kingharvest
New Member
here we go then....
This isn't chronological of the meeting, but i think it helps to put it in this order...
Tim gave us an overview of why we are where we are. In 2012 SISU and the council came to an agreement whereby SISU could buy half the Higgs share and the council would not veto the deal. SISU and the council agreed to either split the debt purchase or Sisu buy out all the bank debt – In simple terms this means they both take on £7m of debt, and both own half of ACL. But the council then decided they would buy-out all the debt (via a £14m bailout) and the Higgs-Sisu deal never happened. Fast forward to Feb 2013 and ACL say they will no longer negotiate. In March ACL forced the admin issue and issued an administration order - the rest we know.
Since then, ACL won't enter negotiations about playing at the Ricoh and the relationship is now so bad, and there are so many legal implications that neither side can engage and talk. Tim was clear that the judicial review precludes any discussions between Tim/the club and ACL.
So - in order to ensure the club could fulfil its fixtures they had to have a solution. If there was another ground in Cov they'd have done a deal to play there, they looked at Nuneaton but it wasn't big enough. They had to do a deal with someone and it was Northampton. They did the deal for 3 years with essentially 2 additional years if they want it.
On 22nd July there is the creditors meeting. Basically 2 things can happen, ACL can either accept the CVA or reject it. If they accept then both the club and ACL move on respectively. If they reject the cva then liquidation is the route and we will have a sporting sanction (penalty points deduction). ACL would get a lot less compared to CVA – as such if they reject the CVA - given they forced Administration to ensure the club avoided liquidation - it would be a strange choice.
Dan is publishing the survey today/tomorrow. The football league said that they shouldn't publish anything sensitive to the negotiations, so as a result Tim decided to hold back the whole survey until after the ground share was agreed with the FL.
With regard to new stadium, they have 3 sites in review and are close on 2, plus another one which was previously the preferred option which may be an option once again. They've submitted financial plans and proof of funds, etc to the FL. The stadium will be modular which means it'll start with 18k (ish) capacity. They'll consult fans when it comes to the actual design, etc. They have a meeting with Architects and Highways People on Friday. They can't really give a timeline till a site is finalised.
Finally, there will hopefully be ticket news by the end of the week.
That's the gist. A lot of ill feeling towards Tim with a lot of people refusing to accept that something can't be done with ACL, at least in the interim to stay at the Ricoh.
He reiterated what he said on the radio that this isn't what they wanted to happen but they have been left with no option - it genuinely was either come up with a ground share or it’s all over.
The more i hear the more i feel that their is so much animosity between all the individuals involved that in order for progress you'd have to get rid of all the top people at SISU, the Council and ACL, and that’s never going to happen.
This isn't chronological of the meeting, but i think it helps to put it in this order...
Tim gave us an overview of why we are where we are. In 2012 SISU and the council came to an agreement whereby SISU could buy half the Higgs share and the council would not veto the deal. SISU and the council agreed to either split the debt purchase or Sisu buy out all the bank debt – In simple terms this means they both take on £7m of debt, and both own half of ACL. But the council then decided they would buy-out all the debt (via a £14m bailout) and the Higgs-Sisu deal never happened. Fast forward to Feb 2013 and ACL say they will no longer negotiate. In March ACL forced the admin issue and issued an administration order - the rest we know.
Since then, ACL won't enter negotiations about playing at the Ricoh and the relationship is now so bad, and there are so many legal implications that neither side can engage and talk. Tim was clear that the judicial review precludes any discussions between Tim/the club and ACL.
So - in order to ensure the club could fulfil its fixtures they had to have a solution. If there was another ground in Cov they'd have done a deal to play there, they looked at Nuneaton but it wasn't big enough. They had to do a deal with someone and it was Northampton. They did the deal for 3 years with essentially 2 additional years if they want it.
On 22nd July there is the creditors meeting. Basically 2 things can happen, ACL can either accept the CVA or reject it. If they accept then both the club and ACL move on respectively. If they reject the cva then liquidation is the route and we will have a sporting sanction (penalty points deduction). ACL would get a lot less compared to CVA – as such if they reject the CVA - given they forced Administration to ensure the club avoided liquidation - it would be a strange choice.
Dan is publishing the survey today/tomorrow. The football league said that they shouldn't publish anything sensitive to the negotiations, so as a result Tim decided to hold back the whole survey until after the ground share was agreed with the FL.
With regard to new stadium, they have 3 sites in review and are close on 2, plus another one which was previously the preferred option which may be an option once again. They've submitted financial plans and proof of funds, etc to the FL. The stadium will be modular which means it'll start with 18k (ish) capacity. They'll consult fans when it comes to the actual design, etc. They have a meeting with Architects and Highways People on Friday. They can't really give a timeline till a site is finalised.
Finally, there will hopefully be ticket news by the end of the week.
That's the gist. A lot of ill feeling towards Tim with a lot of people refusing to accept that something can't be done with ACL, at least in the interim to stay at the Ricoh.
He reiterated what he said on the radio that this isn't what they wanted to happen but they have been left with no option - it genuinely was either come up with a ground share or it’s all over.
The more i hear the more i feel that their is so much animosity between all the individuals involved that in order for progress you'd have to get rid of all the top people at SISU, the Council and ACL, and that’s never going to happen.
