Ricoh chairman says it would be a "tragedy" if CCFC didn't return (1 Viewer)

SimonGilbert · Jul 11, 2014

Via our friends at the BBC.

http://www.coventrytelegraph.net/news/coventry-news/ricoh-arena-chairman-says-would-7410394

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Nick · Jul 11, 2014

Didn't they have somebody moving in before?

Otis · Jul 11, 2014

Understatement of the year, that.

Monners · Jul 11, 2014

He looks very cheerful about life in the photo doesn't he!

Also, I don't think we needed to be reminded that we are losers!

Otis · Jul 11, 2014

He said: “There’s every suggestion that they are not going to pay it going by the information given to us and the Football League."

Very interesting statement that. Didn't the FL suggest the money was being paid?

lordsummerisle · Jul 11, 2014

When did George Galloway become Chairman of ACL?

Otis · Jul 11, 2014

lordsummerisle said:
When did George Galloway become Chairman of ACL?

Ever since the club has been linked with Arab sheiks.

Monners · Jul 11, 2014

You're just a fat Eddie Shoestring

dongonzalos · Jul 11, 2014

Nick said:
Didn't they have somebody moving in before?

Have they said that?

In all honesty the moment serious negotiations are evident with other parties we would be back within the week

Otis · Jul 11, 2014

Monners said:
You're just a fat Eddie Shoestring

I've been on a diet now for 3 weeks thank you very much.

Now down to an Eddie the Eagle Edwards!

Mr Creosote · Jul 11, 2014

He states that ACL are talking to other sports franchise, this could mean the door could soon close on SISU if ACL do a deal with another sports team!
Who is looking for a new stadium in the UK?
Lots of sports would love a lovely new(ish) stadium like the Ricoh.
It looks like SISU are finally being out played!!

AFCCOVENTRY · Jul 11, 2014

Otis said:
He said: “There’s every suggestion that they are not going to pay it going by the information given to us and the Football League."

Very interesting statement that. Didn't the FL suggest the money was being paid?

Indeed...so the league have told acl sisu isn't going to give you the money!

Makes sense why acl released the strong statement yesterday.

Lord_Nampil · Jul 11, 2014

Did Appleton ever recalculate the payment due to ACL? from what i remember from MLs response in the telegraph he said that would have to happen once it became clear MM and GR had paid the 300K.....

For me the statement released yesterday was probably forced by the council, because SISU had submitted there Appeal bid was also part of it after hearing the football league had agreed that sisu have done what they were asked to do!

Its just getting silly now, ACL put something down on the table that ticks as many boxes as SISU have publicly said they want as well, the council agreeing that club has to own a stake in the company with talks beginning once the club has returned!

Do that and sisu will be at the table, regardless of what is said in the public media.......

letsallsingtogether · Jul 11, 2014

that is what we were told was going on last week? But as usual it was total lies GGGggggggrrrrrrrrrrrrrrrrrrrr

They just can't help themselves even look you in the eye when they are telling you, how can you actually do deals with those sort of people?

dongonzalos said:
Have they said that?

In all honesty the moment serious negotiations are evident with other parties we would be back within the week

Snozz_is_god · Jul 11, 2014

Lord_Nampil said:
Did Appleton ever recalculate the payment due to ACL? from what i remember from MLs response in the telegraph he said that would have to happen once it became clear MM and GR had paid the 300K.....

For me the statement released yesterday was probably forced by the council, because SISU had submitted there Appeal bid was also part of it after hearing the football league had agreed that sisu have done what they were asked to do!

Its just getting silly now, ACL put something down on the table that ticks as many boxes as SISU have publicly said they want as well, the council agreeing that club has to own a stake in the company with talks beginning once the club has returned!

Do that and sisu will be at the table, regardless of what is said in the public media.......

what a stupid statement, you've got no idea have you what you are saying.

dongonzalos · Jul 11, 2014

letsallsingtogether said:
that is what we were told was going on last week? But as usual it was total lies GGGggggggrrrrrrrrrrrrrrrrrrrr

They just can't help themselves even look you in the eye when they are telling you, how can you actually do deals with those sort of people?

