Appeal Dismissed (17 Viewers)

D

Deleted member 5849

Guest
As it stands right now we wouldn’t have. Things would have to change. Have some kind of system like Ofsted use when a school is being poorly ran. Send someone in to get it running properly, achieve the aim and find new owners who are willing to pay the figure set by an independent valuer. No points deductions or fines. Just remove the catalyst that’s causing the problem. If that had happened in the past there would be two or three clubs that would probably still be in the EFL now.
Not sure that works in a business though. The consequence of a poorly run business is it goes bust, and falls away (i.e. drops out the league). Forcibly 'rescuing' it leads to all kinds of issues really.

If you went down the route you propose (which I don't necessarily disagree with philosophically) then the whole setup needs to change from business-oriented to club and community organisation oriented.
 

Nick

Administrator
I’m saying they should act as a regulator. As Dave has said the ownership doesn’t care if we survive or not as long as they reach their aims (what those aims are is up for debate). If this is happening the club is poorly ran. The main focus of a football club’s owner should be serving the club’s community and the future sustainability of the club. What SISU are doing right now is hampering the future sustainability.

Yes but you have to take a step back and look at how the EFL and independents would view it, without any emotion links or passion for CCFC.

How can the EFL force any legal action to be stopped or take away the golden share? That would open up a whole world of shit across football. It would have landlords and third parties absolutely rinsing football clubs because they could.
 

Nick

Administrator
If you went down the route you propose (which I don't necessarily disagree with philosophically) then the whole setup needs to change from business-oriented to club and community organisation oriented.
Exactly.

It would need to somehow get every club from it's private / limited company type ownership and hand it over to some sort of trust / charitable organisation that have to abide by a set of rules. With the money involved in football how is that going to happen?
 
D

Deleted member 5849

Guest
Exactly.

It would need to somehow get every club from it's private / limited company type ownership and hand it over to some sort of trust / charitable organisation that have to abide by a set of rules. With the money involved in football how is that going to happen?
Don't get me wrong, it's absolutely what I think fans should start a movement *for* as it's the ideal, but that's the first battle... and it's a long and potentially futile one!

Only once football in this country changes could you even conceive of regulating in the way CJ suggests. As it stands, SISU have taken a risk, they're acting as a financial business and, like it or not (let's be honest, it's the not!) they're perfectly entitled to do so.
 

Nick

Administrator
Don't get me wrong, it's absolutely what I think fans should start a movement *for* as it's the ideal, but that's the first battle... and it's a long and potentially futile one!

Only once football in this country changes could you even conceive of regulating in the way CJ suggests. As it stands, SISU have taken a risk, they're acting as a financial business and, like it or not (let's be honest, it's the not!) they're perfectly entitled to do so.

It's something that should have been done at the forming of the Premier League for example.

How are you going to get potentially 92 clubs to be handed over from their owners to convert it from a limited company / private owned business to a trust. Don't get me wrong I'd be more than happy for every club to be on a level playing field and only spend the money it can generate it's self which would make football a much better place but I can't see how it could happen.

Taking all of the money out of football, having the fans run clubs where they own the ground and they can only spend money they bring in would be amazing. It would mean every club would have the same sort of feel as somebody like Accrington and it would be the centre of the community. If it had been done like that from the start then I don't think there would be the issues we have.

It would need so much money to buy the owners out, what happens then if the club doesn't own the ground? Do they then have to be purchased to go with the club to prevent any conflict going forward?
 

Colin Steins Smile

Well-Known Member
I think the commercial interests of Wasps will prevail and the point at which the terms for CCFC to stay at the Ricoh outweighs the costs and litigation risk will determine the outcome.
On the face of it Wasps could do with the extra cash, as they look like they are struggling to make their business model work. However, the subjective side of the equation is connected to the hassle that Sisu put them through, which is difficult to measure.
 
D

Deleted member 5849

Guest
I'd be more than happy for every club to be on a level playing field and only spend the money it can generate it's self
See, I totally disagree with that. Football has always seen clubs advance thanks to benefactors. We'd have been nowhere without the likes of David Cooke, for example.

What you do need is security they're actually benefactors mind you - not that they want the cash back at some stage or use it to hold a club to ransom.
 
D

Deleted member 5849

Guest
I think the commercial interests of Wasps will prevail and the point at which the terms for CCFC to stay at the Ricoh outweighs the costs and litigation risk will determine the outcome.
On the face of it Wasps could do with the extra cash, as they look like they are struggling to make their business model work. However, the subjective side of the equation is connected to the hassle that Sisu put them through, which is difficult to measure.
Frankly if I were Wasps I'd risk the PR to eject a rival for support from the city.

