Still Very Quiet

Discussion in 'Coventry City General Chat' started by rupert_bear, May 17, 2017.

  1. rupert_bear

    rupert_bear Well-Known Member

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    After the initial couple of rejected Hoffman bids a month or so ago and him saying he will return with a third and then the apparent Australian interest it's gone very quiet on the subject, no rumours, nothing from toxic Tim.
    A good thing ? Of course Rome wasn't built in a day and I suppose any cards will be kept close to their chests and now there's a date in July for this latest JR review, but not even a rumour or snippet even from that tosser who writes for the Observer, a bit that strange, even frustrating although I believe that perhaps no news can good news.
    Anybody out there heard owt ?
     
  2. clint van damme

    clint van damme Well-Known Member

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    it's all gone very quiet like you say mate.
    I did hear a fourth bid had been submitted, that was end of last week I think, whether true or not, I have no idea.
     
  3. rupert_bear

    rupert_bear Well-Known Member

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    I didn't know a third bid had been submitted.
     
  4. zuni

    zuni Active Member

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    3rd bid was rejected but not immediately
     
  5. I was eleven in 87

    I was eleven in 87 Active Member

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  6. Esoterica

    Esoterica Well-Known Member

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    I hope that's a secret sign from Joy things are getting closer.
    [​IMG]
     
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  7. 6 Generations

    6 Generations Active Member

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    The third bid which includes Ryton appears reasonable.

    That is than can be said of our current owners.
     
  8. Esoterica

    Esoterica Well-Known Member

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    Most worrying was:
    'So, we just wanted to let fans know that we see no point in putting a further offer in when we have no idea as to what SISU will sell for.'

    Looks like they have given up hope as I can't see that bluff luring SISU out into negotiations.
     
  9. Warwickhunt

    Warwickhunt Well-Known Member

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    Well that's made my mind up then!
     
  10. Skybluefaz

    Skybluefaz Well-Known Member

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    I wonder what the one line rejection was? Probably contained the phrase "strong and stable". Fuck off sisu
     
  11. Sub

    Sub Well-Known Member

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    We are not selling at the bottom of the cycle......
     
  12. Sterling Archer

    Sterling Archer Well-Known Member

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    I wonder if SISU are rejecting these bids in the hope it will spark interest from other parties in order to start some sort of bidding war?


    Sent from my iPhone using Tapatalk
     
  13. letsallsingtogether

    letsallsingtogether Well-Known Member

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    But what are they bidding for?
    A lucky bag.
    Take a chance you never know what you might get:)
     
  14. Senior Vick from Alicante

    Senior Vick from Alicante Active Member

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    The self fullfilling prophecy. It will only continue going down, less season tickets mean poorer players which means continued struggle. I hope something genuinely bad happens to joy and dermots business empire so they can get a taste of what we sre going through, be great to see bailiffs knocking their door. TWATS.
     
  15. oldskyblue58

    oldskyblue58 CCFC Finance Director

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    latest on third bid

    Coventry City: Gary Hoffman consortium has third offer rejected (sorry missed the earlier link being put up)

    Frankly it doesn't come close to what I think she is after

    I said on another thread that she could well like a deal worth around 20m but it is the amount of cash upfront that swings it 2m is nowhere close.

    I would think she is looking for something like 4 or 5 times that plus Ryton. There is of course other factors to take in to account on the Ryton transfer of ownership. Like tax on the disposal and who pays it or whether there is already an option on it (ie already sold). In which case the value of it in GH's bid is nil
     
    Last edited: May 17, 2017
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  16. Sub

    Sub Well-Known Member

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    She is in dream world then and its not looking good for someone to buy CCFC.....
     
  17. ccfcway

    ccfcway Well-Known Member

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    That's the problem, all of us (including those doing the bidding) are guessing and they don't seem to want to talk.

    surely there has to be a financial reason why they want to keep hold of the club ?
     
  18. ajsccfc

    ajsccfc Well-Known Member

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    I wouldn't rule out the possibility that there will be no sale because Joy Sepalla loves Coventry City with all her heart and couldn't bear to let it go.

    Ha! 'heart'
     
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  19. covcity4life

    covcity4life Well-Known Member

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    the bids are getting better and i think now would be unfair to call them jokes.

    2m upfront. 20m with potential add ons(yes potential) and ryton to sell on for houses. hasn't been rejected as derisory......yet

    doesnt look like a 4th bid coming in anytime soon unless joy speaks to them. poor business to not even respond. only need to say "look we are not for sale and will not entertain any bids" or for "any bid to be deemed acceptable we would require more money upfront etc" .joy and sisu not getting back to investers should not be defended.
     
  20. stevefloyd

    stevefloyd Well-Known Member

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    If as reported it is £2 million up front they already get £1.5 million now so in effect its £500k up front unless I am mistaken
     
  21. shy_tall_knight

    shy_tall_knight Well-Known Member

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    How much did SISU pay for the club - not very much, they settled some tax and outstanding transfer fees, did they pay off the bank loan ?

