dongonzalos
Well-Known Member
Cllr Mutton releases statement 19th May
He said further lengthy talks at the Council House yesterday were “positive” – but added any deal was a long way off, given huge potential “show-stoppers
any agreement between the Higgs charity and Sisu would need to be approved by the council, which owns the freehold to the stadium and land around it.
Sisu were a long way off offering a deal to satisfy the council’s requirements of investment in the football club and Ricoh, and the development of surrounding land for job creation – which was all “inextricably linked”.
Yesterday’s two-and-a-half hour talks took place between council representatives Coun Mutton, deputy council leader George Duggins, chief executive Martin Reeves and finance director Chris West; Sisu’s Joy Seppala and an unnamed events management company she brought to the table for the first time; Sky Blues’ chief executive Tim Fisher and Paul Barber; and Higgs charity’s Peter Knatchbull-Hugessen and Paul Harris.
Coun Mutton said: “There are huge obstacles to the way forward and there are some potential show-stoppers, which are not necessarily in the council’s control.
“We will want to make certain any additional revenue that may be generated through the Ricoh Arena primarily goes into the football club, not to pay off Sisu’s investors. We want to see some investment in the football club.
“I don’t think we’re that much closer to putting a package together that’s in everybody’s interests. There is a lot of work to be done.”
He said another potential showstopper was “whether Sisu and the Higgs charity could come to an agreement over price”.
he said: “I would want to see the colour of their money.
“There was talk of a deal being incremental. I said I want back-to-back contracts – they can’t buy into the Ricoh on the promise something in the future would be done. We need to protect taxpayers’ property and money.
“Sisu say they recognise the importance of having hotels built, and that the figures they have put together, which they didn’t disclose to us, include an amount for building hotels
The implications of what they’re saying leads me to believe finance is available. How much remains to be seen. “If they want to buy out existing loans (a £15million mortgage is owed to Yorkshire Bank), and the Higgs charity shares (previously estimated at £10million based on a formula) there needs to be finance available, as well as for the football club and regeneration.”
He added: “While I’ve seen a number of options I haven’t seen a firm business case which shows adequate levels of resources will go into the football club to be competitive next season.”
Read More http://www.coventrytelegraph.net/new...#ixzz1vPTP1gMP
He said further lengthy talks at the Council House yesterday were “positive” – but added any deal was a long way off, given huge potential “show-stoppers
any agreement between the Higgs charity and Sisu would need to be approved by the council, which owns the freehold to the stadium and land around it.
Sisu were a long way off offering a deal to satisfy the council’s requirements of investment in the football club and Ricoh, and the development of surrounding land for job creation – which was all “inextricably linked”.
Yesterday’s two-and-a-half hour talks took place between council representatives Coun Mutton, deputy council leader George Duggins, chief executive Martin Reeves and finance director Chris West; Sisu’s Joy Seppala and an unnamed events management company she brought to the table for the first time; Sky Blues’ chief executive Tim Fisher and Paul Barber; and Higgs charity’s Peter Knatchbull-Hugessen and Paul Harris.
Coun Mutton said: “There are huge obstacles to the way forward and there are some potential show-stoppers, which are not necessarily in the council’s control.
“We will want to make certain any additional revenue that may be generated through the Ricoh Arena primarily goes into the football club, not to pay off Sisu’s investors. We want to see some investment in the football club.
“I don’t think we’re that much closer to putting a package together that’s in everybody’s interests. There is a lot of work to be done.”
He said another potential showstopper was “whether Sisu and the Higgs charity could come to an agreement over price”.
he said: “I would want to see the colour of their money.
“There was talk of a deal being incremental. I said I want back-to-back contracts – they can’t buy into the Ricoh on the promise something in the future would be done. We need to protect taxpayers’ property and money.
“Sisu say they recognise the importance of having hotels built, and that the figures they have put together, which they didn’t disclose to us, include an amount for building hotels
The implications of what they’re saying leads me to believe finance is available. How much remains to be seen. “If they want to buy out existing loans (a £15million mortgage is owed to Yorkshire Bank), and the Higgs charity shares (previously estimated at £10million based on a formula) there needs to be finance available, as well as for the football club and regeneration.”
He added: “While I’ve seen a number of options I haven’t seen a firm business case which shows adequate levels of resources will go into the football club to be competitive next season.”
Read More http://www.coventrytelegraph.net/new...#ixzz1vPTP1gMP