It's also why I'd offer a ridiculous rent that squeezed the club to an inch of its life.

Business eh? Gotta love it...
 

Nick

Administrator
See, I totally disagree with that. Football has always seen clubs advance thanks to benefactors. We'd have been nowhere without the likes of David Cooke, for example.

What you do need is security they're actually benefactors mind you - not that they want the cash back at some stage or use it to hold a club to ransom.

I guess if it's a "gift" it's a bit different. I just meant issues we have seen where money is ploughed in to try and make it to the promised land and it all goes to shit if it doesn't work.

Even now there are teams in the championship making losses of tens of millions trying to get there. If the money runs out or the owner decides they don't want to bother any more what then?
 

chiefdave

Well-Known Member
What you’ve said about those running the club not being involved in the court action simply isn’t true. For example who is the sole director of OEG and who is one of the organisations taking Wasps to court? All I’m saying is the first step should be for the court cases to end. If that happens there are no excuses, negotiations should start at that moment. For the good of the club they need to give it up. They’re the biggest problem right now.
If you think there is anyone running CCFC on a day to day basis who can snap their fingers and get the legal action stopped you're kidding yourself and sleepwalking towards, at best, another move out of the city.

Doesn't matter who has their name on a form somewhere its all being run by Sepalla and SISU. Now you debate the legality of that and shadow directors but building a case for that to the point of it being any use will not be an easy task.
 

chiefdave

Well-Known Member
I’m saying they should act as a regulator. As Dave has said the ownership doesn’t care if we survive or not as long as they reach their aims (what those aims are is up for debate). If this is happening the club is poorly ran.
How would you regulate that? You get Arsenal fans going nuts if they aren't in the top 6, do they get to kick out their owners? Don't see how it could ever work in practice.
 

Nick

Administrator
How would you regulate that? You get Arsenal fans going nuts if they aren't in the top 6, do they get to kick out their owners? Don't see how it could ever work in practice.

As well as fans who are mainly unhappy just because the owners aren't throwing millions at the team.

Unless laws / rules are physically broken, everything is pretty much then based on opinion isn't it?
 

oldskyblue58

CCFC Finance Director
If Otium were removed from any court action, wouldnt that challenge that CCFC is taking action against Wasps.? Would that open up challenge to Wasps?

If Otium was removed from any court action would that stop "SISU" taking further action against Wasps or CCC? No they are entitled to take what action they choose to.

Any arrangement is between Wasps and Otium for usage of the stadium isnt it? not SBS&L or ARVO or SISU? Yes the owner on both sides has to sign off but legally speaking it is not a lease be it 1, 10 or 100 years between Wasps Holdings/ACL and SISU

Why does Otium (or even perhaps SBS&L) need to be included for "SISU" to be able to take legal action? What stops SISU removing Otium from the legals, especially when not apparently liable for any of the costs and no one from Otium involved (i dont agree that either is the case btw) Why not put in a clear buffer between Wasps and SISU by clearly removing Otium from legal actions? (SISU are not actually taking any action legally it is Otium/ SBS&L /ARVO be it they all appeared to be controlled by Seppala/ SISU Capital Ltd). Wouldnt that in its self challenge the Wasps position, give others something to use? Surely if CCFC is important to SISU they need to find ways to put pressure on Wasps that are not court action based

I dont think fans pressure will work on either side, didnt before and there is greater apathy than previously - takes more than a stern few words on a forum, expecting someone else to do it

Wouldn't taking Otium out of the case remove from Wasps their perception of the high ground? Could that stoke up our fans to protest easier (still have my reservations on fan action that doesnt mean it shouldnt be encouraged though)? Wouldnt that strengthen the CCFC hand? put pressure on CCC to get involved to pressure Wasps?

What drives Wasps stance has to be cashflow and breaking SISU's involvement isnt it? Are these weaknesses for them - most probably but not challenged much

The situation really has nothing to do with the well being of CCFC though, it is and always has been about the investment money that SISU are responsible for either as agents or principle. For fans to keep referring to doing the best for CCFC is i am afraid understandably misguided.

Wasps having a 250 year lease does not stop CCFC/Otium having say a 100 year lease at the stadium. A move that would create value in CCFC/Otium accounts and Wasps accounts. Could such a long term agreement make (a) CCFC more saleable and (b) maintain the lease value bond security for Wasps?

