Derek Richardson says he's not interested in the land around the stadium.
http://www.coventrytelegraph.net/news/coventry-news/wasps-owner-reveals-motives-ricoh-8331444
Derek Richardson says he's not interested in the land around the stadium.
http://www.coventrytelegraph.net/news/coventry-news/wasps-owner-reveals-motives-ricoh-8331444
Dongle claimed the big reason the council wanted to do business with then was because of regeneration.
Should have stuck with Haskell and the hotel with a ski slope on car park C.
I thought the CCC loan was still in place, certainly the charge they hold still is. So if the CCC loan is still there how does that equate to Richardson paying roughly £20m? ACL still owe the loan to CCC don't they? They might be owned by Richardson but Company law quite clearly defines each company as a separate legal entity and shareholders are only liable for the unpaid amounts on the shares that are issued. So if ACL went bust owing CCC 14m would Richardson be liable to pay the loan off? - in short no.
He hasn't paid £20m for it ....... he paid for the shares only..... the loan seems to have stayed in place and because it has depressed the value that Richardson had to pay for the shares
Wasps only had a £1m debt ....... really? its not what the accounts say before or after Mr Richardson's takeover. Long term debt in June 2012 £12m and June 2013 £17m. The balance sheet was negative by £13m and £14m respectively
Yes Wasps do have 365 days a year income and strangely they own the long lease not the freehold. It didn't have to be 250 years to be a long leasehold interest usually anything over 50yrs is considered to be long
He might not be a property developer but I bet he still has the option to bring in one to develop the non income generating land. It wouldn't make sense to do nothing with it. Let me see he could agree a long sub lease, a franchise, a partnership etc....... he doesn't have to do it himself, nor does the club but the rights to it are valuable and could reduce loans etc
The loan is still with the council -- the wording of the article just about gets away with that -- Its desperate spin to make us believe they have paid £20 million when they haven't
This presentation says that they will be increasing the number of hotel rooms.
http://www.coventry-warwickshire.co.uk/wp-content/uploads/2012/08/19.11.14-Presentation.pdf
I haven't read the Article or CT's appraisal of It ,but Is he actually saying he hasn't struck the deal to regenerate the land aroundabouts ?
One of the alleged reasons for the CCC reluctance to strike a deal with SISU.
Picking up various posts In the thread It seems he's telling porkies ,or Is he actually telling us It was a condition of getting the other side of the deal and a condition he was willing to accept?
Some have suggested he is more interested in the land around the Ricoh than the stadium, but he dismissed that.
He said: "I’m not a property developer, I’ve never developed anything in my life.
I am surprised Les Reid has been quiet this last week.
why would that be?
And yet some say the football club don't need 365 day year income.
Yet SISU are told they must develop the surrounding area by CCC. Questions for you to ask Simon!
What's being ignored?To be fair no surprise, it just evidences once again his total ignorance of key events.
It's odd that the vast majority on here are happy to accept as fact that if Wasps didn't move to the Ricoh they would go out of business as they needed 365 day income yet also state we should stay as tenants as we don't need to own our ground or receive the income generated by us playing there.
Was going to post the same thing. Years of bashing SISU for not wanting to build hotels etc then sell up to a rugby club who aren't going to do any development :facepalm:
OSB, or anyone else who has them, are there figures for each years profit or loss for ACL since it was formed. Would be interested to see how profitable it would have been if we subtract our £1.2m a year rent, let alone other money generated by us being there.
isn't that simple though is it ............ you might want to subtract the related costs as well as subtracting the income. There is no reliable breakdown to do that
They cold have survived if they cut there budget, exactly like we've had to do by being tenants at the RicohIt's odd that the vast majority on here are happy to accept as fact that if Wasps didn't move to the Ricoh they would go out of business as they needed 365 day income yet also state we should stay as tenants as we don't need to own our ground or receive the income generated by us playing there.
Basically unless someone comes out and says what deal was done then we wont know ....... likelihood of one of the parties to the loan doing that? ......remote
I thought this thread might get a few more posts....
tbh, am trying to avoid this sub forum in particular.
Wasps are nothing to me, they do not exist. Pretty pointless banging my head against a brick SBT, better to enjoy life.
But... I've sneaked in here:facepalm:
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