Administration (3 Viewers)

[samccov1987]

Has any one else heard this rumour about us going Into admin on Monday? Cov mad have posted that it's been doing the rounds and with Brody stepping down I wondered if anyone knew if it was true.

Also wtf are we looking at Michael Brown for I thought we were signing premiership quality.

Pusb

 

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[WillenhallSkyBlues]

When has kev monks ever posted anything believable on that covmad website? Just another load of drab by him

 

[Otis]

GMK had this rumour on Friday. Guess it has just gathered steam since then.

 

[ashbyjan]

Never understand this blind antagonism towards Kev - all he has done is report on the rumour that was doing the rounds on GMK, here and at the ground. He hasn't reported it as fact just said there's a rumour about admin. If the club had more supporters as dedicated and loyal as Kev we would be in a far better place.

 

[spwaverley4916]

Never understand this blind antagonism towards Kev - all he has done is report on the rumour that was doing the rounds on GMK, here and at the ground. He hasn't reported it as fact just said there's a rumour about admin. If the club had more supporters as dedicated and loyal as Kev we would be in a far better place.

totally agree - another 5000 fans with Kev's loyalty would not go a miss right now

 

[Lord_Nampil]

Was with Kev the other week at the Cov ladies match vs Leeds (sadly my sister plays for Leeds ladies now after leaving Cov when she went Uni ) any way he told me that hes heard a few things regarding Admin, but it wont be the club that goes into admin it would be the sister company, not sure if that's the new one or the Sky blues leisure one. He also told me then that we would get money if sturridge played for England!! Hes a loyal fan and goes home away as well as to the ladies matches, Youth team etc very dedicated!

I have heard the Admin rumors from a few different sources now for me if it happened before Christmas and Hoffman was on the ball with his bid this time, we could have a transfer window to build for the future! I guess if hes not then its a long dark road a head....

 

[sky_blue_up_north]

It's not going to happen.. and why does everyone think it would be a good thing?

 

[Tankie]

"Still can't get my head round this administration thing"
please correct me if I'm wrong.
Is it not a fact, that in order to go into administration, there has to be creditors, who want their money back, we have been told on numerious occasions that the club doesn't have an overdraught, and all debts are in house, so who? can in fact, push us into administration, or are they really considering declaring the Club bankrupt, with not enough funds to cover the daily running of the club.
Am I correct, or have I missed something.
WArmest...Tankie

 

[sky_blue_up_north]

"Still can't get my head round this administration thing"
please correct me if I'm wrong.
Is it not a fact, that in order to go into administration, there has to be creditors, who want their money back, we have been told on numerious occasions that the club doesn't have an overdraught, and all debts are in house, so who? can in fact, push us into administration, or are they really considering declaring the Club bankrupt, with not enough funds to cover the daily running of the club.
Am I correct, or have I missed something.
WArmest...Tankie

Exactly my point SISU are the ones owed the money, so by putting themselves into Admin they say goodbye to what they are owned. Admin simply not going to happen

 

[Lord_Nampil]

How do we know the debt is all to SISU?? we dont even know who SISU are!!

 

[Glen]

Would it not be good to go into admin, then sisu will not be able to decide who buys the club and we can move forward in league 1

 

[skybluejelly]

while its not impossible for us to go into admin on monday,,surely the bookies would have heard something by now,and would have stopped taking bets on us being relegated,
as it is 1-2 on if someone genuinely knows, 50% return on your money tax free is well worth a bet..

 

[MatthewWallis]

If SISU ships debts to Otium and then they place us in Admin, then we are in debt to SISU. Meaning when someone else takes over the creditors will agree a deal with SISU so they will be getting their money back????

 

[Astute]

How much cash was put into our club by the SISU investors? How much in loans has been invested in our club? If the cash invested was small to the amount loaned then admin could happen as they would not lose the full amount. Maybe they can't raise any more loans and the investors are not willing to invest any more cash. Their income is well down as the crowds are much lower than needed. If there is not enough cash to pay the bills then we are insolvent.

 

[Nonleagueherewecome]

How much cash was put into our club by the SISU investors? How much in loans has been invested in our club? If the cash invested was small to the amount loaned then admin could happen as they would not lose the full amount. Maybe they can't raise any more loans and the investors are not willing to invest any more cash. Their income is well down as the crowds are much lower than needed. If there is not enough cash to pay the bills then we are insolvent.

They could easily capitalise at least 4-5m worth of talent in 6 weeks time. Why would they go now when that is an option-and, most likely, the one they'll use?

 

[Chipfat]

I doubt very much if tomorrow will bring Admin, just a rumour that has gathered pace and more out of wishful thinking than real subtance. Just shows how far we have fallen when Admin seems like our only hope, SISU should be very proud of themselves..

 

[kg82]

I've now heard it from a friend of mine who gets pretty good info. She didn't say it was tomorrow, just said it's probably coming.

 

[Nonleagueherewecome]

I've now heard it from a friend of mine who gets pretty good info. She didn't say it was tomorrow, just said it's probably coming.

But it just doesn't add up. Unless SISU have done a dodgy scheme involving Otium that will be bordering on the criminal.

 

[wingy]

But it just doesn't add up. Unless SISU have done a dodgy scheme involving Otium that will be bordering on the criminal.

Surely you've just answered your own question NLHWC.

 

[kg82]

Surely you've just answered your own question NLHWC.

Bazinga...

 

[Nonleagueherewecome]

If they think they can sneakily get away with something that obviously dodgy when even us lot have worked it out then they're even more stupid than I thought. Hmm, didn't think that was possible. Of course, this is how sides end up with 25 point deductions for two seasons rather than just ten for one. They do realise that, do they? That these shenanigans could lead to a double-relegation? If this is some scheme to come out of it with their money, it will fuck the club beyond all salvation. Ask Luton fans.