    They've invested badly, have not created any additional tangible assets worth buying, the value of the playing squad is clearly lower that what they inherited and they expect to receive £20m
     
  22. oldskyblue58

    oldskyblue58 CCFC Finance Director

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    What SISU paid for it day one is not relevant at all. It is a nice line from GH to get fans support and indignation nothing more. The only figure that is important is what will she accept to go. That has nothing to do with what assets there are or what loans written off either. The assets or the net assets of the club will not cover the amount paid to purchase, not even close.

    They will only sell at a lower figure if they need to sell.............. I see no evidence at all that SISU need to sell.

    The price will revolve around settling out ARVO in a reasonably guaranteed and tangible way. ARVO are owed £8m in capital plus over £4m in interest (to 31/05/16 alone) and put in over £16m in to Otium

    Should GH make a 4th or 5th bid? My advice would be no, not at the moment. To repeatedly make small increments serves no purpose and in some senses weakens the position of the consortium. If I were Seppala (god forbid) then I might well be thinking that GH & co really do not have significant funds to make offer & then to provide working capital. The working capital bit is important because the ability to fund influences how secure the seller might feel about getting paid the add ons should they materialise.

    Sorry but in my opinion this is just not going to happen
     
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  23. Captain Dart

    Captain Dart Well-Known Member

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    Wow.. not even talking.. end of the road. Is it anyway to run a business leaving its future in limbo like this. The total secrecy aspect really leaves me cold.

     
  24. clint van damme

    clint van damme Well-Known Member

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    sadly I agree. I want this to happen but it can't be at any cost.
     
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  25. Greggs

    Greggs Well-Known Member

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    Game Over
     
  26. riyadhskyblue

    riyadhskyblue Well-Known Member

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    There could be another scenario at play here, rather like the Cold War times, we just don't understand the people who own us and that is deliberate and suits their purpose.
    Our finance director is once again hitting us with logic and common sense but I would ask when has that been the modus operandi of our owners? They march to their own drum and never fail to follow their own path, something that nobody can explain or fathom.
    I am still hopeful that the consortium are probing and pushing buttons to entice Sisu to talk with them. It is just that we have no idea if they will engage or when!
    My advice would be to keep pushing, I would say it is like "deal or no deal" but I've never seen it!
     
  27. hill83

    hill83 Well-Known Member

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    [​IMG]
     
  28. oldskyblue58

    oldskyblue58 CCFC Finance Director

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    Then look at it from her point of view

    They put money in it didn't work
    They said no more money but we wont call it in
    The club stands on its own two feet
    We have court cases that to a degree depend on our involvement in CCFC if we are successful, so we establish protections in the set up
    Objective 1 is to avoid more money after bad being invested
    Objective 2 is to get the ARVO money back
    Objective 3 is to maximise any return
    Objective 90 is to safeguard CCFC for the fans

    From her point of view then it is all logical & common sense, its just that we tend largely to look at it as CCFC fans wearing sky blue glasses. She is not doing anything many other businesses have not done. What this all says to me is that there is no need to sell, there maybe a desire to at some point, but there is no outright need now, so bargain deals in her eyes are not on the table.

    There has been no decision or policy chosen for CCFC to become self sufficient it has been imposed by the fact that the clubs only source of loan finance has said no more loans. There is no choice CCFC has to live within its cash flow means with all of the implications of that.

    If it isn't hurting her then her investment simply sits there, hoping for a turn around in fortunes in the main business activity.

    Another thought that could go through her mind is that the "fans pressure" such as it is actually keeps the price high because it is a ransom payment that is required.

    I think if they go back with a 4th 5th or 6th bid then she will increasingly think GH is playing games and dismiss it or ignore it unless the sums up front are significant

    I do wonder if there is a pre sale agreement on Ryton
     
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  29. oldskyblue58

    oldskyblue58 CCFC Finance Director

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    errrrrr ........................... nope
     
  30. fernandopartridge

    fernandopartridge Well-Known Member

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    That's what worries me and I mentioned it before. It feels like they're scraping around somewhat.

    If the seller isn't convinced of the potential of the club to achieve the objectives, how must an investor feel about its prospects.
     
  31. fernandopartridge

    fernandopartridge Well-Known Member

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    They're clearly miles apart, I wouldn't bother meeting the consortium if I was JS either tbh. They're offering to let you keep something you already have (Ryton) and attributing a value to it. Ridiculous.
     
  32. rupert_bear

    rupert_bear Well-Known Member

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    Or has GH advertised to the Aussies
    whereabouts a successful bid could lie, I don't think it's that far away and still have an inclin they are not connected some way.
     
  33. skybluebeduff

    skybluebeduff Well-Known Member

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    Another bid is expected.
     
  34. Nick

    Nick Administrator

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    For somebody who wants to do it in private, he does have a leaky telephone / e-mail.
     
  35. skybluebeduff

    skybluebeduff Well-Known Member

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    It's not just him involved...

    Pretty sure I mentioned last week the 3rd bid was rejected,The CET as slow as ever...
     

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