Astute
Well-Known Member
RR sold them a dream. When they realised that it wasn't as easy as they were led to believe they came up with the plan of getting the Ricoh as cheaply as they could. So RR got out. Then it all happened.
RR sold them a dream. When they realised that it wasn't as easy as they were led to believe they came up with the plan of getting the Ricoh as cheaply as they could. So RR got out. Then it all happened.So they bought CCFC because of the Ricoh? Yet upon takover showed no interest. Wasn't until they had invested a bit and realised PL was all but a fantasy, that they switched their attentions to the Ricoh. If their intention was the Ricoh from the start, why was there no rent strike, negotiations or attempt to distress ACL?
RR sold them a dream. When they realised that it wasn't as easy as they were led to believe they came up with the plan of getting the Ricoh as cheaply as they could. So RR got out. Then it all happened.
Option 2 was to devalue the arena. It is the only thing that they planned that worked.Seems like they had to change plans when they failed at option 1 ( back to the prem then flip the club to the highest bidder )
So option 2 was to play hardball & squeeze a long lease on the Ricoh out of CCC/ACL. That failed too.
Option 3 is a series of JRs. Still ongoing but doesn't look that great for them.
Who the hell knows what option 4 is? It's not like any of us saw 2 or 3 coming, so it's hard to guess. But it may or may not involve selling the club to someone who cares.
Option 2 was to devalue the arena. It is the only thing that they planned that worked.
I agree with most of what you have said. But they did see another opportunity once they gave up on the RR dream. It wasn't their first choice though.So, do you agree with bumberclarts comment that I highlighted then?
Wasps were willing to take the loan on. SISU weren't. Which was what the unencumbered crap was all about.Probably worked a bit too well, being as it let Wasps in.
RR sold them a dream. When they realised that it wasn't as easy as they were led to believe they came up with the plan of getting the Ricoh as cheaply as they could. So RR got out. Then it all happened.
Exactly. The whole JR2 is as much of a fiasco as JR 1, in fact I find it hard to see which one is more ludicrous / spurious. As much as some may dislike it, SISU have no grounds for complaint. Not that this stops them for using the legal action to try to get the council into offering them money to sod off, of course.Wasps were willing to take the loan on. SISU weren't. Which was what the unencumbered crap was all about.
Think Greg Clarke clarified it quite well. They pass a test which is not about their aptitude at running a football club, it's more along the lines of are they criminals? Fraudsters?
It's clear as day if the test was about being good at running a club, a lot of owners throughout the leagues would be gone.
Think Greg Clarke clarified it quite well. They pass a test which is not about their aptitude at running a football club, it's more along the lines of are they criminals? Fraudsters?
It's clear as day if the test was about being good at running a club, a lot of owners throughout the leagues would be gone.
RR sold them a dream. When they realised that it wasn't as easy as they were led to believe they came up with the plan of getting the Ricoh as cheaply as they could. So RR got out. Then it all happened.
As i said i am not a finance guy! However if the £60million of DEBT has been converted to shares then who owns those shares? cheersMy post above says that the £60mill of debt was converted into shares, the debt does not exist.
Hi Zack,
Thanks for your response to my post.
It seems, however that you have missed the point of my question, and by your own response, justified that question.
Neither you, I or my least favourite Leicester City fan can possibly have knowledge of any previous criminal or fraudulent acts or involvement when our owners are faceless, nameless and anonymous.
So, I ask again, how can anyone pass such a test if they remain persons unknown?
Oh! And the chap that currently does own Leeds United has got a well documented history of tax evasion in his native Italy. So clearly, it is not a requirement to have a squeaky clean history in the eyes of of The F.A. or the Football League.
Greg Clarke needs to answer my question, and not be allowed to trot out ill informed rot!
SISU do, but that's all they are, shares.As i said i am not a finance guy! However if the £60million of DEBT has been converted to shares then who owns those shares? cheers
Sisu are not nameless, faceless or anonymous. They represent the shareholders and act on their behalf.