Not in anyones interest for CCFC not to be at the Ricoh next year. Also there is the need to maintain a connection to the stadium that is important to both clubs should the thinking be SISU will sell out at some point

Why do the papers never ask the question of Wasps "you did it last year why not this" or "do you not think this will damage your reputation in the city if CCFC are not playing at the Ricoh" or "how will not having CCFC playing at the Ricoh affect your finances" etc

The EFL would not take the actions mentioned they simply could not afford it in this case let alone setting precedents in others. The EFL runs a competition and so long as that competition is safe in general terms then there is no real incentive to act.

Yes Wasps need to be challenged, but so too SISU. Both sides are equally important to the solution. Seems to me that Wasps get little challenge but equally SISU provide much of the cover for them to hide behind. If the CCFC owners focussed more on CCFC than investors then they might position things differently. A lot of what is going on is all semantics - all in the perception and positioning of statements/actions

I think both sides are so entrenched that no real solution will be found, other than a more expensive 1 year deal for CCFC - and the merry go round starts again next year.
 
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fernandopartridge

Well-Known Member
If Otium were removed from any court action, wouldnt that challenge that CCFC is taking action against Wasps.? Would that open up challenge to Wasps?

If Otium was removed from any court action would that stop "SISU" taking further action against Wasps or CCC? No they are entitled to take what action they choose to.

Any arrangement is between Wasps and Otium for usage of the stadium isnt it? not SBS&L or ARVO or SISU? Yes the owner on both sides has to sign off but legally speaking it is not a lease be it 1, 10 or 100 years between Wasps Holdings/ACL and SISU

Why does Otium (or even perhaps SBS&L) need to be included for "SISU" to be able to take legal action? What stops SISU removing Otium from the legals, especially when not apparently liable for any of the costs and no one from Otium involved (i dont agree that either is the case btw) Why not put in a clear buffer between Wasps and SISU by clearly removing Otium from legal actions? (SISU are not actually taking any action legally it is Otium/ SBS&L /ARVO be it they all appeared to be controlled by Seppala/ SISU Capital Ltd). Wouldnt that in its self challenge the Wasps position, give others something to use? Surely if CCFC is important to SISU they need to find ways to put pressure on Wasps that are not court action based

I dont think fans pressure will work on either side, didnt before and there is greater apathy than previously - takes more than a stern few words on a forum, expecting someone else to do it

Wouldn't taking Otium out of the case remove from Wasps their perception of the high ground? Could that stoke up our fans to protest easier (still have my reservations on fan action that doesnt mean it shouldnt be encouraged though)? Wouldnt that strengthen the CCFC hand? put pressure on CCC to get involved to pressure Wasps?

What drives Wasps stance has to be cashflow and breaking SISU's involvement isnt it? Are these weaknesses for them - most probably but not challenged much

The situation really has nothing to do with the well being of CCFC though, it is and always has been about the investment money that SISU are responsible for either as agents or principle. For fans to keep referring to doing the best for CCFC is i am afraid understandably misguided.

Wasps having a 250 year lease does not stop CCFC/Otium having say a 100 year lease at the stadium. A move that would create value in CCFC/Otium accounts and Wasps accounts. Could such a long term agreement make (a) CCFC more saleable and (b) maintain the lease value bond security for Wasps?

Not in anyones interest for CCFC not to be at the Ricoh next year. Also there is the need to maintain a connection to the stadium that is important to both clubs should the thinking be SISU will sell out at some point

Why do the papers never ask the question of Wasps "you did it last year why not this" or "do you not think this will damage your reputation in the city if CCFC are not playing at the Ricoh" or "how will not having CCFC playing at the Ricoh affect your finances" etc

The EFL would not take the actions mentioned they simply could not afford it in this case let alone setting precedents in others. The EFL runs a competition and so long as that competition is safe in general terms then there is no real incentive to act.

Yes Wasps need to be challenged, but so too SISU. Both sides are equally important to the solution. Seems to me that Wasps get little challenge but equally SISU provide much of the cover for them to hide behind. If the CCFC owners focussed more on CCFC than investors then they might position things differently. A lot of what is going on is all semantics - all in the perception and positioning of statements/actions

I think both sides are so entrenched that no real solution will be found, other than a more expensive 1 year deal for CCFC - and the merry go round starts again next year.
Is Otium being on the case to do with showing it is an injured party to be compensated?
 

skybluetony176

Well-Known Member
Here’s a novel idea. Pointless court cases with little to no chance of winning isn’t going to damage Wasps other than being an irritation. A successful CCFC though with rising gates on the other hand would. Now imagine if our owners had have put the same time, effort and investment in the playing team that they have in the legal team? Not saying that they should fund another operation premier league but operation championship and staying there is doable. With the inevitable growing gates, local sponsorship etc that would bring that would have to have a negative effect on Wasps own gates and finances you would think. Certainly would be more effective than the court action.

