Administrators Report (1 Viewer)

[Bluegloucester]

Bluegloucester

"whether they should register any proposed transfer"

or in other words: they can do so on their own cognizance without necessarily requiring the FL or FA consent.
So if they transferred it from Ltd to Holdings the likely outcome is they can as there is no great requirement to register that intent with the FA or FL.

If that was the case the FL would have no control over who owned a football club.

 

---

[BurbageSkyBlues]

Time to start a new football club?

The City of Coventry AFC

In whatever league is necessary, at the Ricoh, with PH4 as the investor. we all buy season tickets to support the club that represents our city?

This leaves Sisu with no fans, no income, and not much in the way of hope of selling to anyone.

We too should be playing hardball.

Play Up Blue Skies !

 

[TheRoyalScam]

I like your lateral thinking BSBlues - count me in!

 

[James Smith]

Bluegloucester

"whether they should register any proposed transfer"

or in other words: they can do so on their own cognizance without necessarily requiring the FL or FA consent.
So if they transferred it from Ltd to Holdings the likely outcome is they can as there is no great requirement to register that intent with the FA or FL.

The FA rules say

Transfer of Membership
Council may use the following criteria, and any other conditions in Council’s
absolute discretion, in deciding whether to approve the transfer of membership
by a Full Member Club or an Associate Member Club:
(i) the shareholders or members of the existing Full Member Club or
Associate Member Club have voted to agree the transfer of the
membership to the proposed future member;
(ii) all Football Creditors of the existing Full Member Club or Associate
Member Club must be fully satisfi ed;
(iii) all other creditors of the existing Full Member Club or Associate Member
Club must be satisfi ed and evidenced as such;
(iv) the proposed future Full Member Club or Associate Member Club must
provide fi nancial forecasts showing their ability to fund the Full Member
Club or Associate Member Club for the next 12 months or to the end of
the season following transfer (whichever is the longer);
(v) evidence of funding sources will be required; and
(vi) where the proposed future Full Member Club or Associate Member Club
is a company, then it shall be formed and registered in England and
Wales under the Act

http://www.thefa.com/~/media/Files/...the-association/rules-of-the-association.ashx

Does any of that apply here?

 

[@richh87]

SISU may think that they are 'winning', but they are very wrong. They will lose their money no matter how many disgraceful games and tricks they play.

We are what makes this work, and we won't support SISU ever again.

 

[Paxman II]

If that was the case the FL would have no control over who owned a football club.

No it does not mean that. However you wish it to be is not the legal version is it?
It means the known entity that exist CCFC Ltd and CCFC (Holdings) Ltd as being one of the same and the reason 10 points were deducted can shift it around within that entity group. It does not mean to any other owner. In other words SISU have it and will slide it around the football clubs known entity as they will unchallenged by any precedent. So placing CCFC LTD in admin but first shifting the golden share to the Holdings branch seems to be OK. It's not a new owner, it's still the SISU funded football club. That is also easily argued in court I would suggest.

I'm not on the side of SISU at all but you have to look at why they have been so adamant all this time.

 

[@richh87]

Time to start a new football club?

The City of Coventry AFC

In whatever league is necessary, at the Ricoh, with PH4 as the investor. we all buy season tickets to support the club that represents our city?

This leaves Sisu with no fans, no income, and not much in the way of hope of selling to anyone.

We too should be playing hardball.

Play Up Blue Skies !

If that's what it comes down to then count me in.

 

[covhead1]

Build a bonfire, build a bonfire
Put the administrator on the top
Add Tim Fisher and the rest of SISU
And we'll burn the ****ing lot

 

[Paxman II]

The FA rules say


http://www.thefa.com/~/media/Files/...the-association/rules-of-the-association.ashx

Does any of that apply here?

Good point and if you read it carefully it suggest what I said above is legal.

 

[dongonzalos]

What's significant about only investigating directors of the past three years, by the way?

Why not earlier?

To try and drag hoff and Elliot back into it when the mud starts getting slung

 

[Pete in Portugal]

It's all a fraud - we can only pray a good investigative journalist comes in.

Goodbye Football Club

Unfortunately I have to agree that this does not leave a great deal of hope for survival. For some reason,SISU seem hell-bent on preventing any progress which might lead to a takeover. I think they still believe that their strategy of distressing ACL will succeed. It appears that they will not allow the demise of the football club, as we know it, to get in the way of this objective. The only hope now appears to rest with intervention by the FL or FA, but I'm not holding my breath on that one..............

