SISU 2016 Accounts

Discussion in 'Coventry City General Chat' started by oldskyblue58, Jan 5, 2017.

  1. oldskyblue58

    oldskyblue58 CCFC Finance Director

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    For those who are interested in how our owners are performing financially copies of the 31/03/2016 accounts can be found here

    SISU CAPITAL LIMITED - Filing history (free information from Companies House)

    Seems they have increased turnover reduced costs and turned a £280K loss (2015) in to a profit of £263K. So far from struggling, they have managed to improve their position. Doesn't seem to back up some of the claims on here of SISU's imminent demise - that CCFC problems are hurting them. Quite the reverse

    The accounts of SISU Capital Partners LLP (SCPLLP) are worth a look too.

    SISU CAPITAL PARTNERS LLP - Filing history (free information from Companies House)

    For SCPLLP this year to 31/03/2016 there is 1.2m income. Usually, apart from 2013,it has been £nil. The investments listed are the 100 euro stake in A-E private equity funds - the original investors in CCFC. Not sure if these are the only source of income though, the accounts don't make it clear (see notes 1, 2 & 8) But turnover is the realised priority share from investments managed. Is CCFC the only investment held by those funds? It is not safe on this information to assume it is. What has been realised in those funds relating to CCFC? If it is a direct charge on CCFC during 2015/16 then that has put up CCFC overheads/losses by 1.2m - goes against what we have been told. So I have my doubts

    A managing share is usually a small percentage of the total shares together with an agreement to give rights to make decisions for the fund

    So is it that SISU Capital Limited do not earn anything from those funds directly but SISU Capital Partners do and it is moved on to SISU Capital by expenses recharges. Is this a way round not making disclosures in the CCFC accounts? Or is CCFC just a very small (worthless) part. Or is it there is nothing drawn or accrued from CCFC

    At this stage it would still be wrong to make assumption that CCFC pays anything. Would be good to have it clarified by TF or Seppala - but it is never going to happen

    This is only part of their dealings there are other connected investment arrangements that do not have to be reported, and the funds A - E do not have to report publically either
     
    Last edited: Jan 5, 2017
  2. Ashdown

    Ashdown Well-Known Member

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    As usual a tiered layer of smoke and mirrors and fuddle that 99% of ordinary fans won't have a clue of unravelling.
     
  3. sky blue john

    sky blue john Well-Known Member

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    Hi Osb,
    Hypothetically could Players be sold and the money taken out of the club against existing loans /debt. This money could then be used for anything including legal bills as it would not show up on CCFC's accounts ?
     
  4. oldskyblue58

    oldskyblue58 CCFC Finance Director

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    CCFC own the players and have to under FL rules. 3rd party ownership is banned. So any sale of any player has to be declared in the CCFC accounts. However how the proceeds of any sale paid to Otium are then applied is a different matter. The directors of Otium are quite within their rights to pay down debt or other expenses, and ARVO/SISU Investors would be within their rights to demand some payment off loans from the proceeds of any player sale. ARVO could ask for a contribution to legal costs on JR2 which is yet to start - would think a decision on that start is close, my own view is that they will start JR2. Otium is named as a plaintiff in that action.

    That is not the same as spiriting away money

    With all the apparent transfer action recently - no costs for those in and some big fees suggested for those leaving it will be interesting to see what happens to the proceeds considering we are apparently breaking even already. Wont know till 2017 accounts get published in Feb 2018 though
     
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  5. skybluebeduff

    skybluebeduff Well-Known Member

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    "Is this a way round not making disclosures in the CCFC accounts? "

    If you have to question that, then we all should surely? How could we find this out?
     
  6. oldskyblue58

    oldskyblue58 CCFC Finance Director

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    we don't, it is a matter for the directors and auditors and they will not be discussing it publically. Just to be clear I am at no stage suggesting there is anything wrong or illegal going on. I do not have the information to explain it that's all, and will never have access to it
     
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  7. robbiekeane

    robbiekeane Well-Known Member

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    what we need is for the next gareth bale/pogba to come through the cov academy, sell him for £5m with a 20% sell on clause, cash in when the get stupid money paid for him and then these creatures can do one
     
  8. oldskyblue58

    oldskyblue58 CCFC Finance Director

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    Got a feeling they would stay to see if they could find another one :(
     
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  9. sky blue john

    sky blue john Well-Known Member

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    I'm hoping i they sell all the players currently being discussed along with Ryton. Take all the money out against existing debt / loans. Then sell the club for a few million and piss off.
     
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  10. oldskyblue58

    oldskyblue58 CCFC Finance Director

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    Also it would seem there is no provision for any court costs in the SISU Capital group accounts. That would seem to imply that the court costs for JR1 and all the other shenanigans are being met by the plaintiffs (ARVO & SBS&L) or third parties. SBS&L Of course has no real funds to speak of being Otium's parent company. Both plaintiffs have charged interest on loans before, which seem to be at as high percentage but that's no real surprise as they are to all intents and purposes largely unsecured risky loans
     
  11. Captain Dart

    Captain Dart Well-Known Member

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    Pretty sure they're hanging on for Callum Wilson to be sold, but he signed a 4 year deal this summer and the Cherries look like they'll stay up.
    Unless or until Liverpool or Arsenal etc. come calling I imagine he will stay put.
     
  12. Esoterica

    Esoterica Well-Known Member

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    So SISU are doing alright, we won't find out anything else until 2018 and we shouldn't ask questions because we'll never know the answers. I knew this would happen!!

