I only wish my landlord would reduce my rent by two thirds, let me carry on living in my house then offer to pay my weekly food bill, it seems to me the only party giving any assistance is ACL.
This is nonsense. There is no comparison to a landlord or someone with a mortgage.
ACL are not a typical landlord. They have social responsibility to act in the interests of the community and the football club is a firm part of the community.
It cannot be about profiteering as they acquired the asset at a lower than market value. Also a landlord would evict on the basis of acquiring a new tenant. The club is the only tenant.
This is a poor deeply flawed analogy.
This is nonsense. There is no comparison to a landlord or someone with a mortgage.
ACL are not a typical landlord. They have social responsibility to act in the interests of the community and the football club is a firm part of the community.
It cannot be about profiteering as they acquired the asset at a lower than market value. Also a landlord would evict on the basis of acquiring a new tenant. The club is the only tenant.
This is a poor deeply flawed analogy.
Maybe Nuneaton could move into the RicohARe you sure there is no option for another tennant KD ?Rugby clubs move around like franchises and good ones at that.
ARe you sure there is no option for another tennant KD ?Rugby clubs move around like franchises and good ones at that.
ACL are not a typical landlord. They have social responsibility to act in the interests of the community and the football club is a firm part of the community.
ACL are not a typical landlord. They have social responsibility to act in the interests of the community and the football club is a firm part of the community.
Let's not lose sight of the role the taxpayers of Coventry played in the building of the Arena. As such, and with the greatest of respect, ACL - and the council's role therein - have the biggest social responsibility to the financial welfare of the 95% of the taxpayers of The City who don't frequent The Ricoh.
Why should hard working families and pensioners, who's taxes paid for the place to be built get a raw deal at the hands of a Mayfair-based shadowy hedge-fund fronted by a floppy-haired chancer who probably had to have Coventry pointed out to him on a map when he was given his highly-paid role?
Couldn't give a fuck. Lets hope for a win on Saturday though eh.
From what I understand the council payed about £15-20m towards the build and got a £113m building (excluding cost of land purchase) for £15-20m. ACL then paid £20m for the 50 year lease therefore paying back the council.
Mungo how much exactly did the council pay up front to get the Stadium built? Nothing! The ground was cleared by CCFC which drained £2.7 Million of the Cash flow - the Council & Higgs got the bank to fund the building and the rent they received off CCFC covered the repayments required. That is why ACL is kicking offLet's not lose sight of the role the taxpayers of Coventry played in the building of the Arena. As such, and with the greatest of respect, ACL - and the council's role therein - have the biggest social responsibility to the financial welfare of the 95% of the taxpayers of The City who don't frequent The Ricoh.
Why should hard working families and pensioners, who's taxes paid for the place to be built get a raw deal at the hands of a Mayfair-based shadowy hedge-fund fronted by a floppy-haired chancer who probably had to have Coventry pointed out to him on a map when he was given his highly-paid role?
Let's not lose sight of the role the taxpayers of Coventry played in the building of the Arena. As such, and with the greatest of respect, ACL - and the council's role therein - have the biggest social responsibility to the financial welfare of the 95% of the taxpayers of The City who don't frequent The Ricoh.
Why should hard working families and pensioners, who's taxes paid for the place to be built get a raw deal at the hands of a Mayfair-based shadowy hedge-fund fronted by a floppy-haired chancer who probably had to have Coventry pointed out to him on a map when he was given his highly-paid role?
I I only wish my landlord would reduce my rent by two thirds, let me carry on living in my house then offer to pay my weekly food bill, .
This is about the club setting up a sustainable business model. We will fulfil our fixtures and, by the way, we have contingencies because we are managing our risks, you have to plan. So if the Ricoh shut the doors, we will play elsewhere.
"If forced into a corner that’s exactly what we’ll do."
So we should all be outraged that 300,000 hard working tax-payers and pensioners got an asset really cheap, but charged top whack rent on it?
These bastard buy to let people what's wrong with this country.
In what way have the taxpayers actually individually been chaged for the building of the Arena?
how it was all paid for:
Council equity £10m
Sale of land to Tesco £42.42m
sale of land to Tesco pd in kind £17m (think this was picking up the costs that CCFC couldnt pay re decontamination & infrastructure originally these costs were CCFC's investment in the project but they didnt have the money to actually pay them)
Interest earnt £985k
hotel premium £470k
residual land sale £5m
Prudential borrowing £21m
Surplus rent paid £248K (assume by ACL - chose not to pay an annual rent £1.9m (i think) but to pay a one off lease premium for a 49year lease)
European Regional Development fund £4.374m
Section 106 (whatever that is) £64K
Advantage West Midlands £4.8m
Isle of Capri £5.9m
CCFC direct pd to ACL £1.758m (this was part of what the charity bought off CCFC i believe - they invested £6.3m to buy the shares from CCFC in 2003)
Net corporate interest recd £610k
Additional ACL borrowing £1.1m
Shortfall £2.947m (not sure how financed) Council i assume
Total cost £118.677m
taken from council report dated 27/06/06
*edit oh and council own the freehold to the site and land was valued at acquisition for the project at £24.1m
Could you list how much went into BRs back pocket?
Could you list how much went into BRs back pocket?
Could you list how much went into BRs back pocket?
Could you list how much went into BRs back pocket?
how it was all paid for:
Council equity £10m
Sale of land to Tesco £42.42m
sale of land to Tesco pd in kind £17m (think this was picking up the costs that CCFC couldnt pay re decontamination & infrastructure originally these costs were CCFC's investment in the project but they didnt have the money to actually pay them)
Interest earnt £985k
hotel premium £470k
residual land sale £5m
Prudential borrowing £21m
Surplus rent paid £248K (assume by ACL - chose not to pay an annual rent £1.9m (i think) but to pay a one off lease premium for a 49year lease)
European Regional Development fund £4.374m
Section 106 (whatever that is) £64K
Advantage West Midlands £4.8m
Isle of Capri £5.9m
CCFC direct pd to ACL £1.758m (this was part of what the charity bought off CCFC i believe - they invested £6.3m to buy the shares from CCFC in 2003)
Net corporate interest recd £610k
Additional ACL borrowing £1.1m
Shortfall £2.947m (not sure how financed) Council i assume
Total cost £118.677m
taken from council report dated 27/06/06
*edit oh and council own the freehold to the site and land was valued at acquisition for the project at £24.1m
Not that relevant really.
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