Wasps Ricoh Arena bid: Joy Seppala will not interfere...
By Coventry Telegraph.
October 3 2014
Coventry City fans group says.
A fan-led pressure group has reported the boss of Coventry City owners Sisu will not interfere with any Wasps bid for the Ricoh Arena.
Get Cov Back to the Ricoh (GCBTR), which traditionally focuses its activities on pressuring Coventry City Council, reports its representatives met with head of Sisu Joy Seppala this week.
In a press release, distributed today, the group claims Ms Seppala told them: “We will not interfere with any deal between Wasps and Arena Coventry Limited regarding the Ricoh.”
The comments come after the Telegraph revealed Wasps were closing in on a £30million deal for Ricoh Arena operating company ACL - jointly owned by the council and the Alan Edward Higgs Charity.
The council is set to vote on the potential 90 per cent takeover on Tuesday, and some are concerned the Wasps deal could have an impact on Coventry City FC’slong-term future at the Ricoh Arena.
GCBTR also suggests Ms Seppala underlined her desire for the club to push on for plans to build its own stadium. The plans were first announced well over a year ago, but there has been no public evidence of progress to date.
The group also claims Ms Seppala has commented on the scathing judgment handed down by Justice Hickinbottom after a three-day judicial review pursued by Sisu against Coventry City Council in Birmingham High Court in the summer.
The judge accused the club’s owners of withholding rent deliberately in an attempt to distress ACL and secure a share of the company at a reduced price.
Sisu is currently appealing the judgment through the Court of Appeal - legal action seen as a hurdle for any ownership talks between ACL’s stakeholders and the club’s owners.
According to GCBTR’s press release, Ms Seppala said: “I do not want to go down as someone who distresses companies. I restructure businesses that are already distressed.
“I have acted in good faith, and I have an honest reputation. We are here for the long-term and want to build a sustainable club.
“We have worked hard and invested a great deal to put the club back on a secure financial footing. Thanks to a great deal of effort and some tough decisions, the club is breaking even for the first time in many years.”
Stuart Cosgrove, of GCBTR, said: “We urged Joy to make clear at this late stage whether there was any hope that a Ricoh sale has privately remained at least one option for the club.
“Her answer is clear in saying that a new stadium makes more sense.”
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The interesting thing though about this article is how could Sisu interfere anyway. If they win their appeal they may have a say so, if not they are just a tenant with a 2 yr deal!
What 'owner' would (allegedly) plan to build a cheap and nasty small flatpack stadium for £30m (even if not one council in the area has had a single enquiry regarding land availability or planning requirements - and this has recently been established as fact by Freedom of Information enquiries) when they won't bid substantially less money to own a facility like the Ricoh?
Barking I tell ye.