Trust meeting with ACL (1 Viewer)

[skybluefred]

Trust Meeting
At the Sky Blue Trust open meeting tonight at The Squirrel in Coventry, it was revealed that Arena Coventry Limited had still not received the £590K they are owed by the Otium Entertainment Group as part of the monies owed following Otium taking over Coventry City Football Club Ltd.
The Trust were told by ACL in meetings with them and Coventry City Council: "We can not sell the stadium, can only discuss rent. The administration process was flawed so the CVA rejected. "We are due to received £590k from Otium but nothing has been received yet."
Arena Coventry Limited also admitted to the Trust: "We have to concentrate on the business. Casino is one of G's best sites. We don't need CCFC but want them. Arena Coventry Limited were due for an audit but it was cancelled due to the Ricoh Arena doing so well.



















NEWS ARCHIVE



PREVIOUSLY

 

[edgy]

You don't cancel audits because you are doing well. That's nonsense. Audits are done regardless of circumstances.

 

[ecky]

They won't get the money off sisu and if ACL won't sell game over?

 

[stupot07]

Surely Otium will pay the administrator/Ltd for purchasing the assets, and the administrator will pay ACL?


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[olderskyblue]

You don't cancel audits because you are doing well. That's nonsense. Audits are done regardless of circumstances.

Depends what sort of audit

 

[shy_tall_knight]

You don't cancel statutory audits, but a bank may request a non-statutory review to determine if it is in good financial help especially following the non-payment of the rent.

I hope ACL don't gloat too much if they are financially successful without the club, they only eist because of the club and I won't take much pleasure in its success if it we are still in northants

 

[oldskyblue58]

The statutory audit will be completed as normal. It has not been cancelled nor would it be, it is required under company law

The "audit" that was stopped was the council finance oversight committee requiring the directors to attend a meeting at the end of November to justify the Ricoh financial performance. As such the council had no power to request that the directors of ACL attend any such meeting. Therefore that meeting was cancelled. Had nothing to do with how well it was doing.

Since then I understand the over sight committee has toured the complex to see for themselves what was going on. They were briefed on performance. Apparently the 10 or so councillors were suitably impressed that ACL was indeed viable

ACL directors very much want CCFC playing there but they have their own business to run. So far everything that CCFC have said has been on a basis that ACL simply are incapable of providing. ACL can only offer a rent deal.... SISU have said they will only accept ownership. Would any one seriously expect ACL to sit around waiting on the off chance that SISU change their demands ..... or should they get on with their business? What would you do?

Nor can ACL offer its shares to SISU because those shares are owned by Charity and council and they are the only ones that can sell them or approve a further share issue

ACL have not received the £590k. The deal brokered by the FL is that if say ACL get 50k from the administration/liquidation process then SISU have to top the rest up to £590k. In return Otium got the golden share. Until a final pay out is made by the liquidator it is just not possible to say how much extra should be paid by Otium. So nothing can be paid until the liquidator completes his work.

None of which gets CCFC back to the Ricoh of course...... and that is the real goal isnt it? ACL are keen to discuss a rental deal but they cant force SISU to and wont chase SISU to do it

 

[Grendel]

I think this thread is about to blow up in the OP's face.

 

[shmmeee]

You don't cancel audits because you are doing well. That's nonsense. Audits are done regardless of circumstances.

Depends what kind of audit really. It's quite common, especially in the public sector, for "audits" to be triggered by some data point hitting a certain value, evidence of improvement would click it the other way. Much like schools/hospitals get monitoring visits and inspections.

 

[skybluetony176]

Surely Otium will pay the administrator/Ltd for purchasing the assets, and the administrator will pay ACL?


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that would be logical

 

[torchomatic]

I think this thread is about to blow up in the OP's face.

I hope you're not suggesting he made it all up...

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[fernandopartridge]

You don't cancel audits because you are doing well. That's nonsense. Audits are done regardless of circumstances.

Indeed. Bizarre excuse.

 

[Grendel]

I hope you're not suggesting he made it all up...

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No I just think its a bullshit statement that some idiots will take at face value without delving deeper into the facts.

