Rumour: Hoffman and Elliot takeover negotiations (1 Viewer)
- Thread starter Evo1883
- Start date
Northern Rock is for sale but only if the price is right says Hoffman
UPDATED:10:39, 4 August 2010
Northern Rock poured cold water on talk of an imminent privatisation, insisting that there was no ‘For Sale’ sign over its door.
Boss Gary Hoffman maintained that there was ‘no deadline’ and ‘no timetable’ to sell the Rock’s supposedly ‘good’ bank – created after the bailed-out giant was split into two in January. Although there have been informal talks with a number of interested parties, ‘there has to be a willing buyer at the right price’, he said.
In an intriguing revelation, Hoffman said the government was considering a number of options to recoup its £1.4bn direct investment in Rock’s healthy side.
Boss Gary Hoffman maintains there is 'no deadline' and 'no timetable' to sell
mark82
Moderator
If we were liquidated it would be a new club, in legal terms. Different to what happened a few years back. Liquidation would mean a minimum 2 division drop (so Conference North as a minimum). Please do not hope for liquidation (not saying you are).
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mark82
Moderator
It would still be Coventry City and retain our history, etc. There may need to be a subtle name change but can be minor. Does anyone consider Rangers a completely different club?
Don't know if what you mean is a "protest club", which is completely different and would not be a continuation. This was technically the difference at the start with AFC Wimbledon, who eventually got rights to their history. That is why they had to start so low down.
So I think what you are saying is that if CCFC moved out of Coventry, you wouldn't support the reformed club. Surely you wouldn't say that you wouldn't support the same club with a change to the legal name of the club and a 2 division drop.
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sky blue john
Well-Known Member
What is your angle why are you scare mongering about liquidation?
Liquidation is not a realistic option.
It renders the golden share and players contracts worthless.
Please explain why Sisu would liquidate instead of recouping monies via golden share and sale of players?
mark82
Moderator
I was responding to an earlier post. There is no real benefit to Sisu at this time of liquidating. I think you may have misunderstood or misread what I'd said or the earlier posts(s) I was responding to.
NorthernWisdom
Well-Known Member
sky blue john
Well-Known Member
Ok Mark, sorry i jumped on you.
I just find it frustrating how many times people use the liquidation card when its not really even a viable option.
NorthernWisdom
Well-Known Member
It is a viable option.
You just look at it through CCFC-centric glasses. To someone without those, it's a more than viable option.
mark82
Moderator
Becomes more viable if they can either sell Ryton or transfer it to a different company. Still would be better selling. Player contracts would have no worth (reference Rangers), ditto the golden share. The only asset with value in liquidation is Ryton. Liquidation is a last resort when you have no other option. They would only do it if making major losses and wanted to cut & run. There would be no return (aside from Ryton).
Nick
Administrator
Any players with value they would just sell first...
NorthernWisdom
Well-Known Member
The current bid seems to value the golden share negatively, doesn't it... SISU pay them for them to have it.
Let's see about player contracts, and how that'd play out.
And this is even without the wider context of the increased value to SISU's bargaining position elsewhere if we were to be liquidated.
mark82
Moderator
They could. Not likely to happen though while they aren't making losses. More likely is they cut costs again following relegation.
Nick
Administrator
Well yeah, there is that.
I just meant IF they wanted to liquidate they wouldn't leave players with value in there. They would sell them first.
shmmeee
Well-Known Member
CCFC Ltd was liquidated. The share was sold to Otium Entertainment. We are legally a new club owning the assets of the old one because the FA/FL rules say we can. The FA can make up whatever interpretations they want. The fact you're using words like "minimum" shows doubt in the clarity of said rules.
Anyway, even if you're right and we drop two leagues, that's enough to stop supporting the team?
It'd only be an "AFC" if CCFC left the pyramid and a new club was formed from scratch. I'm saying that's unlikely to happen. Not making a comment on liquidation at all, well aware it's a trigger word around here.
Just saying that I doubt the FA would let an FA Cup winner and Prem founder disappear completely. The PR would be terrible.
Captain Dart
Well-Known Member
2 leagues to get rid of SISU and get the club on the up again would be a small price to pay.
skybluetony176
Well-Known Member
I think I'm right in saying that if they transfer assets to another company and then liquidate that's illegal. Nothing stopping them selling anything of worth, using that to pay back the charges that Arvo have over all assets of the club and then liquidate.
This is why the SISU debt and share value is worthless. The only debt that there's any requirement to settle is the Arvo charges. So any sale price is based on reaching an agreement on what is going to be settled. Currently the Arvo debt is £8M so you would expect that the sale price would be a percentage of this. Currently the offer is a percentage of this with add ons potentially being more than this.
NorthernWisdom
Well-Known Member
Yeah we'd exist in my eyes. Think we have to be realistic it'd by no means be the easy option (you say two leagues down, I have my doubts we'd get away that easy) but as you say, CCFC are curriently Otium Entertainment Group, which is a somewhat less sexy chant.
Otiuum Entertainment Group Till I Die?
The Reverend Skyblue
Well-Known Member
Hereford who were liduidated had to restart in the Midland Combination with the likes of Cov Utd and Sphinx, so if we were we would surely have to do the same.
As did Newport County in the Hellenic league and Wimbledon in the combined counties league when they went bust so a two league drop would more likely be a four league drop.
