Yep and it's normally Italia followed by Tony.
I am going to bump it, before another thread is made for it. I'll be the moron!
http://coventryobserver.co.uk/news/ricoh-arena-future-uncertain-1-4m-loss-say-wasps-accounts/
Oh dear - could be a white elephant after all.
JS' desire for an 'unencumbered freehold' doesn't look that bad in this light.You're probably grateful then that the council and higgs didn't burden the club with it then? Sounds like you're saying that they did the club a favour by selling it to wasps instead of us.
JS' desire for an 'unencumbered freehold' doesn't look that bad in this light.
The ACL debt problems are all of the council's making. The original £21m loan, the refinance of £14.4m and now the hasty repayment by Wasps of that £14m (debt to pay debt, at a worse interest rate) perhaps to close off a remedy of JR defeat on the council.
That said, it's still early days for the new ACL so not getting too excited.
ACL were always being bankrolled by the 1.2 million they were scamming off the club every year. Not a massive surprise their is no significant difference from our sixfields season, our rent is 10% of what it used to be and I don't think Wasps would pay any rent to ACL.I think that is ACL's accounts rather than Wasps.
I'm no expert, but has the loss only slightly changed from our Sixfields season?
Somebody else can process that better I can and make sense of it.
You're probably grateful then that the council and higgs didn't burden the club with it then? Sounds like you're saying that they did the club a favour by selling it to wasps instead of us.
As I have said when looking at the SBS&L/ CCFC accounts it is the Group situation that is important.
Wasps Holdings Limited shows operating losses of 2.4m. with only six months involvement in the Ricoh. The financial summary to 31/12/15 show further losses of 2.9m for the 6 mths
What the accounts do not say is that the future of the arena is uncertain. What the statement from the directors says is that they consider there are uncertainties in establishing future income and therefore bank facilities required but that they had produced budgets etc that took in to account the uncertainties as far as possible and that their conclusion was it was all a going concern. The auditors have not qualified their report at all or even mentioned any doubt.
There are of course one of costs of the move to include in the overall loss of the group to 30/06/15. Would is not disclosed is the costs of the dispute with CCFC/SISU be it legals or PR or bad debts. These would be significant and bourne by ACL increasing its losses in 2014 & 2015.
How many times does it have to be explained that the value of the lease is not the value of the shares of ACL. Nor was the value of ACL pre sale including a 49year lease and no long stadium tenant the same as a valuation of ACL some months later with a 250 year lease with a secure stadium occupation.
Cant be bothered to go through the rest of the article. It is one way of looking at it certainly but not one I think is the correct way, but thats just my opinion isnt it. Just as the article is Les Reids opinion on it
The stadium is not a white elephant and is busier than it has ever been, once everything has settled down that will be the time to judge
I agree with fp above when he says "its still early days for the new ACL so not getting too excited"
Out of interest if you exclude the main tenants is the revenue of non football / rugby revenues any different to ACL when it first opened as its now busier than its ever been?
You are obviously a very clever individual but do you really think this is a long term success in terms of profit? I've always said that I can't see it. It is in the shadow of a far superior competitor and concerts actually yield very little profit.
Out of interest how much profit do the concerts yield?
As an extremely rough guide work on about £2 - £3 per head assuming filled to capacity. Obviously it varies a pretty large amount due to name value, location, facilities.
Of course out of that hire fee you will be expected to provide various services, stewarding for example. Some acts want a dry hire as they tour with literally everything they need, others will want stage infrastructure provided.
The revenue generators are ticket sales (which the Ricoh doesn't do as they don't have their own ticketing company) and F&B.
So basically 1 or 2 one day concerts bring in as much as a season of CCFC games? Not too shabby really.
Well no because under the old ACL we paid £1.2 million so given the cost of stadium maintenance incredibly shabby actually. The REVENUE is £50,000
But we're not paying that anymore numb nuts so yes 1or 2 one day concerts are worth about one season of CCFC games. Might not be what anyone wants to hear but if you work somewhere in the middle of Dave's estimate per head times 30000 (40000 I believe is the Ricoh limit for open air concerts) so not even a full house that's £75k, if you work on the higher end of Dave's estimate and a full house that's £120k. Not incredibly shabby actually.
Which on an ROI is probably at best 10%. The rent has always and is always 100% ROI as the club has to cover match day costs. Hosting events like the Davis Cup has a negative ROI
Still you clearly are the expert.
The reality is you could host 365 concerts a year but the ROI may still not be as much as rent paid for 23 days.
So basically 1 or 2 one day concerts bring in as much as a season of CCFC games? Not too shabby really.
No expert. Just working out some figures based on what Dave said and unlike you I believe that he does have some experience in this field. Now £75-120k don't sound too shabby to me. Is it a lower GP than CCFC's season? Couldn't tell you but then by the same token you probably can't tell me either. Well not without a huge chunk of supposition and guestimated grendull "fact".
You would get revenues not too different to a season of CCFC but you have to deduct costs whereas we pay matchday costs on top. And of course that assumes you can get market rate, its an extremely competitive market and promoters will play venues off against each other. So if for example Leicester, Villa and ACL were all in the running for the same show the price would be knocked down a lot.
You would get revenues not too different to a season of CCFC but you have to deduct costs whereas we pay matchday costs on top. And of course that assumes you can get market rate, its an extremely competitive market and promoters will play venues off against each other. So if for example Leicester, Villa and ACL were all in the running for the same show the price would be knocked down a lot.
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