Rumour from GMK (6 Viewers)
- Thread starter Otis
- Start date
WillieStanley
New Member
The council can't increase C/Tax until next April and, being one of the most expensive rates in the country, they can't justify more than the going increase anyway. I also doubt that revenue from the Ricoh goes into public services as there is a separate fund for that. It may make it a little more difficult to plough ahead with the regeneration of the City Centre... But I'd rather have a local team to support than yet another gym, hotel and Starbucks.
My guess is, the loss of that revenue to the council would have very little impact on the average Coventrian.
My guess is, the loss of that revenue to the council would have very little impact on the average Coventrian.
SkyBlueScottie
Well-Known Member
While I am not sure on the rumour itself, they would of course piss away more than 2 million quid if the club continues on its downward spiral, think of the catering contracts, the corporate stuff. Its possible I suppose that they have been reminded just what a good deal they are currently on.
WillieStanley
New Member
They get a lot of business through the CCFC link too. Would I have got married there had it not been for the fact that my other love play there? Erm... No! I can wager that's been the decisive factor in a lot of other Ricoh Weddings too!
Astute
Well-Known Member
Yes even CCFC and SISU got together because of the Ricoh
As its agreed with ACL surely theres no effect to the council,ACL carry on paying their lease and as yet we are told generate very little profit for a variety of reasons .1. Lots of highly paid execs sitting in ivory towers much like the council ,room for improvement there.2.if they make over a certain amount at this point they pay a superate ,thus improvements such as the LED staircase into the ATRIUM costing £2.5m.,Highly functional i'm sure.3.ACL recieve £1m.peran from RICOH for sponsorship that would only be around 20% of this without our team getting it national mentions every weekend through the Media,they can afford this gesture .4. the council besides getting the construction shortfall paid through the ACL lease @£500k per an,which we give ACL over double for, for the pleasure of occupying 23 saturdays also recieve £1m. per an from the Govt in LAGBI money in return for the extra rates recieved by the Govt ,nice 
Wrenstreetcarpark
New Member
As its agreed with ACL surely theres no effect to the council,ACL carry on paying their lease and as yet we are told generate very little profit for a variety of reasons .1. Lots of highly paid execs sitting in ivory towers much like the council ,room for improvement there.2.if they make over a certain amount at this point they pay a superate ,thus improvements such as the LED staircase into the ATRIUM costing £2.5m.,Highly functional i'm sure.3.ACL recieve £1m.peran from RICOH for sponsorship that would only be around 20% of this without our team getting it national mentions every weekend through the Media,they can afford this gesture .4. the council besides getting the construction shortfall paid through the ACL lease @£500k per an,which we give ACL over double for, for the pleasure of occupying 23 saturdays also recieve £1m. per an from the Govt in LAGBI money in return for the extra rates recieved by the Govt ,nice
wow, will you share what your on? I would love to turn everything upside down as you do. I am a child of the sixties and I never got to see the world through a kaleidoscope as brilliant as yours. Everything so beautifully distorted and out of focus. Now all I can get is pissed and its not the same.
I'm sticking up for the football club WSC not SISU detest the bastards,but i'm not gonna talk my club down in relation to this ,it will kill our club if it does'nt change ,the arrangements we signed up to amount to hostage taking ,no matter who did what the whole arrangement is inequitable these decisions were made fifteen years back and the club were and are the fulcrum for it ,there is no recognition within the deal ,it would still be derelict without us .every point made re; finance is accurate.if i were a conspirasist i'd say we've been hijacked politically and still are.
mark82
Super Moderator
I would think it would be deferring payment, maybe via a renegotiation of the lease, if it is true.
oldskyblue58
CCFC Finance Director
I can understand the confusion and frustration wingy but ....
Total wages on the ACL 2011 accounts amounts to £1.02m shared between 19 people. Highest paid director £198k - not a huge sum for a multi million pound internationally recognised brand and a decrease from 2010 £207k. 100k of the total wage cost was employers national insurance. The four directors appointed by council and charity did not earn a penny from ACL.
Yes there is a mechanism for a super rent to be paid for by ACL - cant remember the trigger figure but thought it was several millions profits before that happened - ACL made £500k profit last year. Capital expenditure such as the atrium improvements does not get deducted off the net profit - the cash flow from the profits is reinvested rather than sit in the bank to improve the venue
Right now it is a mute point as to whether any sponsorship monies will be heading CCFC's way or indeed to ACL because of the football club. The vast majority of publicity has been negative and sponsors do not want to be associated with that, it actually drags their PR down ..... renewals will be at a lower rate because of CCFC and the positive selling point is the other events that ACL put on at the Ricoh.
What ACL pays for there overheads and what CCFC actually pays ACL you might think are related but why? Any business wants and needs to make a profit and there are more costs to the CCFC rent than what ACL pays out to the council (and just because it is owed by council and charity does not make ACL any less of a business). Not to mention a decent well run business has an eye for future investment and accumulates to fund it - that would be investment CCFC shares a benefit from at no extra cost.
The whole project received all sorts of grants from government etc - some of it is entirely dependent on the council having been there from the start. Would you rather the LAGBI money went somewhere else ? Any cash from profits are reinvested in the site and CCFC benefit from this.
CCFC in its current form and ownership is not necessarily as big a positive as people think. The way CCFC is run the reaction to its owners the press releases all seem to claim moral ownership of the stadium for the club, many outsiders see it as the clubs - that like it or not tars the stadium with the same financial mess as the club and makes getting business for the stadium harder. Take a step back and as a client about to spend tens possibly 100's of thousands does CCFC give you a positive vibe to the stadium. We as fans look at it from a club point of view but ACL Council & Charity have to take a much broader picture for the city itself
other things ....
