Yesterdays meeting (1 Viewer)

[mattylad]

According to radio reports Joy Sepalla met yesterday with council CEO Martin Reeves in an aim to resolve the on going issue of the Ricoh arena rent. This followed a climb down by ACL who have admitted that keeping the football club at the Ricoh is key to its long term sucess.

 

[RogerH]

Seems to be pointing in the direction of a deal, even an interim deal being done in the next few days. At least if it can see us through to the end of the season and then talk again in the summer it would allow us to breathe again for a while and concentrate on the football.

 

[covcity4life]

good news

 

[sky_blue_up_north]

They should do a deal based on the clubs success. So if we get promoted we pay a bit more etc. Right now the right is far to high for this league, even with the latest offer. Its all about compremise by all parties.

 

[oldskyblue58]

Actually remaining at the stadium is also key to SISU's success in recovering their investment, but there you go :thinking about:

 

[mattylad]

I think the fact that its SISU talking to the council and not CCFC talking to ACL has to be significant!

 

[Mucca Mad Boys]

I think the fact that its SISU talking to the council and not CCFC talking to ACL has to be significant!

In what way? Good or bad?

 

[skybluesam66]

10000 average gate for 25 games = 250000 supporters per year ( probably paying an average of £12 after taking into account kids/season tickets etc)

Is it reasonable as in the current deal for £5 of that £12 to be rent ? - when we are also generating other income for ACL directly via parking, catering etc

Therefore it seems that something closer to a quarter of the current deal is reasonable
The problem is that it is not reasonable to ACL

so who had the stadium benefitted - The City of Coventry - if you take the whole arena complex - and that may be why meeting with the council is the way forward

 

[oldskyblue58]

you assume that the meeting was constructive and went well .......... might not be the case and might have hardened the councils resolve on this matter not to give in :thinking about:

 

[SuperCov]

Actually remaining at the stadium is also key to SISU's success in recovering their investment, but there you go :thinking about:

This is what I've been thinking, well I assume we're on the same page. (obtaining stadia/land) However, do you think this is how they intially planned it or is it because of a failure to reach the Premiership?

 

[oldskyblue58]

This is what I've been thinking, well I assume we're on the same page. (obtaining stadia/land) However, do you think this is how they intially planned it or is it because of a failure to reach the Premiership?

I think the original plan was to march into Premier League under RR, buy the Ricoh and then sell as a Premiership package...... it all went wrong and now they (SISU) are adopting an aggressive hedge fund policy of distressing the club and its landlord to force acquisition of the site. CCFC really isnt relevant because they wont ever get their money back from the club doing well because the higher up we get the bigger the costs to stay there so no profits to pull out of CCFC. The only way they get their investors money and their fees is by getting the site as cheap as possible (which would be when it is in or on the brink of administration) then sell it on at a big profit. Unfortunately CCFC are like many clubs going to be making losses for the forseeable future so are only a drain against that site profit ......... as such no benefit to SISU if they get the site ..... and they wont shed any tears letting us go to the wall if they own the site .......... all just business the hedge fund way i am afraid

 

[mattylad]

I never assume anything where CCFC/SISU is concerned and only pass on what was on CWR earlier driving to work. I do however think its significant that SISU should meet the council CEO on a Sunday and at least the top people are talking where as clearly CCFC and ACL had got to a point where even passing in a ricoh corridor would turn into a bun fight worthy of a rant in the CET.

 

[CJparker]

Let's hope the council and ACL don't get pushed around. They should insist on 100% of the unpaid monies to be paid, before any future reductions in rent come into effect. They shouldn't allow the SISU bully boys to push them around, it was the council that paid for the stadium to be built and now the club owners don't want to pay.

£1.2m a year a reasonable rent for L1? No, but whose fault is it that the club isn't in L1? SISU should honour the contract that they signed up to in 2007, not weasel out of it.

 

[SkyBlue_Bear83]

Let's hope the council and ACL don't get pushed around. They should insist on 100% of the unpaid monies to be paid, before any future reductions in rent come into effect. They shouldn't allow the SISU bully boys to push them around, it was the council that paid for the stadium to be built and now the club owners don't want to pay.

£1.2m a year a reasonable rent for L1? No, but whose fault is it that the club isn't in L1? SISU should honour the contract that they signed up to in 2007, not weasel out of it.

It wasn't reasonable in the championship either

 

[Sub]

SISU thought it was resonable when they thought they were going to make a quick buck if we had got promoted !!

 

[kingharvest]

Let's hope the council and ACL don't get pushed around. They should insist on 100% of the unpaid monies to be paid, before any future reductions in rent come into effect. They shouldn't allow the SISU bully boys to push them around, it was the council that paid for the stadium to be built and now the club owners don't want to pay.