 

[lewys33]

"An audit" is a broad term though isn't it

 

[James Smith]

Trust Meeting
At the Sky Blue Trust open meeting tonight at The Squirrel in Coventry, it was revealed that Arena Coventry Limited had still not received the £590K they are owed by the Otium Entertainment Group as part of the monies owed following Otium taking over Coventry City Football Club Ltd.
The Trust were told by ACL in meetings with them and Coventry City Council: "We can not sell the stadium, can only discuss rent. The administration process was flawed so the CVA rejected. "We are due to received £590k from Otium but nothing has been received yet."
Arena Coventry Limited also admitted to the Trust: "We have to concentrate on the business. Casino is one of G's best sites. We don't need CCFC but want them. Arena Coventry Limited were due for an audit but it was cancelled due to the Ricoh Arena doing so well.

But weren't we granted the Golden Share by the authorities on the basis that ACL would get their money - and is there a danger therefore that they'll take it away from us if it isn't paid? Or are they just being toothless again?

 

[bigfatronssba]

"An audit" is a broad term though isn't it

Exactly. At my work we have the legally required audit once a year.

However we've also had Auditors in at other times to see if we can improve our processes.

An Audit is a broad term and doesn't always mean the legally required one.

 

[jimmyhillsfanclub]

But weren't we granted the Golden Share by the authorities on the basis that ACL would get their money - and is there a danger therefore that they'll take it away from us if it isn't paid? Or are they just being toothless again?

Please read OSB58s post.....it explains that Otium can't pay ACL until the liquidator confirms how much is outstanding.


So before anyone starts bleating that SISU haven't paid ACL.....its because its not yet been finalised, or indeed, due.

 

[James Smith]

Please read OSB58s post.....it explains that Otium can't pay ACL until the liquidator confirms how much is outstanding.


So before anyone starts bleating that SISU haven't paid ACL.....its because its not yet been finalised, or indeed, due.

Sorry I did skim read it however I'm not suggesting that they won't pay, merely that there must have been a time limit imposed when we were handed the Golden Share back?. If there isn't then SISU/Otium could just keep saying we'll pay tomorrow and never actually do it whilst the intent to pay is still there.

 

[Astute]

No I just think its a bullshit statement that some idiots will take at face value without delving deeper into the facts.

Are you going on about Joy and Tims statements?

 

[stupot07]

Sorry I did skim read it however I'm not suggesting that they won't pay, merely that there must have been a time limit imposed when we were handed the Golden Share back?. If there isn't then SISU/Otium could just keep saying we'll pay tomorrow and never actually do it whilst the intent to pay is still there.

But again as OSB said, that can't be done until liquidation process is finalised, and it is the liquidator not the Otium that facilitates that.


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[The Reverend Skyblue]

I really can not see how a deal can be reached on how my simple mind see's it. I feel a new stadium will be built and ready in 5 years for us and some other sports team playing out of the Ricoh. Have the rugby club ruled out a move to the Ricoh ? as I know they are very ambitious to move up the leagues and return to past glorys of the team that had players like Davd Duckham and all the rest. I am pretty sure Coventry were one of the big teams back then but as I don't follow rugby I am not sure and there is quite a lot of money floating about the game nowadays what with the Heinekin league and the premiership

I will make my prediction and say a new rugby league/union franchise will be launched based at the Ricoh, as their isn't a rugby league team that represents this region so someone may come along and give it a go, though the counter argument is there is no demand for the league version of rugby here at all, I think London broncos are the closest, but as I say someone may take a punt and suck it and see for a few seasons.

I hope I am proved wrong and a deal is signed and sealed before Santa comes down my boiler flue

 

[mark82]

Surely ACL won't get the money owed until liquidation of CCFC Ltd is complete. If they wanted it sooner they should have accepted the CVA.

 

[mark82]

I really can not see how a deal can be reached on how my simple mind see's it. I feel a new stadium will be built and ready in 5 years for us and some other sports team playing out of the Ricoh. Have the rugby club ruled out a move to the Ricoh ? as I know they are very ambitious to move up the leagues and return to past glorys of the tem that had players like Davd Duckham and all the rest.

I will make my prediction and say a new rugby league franchise will be launched based at the Ricoh, as their isn't a rugby league team that represents this region so someone may come along and give it a go, though the counter argument is there is no demand for the league version of rugby here at all, I think London broncos are the closest, but as I say someone may take a punt and suck it and see for a few seasons.

