Coventry council taken to court for Ricoh Arena loan

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Re: Coventry council taken to court for Ricoh Arena loan

Postby rebbonk » Thu Mar 14, 2019 11:30 am

Tell SISU to get stuffed!
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Re: Coventry council taken to court for Ricoh Arena loan

Postby Melisandre » Thu Mar 14, 2019 1:24 pm

Strange how Sisu can't find the land in Coventry for a new stadium they continue to promise yet lots of land that was green belt which was down graded a few years back yet they never enquired to buy that and is now going to be used to build thousands of houses by the A45.
I would nt believe a word they say.
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Re: Coventry council taken to court for Ricoh Arena loan

Postby dutchman » Fri Mar 15, 2019 3:00 am

Council leaders snub crucial Ricoh talks - as minister calls for ALL sides to work together for Coventry City solution

ALL parties in the Ricoh Arena dispute have been urged by the government’s sports secretary to find an urgent resolution to keep Coventry City in the city after crucial talks today – but counci leaders failed to show up.

The digital, culture, media and sport secretary this afternoon issued a brief statement, after meeting leading figures from stadium owners Wasps, the Sky Blues and its owners Sisu.

But it emerged this evening that only Ricoh freehold owner Coventry City Council failed to send its top people.

It’s decision-making political leaders including leader George Duggins were noticeable by their absence, sending only its solicitor Julie Newman instead.

Top representatives from the English Football League (EFL), Premiership Rugby and Coventry MPs were also present at the meeting, as was West Midlands mayor Andy Street.

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Re: Coventry council taken to court for Ricoh Arena loan

Postby rebbonk » Fri Mar 15, 2019 11:00 am

For once, I agree with what the council are doing.
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Re: Coventry council taken to court for Ricoh Arena loan

Postby dutchman » Fri Mar 29, 2019 7:06 pm

Email shows Ricoh Arena firm planned bid to BUY Wasps in 2012

The company which runs the Ricoh Arena had agreed an outline deal to buy Wasps and move them to the city in 2012 - two years before the rugby club instead bought out the operating company to become outright owners of the stadium.

Negotiations were well underway, a 'strictly private and confidential' email released by Sisu and Coventry City on Thursday afternoon stated.

The email from Daniel Gidney, chief executive of Arena Coventry Limited (ACL) - the Ricoh Arena operating company half-owned by Coventry City Council - showed he had met with former Wasps owner Steve Hayes on March 11, 2012 to discuss buying the rugby club following discussions at an earlier director's meeting.

After the five-hour meeting, an outline deal was thrashed out and it was hoped the deal would be agreed in principle the next day.

It was hoped the club would be playing at the Ricoh in time for the start of the September 2012 season. This was before Coventry City left the Ricoh Arena to play in Northampton.

The latest open letter from Coventry City owners Sisu claimed the council was "simply never going to do a deal with Sisu".

Referring to the ACL email, the statement from the hedge fund added: "One possible explanation for this may be because ACL and its shareholders have been intent on bringing Premiership rugby to the Ricoh Arena since early 2012, as can be seen from the attached email dated March 2012."

There is no suggestion in the ACL email that the stadium company wanted the rugby club as a replacement for the football club at the Ricoh Arena. The deal never happened and Wasps later bought ACL, with the deal announced shortly after City's return from Northampton's ground.

The email was sent from Mr Gidney to members of Coventry City Council including chief executive Martin Reeves and Chris West, the authority's then director of finance.

Coventry City Council has been contacted for a comment.

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Re: Coventry council taken to court for Ricoh Arena loan

Postby dutchman » Wed May 15, 2019 7:35 pm

Talks break down between Wasps and Coventry City

Talks have broken down between Wasps and Coventry City over the Sky Blues playing at the Ricoh Arena following Tuesday night’s news that Sisu had made a complaint to the European Commission.

In a statement released this afternoon Wasps’ chief executive Nick Eaastwood said “the ball was back in the court of CCFC’s owners” as conditions set out to enter into discussions had “not been met”.

Earlier today Coventry City said talks over a deal to remain at the Ricoh Arena with stadium owners Wasps were continuing.

Discussions began a few weeks ago with Sky Blues fans hopeful of an announcement sooner rather than later - and particularly before a meeting of the English Football League to discuss potentially kicking the club out of the league on May 29.

But following the news that City’s owners Sisu had made a complaint to the European Commission regarding the sale of Ricoh Arena operating company ACL to Wasps in 2014, many fans were concerned this could affect the negotiations.

Those fears have now been confirmed after Wasps made their position clear this afternoon.

Nick Eastwood, chief executive of Wasps Group , said: “As everyone knows, we have consistently maintained over a long period of time that we were happy to sit down with Coventry City to reach agreement over their future at the Ricoh Arena, once the club’s owners had agreed to cease all legal action or proceedings surrounding our acquisition and ownership of the Ricoh Arena.

“As reported by both parties recently, we entered such discussions in good faith, based on that principle.

“However, we have now been made aware of this complaint to the EU Commission and understand that it was filed in February, well before the discussions set out above were commenced."

Mr Eastwood added: “We further understand that the basis of the complaint to the EU is very similar in all matters of substance to the recent court actions, questions those court decisions and seeks remedial action.

“Regrettably, this means that the condition set out above for us to enter or continue discussions with CCFC has not been met.

