That's odd. I come to work in Coventry every week and know a number of others who work here who do the same. Only once has a shortage come to light and that was when the university held its graduation ceremony.
Where do you live then?
I mean area as I do not intend to stalk you....
Because the council borrowed the money themselves to lend to ACL
Therefore, if the JR finds that ACL have to repay the loan to the council in full, they'd have to find somewhere to borrow the money on the open market to make the repayment.
The council could then repay this to the prudential borrowing scheme or more likely try to find a legitimate way to give the money 'back' to ACL.
Norwich
It was a SISU thing as Mutton said. They were never going to get it. However, they wooed Haskell and tried to sell it to him. This would have been fine if SISU hadn't been the owners of CCFC at the time.
Correct. But the council never put their own money in as was being implied here. IIRC the loan is secured on the property. So at worse there is no more risk than giving up all rights to SISU........and the property is worth much more than SISU are willing to pay. This is how SISU are planning to make many millions for their investors. No benefit at all for our club. This is why I can't understand how some of us could want SISU to get their hands on it.
Oh, now it comes down to exclusive little band who know "the truth". FFS. I'll let you all get on with it, I think.
Who has secured the loan against what property?
I don't care about SISU, I'm talking about who is on the hook for £14m if ACL goes tits up. Where are the council going to find that £14m from?
I believe there was a recent halt in the Birmingham airport expansion ... maybe the Coventry city council know something about this being back on. That could possibly be a game changer hence the reason for this hotel expansion. Note that the airport is an easy commute from the Ricoh.
Just a possibility!
There is a massive shortage of hotel rooms in Coventry and it costs the city business. Midweek all our hotels are chocker and have been for years.
Nope, BHX airport runway extension still ongoing, just be finished a bit later than planned due to the rain in recent months.
End of April now, rather than end of March.
The Ricoh, surrounding land and everything else is worth much more than 14m.......and it is said to be making a profit.......unlike some on here try to make out is not true without any facts to hand.
No they are not. I often have to book delegated in from overseas at relatively short notice and its never ever a problem. Most business people actually prefer Stratford for very obvious reasons.
The commute from Birmingham Airport to the Ricoh is almost as easy as from Baginton as well in fairness....
Prove it.....
Shall we go back a couple of weeks ago when you thought CCFC paid for the land where the Ricoh is. When you were shown proof that you were wrong you said CCFC paid for the decontamination. Then you were shown the proof to show you that you were wrong.
You went quiet until the next day when you made the same comments again on another thread. This time we all knew you understood what the truth is. So yes you do seem to have a problem with the truth at times.
Prove it.....
Remind me, which club did we loan Juke to?
To be fair, when trying to book crew rooms around BHX airport when there is an event on at the NEC it can be tricky, often nothing in the airport hotels or the City Centre, generally end up booking rooms in Coventry without a problem, unless a really big event combined with a Party Conference in Birmingham, when had to go as far afield as Leicester to find a room.
All councils are cutting costs, in particular at the moment as a function of reduction in central funds from Government and the fact that they're not allowed to raise Council Tax by more than 2% to make up the deficit. There's nothing unique about CCC in that.
In terms of the £14m loan, if paid off as agreed this will actually make money for CCC.
The third-party offering to halve the cost at that point were presumably the ones doing everything possible to wreck ACL, right? To be clear here, if SISU had got control of the loan then all of the Council's investment up until that point is at massive risk. I can't quite see how that halves the cost to CCC.
Which is why CCC say they stepped in to secure it.
I'm not sure about an agreement, but if the way that SISU wanted to get control of the loan was by distressing ACL, then it's hardly any great surprise that the Council decided not to support the process after thinking it through. The staggering thing to me is that they might have even considered it.
Well, well, well, another step to improve the North side of the City and it gets the reaction like the council intend to bring back the plague. Why on earth would anybody be against this??? I live 1 mile from the Ricoh and from when I moved in back on 2002, the area has improved 2 fold, dont get me wrong it still has a long way to go. Surely this should be seen as a positive as opposed to a negative or is it that some just cant get their skyblue spectacles of their heads??
So City are at the Ricoh and all is fabulous when we hear plans for a station and more hotels that are hoped to regenerate the area even further thus boosting local businesses and of course increasing house prices, dont tell me fans wouldnt be over this like a rash.
I hope to God this gets the go ahead and I would also like to think that it is not a bluff, in reallity it has nothing at all to do with the Football Club and also remember the Ricoh isnt going anywhere CCFC can come back regardless of a train station and a few more buildings being built.
SISU would have been joint holders of the loan, not sole. My question is not why were they not gifted the stadium at whatever price they wanted and more why the council were happy to enter a deal one moment then took it all themselves the next.
SISU would have been joint holders of the loan, not sole. My question is not why were they not gifted the stadium at whatever price they wanted and more why the council were happy to enter a deal one moment then took it all themselves the next.
Exactly.
The more investment in Coventry the better. Everyone should be happy that it could be happening.
Even if any hotels are built on the site it doesn't mean the end for our club at the Ricoh. There will still be a football stadium there for our club. It just means that the stadium will have a more secure future. And hopefully it will bring SISU to negotiate. It could bring our club home quicker.
Also, more hotels means more bars within walking distance of the ground. Who could possibly stand against that?
Where's the evidence that they would have been joint holders of the loan?
Forgive me but I've never seen that.
As to why they pulled out of the deal, if there was ever a deal, then I guess trust issues might be one reason, or that it was dangerously close to illegal might be another, or that maybe they thought that conspiring to distress a company that they held 50% in might simply be a bit daft.
SISU would have been joint holders of the loan, not sole. My question is not why were they not gifted the stadium at whatever price they wanted and more why the council were happy to enter a deal one moment then took it all themselves the next.
It was stated that each party put in £7m to buy out the loan. I'm on my phone so can't browse for links but that's how I understood it.
IF any of this did actually happen.....and we have no proof of it to what I know..........we do know about the SISU negotiating skills.
And SISU were after the whole thing for 7m reportedly. Don't you remember it was 14m of distressed debt they wanted to take over. Just not sure if it was for 7m or a little more than this.
And also the debt wasn't distressed. Yorkshire bank got a bit nervous when SISU took our club to Northampton. All payments were up to date so how could it have been a distressed sale?
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