torchomatic
Well-Known Member
Who knows? To be honest, I'm sure CCC have done everything above board with the deal with Wasps. Not morally though.
What "otherwise" do you think would lead to that end result Torch?
It will clear up questions for a start. If it's shown that the Wasps deal was straight down the middle and warranted then great, we forget it and move on. If it shows otherwise then there's a chance that CCFC could own their own stadium in Coventry. Surely, even our fans' organisation wants that?
Lets get it on the table, nothing is going to reverse the sale of Ricoh to the Wasps. Its done, the JR, fresh action, public enquiry, all the way to Europe. The Ricoh sale is complete and not reversible in anyway
Who knows? To be honest, I'm sure CCC have done everything above board with the deal with Wasps. Not morally though.
I'm sure you're right.
Jim Lovell: All right ,look, we're not doing this, gentlemen, we're not gonna do this. We're not gonna go bouncing off the walls for the next ten minutes, because we're just gonna end up right back here with the same problems! Now let's try to figure out how to stay alive!
Wouldn't mind getting a feel of people's opinions on this.
It's clear Les wants a public enquiry. I am guessing SISU do. He has quoted Mr Ward and Knowle from GMK.
He has said the Sky Blue Trust have taken a SISU out stance which does not represent most fans views.
So two questions
1) do you want a public enquiry
2) do you think the sky blues trust represent most fans views?
Which is surely why any enquiry would be a wate of time?
So all of this "move on" stuff means people won't hold anything against any party from the past that has happened?
I don't think so. They have made a once-in-a-lifetime decision and the deal should be scrutinized. After all, there maybe questions to answer.
To be fair I didn't say you had insulted them, nor that they didn't deserve insulting
One of the biggest shames is the eleventh billion protest groups!
Does anybody know who would carry out such an enquiry and what the cost would be to foot it?
Does anybody know who would carry out such an enquiry and what the cost would be to foot it?
A lot I guess, which is why there won't be one. It'll be just auditors looking over the deal.
So what? It's not about whether people are "unhappy" or not with the council. It's about if they conducted the sale to Wasps correctly. It's public money and assets they are playing with so they have to be whiter than white. Not sure why it's such a difficult concept to grasp. SISU have shown themselves to be crap owners with little care for us fans so I get all the shit they get. It's warranted.
What would I have done if I were the council? I would have kept the Ricoh. It's not going anywhere, ACL were supposedly doing nicely, CCFC had gone back after their year away and it could have been a new start. Do I mean they could have sold it to SISU? No, not necessarily but SISU won't be here forever. Unfortunately, Wasps are.
That decision has meant we will NEVER own the Ricoh and pushes SISU closer to trying to get a new stadium organised. Even if we were taken over I wouldn't be surprised if our new owners felt the same. The Ricoh was pretty soulless before, it's even more of a horrible place now.
Selling to a franchise was a massive decision and it needs to be scrutinized.
I am gutted we will never own the Ricoh, but it's SISUs actions that have led us there.
If we are having an enquiry on this we should have one on the admin process and also the shenanigans surrounding which part of the football club was which.
Hasn't this already been done? Given that ACL rejected the CVA on these grounds it would have only been right for them to do this immediately afterwards.
If they didn't then the rejection could have been only in spite
So so you think there has already been "an enquiry" into the administration process?
is there a link to a copy of the report (I understand that asking for a link is the correct etiquette for this site).
So so you think there has already been "an enquiry" into the administration process?
is there a link to a copy of the report (I understand that asking for a link is the correct etiquette for this site).
So what? It's not about whether people are "unhappy" or not with the council. It's about if they conducted the sale to Wasps correctly. It's public money and assets they are playing with so they have to be whiter than white. Not sure why it's such a difficult concept to grasp. SISU have shown themselves to be crap owners with little care for us fans so I get all the shit they get. It's warranted.
What would I have done if I were the council? I would have kept the Ricoh. It's not going anywhere, ACL were supposedly doing nicely, CCFC had gone back after their year away and it could have been a new start. Do I mean they could have sold it to SISU? No, not necessarily but SISU won't be here forever. Unfortunately, Wasps are.
That decision has meant we will NEVER own the Ricoh and pushes SISU closer to trying to get a new stadium organised. Even if we were taken over I wouldn't be surprised if our new owners felt the same. The Ricoh was pretty soulless before, it's even more of a horrible place now.
Selling to a franchise was a massive decision and it needs to be scrutinized.
Hasn't this already been done? Given that ACL rejected the CVA on these grounds it would have only been right for them to do this immediately afterwards.
If they didn't then the rejection could have been only in spite
It would appear that they didn't agree to the transfer of the option (expressly didn't) and we then further helped ourselves by making our offer conditional when Wasps had made theirs unconditional - something the Higgs apparently preferred.Further the question of ownership of the Option agreement has been made ambiguous by the Joint Liquidators.“
"They claim both that it is the right of the liquidators of CCFC Ltd exclusively to exercise their option to buy and also that the Option was sold to Otium in 2013 out of the Administration of CCFC Ltd.
"Further, the Option has been reported in the annual accounts of the Sisu company that owns Otium, Sky Blue Sports and Leisure, in 2008, 2009 and 2010 as an asset (valued at £1m).
"To be absolutely clear the Option was expressly stated to be non-assignable without the express consent of the Trustees, which consent has not been asked for or given. The Trustees were reluctant to enter this morass of conflicting spurious claims."
http://www.coventrytelegraph.net/news/coventry-news/alan-edward-higgs-charity-reveal-8115323http://www.coventrytelegraph.net/news/coventry-news/alan-edward-higgs-charity-reveal-8115323
In addition to the financial aspects of the offers, the Trustees considered all other factors.
“Amongst other factors considered, the Wasps offer was unconditional; the Otium offer was conditional. The Wasps offer requires in effect nothing of the Trustees other than the transfer of the shares.
“The offer from Otium through the Joint Liquidators is expressly stated to be non-binding and subject to a number of conditions. It contains conditions, none of which can be fulfilled wholly by the Trustees owing to duties of confidentiality to third parties.
Whilst as I've said before I'm in favour of an independent inquiry into the whole mess, the mention of the administrator earlier that prompted me to do some reading. It looks like it was that 'clever' moving of assets between companies that proved to be quite costly for us. I re-read the Higgs reasons for rejecting the Otium offer for their share othe Ricoh earlier.
It would appear that they didn't agree to the transfer of the option (expressly didn't) and we then further helped ourselves by making our offer conditional when Wasps had made theirs unconditional - something the Higgs apparently preferred.
http://www.coventrytelegraph.net/news/coventry-news/alan-edward-higgs-charity-reveal-8115323
So by doing all this moving of assets to get out of lease etc. we appear to have helped screw ourselves out of the option for the Ricoh. Didn't need any help from the hypocritical council to do it either.
Joy has no limits when we look to the sky.
Further to that it also shows that with the transfer of the option (valued at 1Million) SISU had no intention of the football club CCFC Ltd of ever owning the stadium or benefitting from the revenue that it might generate. CCFC Ltd being a separate company to the one SISU intended to purchase the arena, therefore the only conclusion that you can infer from that is the CCFC Ltd would always be paying rent.
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