The biggest threat to Wasps (not bond related) is a successful CCFC and indeed a successful CRFC. The court action is nothing in comparison and would have the added bonus of not being a thorn in CCFC’s side. Because we’re clearly the only party it’s having any damaging effects on.
 

Grendel

Well-Known Member
As it stands right now we wouldn’t have. Things would have to change. Have some kind of system like Ofsted use when a school is being poorly ran. Send someone in to get it running properly, achieve the aim and find new owners who are willing to pay the figure set by an independent valuer. No points deductions or fines. Just remove the catalyst that’s causing the problem. If that had happened in the past there would be two or three clubs that would probably still be in the EFL now.

Wasps finances are rapidly beginning to look like ours. They now have from what I see £18m owed to Richardson

Should they be booted out the rugby premier league?
 

WhaleOilBeefHooked

Well-Known Member
Wasps Holdings debts are in excess of their assets. Congratulations to Coventry City Council for securing the future of the arena!

Man Utd has €200m net debt, in excess of their assets, FYI.

Debt isn't necessarily a bad thing in business, or in normal life. If you take out a mortgage, you have more debt than assets if you're including interest over the term.
 

ccfcchris

Well-Known Member
Man Utd has €200m net debt, in excess of their assets, FYI.

Debt isn't necessarily a bad thing in business, or in normal life. If you take out a mortgage, you have more debt than assets if you're including interest over the term.
Have Wasps got the financial; pulling power of Man Utd?
 

WhaleOilBeefHooked

Well-Known Member
Have Wasps got the financial; pulling power of Man Utd?
No obviously not. Just trying to get across that debt isn't necessarily a negative, so pinning hopes on that isn't wise.

Besides, financial accounts have a knack of hiding issues. For example from the very brief look of the accounts, it hasn't even mentioned a key risk is that of ongoinh litigation.
 

Grendel

Well-Known Member
No obviously not. Just trying to get across that debt isn't necessarily a negative, so pinning hopes on that isn't wise.

Besides, financial accounts have a knack of hiding issues. For example from the very brief look of the accounts, it hasn't even mentioned a key risk is that of ongoinh litigation.

What on Earth are you on about?

It’s accounts are a nightmare. It’s cash flow for a start is critical and getting worse.

The purpose of its debt creation was partly to raise money pay the major creditor some funds back but actually has ended up getting additional finance from said creditor.

There will have to be additional funding from him as the cash flow is not sustainable and the club will fold - that’s not the case with Manchester United.

Wasps have borrowed and even their own fans are lamenting lack of investment in the current squad and also the future - namely the academy.

On going litigation is hardly a major factor. The accounts show half a million was spent on this. If that type of cost is a significant factor then they really are in trouble - which without being propped up by Richardson - they most clearly are.
 

Grendel

Well-Known Member

Grendel

Well-Known Member
I knew they used to sell exotic animals but that's a bit extreme.

I always say Herod but I meant the King Solomon fable - and yes a lot of our fans suffer from the same absurd belief
 

Grendel

Well-Known Member
That makes perfect sense now you corrected it.

*Best ask Google*

Herod slaughters babies and I always forget it’s the Solomon judgement
 

WhaleOilBeefHooked

Well-Known Member
On going litigation is hardly a major factor. The accounts show half a million was spent on this.

Oh yeah, the ongoing litigation of an attempt to seize control of the Ricoh from them (their main asset) isn't a huge factor.

I'll just nod and smile at you, Grendel.
 

Grendel

Well-Known Member
Oh yeah, the ongoing litigation of an attempt to seize control of the Ricoh from them (their main asset) isn't a huge factor.

I'll just nod and smile at you, Grendel.

How does it actually impact the accounts in a financial year?

Explain
 

WhaleOilBeefHooked

Well-Known Member
How does it actually impact the accounts in a financial year?

Explain

No explanation is required, really, is it.

I'll bite though and explain in layman's terms. If they lost the litigation they could lose the asset and be liable for costs. Do you not think that is material to the company's financials?
 

Grendel

Well-Known Member
No explanation is required, really, is it.

I'll bite though and explain in layman's terms. If they lost the litigation they could lose the asset and be liable for costs. Do you not think that is material to the company's financials?

No. Not to turnover operating costs or cash flow

Let’s go through these one by one - how does any future actions impact those key measures?

Explain
 

Grendel

Well-Known Member
Oh well looks like he’s gone back to uncle Nicky for a briefing - I’m sure he’ll be back
 

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