But that doesn't mean a court has decided a debt is due?
As it happens I think a court would but ACL run the risk of suing a straw man.
But that doesn't mean a court has decided a debt is due?
As it happens I think a court would but ACL run the risk of suing a straw man.
Of course they haven't any developing of surrounding land was part and parcel of taking over the football club aswell as buying back the Ricoh. SISU renaged on that option bet they are regretting that now. Once it became apparent SISU weren't going to fulfill their part of that deal the whole thing was scupperd
Pretty certain they debt already been in court and deemed by the court as due!! It is why acl were able to levy sequestration proceedings on sisu account
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A court debt order is, I believe, entirely different. It is similar, I think, to a security of cost order that would be granted if a party was in danger of insolvency and looking to sue someone (what it does is make sure the party bringing the action has the funds to pay the others parties cost should they be unsuccessful in the action).
ACL has never been a development company. It was set up just to run the Ricoh. It doesn't own any land, it simply has a lease on the arena. Neither is the Council (which owns the freehold of the Ricoh and all the land around) in the business of developing. It doesn't have the money to be a property developer, so it either sells, or leases the land it owns to a property company to develop. These leases are usually either 99 or 125 years, so they are almost equivalent to owning the land. The days when the council actually built a council house, let alone something like the precinct (which it did after the war) have long gone.
Perhaps there are no buyers because SISU want too much in an attempt to get some losses back. Perhaps the council know that in administration that a fair offer will be made. Perhaps they have someone in the wings.
or perhaps they don't and we will get liquidated having paid out a million pounds in costs for the privilege, perhaps p&a will like Plymouth send out threatening demands to supporters
If they have someone waiting in the wings (highly doubtful) then so what? They can only buy the club if the independent administrator decides that they are a viable proposition.
That could take 12 months. By which time the club will have been stripped of most of its playing staff and be clinging on for survival in the league.
And then there was a plague of locusts and a terrible flood and all the world was laid to waste!
Not disputing that coundon, but by having so many clauses on any sale of the stadium will make it almost impossible for anybody to buy. At the end of the day we want a successful football team on the pitch and not one famous for re-building a city.
As things stand now not only are things at a standstill but the stadium itself is beginning to rot away.
Why will it? If done properly whoever invests into the redevelopment will make money out of, not lose it.
Its an opportunity for CCFC, not a hindrance.
All so simple in fairy land isn't it. What did Santa bring you for Christmas?