£1.2m a year a reasonable rent for L1? No, but whose fault is it that the club isn't in L1? SISU should honour the contract that they signed up to in 2007, not weasel out of it.

I can't believe people are still questioning SISU trying to reduce the rent. Question the way they went about it if you have to, but surely you must see that the rent needed to come down?

 

[mattylad]

A very interesting read http://www.coventrytelegraph.net/co...y-director-on-ricoh-arena-row-92746-32397822/

 

[skyblueman]

£1.2 Million for use of this particular asset IS reasonable - it was built for a premiership club with premiership attendances and income - at that level it's just not an issue and we would all be very glad to have it - especially SISU who really thought this was what was going to happen - obviously there was no plan B

Outside of that it's a bit painful for a championship side that's not doing too well but still more than manageable

For a League 1 side with decimated attendances and out of line wages it's obviously an issue

BUT it's all down to the club and it's all down to SISU where we find ourselves

Expect a deal that pays back the rent due - expect a massive concession on forward rent by ACL linked to attendances and income

That's as good as it should get

If SISU want it all then they should just buy it - lock stock and all - until then they should just focus on what they do own and leave everyone else to run their businesses how they see fit

 

[torchomatic]

I presume you'd like to see the team you support potentially go out of business then. SISU won't be laughing then, will they? Ha, ha, ha etc :thinking about:

Let's hope the council and ACL don't get pushed around. They should insist on 100% of the unpaid monies to be paid, before any future reductions in rent come into effect. They shouldn't allow the SISU bully boys to push them around, it was the council that paid for the stadium to be built and now the club owners don't want to pay.

£1.2m a year a reasonable rent for L1? No, but whose fault is it that the club isn't in L1? SISU should honour the contract that they signed up to in 2007, not weasel out of it.

 

[Waldorf]

They should do a deal based on the clubs success. So if we get promoted we pay a bit more etc. Right now the right is far to high for this league, even with the latest offer. Its all about compremise by all parties.

I believe pegging the rent to the team's success in terms of division and gate size was part of the offer. Compromise by all parties is fine, but the club haven't moved at all. The only side to have moved is ACL. If the club moved from their stance of '£200,000 or nothing' then the whole thing might stand a chance of being resolved.

 

[Grendel]

Let's hope the council and ACL don't get pushed around. They should insist on 100% of the unpaid monies to be paid, before any future reductions in rent come into effect. They shouldn't allow the SISU bully boys to push them around, it was the council that paid for the stadium to be built and now the club owners don't want to pay.

£1.2m a year a reasonable rent for L1? No, but whose fault is it that the club isn't in L1? SISU should honour the contract that they signed up to in 2007, not weasel out of it.

Next you'll be telling us Andy Thorn was the best manager since Jimmy Hill.

 

[rupert_bear]

Let SISU bleed to death, someone will pick up the pieces. They can't just liquidate the business and walk away there are procedures. SISU knew the rent 5 years ago, they knew the financial hit if relegated, instead of selling Jukiewicz, scoring for fun at the time, last January and not replacing him perhaps they should have kept him for 4 months, then sold him. They did sweet FA about bolstering the squad last March when with 6 games to go we crawled out of the bottom three. They turned down offers of help from local business men to fund loan players wages. I say give fuck all and lets see where we go or where SISU go. In my opinion for what it is worth SISU or those running this club on their behalf engineered relegation because the championship cost too much so Let em Bleed

 

[musicmanskyblue]

I think the original plan was to march into Premier League under RR, buy the Ricoh and then sell as a Premiership package...... it all went wrong and now they (SISU) are adopting an aggressive hedge fund policy of distressing the club and its landlord to force acquisition of the site. CCFC really isnt relevant because they wont ever get their money back from the club doing well because the higher up we get the bigger the costs to stay there so no profits to pull out of CCFC. The only way they get their investors money and their fees is by getting the site as cheap as possible (which would be when it is in or on the brink of administration) then sell it on at a big profit. Unfortunately CCFC are like many clubs going to be making losses for the forseeable future so are only a drain against that site profit ......... as such no benefit to SISU if they get the site ..... and they wont shed any tears letting us go to the wall if they own the site .......... all just business the hedge fund way i am afraid

Sadly I think that assessment is spot on OSB.. Although with the Boxing day deadline looming and reading posts like this everyday it feels like the worst advent calender ever...

 

[Grendel]

Let SISU bleed to death, someone will pick up the pieces. They can't just liquidate the business and walk away there are procedures. SISU knew the rent 5 years ago, they knew the financial hit if relegated, instead of selling Jukiewicz, scoring for fun at the time, last January and not replacing him perhaps they should have kept him for 4 months, then sold him. They did sweet FA about bolstering the squad last March when with 6 games to go we crawled out of the bottom three. They turned down offers of help from local business men to fund loan players wages. I say give feck all and lets see where we go or where SISU go. In my opinion for what it is worth SISU or those running this club on their behalf engineered relegation because the championship cost too much so Let em Bleed

They can liquidate if they want. Another clown who wants to watch ACL united.