 

[dongonzalos]

No it does not mean that. However you wish it to be is not the legal version is it?
It means the known entity that exist CCFC Ltd and CCFC (Holdings) Ltd as being one of the same and the reason 10 points were deducted can shift it around within that entity group. It does not mean to any other owner. In other words SISU have it and will slide it around the football clubs known entity as they will unchallenged by any precedent. So placing CCFC LTD in admin but first shifting the golden share to the Holdings branch seems to be OK. It's not a new owner, it's still the SISU funded football club. That is also easily argued in court I would suggest.

I'm not on the side of SISU at all but you have to look at why they have been so adamant all this time.

Yep that is their argument.

Football won't want that set as a precedent and so I hope they will lose hat technicality without too much damage to us going forward

 

[RPHunt]

Good point and if you read it carefully it suggest what I said above is legal.

I don't think it says it is legal or illegal. What it does say is that the council has absolute discretion - rather a difficult assertion to overcome by legal challenge.

 

[Bluegloucester]

No it does not mean that. However you wish it to be is not the legal version is it?
It means the known entity that exist CCFC Ltd and CCFC (Holdings) Ltd as being one of the same and the reason 10 points were deducted can shift it around within that entity group. It does not mean to any other owner. In other words SISU have it and will slide it around the football clubs known entity as they will unchallenged by any precedent. So placing CCFC LTD in admin but first shifting the golden share to the Holdings branch seems to be OK. It's not a new owner, it's still the SISU funded football club. That is also easily argued in court I would suggest.

I'm not on the side of SISU at all but you have to look at why they have been so adamant all this time.

Are you a lawyer? I am. The owners cannot shift ownership between entities without FL approval, have had it confirmed.

 

[Bluegloucester]

Are you a lawyer? I am. The owners cannot shift ownership between entities without FL approval, have had it confirmed.

There is a big difference between legal and beneficial ownership.

 

[mark82]

Time to start a new football club?

The City of Coventry AFC

In whatever league is necessary, at the Ricoh, with PH4 as the investor. we all buy season tickets to support the club that represents our city?

This leaves Sisu with no fans, no income, and not much in the way of hope of selling to anyone.

We too should be playing hardball.

Play Up Blue Skies !

It's getting to that time. Thoroughly pissed off.

 

[NorthernWisdom]

To try and drag hoff and Elliot back into it when the mud starts getting slung

I asked a friend of mine who works in the finance industry and the answer's disappointingly mundane that he's just required to do that as part of his duties.

 

[jas365]

No it does not mean that. However you wish it to be is not the legal version is it?
It means the known entity that exist CCFC Ltd and CCFC (Holdings) Ltd as being one of the same and the reason 10 points were deducted can shift it around within that entity group. It does not mean to any other owner. In other words SISU have it and will slide it around the football clubs known entity as they will unchallenged by any precedent. So placing CCFC LTD in admin but first shifting the golden share to the Holdings branch seems to be OK. It's not a new owner, it's still the SISU funded football club. That is also easily argued in court I would suggest.

I'm not on the side of SISU at all but you have to look at why they have been so adamant all this time.

I think you're wrong there Paxman. Yes the 2 companies are intrinsically linked, but they are at the end of the day 2 separate companies, with 2 different company registration numbers, with their own share capital and individual sets of accounts.

In order to transfer the golden share, irrespective of the type of company and their relationship with eachother, the transfer must be done through Companies House and the Football League. This clearly has not happened (we know this because Companie's House tells us that as fact) and the lack of a paper trail should in theory back this up.

 

[quinn1971]

There is a big difference between legal and beneficial ownership.

Your on the money again. surely sisu haven't been found out have they.Moving the share for the own benefit..naughty

 

[Tonylinc]

So, we all agree that the GS is in Ltd ie. the company in liquidation. Great, in that case are we all entitled to share the Administrators fee?

 

[Paxman II]

I think you're wrong there Paxman. Yes the 2 companies are intrinsically linked, but they are at the end of the day 2 separate companies, with 2 different company registration numbers, with their own share capital and individual sets of accounts.

In order to transfer the golden share, irrespective of the type of company and their relationship with eachother, the transfer must be done through Companies House and the Football League. This clearly has not happened (we know this because Companie's House tells us that as fact) and the lack of a paper trail should in theory back this up.

If what you are arguing is the case then why are we discussing it still? Why are SISU still ramping up the rhetoric? They are two companies yes, I accept that but the parent company is one.

 

[jas365]

If what you are arguing is the case then why are we discussing it still? Why are SISU still ramping up the rhetoric? They are two companies yes, I accept that but the parent company is one.

I wish I knew the answer to that Pax. I still can't understand why Appleton says he's had to go back to 1995 to find where the share is, we know it was in CCFC Ltd (the company in admin) in June last year. The annual return tells us that the share was attached to this company - reg no. 03056875. The reg. no. of Holdings is 00094305 so therefore a separate entity.

The whole thing is incredibly frustrating to say the least........