What were we losing ££££ wise every season when SISU arrived (1 Viewer)

[Captain Dart]

Any such transactions would be declared in the notes to the accounts
As OSB has confirmed, there are management charges but they are not being paid but being added to a loan account that seems will not be paid - unless fortunes change

Not in sufficient detail, there are some major items in the accounts to which no note refers. Fees may be paid for other items than the one you refer.

 

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[oldfiver]

Not in sufficient detail, there are some major items in the accounts to which no note refers. Fees may be paid for other items than the one you refer.

Can you supply an example that would fall outside the IAS24 (FRS 8) reporting requirements that covers your point?

 

[Captain Dart]

Can you supply an example that would fall outside the IAS24 (FRS 8) reporting requirements that covers your point?

Of course not, that would be illegal. :angelic: Can you state in certainty that you understand exactly what is being paid for for every item in detail?

 

[oldfiver]

Of course not, that would be illegal. :angelic: Can you state in certainty that you understand exactly what is being paid for for every item in detail?

I do not have to.
The point you seem to be making is that payments are being secreted out to related parties and are undeclared to the Auditors
However there seems no justification for this.

 

[oldskyblue58]

As OSB has confirmed, there are management charges but they are not being paid but being added to a loan account that seems will not be paid - unless fortunes change

I never have. I said there was no evidence in the published accounts that any management charges were being paid, but that doesn't mean there were no such payments

Of course if management charges are being charged and rolled in to the loan accounts then that means that Sisu have put in even less cash than we thought.

You would expect that because Sisu have full investment authority on the loans & shares that by any definition they are related parties and any transactions should be disclosed by the directors in the accounts or by the auditors in their report.

Only thing I can see being rolled up and added to debt/accruals is the interest on the loans.

There were management charges disclosed in 2011 and before. These were payments made by Ccfc limited to Ccfc holdings limited. Therefore internal to the Ccfc holdings group. I.e. not paid to any external owners or third parties

 

[oldfiver]

I never have. I said there was no evidence in the published accounts that any management charges were being paid, but that doesn't mean there were no such payments

Of course if management charges are being charged and rolled in to the loan accounts then that means that Sisu have put in even less cash than we thought.

You would expect that because Sisu have full investment authority on the loans & shares that by any definition they are related parties and any transactions should be disclosed by the directors in the accounts or by the auditors in their report.

Only thing I can see being rolled up and added to debt/accruals is the interest on the loans.

There were management charges disclosed in 2011 and before. These were payments made by Ccfc limited to Ccfc holdings limited. Therefore internal to the Ccfc holdings group. I.e. not paid to any external owners or third parties

My apologies for the mis quote
However I think the gist of my point stands

 

[chiefdave]

So do you believe if we are religated this season that Sisu will get us out of it?
Or will we be just like Portsmouth but without the crowds?

No I don't think they'll get us out of it. I'll think they'll do exactly what Fisher said on CWR. The budget will be cut again and the downward spiral will continue. At some point the club will settle at a level where it is self sustainable. I suspect that would be playing in the Conference at the Butts.

But the question remains that, unless someone is prepared to put in and lose millions, what can a new owner do different. It seems to me they can mess around the edges but the main problems remain.

 

[hutch1972]

SISU came in December 2007. Losses to May 2004 were £8.2m, May 2005 was 0.9m, May 2006 was 3.3m and May 2007 was 4.3m according to this:
Coventry City Football Club Ltd | The Political Economy of Football

The accounts to 31st May 2005 have some interesting comments in them from Paul Fletcher

So going by PF comments, we could have finished ACL years before SISU arrived.
It seems we felt sorry for them for their losses.
Shame they had short memories!