 

[skyblueman]

I believe pegging the rent to the team's success in terms of division and gate size was part of the offer. Compromise by all parties is fine, but the club haven't moved at all. The only side to have moved is ACL. If the club moved from their stance of '£200,000 or nothing' then the whole thing might stand a chance of being resolved.

Agree 100% - £200k pa for the Ricoh is a joke offer - they HAVE to improve on that or ACL might as well not have a tenant in there

 

[rupert_bear]

They can liquidate if they want. Another clown who wants to watch ACL united.

No they can't liquidate and just disappear into the sunset, they have to go through a procedure not sure of the timescale, 28 days rings a bell but not sure. That has been stated on here by the sky blue trust crowd and the name can be saved.

 

[rupert_bear]

I'll tell you what has pissed SISU off is the millions made for staging just 12 games in the Olympics and not a penny piece going their way.

 

[skyblueman]

I'll tell you what has pissed SISU off is the millions made for staging just 12 games in the Olympics and not a penny piece going their way.

Maybe it has but they have absolutely no claim to any of it - they don't own it - although they have had 5 odd year to think about it

 

[Black6Osprey]

I'll tell you what has pissed SISU off is the millions made for staging just 12 games in the Olympics and not a penny piece going their way.

And you know this from when you were chatting with them on... what day was it?

 

[mattylad]

Let SISU bleed to death, someone will pick up the pieces. They can't just liquidate the business and walk away there are procedures. SISU knew the rent 5 years ago, they knew the financial hit if relegated, instead of selling Jukiewicz, scoring for fun at the time, last January and not replacing him perhaps they should have kept him for 4 months, then sold him. They did sweet FA about bolstering the squad last March when with 6 games to go we crawled out of the bottom three. They turned down offers of help from local business men to fund loan players wages. I say give fuck all and lets see where we go or where SISU go. In my opinion for what it is worth SISU or those running this club on their behalf engineered relegation because the championship cost too much so Let em Bleed

A liquidator can be appointed by a shareholder (voluntary) or the court (compulsory)
Were SISU to appoint a voluntary liquidator CCFC would be classed as insolvent, as it is unable to pay its debts and there will be insufficient assets for all creditors to be paid in full.
The law likes to show equality between creditors, so payouts are made depending on the creditor's claim. However, the law gives priority to secured creditors (ARVO)
Compulsory liquidation applications may be sought if a company is unable to pay its debts. There are a number of factors that the court will take into account when deciding whether or not to make a compulsory liquidation order. The court has a discretion as to whether or not to make the order and I believe it is doubtful they would do so to a football club but I wouldn’t want it put to the test in case the judge supports the Villa!!

 

[rupert_bear]

Agree but from Joy Seppala's point of view, who i bet never even knew the Olympics were being staged at the Ricoh let alone the dosh to be made, i bet when she found out she was livid. High fliers like her wouldn't know a lot about what was happening in little old Coventry, probably doesn't even know it's a 100 miles up the M1

 

[stupot07]

Sisu are evil, Joy lives on her very own Death Star and can strangle people by just looking at them.

 

[rupert_bear]

A liquidator can be appointed by a shareholder (voluntary) or the court (compulsory)
Were SISU to appoint a voluntary liquidator CCFC would be classed as insolvent, as it is unable to pay its debts and there will be insufficient assets for all creditors to be paid in full.
The law likes to show equality between creditors, so payouts are made depending on the creditor's claim. However, the law gives priority to secured creditors (ARVO)
Compulsory liquidation applications may be sought if a company is unable to pay its debts. There are a number of factors that the court will take into account when deciding whether or not to make a compulsory liquidation order. The court has a discretion as to whether or not to make the order and I believe it is doubtful they would do so to a football club but I wouldn’t want it put to the test in case the judge supports the Villa!!

I would take the chance on a third party waiting in the wings any judge has a community to consider and we have MPs (don't laugh) batting for us.

 

[rupert_bear]

And you know this from when you were chatting with them on... what day was it?

Logic, dipstick

 

[SuperCov]

No they can't liquidate and just disappear into the sunset, they have to go through a procedure not sure of the timescale, 28 days rings a bell but not sure. That has been stated on here by the sky blue trust crowd and the name can be saved.

So are you saying that the name Coventry City Football Club along with its history can be saved? Who would this be payed to? At what sort of cost? I'm guessing it's between £1 and £40 million and must be on headed paper?

As long as there is Coventry City Football Club at the end of all these shenanagians.