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Pro SISU article in Sunday Times
Posted by: 1978Wasp (IP Logged)
Date: 09 June, 2019 07:03

A rather one eyed analysis of CCFC’s situation by Rod Liddle in the Sunday Times today.

Not sure who did his research and/or briefed him, but the piece seems somewhat economical with the truth.

In summary, it is all Wasps fault that CCFC will have to play in Brum, SISU have pumped £millions into CCFC, the EU have started an investigation into the Ricoh deal and Wasps are on the brink of bankruptcy.

A Trumpian view of the truth

Re: Pro SISU article in Sunday Times
Posted by: MarleyWasp (IP Logged)
Date: 09 June, 2019 09:29

He's out-Les Reided Les Reid.

Re: Pro SISU article in Sunday Times
Posted by: Speedy-New (IP Logged)
Date: 09 June, 2019 09:37

Having read Rod Liddle's article this morning I took the view that he did it 30 seconds after the announcement in the week without first having carried out any research.

Even the most anti Wasps posters on SBT wouldn't defend SISU as he has done.

Re: Pro SISU article in Sunday Times
Posted by: Heathen (IP Logged)
Date: 09 June, 2019 09:50

Stung again — spare a thought for homeless Coventry City as Wasps row rumbles on

Rod Liddle

It is 18 years since Coventry City last played in the Premier League, during which time they have come close to extinction, played in the lowest tier for the first time since 1959 and generally had a fairly awful time of it.

Last season gave fans a few reasons for optimism — manager Mark Robins had assembled a decent squad and a late run took them close to a place in the League One playoffs. But now, this. For the second time in the past 18 years, the Sky Blues are without a home of their own and will be playing next season’s home fixtures at St Andrew’s, in Birmingham, 21 miles away.

The club’s owners, the London hedge fund SISU, have failed to strike a deal with Wasps rugby union team, who play at — and own — the Ricoh Arena. Back in 2013-14 City played their home games at Sixfields stadium, home of Northampton Town, more than 32 miles distant. They had hoped those bad old days were gone. The decision to play at St Andrew’s was again a last-ditch attempt to prevent the club being expelled from the Football League on account of having nowhere to play.

A spokesman for SISU said “we are incredibly disappointed and frustrated” that no deal could be struck over the Ricoh Arena. Not as frustrated as the EFL — which agreed to the ground share with Birmingham City only with great reluctance — or, of course, the benighted fans. Last season Coventry City were the fifth best supported club in League One, with an average home attendance of 12,362, an improvement on the previous season’s average of 9,255. They will be very lucky to achieve half of that number next season: their average home league attendance while playing at Northampton’s ground was scarcely over 2,000.

The problems are myriad and complex. A long-standing row over the sale of the Ricoh Arena to Wasps rumbles on and is coming before the European Commission. City believe the ground was grossly undervalued when it was sold, to the tune of about £28m. But that is only the half of it.

Wasps are, on the face of it, an extremely successful rugby union club. They finished eighth in the Gallagher Premiership last season with an average attendance of 17,975 — a figure beaten only by Leicester Tigers. But their financial position is far more perilous than that of Coventry City and, frankly, they will be fortunate if they are in existence by the this time next year. Their debts, for a rugby club, are astonishing — £55.8m at the latest count after their pre-tax losses last season more than doubled to £9.7m.

The total owed to their Irish owner Derek Richardson, who six years ago rescued them from bankruptcy at the last minute, rose to £18.6m, which some estimate to be at least a third of the chap’s worth.

Worse still, Wasps now face a serious inquiry into alleged financial shenanigans, involving suggestions of grossly overstated profits, a breach of covenants regarding bonds and effectively lying about a million quid or so which Wasps marked down as capital revenue when actually it was another bung from the uniquely generous Richardson.

Meanwhile, hanging over them is the legal action that insists they got the Ricoh on the cheap. If I were a Wasps fan I would be looking at the relatively stable Coventry City with a degree of envy: City’s latest losses were less than £2m, which is around about what you might expect for a decent sized club in the third tier.

The Sky Blues supporters are, of course, beside themselves with fury that they will not be able to watch their team play in their home city and have been apt to blame the owners, as is so often the case.