I hope I am proved wrong and a deal is signed and sealed before Santa comes down my boiler flue

Coventry Bears Rugby League exist. Even clubs in League heartland don't get 32,000. Not saying you are wrong as its a credible option. Maybe a ground share between an RL club and maybe a new Coventry football team is possible. Who knows, only time will tell.

I hope though that a deal can be agreed to move back to the Ricoh. I'm not as convinced as others they won't follow through on building a new ground if they don't get their way.

 

[stupot07]

I really can not see how a deal can be reached on how my simple mind see's it. I feel a new stadium will be built and ready in 5 years for us and some other sports team playing out of the Ricoh. Have the rugby club ruled out a move to the Ricoh ? as I know they are very ambitious to move up the leagues and return to past glorys of the team that had players like Davd Duckham and all the rest. I am pretty sure Coventry was one of the big teams back then but as I don't follow rugby I am not sure and there is quite a lot of money floating about the game nowadays what with the Heinekin league and the premiership

I will make my prediction and say a new rugby league franchise will be launched based at the Ricoh, as their isn't a rugby league team that represents this region so someone may come along and give it a go, though the counter argument is there is no demand for the league version of rugby here at all, I think London broncos are the closest, but as I say someone may take a punt and suck it and see for a few seasons.

I hope I am proved wrong and a deal is signed and sealed before Santa comes down my boiler flue

Bonkers.


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[The Reverend Skyblue]

Bonkers.


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I agree its bonkers but as I believe we won't ever go back to the Ricoh the option of a Ricoh based Rugby union/league team ,perhaps Wasps who have been pretty nomadic being based in Reading and Wycombe over the last few years may take a punt as I think they have attracted 25,000 crowds at reading before , its was just me thinking what they will do with our ex stadium that's all

 

[James Smith]

But again as OSB said, that can't be done until liquidation process is finalised, and it is the liquidator not the Otium that facilitates that.


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Okay I see that, so basically as I understand it we're safe until the liquidator finishes and then we have to hope that Sisu/Otium pay up. Sadly going by past performance this could be the tricky part.

 

[fernandopartridge]

I really can not see how a deal can be reached on how my simple mind see's it. I feel a new stadium will be built and ready in 5 years for us and some other sports team playing out of the Ricoh. Have the rugby club ruled out a move to the Ricoh ? as I know they are very ambitious to move up the leagues and return to past glorys of the team that had players like Davd Duckham and all the rest. I am pretty sure Coventry were one of the big teams back then but as I don't follow rugby I am not sure and there is quite a lot of money floating about the game nowadays what with the Heinekin league and the premiership

I will make my prediction and say a new rugby league/union franchise will be launched based at the Ricoh, as their isn't a rugby league team that represents this region so someone may come along and give it a go, though the counter argument is there is no demand for the league version of rugby here at all, I think London broncos are the closest, but as I say someone may take a punt and suck it and see for a few seasons.

I hope I am proved wrong and a deal is signed and sealed before Santa comes down my boiler flue

That'd be like CCFC moving to a 50k stadium based on being ambitious. Despite not filling their current one.

 

[kmj5000]

Surely ACL won't get the money owed until liquidation of CCFC Ltd is complete. If they wanted it sooner they should have accepted the CVA.

That's correct. They were making a statement of fact, not complaining.

 

[The Reverend Skyblue]

That'd be like CCFC moving to a 50k stadium based on being ambitious. Despite not filling their current one.

Err what does this mean and where did I say it would be like CCFC building a 50k capacity stadium. All I said that if a rugby team/franchise may see the Ricoh as an option to grow or expand sometime in the future.

My god man let it go FFS

 

[fernandopartridge]

Err what does this mean and where did I say it would be like CCFC building a 50k capacity stadium. All I said that if a rugby team/franchise may see the Ricoh as an option to grow or expand sometime in the future.

My god man let it go FFS

You said Cov Rugby Club. Don't use the Lord's name in vain either.

 

[The Reverend Skyblue]

once again I said I didn't know a thing about the rugby club and the crowds it gets, hence my question ,has the rugby club ruled a move out in the future. I know fuck all about them, so I asked are they big enough to contemplate a move one day

Your patronising replies make you look a complete prat. You keep up the one-liners though they are very entertaining