oldskyblue58
CCFC Finance Director
yes I know I cant either
Richardson (1 Viewer)
- Thread starter fernandopartridge
- Start date
yes I know I cant either
That says "He" though
Ahhh... but in the article there is further reference to Richardson as 'he' by McGinnity that is in relation to a deed Richardson is supposed to have done while acting for the club:
"That was under my predecessor's regime," said McGinnity, "and he sometimes lived with his head in the clouds. He sold [Highfield Road] and the money was spent on players as opposed to reducing the debt."
torchomatic
Well-Known Member
Didn't Lionel Bird or someone write a book that can only be published after his death? Or am I being a bit dramatic!
torchomatic
Well-Known Member
Also, rather than go cap in hand to the Council the club nearly secured funding from a Spanish bank but that fell through. Shame, it might have been all so different.
Captain Dart
Well-Known Member
Yes, I think HBG Construction put up the money to buy the land from BG (about £2M) when CCFC couldn't find the finance, then they sold it back to CCC (not CCFC) for a huge premium before the deal with Tesco (which BR may have negotiated) was done. Something like that and I'd be very surprised if BR took no fee for his brokerage services, but it is all shrouded in confidentiality agreements, so we have to wait till all parties are dead before any more facts emerge.
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Nick
Administrator
So HBG Construction made a cut, I wonder if anybody familiar has anything to do with them?
shy_tall_knight
Well-Known Member
Do tell if you know
Nick
Administrator
I have no idea, this was a bit before my time!
Captain Dart
Well-Known Member
http://www.skybluetrust.co.uk/index...57-ricoh-arena-timeline?showall=1&limitstart=
http://www.skybluestalk.co.uk/threa...e-SISU-bullshit)?p=97085&viewfull=1#post97085
All very confusing isn't it. Lot of wheeling & dealing going on.
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torchomatic
Well-Known Member
Coventry City chairman Bryan Richardson said: "This really is the beginning of something extraordinary for Coventry City, the city of Coventry and the West Midlands region.
"Arena 2000 will be the most modern and technologically advanced stadium in Europe, if not the world.
"Features such as the retractable pitch and roof have never been seen in this country."
He said the arena would allow the Sky Blues to earn more revenue and attract bigger crowds, better players and new investment.
Arena 2000 will be in use every day of the week and will be the biggest indoor concert venue in the country.
The project is expected to create thousands of jobs, helping with the re-generation of the area.
"Arena 2000 will be the most modern and technologically advanced stadium in Europe, if not the world.
"Features such as the retractable pitch and roof have never been seen in this country."
He said the arena would allow the Sky Blues to earn more revenue and attract bigger crowds, better players and new investment.
Arena 2000 will be in use every day of the week and will be the biggest indoor concert venue in the country.
The project is expected to create thousands of jobs, helping with the re-generation of the area.
tisza
Well-Known Member
problem with this is we need to see the october 2003 report referred to. i can't find it.
singers_pore
Well-Known Member
The club paid BR a massive bonus for arranging the deal with Tesco. According to the accounts the bonus made him the highest paid club Chairman in the Prem. Not sure why the club paid the bonus given that they apparently did not get any of the Tesco money. Very strange. Why are we cursed with such bad owners and Chairmen?
Astute
Well-Known Member
CCFC didn't get any money as they didn't have anything to sell. The money received from HR didn't even go towards the project.
What he failed to mention was the money paid by Tescos covered buying the land and the decontamination of it. Nothing else. We couldn't even afford our wage bill and were heavily in debt so couldn't raise any money to build his pipe dream. The money received went on the wage bill to cover it for a few months. Yet all he does is try to blame everyone else for what happened.
Sick Boy
Well-Known Member
I wonder what happened to pwkh's Internet connection?
Otis
Well-Known Member
I think he bought it off Michael Bing.
chiefdave
Well-Known Member
Tesco paid £59.4m, land and decontamination costs are itemised in the completion report but are included in other costs (land acquisition costs, decontamination and infrastructure, siteprofiling, fees, joint venture operating costs and interest payable during the constructionperiod). All of that totals £52.5m.
olderskyblue
Well-Known Member
Italia ??
Astute
Well-Known Member
And the 6.9m would have built us what?
chiefdave
Well-Known Member
What's your point? The whole project cost £115.8m. The Tesco deal was £59.4m, so 51.3% of the total cost. Richardson's standpoint is that this deal was done by him on behalf of the club and therefore CCFC contributed 51.3% (actually would be higher due to the interest) of the total cost and therefore should have had a similar stake.
The council must have agreed with this at some point as the original idea was for CCFC to own 50% of the freehold.
chiefdave
Well-Known Member
The council put in £10m and got 100% ownership of the freehold and 50% ownership of ACL.
stevefloyd
Well-Known Member
Now Nick stop being so Naive... where politicians are involved corruption usually goes hand in hand with it along with lies avarice and deceit
SkyBlueSid
Well-Known Member
Richardson has kept quiet for years, presumably as a result of these confidentiality clauses. It would be interesting to be able to unpick it all with the benefit of hindsight. I believe Richardson was by no means the only one who was responsible for the mess the club got into. Robinson and McGinnity were others, along with the one that was hands-on throughout but tends to be forgotten, namely Graham Hover.
My opinion has always been that any investigation should have been a criminal one, by the Fraud Squad. Far too many stones remain unturned.
My opinion has always been that any investigation should have been a criminal one, by the Fraud Squad. Far too many stones remain unturned.
tisza
Well-Known Member
and had access to development funds and got the necessary loans to complete - something the club wasn't able to do.
J
Jack Griffin
Guest
Wrong, the equity injected was £10M, the Council also paid £24M for the land. It is in Appendix 2 of the Council Construction report under the heading land acquisition. I do wish you wouldn't misrepresent the facts.
chiefdave
Well-Known Member
Appendix 2 is a company structure diagram? Appendix 1 is the outturn report, is that what you are referring to? It lists the land purchase as £24m but as far as I can see doesn't say the council put £24m in to cover that.
If the council did in fact put £34m in then that means there is over £20m that is unaccounted for - where did that go?
Astute
Well-Known Member
Towards building a stadium.
So CCFC put in how much? If we had at least bought the land so some could be sold then yes. But nothing was paid for so nothing could be sold. Richardson says that he sold it to Tesco. He couldn't have. Yet you believe everything he says.
chiefdave
Well-Known Member
Stadium cost (including buying land) was £118.7m.
The funding was £10m from CCC, £59.4 Tesco deal, £9.6m in interest, £0.5m hotel, £5m residual land sale, £21m borrowing, £4.4m ERDF grant, ACL £1.1m, AWM grant £4.8m. That totals £115.8m
Jack stated the council put in an additional £24m for land. In that case there is a surplus of £21.1m that doesn't appear to be accounted for.
£6,808,425
Did we ever own the site? I thought HBG took the site as security on a loan to Arena 2001 (and then later took ownership), that couldn't have happened without ownership. Might have that completely wrong, don't have the documents to hand and its been a long time since i read them.
Can you show me where i have said I believe everything he says? What I've actually said is that it is Richardson's view.
Astute
Well-Known Member
Check your figures. CCFC put in 1.7m. I am 100% sure on that.
And Tescos paid for the land. We never owned it not even for a day.
chiefdave
Well-Known Member
Sky Blue Trust said:
If Tesco paid for the land why on earth would they then pay £59.4m to lease it?
