn't understand how the hell we were still looking for the Golden Share, when that should surely have been the easiest thing to find.

 

[Spencer]

It's not a case of knowing better. Accounts have been signed off by auditors, diligently and in compliance with law. That proves ACL's model. By simply stating you don't believe it as to question the auditors' findings and therefore reputation.

Which I don't mind if from someone of repute. This poster works in Pizza Hut from what I recall. I think there's some relevance in asking him where his authority to judge originates from

I won't enter the debate over rights and wrongs because, like it or not MMM, it does seem to me that you name call anyone who doesn't share your opinion.

However, stating that an auditor signed off the accounts, and therefore shouldn't be questioned, is akin to stating an auditor signed off the accounts of RBS or HBOS or Rok plc or Connaught plc and, therefore, shouldn't be questioned.

 

[Mary_Mungo_Midge]

I won't enter the debate over rights and wrongs because, like it or not MMM, it does seem to me that you name call anyone who doesn't share your opinion.

However, stating that an auditor signed off the accounts, and therefore shouldn't be questioned, is akin to stating an auditor signed off the accounts of RBS or HBOS or Rok plc or Connaught plc and, therefore, shouldn't be questioned.

You're wrong on two counts. There was no name calling. An invitation to give credentials to question the auditors. The auditors passing off latest accounts in full knowledge of the current stand off represents their stated and considered belief that the business is viable, even in the face of current events.

To simply counter this with a dismissive hand without any further substance, nor credentials which would give authority to such a view is a stance that deserves the reception it enjoyed

 

[Jack Griffin]

What I don't agree with in the aspect of ACL, is how oblivious they were to how much the original rent deal was going to cripple the club, this didn't help of course when McGinnity sold of the rights to ACL for 6 Mil and this left the club up shit streak without it, but why he did that to this day actually makes no sense and has no logic.

TBH, with the original loan they couldn't move the goalposts all that much could they?

With the revised loan arrangements they've at least yielded a fair bit.. I don't think there is scope for much more movement from them without some form of cost cutting..

Do you think they currently have a lot of slack to play with? I sure don't see it.

 

[Mucca Mad Boys]

Do you like handouts?

Blinkered view on how public money should be spent. Why should the council care about the interests of the club? Oh, wait a minute, they care enough to bail ACL out when SISU attempted to make them fold (therefore protecting the intersts of all people who live in Coventry rather than 7% who turn up at the ricoh regularly. My view is that Local Government should not get involved in this kind of thing........Why should public money prop up the private sector? The best way of supporting the local teams is when they put on a civic reception after achieving success.

No, but sometimes you have to bail things out, I don't think the CCC can justify bailing out ACL for 14m to directly impede rent negotiations with CCFC, if CCFC leave the RICOH, the surrounding areas will suffer, don't try and lecture me on it because I work at the Arena Pizza Hut, and I know the restaurant benefits from home & away supporters coming in pre and post match, in fact, there's a correlation between attendances and money intake.

How does propping up ACL benefit the people of Coventry?! As I say, if CCFC leave the area will be less busy and profits will be down in the area, may even turn into losses, and bailing ACL allowed ACL to take a more hard line stance, which could mean CCFC may not even play in the RICOH for next season, we don't know what will happen either way, we probably will be playing there next season, but what if we don't? The CCC would've shot ACL, and the surrounding area in the foot if CCFC end up leaving.

Local government shouldn't be propping up a private company that is dependent on it's tenant.

 

[blueflint]

However, stating that an auditor signed off the accounts, and therefore shouldn't be questioned, is akin to stating an auditor signed off the accounts of RBS or HBOS or Rok plc or Con

ACL without rent from city whoever made a profit af 1 million that shows they are viable and don't need the football.the football would aid the profits so would be welcome but not needed

 

[elephanttears]

Leyton Orient Council have given it them because West Ham are moving just two miles away from there Brisbane road stadium, How Leyton Orient are going to get a future fan base i just dont know. Its looking bleak for them.

 

[RoboCCFC90]

TBH, with the original loan they couldn't move the goalposts all that much could they?

With the revised loan arrangements they've at least yielded a fair bit.. I don't think there is scope for much more movement from them without some form of cost cutting..

Do you think they currently have a lot of slack to play with? I sure don't see it.