    To arms SBT, they're holding OSB hostage! (I know you can't talk freely but we're coming for you, just blink if you understand...)
    [​IMG]
     
  13. oldskyblue58

    oldskyblue58 CCFC Finance Director

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    What this backs up is the stuff coming out of Fishers mouth about CCFC not costing or damaging the owners. They have parked CCFC and allowed it to find its own level on its own means. The performance of CCFC or fans actions are not hurting SISU day to day. It might frighten off some potential investors who are not easy with the protests etc but to be honest any investor of substance should be able to look beyond that, find out for themselves and have confidence in their own ability to make a difference. Surely no one becomes a football club owner expecting everyone to back them or like them

    Have said before CCFC is an internet based zombie club that puts a team out on the pitch short term. There really isn't much else, and no medium/long term thinking
     
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  14. Nick

    Nick Administrator

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    Looks like NOPM is off if it is only hurting CCFC and not damaging SISU!
     
  15. robbiekeane

    robbiekeane Well-Known Member

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    they'll need a new excuse for just losing interest then
     
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  16. SkyBlueScottie

    SkyBlueScottie Well-Known Member

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    Is it possible that the owners are using the club as a means of income, by that I mean, the football club generates money, of that we are charged admin expenses, these admin charges are made to SISU capital which allows Sepalla and Coleman a wage of around 300 k each per year?
     
  17. oldskyblue58

    oldskyblue58 CCFC Finance Director

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    Doesn't mean that the fans should stop protesting against the owners though............ even better if there could be some unity in it too
     
  18. chiefdave

    chiefdave Well-Known Member

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    If they've sold Ryton and the up and coming players who is then going to give them a few million for the club? If there was a potential owner waiting in the wings wouldn't they be saying to SISU keep Ryton and the players and we'll buy the lot?

    Ryton is valued at £2m if the local plan gets changed to allow it to be used for housing. Realistically how much will we get in upfront fees if we sell Stevenson, Harries, Thomas and anyone else there is interest in?
     
  19. oldskyblue58

    oldskyblue58 CCFC Finance Director

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    anything is possible. However the way I read it is that SISU Partners take a cut of the profits in each fund which then pays SISU Capital. So its not, it seems, direct from CCFC. Can not think of much that has been created as profits from the funds ownership of the shares in Otium though, only income accrued would seem to be interest. But there could be other stuff going on but who knows
     
  20. Nick

    Nick Administrator

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    Oh I agree, I don't mean the protests I mean boycotts and NOPM stuff.
     
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  21. Brylowes

    Brylowes Well-Known Member

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    Like this post for the insight, but hate the content.:(
     
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  22. chiefdave

    chiefdave Well-Known Member

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    But it would indicate that some through should go in to the form the protest takes. Seems to confirm that things like NOPM or anything that could incur a fine will harm the club but have no impact on SISU.
     
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  23. skybluebeduff

    skybluebeduff Well-Known Member

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    Admittedly NOPM hasn't and will not work, i'll even hold my hands up and admit that.
     
  24. skybluebeduff

    skybluebeduff Well-Known Member

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    Spot on.
     
  25. oldskyblue58

    oldskyblue58 CCFC Finance Director

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    ;) Goldfinger Seppala and her henchman oddjob Fisher have me holed up in deepest darkest London, trying to dig my way out with an old silver spoon and a mustard pot but it is taking forever!!!! :D
     
    Last edited: Jan 5, 2017
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  26. Kingokings204

    Kingokings204 Well-Known Member

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    I'm not so sure. Nopm hasn't been done properly. If 1000 fans turned up every week with 100 season ticket holders They would go. There wouldn't be a club.

    Admittedly I rather we sold out ever week 30k fans.
     
  27. Ashdown

    Ashdown Well-Known Member

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    Which is just how they want it !!! Covered up !
     
  28. Ashdown

    Ashdown Well-Known Member

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    Most people aren't following some particular dictate from one group or another in staying away, they are choosing to do other things with their leisure time and money that represent considerably better value !
     
  29. Nick

    Nick Administrator

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    I fully understand that and have never disagreed with it. My point and "digs" have only been towards specifically doing it to "starve" SISU out.
     
  30. skybluebeduff

    skybluebeduff Well-Known Member

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    They'll struggle to reach 2500-3000 ST sales next season, the polls that have been done are making it look that way anyway.
     
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  31. robbiekeane

    robbiekeane Well-Known Member

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    This is something I can completely resonate with.

    I'm ashamed to say I've been to one game this year away at Charlton. Not because of NOPM or anything, I just live 100 miles away and have better stuff to do with my saturdays at the moment with £20/£30 whatever. It would be hypocritical to judge anyone for that.

    It just pisses me off when people claim to be doing it with some motive to "starve" SISU out. If that's true (which it isn't) it;s idiotic.
     
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  32. clint van damme

    clint van damme Well-Known Member

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    or you could hold up your new second hand season ticket :D
     
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  33. skybluebeduff

    skybluebeduff Well-Known Member

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    My hands are full with whistles ;)
     
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  34. Skyblueweeman

    Skyblueweeman Well-Known Member

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    Hi OSB...with regards to financials and this level of detail, I'm a little less clued up than many on here.

    Taking aside the SISU side of things, are we saying that as CCFC, from a financial point of view, we're actually an 'ok' point (ie, not running at a loss)?

    And also, is the first time that accounts have been filed on time for a few years?
     
  35. Nick

    Nick Administrator

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    These are for SISU, not CCFC :)
     
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