 

[wingy]

Vandals is the word i use NLHWC.

 

[Nonleagueherewecome]

Vandals is the word i use NLHWC.

Well I've been calling them crooks and gangsters since before they purchased us (sorry, got us for free). Guess I shouldn't be surprised. Still, I think the rumour is B.S.

 

[Astute]

Not saying will be done before their jan sales. Not saying the new whatever they have set up will try and take our club over. New name, not SISU will be associated with us going under.

Just a guess, bit could be correct. Best way for them to get out if nobody will take on the loans.

 

[cloughie]

S

I've now heard it from a friend of mine who gets pretty good info. She didn't say it was tomorrow, just said it's probably coming.

so will I if Ii get lucky

 

[cloughie]

If they think they can sneakily get away with something that obviously dodgy when even us lot have worked it out then they're even more stupid than I thought. Hmm, didn't think that was possible. Of course, this is how sides end up with 25 point deductions for two seasons rather than just ten for one. They do realise that, do they? That these shenanigans could lead to a double-relegation? If this is some scheme to come out of it with their money, it will fuck the club beyond all salvation. Ask Luton fans.

Don't think they give a sh*T about where we end up or SHOULD i SAY DOWN as long as they get their few quid back

 

[TheParsonsHose]

I've now heard it from a friend of mine who gets pretty good info. She didn't say it was tomorrow, just said it's probably coming.

At some point in the future we will win something (heard it from a friend who is in the know)

 

[Jack Griffin]

They keep saying they put money in, but I don't believe they put much 'real' money in.
They have added debts to the accounts, when they took over they did a deal with the Co-Op bank & Robinson which involved GR & Co-op writing a lot of debt off.
Some money came from Ray Ranson, for his stake, about £4M, otherwise I think most of the 'investment' comes out of normal club turnover & some from rich people who bought into SISU.
Brody must have put money in to buy out Ransons 15% share, so I think he has money at stake.
Now they have run up a debt of similar size to the one the club had when they took over.
I bet when they go into Admin (they will one day) that they owe ACL, Harry Shaw and various other creditors, they won't pay them 100% of the debt, maybe 10-20%.

I read OSB/Godiva FAQs again.. by May 2011 £24M was owed by CCFC to SISU, £13M was owed to other creditors.
When they did the takeover from GR/Co-Op the debt was written down to £8M, the SISU debt is loans, but like I say I don't know how 'real' this money is, they have been loading £11M plus debts on the club to SISU every year.
But basically I think they've gone another £5-8M in debt over 4 years, the rest is what SISU want to take to get out, they probably accept they will not get it all now, wouldn't be surprised if Brody is screwed by SISU for some of this sum. They have certainly fallen out over something, it is just like what happened to RR, LOL.
The next accounts are end Feb 2012, for the last accounts to be signed off SISU had to undertake to fund club for next year, they'll have to do similar for next accounts or pull the plug.
That sort of says Admin would happen only in Feburary, unless they have an excuse like - "we were going to sell Clingan to finance rest of year, but he is staying put & we can't get money anywhere else!"
Note they changed company account report date to just after end of Jan transfer window, last year it was the end of May.

 

[kg82]

At some point in the future we will win something (heard it from a friend who is in the know)

That's pretty clever. Did you think of that by yourself or did your friend help you?

 

[LeamingtonBootBoy]

They keep saying they put money in, but I don't believe they put much 'real' money in.
They have added debts to the accounts, when they took over they did a deal with the Co-Op bank & Robinson which involved GR & Co-op writing a lot of debt off.
Some money came from Ray Ranson, for his stake, about £4M, otherwise I think most of the 'investment' comes out of normal club turnover & some from rich people who bought into SISU.
Brody must have put money in to buy out Ransons 15% share, so I think he has money at stake.
Now they have run up a debt of similar size to the one the club had when they took over.
I bet when they go into Admin (they will one day) that they owe ACL, Harry Shaw and various other creditors, they won't pay them 100% of the debt, maybe 10-20%.

I read OSB/Godiva FAQs again.. by May 2011 £24M was owed by CCFC to SISU, £13M was owed to other creditors.
When they did the takeover from GR/Co-Op the debt was written down to £8M, the SISU debt is loans, but like I say I don't know how 'real' this money is, they have been loading £11M plus debts on the club to SISU.
But basically I think they've gone another £5-8M in debt over 4 years, the rest is what SISU want to take to get out, they probably accept they will not get it all now.
The next accounts are end Feb 2012, for the last accounts to be signed of SISU had to undertake to fund club for next year, they'll have to do similar for next accounts or pull the plug.
That sort of says Admin would happen only after Feburary, unless they have an excuse like - "we were going to sell Clingan to finance rest of year, but he is staying put & we can't get money anywhere else!"

The drain man hits the nail on the head again!

 

[procdoc]

Admin or not we are fucked either way. We are finished full stop

 

[ccfcway]

agreed

time to turn out the lights and get a full rewiring !

 

[We'll_live_and_die]

It's the big countdown to administration (apparently). We have less than two hours to go, will we still have a club at 10 this morning?

 

[Nonleagueherewecome]

It's the big countdown to administration (apparently). We have less than two hours to go, will we still have a club at 10 this morning?

5 minutes left now, then. I can see my life of watching CCFC flash before my eyes...aargh, Ally Pickering and David Rennie, make it stop!

 

[KersleyDigs]

4 minutes till inevitably, it will be proved to be complete bullshit!