This seems to me a bit harsh. Without the intervention of the hedge fund monkeys, Coventry City would not exist at all and SISU have put an awful lot of money into the club, without seeing very much in the way of a return.

Again one is tempted to ask why they have done this, but as they are all financial experts I suppose they must know what they are doing.

League One is rapidly becoming a sanctum of the lost and the dispossessed, given the travails of poor Bolton Wanderers.

There was a time, fairly recently, when Coventry City had the longest unbroken spell in the top tier of any club, Arsenal and Everton excepted — 34 years of pleasant over-achievement that included a memorable FA Cup final win over Tottenham Hotspur in 1987, participation in the Inter-Cities Fairs Cup and a two-legged tie against Bayern Munich, and a top-six finish. And that delightful goal off a free kick scored by Ernie Hunt after Willie Carr’s illegal flick-up, which we all tried to copy in the playground.

Sentimentalists such as me, then, rather hope that Coventry’s problems come to an end very quickly. There is the suggestion now that City’s owners may attempt to build a new ground somewhere in the environs of Coventry. In which case, what on earth will happen to the Ricoh Arena if Wasps go bust? Or even if they don’t? It seems a little bit profligate in these straitened times.

Re: Pro SISU article in Sunday Times
Posted by: Matt82 (IP Logged)
Date: 09 June, 2019 09:55

Sounds like a football writer having a pop at a rugby union team who have been more business savvy.

Re: Pro SISU article in Sunday Times
Posted by: DrHankPym(superhero) (IP Logged)
Date: 09 June, 2019 10:20

Quote:
Heathen
Rod Liddle
...
The Sky Blues supporters are, of course, beside themselves with fury that they will not be able to watch their team play in their home city and have been apt to blame the owners, as is so often the case.

This seems to me a bit harsh. Without the intervention of the hedge fund monkeys, Coventry City would not exist at all and SISU have put an awful lot of money into the club, without seeing very much in the way of a return.

Again one is tempted to ask why they have done this, but as they are all financial experts I suppose they must know what they are doing.


Geez these paragraphs really stand out. Rod really should do his research, very poor article IMO.



If winning isn't everything, why do they keep score? - Vince Lombardi

Re: Pro SISU article in Sunday Times
Posted by: RossM (IP Logged)
Date: 09 June, 2019 10:49

Sisu PR machine grinds on. Did Joy Seppala dictate this article whilst sitting on Rod Liddle's face?

Bur seriously - does The Times/Sunday Times have it in for us? First Owen Slot and Alex Lowe wrote a nasty hatchet job on Lima and now this ill-informed drivel.

Rod Liddle is not a well respected journalist, anyone wanting an insight into his methods only has to read this Guardian article:

Rod Liddle vilifies disabled people.

Liddle wrote his piece of@#$%&in The Sunday Times last month.

Re: Pro SISU article in Sunday Times
Posted by: wombles222 (IP Logged)
Date: 09 June, 2019 11:08

I have just uncovered some secret footage of (left to right) Liddle, Seppula and Fisher meeting just before the article was written!

[media.giphy.com]

Re: Pro SISU article in Sunday Times
Posted by: New_Wasp (IP Logged)
Date: 09 June, 2019 11:45

What's odd is that he decides to rip into Wasps finances with a detailed analysis like he is a financial expert in the know but let's SISU off the hook with "they're financial experts so must know what they're doing"! If anything has been blatantly so pointed out since SISU decided to leave the Ricoh and distress the business so they could get it on the cheap it's that they definitely don't know what they're doing!

Re: Pro SISU article in Sunday Times
Posted by: westwaleswasp (IP Logged)
Date: 09 June, 2019 13:37

RL is a respected jounalist in the same way Jeremy Clarkson was. Humourous, OTT, annoying, provocative and widely read. But not a serious jouno, with no special field of interest.

Re: Pro SISU article in Sunday Times
Posted by: WONKYWASP1 (IP Logged)
Date: 09 June, 2019 13:50

….. and with a vivid imagination.

Re: Pro SISU article in Sunday Times
Posted by: neils (IP Logged)
Date: 09 June, 2019 13:54

Or fed by Les Reid.