I disagree Jack, I believe they could of or at least planned it better, although you don't know the negotiations between ACL and Yorkshire Bank over the loan, maybe they were only allowed 10 - 15 years to recoup all the loan? I think that CCC bailing out ACL is great, but why isn't it something they could of helped them with from the start?

When you say "They" I assume your refearring to ACL?

 

[Cityfan1]

However, stating that an auditor signed off the accounts, and therefore shouldn't be questioned, is akin to stating an auditor signed off the accounts of RBS or HBOS or Rok plc or Con

ACL without rent from city whoever made a profit af 1 million that shows they are viable and don't need the football.the football would aid the profits so would be welcome but not needed

Signed off accounts were for previous year, when CCFC had paid rent, so based upon the same scenario without receiving the 1.3 million rent ACL would of been £300,000 in deficit.
​

 

[torchomatic]

No, we are needed. A football stadium without a football club in it is stupid. Even you can see that, right?

However, stating that an auditor signed off the accounts, and therefore shouldn't be questioned, is akin to stating an auditor signed off the accounts of RBS or HBOS or Rok plc or Con

ACL without rent from city whoever made a profit af 1 million that shows they are viable and don't need the football.the football would aid the profits so would be welcome but not needed

 

[blueflint]

No, we are needed. A football stadium without a football club in it is stupid. Even you can see that, right?

thats why i said we were able to contribute to the profits we may be wanted they can however make a profit without us

 

[Cityfan1]

[QUOTE

However, stating that an auditor signed off the accounts, and therefore shouldn't be questioned, is akin to stating an auditor signed off the accounts of RBS or HBOS or Rok plc or Con

ACL without rent from city whoever made a profit af 1 million that shows they are viable and don't need the football.the football would aid the profits so would be welcome but not needed​

][/QUOTE] e

Sorry did'nt highlight quote tags properly in earlier reply

Signed off accounts were for previous year, when CCFC had paid rent, so based upon the same scenario without receiving the 1.3 million rent ACL would of been £300,000 in deficit

 

[James Smith]

[QUOTE

However, stating that an auditor signed off the accounts, and therefore shouldn't be questioned, is akin to stating an auditor signed off the accounts of RBS or HBOS or Rok plc or Con

ACL without rent from city whoever made a profit af 1 million that shows they are viable and don't need the football.the football would aid the profits so would be welcome but not needed​

]

e

Sorry did'nt highlight quote tags properly in earlier reply

Signed off accounts were for previous year, when CCFC had paid rent, so based upon the same scenario without receiving the 1.3 million rent ACL would of been £300,000 in deficit[/QUOTE]
Unless there has been a turn up in revenues for ACL, we know they're certainly paying less in mortgage/loan payments now.

 

[Cityfan1]

True but if CCFC were not there to create the other revinue sources ie. F&B that would also impact on ACL profits

 

[James Smith]

True but if CCFC were not there to create the other revinue sources ie. F&B that would also impact on ACL profits

I was thinking more of things like the Davis cup and concerts/exhibitions, rather than anything football related/reliant. Yes there would be a dent in the matchday F&B revenues but I thought they only amounted to £100k or so per year.

 

[Cityfan1]

I agree that ACL can create additional revenue's through concerts/exhibitions and such like to maximise turn over, but the Arena itself require's a guaranteed amount of revenue from its tennents (although i know under SISU this has not been the case) to make it viable. Also to my way of thinking the Arena requires CCFC as the focal attraction to attract the the type of sponcership (that it has at present through Ricoh) in the future.

 

[torchomatic]

And really it's not just a case of "other revenue streams". The Ricoh Arena is foremost a FOOTBALL STADIUM designed for a FOOTBALL CLUB. Everything else is just dressing.

ACL did get a guaranteed revenue from the its tenants for six and a half years amounting to nearly £8M, so they've done all right.

I agree that ACL can create additional revenue's through concerts/exhibitions and such like to maximise turn over, but the Arena itself require's a guaranteed amount of revenue from its tennents (although i know under SISU this has not been the case) to make it viable. Also to my way of thinking the Arena requires CCFC as the focal attraction to attract the the type of sponcership (that it has at present through Ricoh) in the future.

 

[elephanttears]

This forum has really bored me over the past month, every other thread turns in to ACL/Council v Sisu