I know what you are referring to there. I am reversing judgement till I get an explanation but it don't look good.

However I meant the moment ACL begin serious negotiations with another party we would be back within a week.

Lord_Nampil · Jul 11, 2014

Snozz_is_god said:
what a stupid statement, you've got no idea have you what you are saying.

Why haven't i? What have I said that's wrong???

oldskyblue58 · Jul 11, 2014

The CVA never happened and so the £590k never existed as a debt to anyone so it isn't about recalculation as such.

As no settlement was reached then the liquidation reverts to the base facts of the contractual debts. Justice Hickinbottom in his judge said that the escrow amounts and the match day payments did not amount to rent. If that's the case ACL I assume will argue they were still owed £1.4m plus the remaining years on the lease, probably over £60m in total.

If the liquidator takes the personal guarantees in to account then it will be to offset £60m not the £590k that never legally existed.

Why would ACL insist it is the original contract debt (aside from it seeming to be the correct application of insolvency law)? Well because there might be funds left over after paying the professional fees and that pot is allocated pro rata to the debts outstanding. Otherwise SBS&L and ARVO get the majority of it.

I think as has happened so often before in all this things are being mixed up together in order to delay and confuse. Have to say in this it is working

Moff · Jul 11, 2014

I am sick of all of them.

As much as I want to retch at the open letter from Joy and Tim, I dont want to hear from this clown either. They should all shut the hell up in the press and do their business, in private. The lot of them are meant to be professionals and are acting like clowns.

As for the fact they have been speaking to other Sport Franchises, what a load of balls. Its just another case of tit for tat. I cant stand the lot of them.

Rob S · Jul 11, 2014

AAAAAARGH! This is so frustrating!

In the aftermath of the JR judgement we get statements about moving on, open doors and rental agreements, with Sisu having to make concessions after losing so badly and then all this bullshit starts up. The FL have actually released a statement saying that the money is in escrow so why on earth ACL are banging on about not paying is a total mystery.

They've been vindicated by the JR so why are they shooting themselves in the foot and just coming out with this bollocks? It's almost like they are trying to get another points deduction for the club. If it is such an effing tragedy the club aren't there, why are ACL the only organisation that, since the JR, have but the brakes on getting us back?

This is what you get when you've got an international PR agency and a hedge fund going head to head I guess. Meh.

martcov · Jul 11, 2014

To be fair, wouldn't it be possible to ask the fl to transfer the undisputed part of the escrow in advance of any decision by the fl.

A symbolic show of good faith and then add an offer of a meeting with the fl to discuss the disputed part and come to a resolution of this relatively minor argument.

Astute · Jul 12, 2014

Rob S said:
AAAAAARGH! This is so frustrating!

In the aftermath of the JR judgement we get statements about moving on, open doors and rental agreements, with Sisu having to make concessions after losing so badly and then all this bullshit starts up. The FL have actually released a statement saying that the money is in escrow so why on earth ACL are banging on about not paying is a total mystery.

They've been vindicated by the JR so why are they shooting themselves in the foot and just coming out with this bollocks? It's almost like they are trying to get another points deduction for the club.

It was only yesterday when I said on here that some would blame ACL/CCC if our club lost points again just like what happened last season

SISU having to make concessions? By this do you mean the appeals to the JR?

You say that ACL are the only ones to put the brakes on since the JR. They have said that they want the 590k paid as it should be and the litigation to stop. The FL said that the money should have been paid by now. It is SISU risking a points deduction by their actions. Full stop. Even the judge said that they are trying to distress ACL. They don't want to hand any money over at all.