(We can agree that in retrospect they are not fit for purpose from the fans perspective, but that is beside the point).
What if the Trust took over the club and financed it by issuing shares for the fans to buy? How would you propose a fit & proper test of all the shareholders then?
Sisu are not nameless, faceless or anonymous. They represent the shareholders and act on their behalf.
(We can agree that in retrospect they are not fit for purpose from the fans perspective, but that is beside the point).
What if the Trust took over the club and financed it by issuing shares for the fans to buy? How would you propose a fit & proper test of all the shareholders then?
To this day I still feel that Ranson was made the scapegoat for SISU. Made to sit outside of the directors box and take all the s**t thrown at him. Not condoning the "Practices" he got up to with Cardiff City, and players etc, but the ongoings of Coventry City he was s**t on from a great height.
And yet some still hail him as a hero....Didn't RR walk with all his initial investment repaid by SISU !!!
RR sold them a pup and got out and has left us with SISU
He sold them a dream. Untold riches if we got back to the Prem. They got cold feet when they realised how much it would cost with no guarantee. So he left.Didn't RR walk with all his initial investment repaid by SISU !!!
RR sold them a pup and got out and has left us with SISU
Didn't RR walk with all his initial investment repaid by SISU !!!
RR sold them a pup and got out and has left us with SISU
Cheers so he lost £1m+,
The Trust haven't taken over, so I'm not really interested in hyperthetical possible future scenarios.So that's fine Godiva, perhaps you can list the names for us of every person involved in the current ownership of our football club.
This is the point. They haven't taken the hit on CCFC yet. The group companies have taken anything of the £60m debt. As it was converted into equity. Still on the balance sheet. They say they sell then the hit is realised.there a £60 million hole in their accounts that keeps getting washed around and i think that whilst they still have CCFC its not written off but as soon as they sell then they have to do something about it, Not a Finance guy so only summizing OSB would know
Sisu are not nameless, faceless or anonymous. They represent the shareholders and act on their behalf.
(We can agree that in retrospect they are not fit for purpose from the fans perspective, but that is beside the point).
What if the Trust took over the club and financed it by issuing shares for the fans to buy? How would you propose a fit & proper test of all the shareholders then?
I cannot. And if the Trust managed the club owned by the fans I couldn't either. That's my point. The 'fit & proper ownership' regulation sounds very good on paper, but will never work. It's nothing to do with our owners (present or future) - clubs all over the country have fans who believe their owners are unfit, but looking to the FL for help is futile and waste of time and energy.
Probably worked a bit too well, being as it let Wasps in.
That has been my argument. The FL refused to answer it or ignored it in response to my letter.So, as far as we know, regardless of the various token figure heads that have been presented before us and have proceeded badly run our football club,
Nobody knows who actually owns us.
The test is known as 'The Fit and Proper Persons Test'.
Is there not a legal argument that our largely anonymous custodians, by their very anonymity, could not ever have passed 'The Fit and Proper Persons Test'?
This alone renders them unfit for purpose, doesn't it?
Or am I missing something?
That has been my argument. The FL refused to answer it or ignored it in response to my letter.
of course it is to do with offsetting tax on investments, we are a important part of Sisu we have saved them millions. That money(tax saving) goes abroad to there tax free coffers. IMO
It wasn't the devaluing that let Wasps in. It was the lack of acting upon it that let them in. I.e. SISU not placing a bid leaving Wasps the only option.
Who owns Coventry City football club and if we don't know, who has the Golden Share?
Appleton lost it once.
Also these investors could of pulled out at any given time, which they haven't, because they know something we don't IMO.This is the point. They haven't taken the hit on CCFC yet. The group companies have taken anything of the £60m debt. As it was converted into equity. Still on the balance sheet. They say they sell then the hit is realised.
Having said that, their investors must get regular reports into their investments meaning this should be no surprise to them that they'll take a massive hit.
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