'We'd be better off owning the Ricoh but sisu can't be trusted'? (1 Viewer)

[Spionkop]

Ian1779, "The Council has to hand over the revenues...."
I've heard it all now.
You mean the revenue deal that the club sold years ago, that revenue?
You want the council to 'hand it over?'
To Sisu, a Hedge Fund?

 

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[Matty_CCFC]

kcic’s approach of saying acl have questions to answer but sisu are primarily responsible for moving us to NTFC reflects mainstream opinion and it is those who are only concerned with being pro/anti acl/sisu that are at the extremes (is anyone really going to try arguing that kcic having a petition calling to account all parties and selling t-shirts which say ‘keep cov in cov’ is militant and extremist?!)


Also seems that mainstream opinion is running along the lines of: ‘we know we would be better off owning the Ricoh but we also know that sisu can’t be trusted – they are only interested in their own profit'.


Does that sound right or is it wide of the mark?

Fully agree, I think almost everyone would go along with this statement.

 

[Ian1779]

Ian1779, "The Council has to hand over the revenues...."
I've heard it all now.
You mean the revenue deal that the club sold years ago, that revenue?
You want the council to 'hand it over?'
To Sisu, a Hedge Fund?

If you are going to quote me - then do it properly.

I said

Agreed - I think SISU have to sacrifice the idea of a freehold and accept a leasehold, the council have to hand over the revenues. How much of the revenues will obviously drive the price. It has to be such that the club can sustain itself without the current and future owners subsidising it.

I quite clearly stated that the 'handing over' would be in exchange for a price. So the club buying the rights to these revenue streams. Or did that not fit in with your agenda?

 

[mrtrench]

A ground takes a big space in the balance sheet. There is an argument that we are a sports company - not a property manager - and hence we should lease the ground.

But in any case, we all know that even if ACL agreed to sell, it would be some weasel off-shore SISU entity that bought it - not the club. The ground would then be used as another way to bleed profits out of the club tax free. Another alternative is that they would fund it by issuing an asset backed security - paying a return based on income from the ground less SISU's spread. Most deals in hedge funds end up taking the piss out of the taxpayers in one way or another. SISU is going for a double whammy by taking the piss out of local Coventry rates payers as well.

 

[chiefdave]

SISU are good at working different numbers between their different companies. Now the arena is up and running it makes money. They could charge our club say 2m a year rent. They could keep the F+B money, all car park income, hotel income, conference money and whatever else comes in. This would amount to a lot of income. Then yes they would be able to get a massive loan put against the arena. This would get them their money back plus more which would be their profit. Then they could toss our club aside and go whilst leaving us in a poor state without a home.

That's exactly my concern and the only response you ever seem to get is we can't know for sure they will do that so that argument isn't valid. To me that just seems to be burying your head in the sand and hoping for the best. Why risk it when there's solutions that give the same outcome for the club as ground ownership but without the risk of SISU pulling a fast one.

 

[Astute]

It's all if's, buts and maybe's though with no proof SISU will do any of that

You asked what they could do. Didn't you like the truthful answer? Have you any proof they wouldn't? After all Joy wants to get her investors their money back and make them a profit. Have you a better idea on how she could do it?

 

[Bennets Afro]

I don't think it matters who our owners are. Whoever owns us will all be driven by money and will all want a return on their investment. People don't buy football clubs for the love of the club they are buying. SISU want a return and Haskell wouldn't of wanted a return if he had got control. That's the way football is now.

To stand any chance of Sisu leaving tho, I believe they would sell if they had something to sell, whether that's back at the Ricoh or by building a new stadium.

Until that happens, they will stick around

 

[Bennets Afro]

Haskell would of wanted a return that was meant to say. Couldn't edit on my phone