Do i think a deferment of rent is possible yes it could be - but i dont see why the club should have use of the stadium for free for two years. However if ACL etc have offered this then it is hard to argue that they are not bending over backwards to help CCFC - infact if they reduce the rent in any way it is hard to say they are not taking a positive role in trying to keep the club afloat. BUT even with no rent CCFC will continue to make losses.
Should CCFC have the income streams from the Hotel, Exhibitions, Conferences and Restaurants - NO i do not think so. Plenty of other clubs do not have access to such income and survive - but that comment tells you everything you need to know about what is going on doesnt it. SISU want the stadium, miscalculated and got stuck with the loss making football club they, after due diligence, bought 5 years ago
Yes there needs to be compromises made - but that implies from both sides - and i see no reason why ACL should be made to suffer, lack investment, be unable to carry through its objectives for the City of Coventry simply because the football club owners got it badly wrong. We have to keep in mind however much we want CCFC to succeed, in whatever way CCFC is tied into the stadium ....... the Ricoh is not just about CCFC, it is part of a development strategy for the north of Coventry - something important to us all and something SISU will not have high on their criteria
Total wages on the ACL 2011 accounts amounts to £1.02m shared between 19 people. Highest paid director £198k - not a huge sum for a multi million pound internationally recognised brand and a decrease from 2010 £207k. 100k of the total wage cost was employers national insurance. The four directors appointed by council and charity did not earn a penny from ACL.
Yes there is a mechanism for a super rent to be paid for by ACL - cant remember the trigger figure but thought it was several millions profits before that happened - ACL made £500k profit last year. Capital expenditure such as the atrium improvements does not get deducted off the net profit - the cash flow from the profits is reinvested rather than sit in the bank to improve the venue
Right now it is a mute point as to whether any sponsorship monies will be heading CCFC's way or indeed to ACL because of the football club. The vast majority of publicity has been negative and sponsors do not want to be associated with that, it actually drags their PR down ..... renewals will be at a lower rate because of CCFC and the positive selling point is the other events that ACL put on at the Ricoh.
What ACL pays for there overheads and what CCFC actually pays ACL you might think are related but why? Any business wants and needs to make a profit and there are more costs to the CCFC rent than what ACL pays out to the council (and just because it is owed by council and charity does not make ACL any less of a business). Not to mention a decent well run business has an eye for future investment and accumulates to fund it - that would be investment CCFC shares a benefit from at no extra cost.
The whole project received all sorts of grants from government etc - some of it is entirely dependent on the council having been there from the start. Would you rather the LAGBI money went somewhere else ? Any cash from profits are reinvested in the site and CCFC benefit from this.
CCFC in its current form and ownership is not necessarily as big a positive as people think. The way CCFC is run the reaction to its owners the press releases all seem to claim moral ownership of the stadium for the club, many outsiders see it as the clubs - that like it or not tars the stadium with the same financial mess as the club and makes getting business for the stadium harder. Take a step back and as a client about to spend tens possibly 100's of thousands does CCFC give you a positive vibe to the stadium. We as fans look at it from a club point of view but ACL Council & Charity have to take a much broader picture for the city itself
other things ....
Do i think a deferment of rent is possible yes it could be - but i dont see why the club should have use of the stadium for free for two years. However if ACL etc have offered this then it is hard to argue that they are not bending over backwards to help CCFC - infact if they reduce the rent in any way it is hard to say they are not taking a positive role in trying to keep the club afloat. BUT even with no rent CCFC will continue to make losses.
Should CCFC have the income streams from the Hotel, Exhibitions, Conferences and Restaurants - NO i do not think so. Plenty of other clubs do not have access to such income and survive - but that comment tells you everything you need to know about what is going on doesnt it. SISU want the stadium, miscalculated and got stuck with the loss making football club they, after due diligence, bought 5 years ago
Yes there needs to be compromises made - but that implies from both sides - and i see no reason why ACL should be made to suffer, lack investment, be unable to carry through its objectives for the City of Coventry simply because the football club owners got it badly wrong. We have to keep in mind however much we want CCFC to succeed, in whatever way CCFC is tied into the stadium ....... the Ricoh is not just about CCFC, it is part of a development strategy for the north of Coventry - something important to us all and something SISU will not have high on their criteria
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oldskyblue58
CCFC Finance Director
looking at this rumour specifically ........... then the council and SISU were not due to meet until today so how was anything agreed ?
I would guess this rumour is totally without foundation right now - nothing more than an option amongst many options or just guesswork.
It is far more likely that SISU/CCFC have not presented any proposals, plans or figures to ACL, Council, Charity as repeatedly requested so process can move forward (not unreasonable surely!?) and are about to be facing recovery proceedings. In the meantime everyone is trying to talk as much as possible to try and find a solution.
situation unchanged
I would guess this rumour is totally without foundation right now - nothing more than an option amongst many options or just guesswork.
It is far more likely that SISU/CCFC have not presented any proposals, plans or figures to ACL, Council, Charity as repeatedly requested so process can move forward (not unreasonable surely!?) and are about to be facing recovery proceedings. In the meantime everyone is trying to talk as much as possible to try and find a solution.
situation unchanged
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Wrenstreetcarpark
New Member
Mutton said they were due to meet on Thursday...
oldskyblue58
CCFC Finance Director
ok cheers wrenstreetcarpark - my mistake
Nonleagueherewecome
Well-Known Member
I love how the rumour was started by a person who didn't even believe it himself! Move along people, nothing to see here.
mark82
Super Moderator
Exactly, don't believe anything until it is officially announced. Even then, I am sceptical these days.
Straigthened it out again OSB ,but i think you know my standpoint even if it defies logic