So you say that it is ACL that have slammed the brakes on to any deal. What evidence is there that SISU have considered taking their foot off the brake pedal for the first time? To me the ongoing crap with the JR suggests otherwise.

lapsed_skyblue · Jul 12, 2014

The role of an administrator is to capture all the assets within his control, including escrow accounts if there are funds there. He then totals up the liabilities and assesses how much of them can be paid. Implicit in his statement that only 27p in the £ can be paid out is a recognition of the total debt. His statement does not reduce the debt but says how much of it he is able to pay.
If the creditor is able to pursue the balance of the debt through means not within the control of the administrator, such as a guarantor, then surely he is free to do so: the administrator surely cannot offset any debt using money not in his control. Otherwise what is the point of having a guarantor: he is there after all to make good any deficiencies in the debtor's payment.
The FL set a condition of the GS that £590,000 should be paid. This figure fell out of administration process and is part of the FL's attempt to maintain the privileged rights of football creditors.
So, why should the money obtained from a guarantor be offset against this amount? And as escrow funds should have been already considered by the administrator why should this be considered either?

I can only surmise that although the full £590,000 is confirmed to be in an escrow account SISU still exercise some control over it. The full amount should be released to ACL.

mrtrench · Jul 12, 2014

I can understand why ACL has not rushed to get another tenant but now I think is the right time for them to find one. I believe this would stop all the nonsense. With ACL bringing in income and another team playing at the Ricoh it would call SISU's bluff. In an instant their entire game plan would be blown and they would be forced to either progress with the building of the new stadium or fold the club. Then at least someone else can pick up the reigns and give it a go.

skybluetony176 · Jul 12, 2014

Rob S said:
AAAAAARGH! This is so frustrating!

In the aftermath of the JR judgement we get statements about moving on, open doors and rental agreements, with Sisu having to make concessions after losing so badly and then all this bullshit starts up. The FL have actually released a statement saying that the money is in escrow so why on earth ACL are banging on about not paying is a total mystery.

They've been vindicated by the JR so why are they shooting themselves in the foot and just coming out with this bollocks? It's almost like they are trying to get another points deduction for the club. If it is such an effing tragedy the club aren't there, why are ACL the only organisation that, since the JR, have but the brakes on getting us back?

This is what you get when you've got an international PR agency and a hedge fund going head to head I guess. Meh.

If, as you say ACL have been vindicated why can't sisu accept this, put the brake on while engaging the clutch, take the sisu vehicle out of the reverse gear that is an appeal and try and find a forward gear.

I agree that ACL have put the brakes on following their statement the other day and I don't welcome what they had to say but sisu are still going in reverse. I think you'd do well to recognise this and point this out at the same time.

You're 10 point remark is just nonsense. We knew sisu had paid something into an escrow account as soon as we knew ACL weren't going to receive any monies until the FL have ruled on the payment. What we didn't know until recently was what they had paid in. Was it the full amount or was it less the £300k that sisu are trying to say MM & GR have already paid on their behalf. If it was the latter I would say this would have been the only reason we would have received any punishment from the FL and not a statement from ACL. You keep saying you're impartial. If that's true stop trying to do ML out of his job by doing sisu's spin.

Neutral Fan · Jul 12, 2014

Mr Creosote said:
He states that ACL are talking to other sports franchise, this could mean the door could soon close on SISU if ACL do a deal with another sports team!
Who is looking for a new stadium in the UK?
Lots of sports would love a lovely new(ish) stadium like the Ricoh.
It looks like SISU are finally being out played!!

That's not the first time ACL have referred to CCFC as one of several "sports franchises". I remember when a towns football team was...a towns football team.

English football really is being damaged by dodgy businessmen, hedge funds, property developers in Milton Keynes etc etc.

shmmeee · Jul 12, 2014

Neutral Fan said:
That's not the first time ACL have referred to CCFC as one of several "sports franchises". I remember when a towns football team was...a towns football team.

English football really is being damaged by dodgy businessmen, hedge funds, property developers in Milton Keynes etc etc.

He doesn't refer to CCFC as a sports franchise, he refers to looking to bring in a sports franchise, and unless it's one of the existing Coventry teams (unlikely) that's an accurate description of them.

FFS, some people just try to be offended.

Ricoh chairman says it would be a "tragedy" if CCFC didn't return (1 Viewer)

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