Re: Pro SISU article in Sunday Times
Posted by: bigfecker (IP Logged)
Date: 09 June, 2019 14:38

Lazy fat journo gets bought a lunch by SISU and fed a line he is too drunk to question on £250 a bottle wine is my guess.

Re: Pro SISU article in Sunday Times
Posted by: Wasps222 (IP Logged)
Date: 09 June, 2019 15:06

After reading this article I don’t find pro sisu or anti wasps. It just raises questions regarding our future and the ccfc. The comment about sisu being experts is actually a dig at them. I see some irony on some people calling it a trump view and discrediting the journalist and not providing examples and facts trouble back up a counter argument. That’s what trump does but I also have to honour them for being passionate about our club.

I’m worried about our future and this fca investigation doesn’t secure me with confidence. I had been talking to a friend who told me about the move to rioch before it happened even he has doubts how much money Richardson has led to inject more cash.

Re: Pro SISU article in Sunday Times
Posted by: Wasps222 (IP Logged)
Date: 09 June, 2019 15:06

After reading this article I don’t find pro sisu or anti wasps. It just raises questions regarding our future and the ccfc. The comment about sisu being experts is actually a dig at them. I see some irony on some people calling it a trump view and discrediting the journalist and not providing examples and facts trouble back up a counter argument. That’s what trump does but I also have to honour them for being passionate about our club.

I’m worried about our future and this fca investigation doesn’t secure me with confidence. I had been talking to a friend who told me about the move to rioch before it happened even he has doubts how much money Richardson has led to inject more cash.

Re: Pro SISU article in Sunday Times
Posted by: Rinkadink (IP Logged)
Date: 09 June, 2019 15:27

Quote:
RossM
Rod Liddle is not a well respected journalist, anyone wanting an insight into his methods only has to read this Guardian article:

Rod Liddle vilifies disabled people.

Liddle wrote his piece of@#$%&in The Sunday Times last month.

That is awful (the Liddle Times piece, not the guardian one pointing it out) - horrible.

Re: Pro SISU article in Sunday Times
Posted by: EssexWasp (IP Logged)
Date: 09 June, 2019 15:36

I would have thought the ST lawyers would have thought long and hard about whether his comments on our future financial position would create a false market in the bonds................

Re: Pro SISU article in Sunday Times
Posted by: HoboAl (IP Logged)
Date: 09 June, 2019 20:17

Quote:
New_Wasp
What's odd is that he decides to rip into Wasps finances with a detailed analysis like he is a financial expert in the know but let's SISU off the hook with "they're financial experts so must know what they're doing"! If anything has been blatantly so pointed out since SISU decided to leave the Ricoh and distress the business so they could get it on the cheap it's that they definitely don't know what they're doing!

Unfortunately as a SISU dispising CCFC fan I have found no evidence of them being in financial trouble. Chosing not to invest in sensible options and doing apparently suicidal u-turns...yet always supporting Coventry City FC doesnt support finacial fraility. They have it would seem turned down offers to buy the club.

Wasps financial problems seem more widely documented. Unfortuneately I dont expect SISU to go away. I wish they had never came...thanks CCC for the introduction and endorsement.

Re: Pro SISU article in Sunday Times
Posted by: kentwasp1 (IP Logged)
Date: 09 June, 2019 20:52

Why not sell the Ricoh to Sisu, at the inflated valuation they claim. Bank the money. Pay off the massive debts to bond holders and Derek. Buy or build a decent rugby only stadium within the M25. Thousands of displaced WASPS fans re-buy season tickets. Job done. Everyone happy

Re: Pro SISU article in Sunday Times
Posted by: Matt82 (IP Logged)
Date: 09 June, 2019 21:02

Quote:
kentwasp1
Why not sell the Ricoh to Sisu, at the inflated valuation they claim. Bank the money. Pay off the massive debts to bond holders and Derek. Buy or build a decent rugby only stadium within the M25. Thousands of displaced WASPS fans re-buy season tickets. Job done. Everyone happy

I would say that SISU don't have the funds to buy it. The fact that the club had to buy the Ricoh shows that there is little chance of finding somewhere in London to build a stadium. Also from your post on the other thread I'm not sure the revenue from the football is that great. 100k rent? I'm not sure Monet made on the day was going into Wasps coffers.

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