“The ball is therefore back in the court of CCFC’s owners.

“We believe it is in everyone’s interest that Coventry City play their home games at Ricoh Arena, and we would urge the owners of Coventry City to take steps to make that happen.”

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Re: Coventry council taken to court for Ricoh Arena loan

Postby rebbonk » Wed May 15, 2019 9:00 pm

SISU are proving (yet again) that they are a duplicitous organisation that simply cannot be trusted.

I simply wouldn't deal with them, end of!
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Re: Coventry council taken to court for Ricoh Arena loan

Postby dutchman » Thu May 16, 2019 7:23 pm

Sky Blues 'accelerating back-up groundshare plans'

Coventry City are "accelerating" their "back-up groundshare plans" after the League One club's future at the Ricoh Arena was cast into further doubt.

City's owners have complained to the European Commission about the sale of the stadium to rugby union club Wasps.

That move prompted Wasps to discontinue discussions with City over the use of the ground, stating "the ball is back in the court" of their owners Sisu.

But Wasps' terms for talks are "onerous and undeliverable", say Coventry.

"There is no European Commission complaint against Wasps. The complaint, made by our owners Sisu in February, is against Coventry City Council only," said Coventry in a statement on their website.

"Wasps stated their position publicly yesterday, reiterating their previous opposition to legal action and now adding their opposition to any other action around the sale of the stadium in 2014, and their opinions surrounding the EU complaint.

"[Wasps chief executive] Nick Eastwood said yesterday: 'Regrettably, this means that the condition set out above for us to enter or continue discussions with CCFC has not been met'.

"The condition referenced yesterday by Nick has not been broken, but instead yet more onerous and undeliverable conditions have been added by Wasps to their pre-existing conditions to enter talks.

"Last Friday in our update to fans, we spoke of 'hurdles' and this is one of those hurdles that we alluded to. As a result, we are unfortunately accelerating our back-up groundshare plans."

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Re: Coventry council taken to court for Ricoh Arena loan

Postby rebbonk » Thu May 16, 2019 7:35 pm

I think we're seeing the end of the sky blues. Well done SISU you bunch of :censored:
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Re: Coventry council taken to court for Ricoh Arena loan

Postby dutchman » Fri Jun 28, 2019 12:31 am

Wasps, council and friends refuse to respond after we named names over 'Wasps funding' for failed Coventry City takeover plot

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LEADING Wasps and council figures have gone silent after we named names and exposed insider claims the rugby club had sought to put millions of pounds into a failed Coventry City takeover plot – while threatening to lock the football club out of the Ricoh Arena.

Yesterday we revealed claims leaked by former takeover consortium member Richard Overson that Wasps – or Wasps’ wealthy ‘ultimate shareholder’ Derek Richardson or other associated party – WERE intending to help buy the club by raising money, despite Wasps’ denials.

We also named names which other inside sources said were involved in the discussions.

They included Wasps director Mark Robertson – who is also chief executive of wealth management company The Hottinger Group – and Baljit Shergill and Roger Medwell from the Coventry City of Culture Trust.

They sit on the trust’s board with Coventry City Council leader George Duggins and council chief executive Martin Reeves.

The Coventry Observer has now put a series of questions individually to Mr Richardson and Mr Robertson from Wasps, council leader George Duggins and Mr Reeves, and to Mr Shergill and Roger Medwell.

All have declined to respond to our questions and story, or to deny they were involved in the would-be takeover discussions.

Those discussions led to another consortium bid headed by ex-CCFC board member Gary Hoffman to Coventry City’s owners Sisu being rejected in April this year.

Throughout the period of secret discussions, Wasps owners – supported by council leaders – repeatedly insisted the football club as tenants would be locked out of the Ricoh Arena if its owners did not drop legal action against the council’s 2014 stadium sale to then London Wasps.

Our sources suggest Wasps’ previous brief statement denying financial input into the takeover efforts are incomplete and carefully worded.

We have asked Mr Richardson and Mr Robertson to be specific about any personal involvement in the discussions.

Among several questions, we asked whether there was (a) any involvement and (b) any suggestion of financial backing or involvement from Wasps Holdings Limited, or its directors, or ultimate shareholder or another party involved with Wasps, and we requested clear responses.

Their response was: “Wasps won’t be issuing any further response to the story.”

Representatives confirmed Mr Richardson and Mr Robertson had received our questions to them individually.

The previous short media statement had read: “Nick Eastwood, Chief Executive of Wasps Group, said: “We have been approached at times by different parties who have an interest in Coventry City and its future at the Ricoh Arena. We obviously cannot reveal the identity of the parties but can say that we have not offered any financial backing to, or agreed any rent or lease deal with, any of them.

“We would simply like to see the club back playing at the Ricoh Arena, a view we believe is shared by everyone involved.”

As we reported yesterday, sources close to the consortium told us of proposals that Wasps would put in £5million towards a £10million bid for the club, and that Wasps would be the “Ultimate Beneficial Owner” of Coventry City Football Club. Wasps and Mr Richardson have declined to respond to those claims too.

Today, we put further questions to Mr Richardson and made clear we were questioning him as an individual and ‘ultimate shareholder’ as opposed to Wasps Holdings Limited, for which he is a director.

The response today via their PR representative was: “There won’t be any further comment from Wasps.”

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Rotten to the core! :fuming:
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