Anyway who the hell wants us to be liquidated and restart it's utter madness.
As did Newport County in the Hellenic league and Wimbledon in the combined counties league when they went bust so a two league drop would more likely be a four league drop.
Anyway who the hell wants us to be liquidated and restart it's utter madness.
Skyblueweeman
Well-Known Member
Unless its pregnant, we're not interested.
letsallsingtogether
Well-Known Member
And mine, took mine early as well just had to wait 10 years.
Start claiming it in June
Happy days
Flying Fokker
Well-Known Member
Or let The Sky Blues lease the land? Now that would be ironic. £1 million a year for the next 12 years. City could go in to administration and then move 35 miles away for training.
mark82
Moderator
Agree, but with one slight correction - Hereford was a 2 division drop, Southern League Premier to MFL Premier. Darlington took a 3 division drop though. The rule is murky and a lot depends on safety, etc. There is no segregation lower down which could cause problems if a club of our size were dropped. Basically it's not a straightforward formula but believe the rules state something along the lines of a minimum 2 division drop. Used to know the rule well but need to refresh my memory at some point - will maybe re-read it later!
Anyway, all a bit pointless as it's not likely to happen to us. There really is little benefit to Sisu of doing that. Only really an option where there are external debts or they are making large losses.
mark82
Moderator
@shmmeee
CCFC Ltd was liquidated. The share was sold to Otium Entertainment. We are legally a new club owning the assets of the old one because the FA/FL rules say we can. The FA can make up whatever interpretations they want.
It was a change in holding company, the football club itself wasn't dissolved. I see where you're coming from and the logic but there a subtle differences. Essentially the club passed to new owners under the administration (even though new owners were same owners )
The fact you're using words like "minimum" shows doubt in the clarity of said rules.
Yep, as I've just said in another reply, believe it's worded in such a way but need to reacquaint myself.
Anyway, even if you're right and we drop two leagues, that's enough to stop supporting the team?
Not for me. Absolutely not. Seems others aren't the same though.
It'd only be an "AFC" if CCFC left the pyramid and a new club was formed from scratch. I'm saying that's unlikely to happen. Not making a comment on liquidation at all, well aware it's a trigger word around here.
The name can be whatever you want, as long as it isn't the same. For example, Nuneaton Borough became Nuneaton Town, Hereford United became Hereford FC, Darlington became Darlington 1883. We couldn't be Coventry City FC but could be something like Coventry City 1883 FC. Can call us whatever you like but name has to be different, can retain previous clubs history, etc I believe but name registered with FA must be different.
Just saying that I doubt the FA would let an FA Cup winner and Prem founder disappear completely. The PR would be terrible.
I think you give the FA too much credit!
CCFC Ltd was liquidated. The share was sold to Otium Entertainment. We are legally a new club owning the assets of the old one because the FA/FL rules say we can. The FA can make up whatever interpretations they want.
It was a change in holding company, the football club itself wasn't dissolved. I see where you're coming from and the logic but there a subtle differences. Essentially the club passed to new owners under the administration (even though new owners were same owners )
The fact you're using words like "minimum" shows doubt in the clarity of said rules.
Yep, as I've just said in another reply, believe it's worded in such a way but need to reacquaint myself.
Anyway, even if you're right and we drop two leagues, that's enough to stop supporting the team?
Not for me. Absolutely not. Seems others aren't the same though.
It'd only be an "AFC" if CCFC left the pyramid and a new club was formed from scratch. I'm saying that's unlikely to happen. Not making a comment on liquidation at all, well aware it's a trigger word around here.
The name can be whatever you want, as long as it isn't the same. For example, Nuneaton Borough became Nuneaton Town, Hereford United became Hereford FC, Darlington became Darlington 1883. We couldn't be Coventry City FC but could be something like Coventry City 1883 FC. Can call us whatever you like but name has to be different, can retain previous clubs history, etc I believe but name registered with FA must be different.
Just saying that I doubt the FA would let an FA Cup winner and Prem founder disappear completely. The PR would be terrible.
I think you give the FA too much credit!
Sterling Archer
Well-Known Member
Apologies if I've misread this but isn't that exactly what happened with Wimbledon?
mark82
Moderator
Yep, pretty much.
Skyblueweeman
Well-Known Member
Not yet. Things all seem eerily quiet today. Nothing on the Telegraph or Observer websites. Can only assume the Hoff is recounting his pennies with the so called additional investors before going back to Joy to see if she wants to have another think.
Skyblueweeman
Well-Known Member
Also just saw something on the Telegraph website about the Wasps fella saying they had no plans to buy us but the article showed numerous tweets from people (Sky Blues fans) pretty much begging Wasps to buy us and save us.
The best one was someone who said Wasps should buy us because they didn't want CCFC owned by a Hedge Fund.
Erm.....
The best one was someone who said Wasps should buy us because they didn't want CCFC owned by a Hedge Fund.
Erm.....
NorthernWisdom
Well-Known Member
Bopeo's onoedi sm ihr, thh
fernandopartridge
Well-Known Member
I'd prefer eerie silence than this silly PR war.
Skyblueweeman
Well-Known Member
Just Google'd this to make sure I wasn't missing some random Latin phrase. Apparently not. Slightly confused....
adsfwer kjdkjskdfj bbas lpoksk
WM
NorthernWisdom
Well-Known Member
I believe my keyboard may need some new batteries...
