shmmeee
Well-Known Member
Is this the part where you realise your last post was silly so change the subject?
Doug King Takeover (4 Viewers)
- Thread starter jackdg
- Start date
Is this the part where you realise your last post was silly so change the subject?
Grendel
Well-Known Member
Er no that’s not changing the subject because you’d assume the business has to submit some kind of plan to the EFL to show financial viability going forward which shows income, expenditure and the amount that the club is being supported by a new owner
Although it’s a different situation that’s exactly what wasps had to do to get its owners approved
I was the the EFL I’d certainly be concerned that someone is allegedly purchasing a club which has only 20 weeks tenure. What’s to prevent a wholesale asset sale and subsequent liquidation. I would hope it’s at least looking to get some business plan and forecast off the owners and the club.
The club have been asked to submit answers to certain questions - i and no one else knows what these are
More pertinently I’d hope they are also asking what the takeover actually is
It’s highly probable that zero cash is changing hands. King personally seems to have little or no cash in football ownership terms himself . It seems an odd situation to actually to purchase an organisation which has no tenure of security in 20 or so weeks which has to raise alarm bells as to its legitimacy - especially given the faikec
The 85/15 thing equally raises questions. You don’t need that. I think King said he wants Seppala expertise. You certainly don’t need that.
No one has a clue where the 15 resides still though again you can guess it’s in Otium for obvious reasons and would then raise issues regarding its legitimacy full stop
The Bury situation was entirely different as the ground was the asset. However if king as the new owner couldn’t actually strike a deal with the the arena and said regrettably he can no longer carry on - having of course sold the assets first to settle outstanding commitments to the prior owner then tragically be let down by Mr Ashley at the last minute that would be very unfortunate wouldn’t it
JimmyHillsbeard
Well-Known Member
SkyblueDad
Well-Known Member
I have said on here before the continued sisu involvement be it only 15% could be a problem their record over 15 years and with the EFL is rubbish reneged time and again, they can’t be trusted to lie straight in bed.
Sky Blue Pete
Well-Known Member
Not sure the efl would agree. Other owners might
SkyblueDad
Well-Known Member
Going back to the Northampton debacle a time when sisu stuck their chest out a bit I’m sure the sports minister or another MP aswell as one of our local MPs at the time try and find out who actually owned ccfc and never found out come to that who actually owns us now ?
skybluetony176
Well-Known Member
If this is going to happen surely there will be major progress/completion by the end of next week?
Grendel
Well-Known Member
Who owns Coventry City FC?
COVENTRY City chief executive Tim Fisher has assured supporters that the club has got nothing to hide.
shmmeee
Well-Known Member
That’s a lot of words but doesn’t change the fact King is unable to arrange a new deal until the takeover is approved. I get you’ve got questions and they’re fair ones, but complaining someone who hasn’t been approved to have significant control over the club hasn’t signed a long term deal on behalf of the club isn’t one of them.
Grendel
Well-Known Member
The question will be being asked to avoid a situation as I’ve described as best as they can and to understand the motivation for purchase which given the ground situation appears to be very strange timing indeed.
shmmeee
Well-Known Member
But it’ll just be answered “it’s the first thing on the to do list”. They can’t demand he strikes a deal before they approve the takeover.
As we’ve seen, the EFL were happy enough with an arrangement that could be unilaterally cancelled by either party with no notice.
SkyblueDad
Well-Known Member
Who owns us then ?Who owns Coventry City FC?
COVENTRY City chief executive Tim Fisher has assured supporters that the club has got nothing to hide.www.coventrytelegraph.net
Grendel
Well-Known Member
The structure has changed since then so idea
If king does take over it will I assume be a share transfer of some of the group to this commodity trader fund
How Doug King’s hedge fund made a killing shorting oil: ‘Investors don’t really get bear markets’
King’s RCMA Merchant Commodity Fund is up 26% this year. In 2014, it was up almost 60%
www.fnlondon.com
SkyblueDad
Well-Known Member
Just a guess but it looks to me possibly sisu own or have a 15% stake in ccfc.
Colin Steins Smile
Well-Known Member
Grendel has made some good points regarding the prospective takeover. The prospects of the EFL trying to clarify details of ownership within Doug King and SISU's [who'll still have significant holding in CCFC] is daunting and no wonder it's taking time.
The EFL will not only have to check that DK has the money, but also where it came from? All it needs is some red flags to be raised concerning money laundering or investors with "unspent criminal convictions" to be raised and the take over will not be approved.
The EFL will not only have to check that DK has the money, but also where it came from? All it needs is some red flags to be raised concerning money laundering or investors with "unspent criminal convictions" to be raised and the take over will not be approved.
Brighton Sky Blue
Well-Known Member
I mean if they’re doing this they’re going to a far higher level of scrutiny than they seem to for the usual shysters taking on Championship clubs.
Hobo
Well-Known Member
I agree. Checks aren't just about funds in an account. There will need to be transparency on from who and where they come from.
This possibly is the delay reported with EFL asking for more information which CCFC said they have submitted. Nothing likely to happen until the committee sit again.
Brighton Sky Blue
Well-Known Member
Grendel
Well-Known Member
Such as?
Brighton Sky Blue
Well-Known Member
clint van damme
Well-Known Member
How many of them had the current owners retaining 15 percent?
Earlsdon_Skyblue1
Well-Known Member
You writing song lyrics m8?
Brighton Sky Blue
Well-Known Member
Reading is a 75-25 split and 10 of the 75 is shared between two people
clint van damme
Well-Known Member
That's a fairly unusual arrangement I think.
I posted last week that it's the source of the funds which is the issue, I've no idea how true that is but I wouldn't be surprised.
Grendel
Well-Known Member
Really? Other than charlton they are all fine?
Brighton Sky Blue
Well-Known Member
I think only Sheff Utd on that list would consider themselves 'fine'
Some dubious names for sure, but given that many on here (including yourself) are ready to roll out the red carpet to Mike Ashley of all people, then surely most of our fans would be happy with those other owners too?
SkyblueDad
Well-Known Member
Haven’t they recently had a takeover attempt kicked out by the EFL
Brighton Sky Blue
Well-Known Member
Grendel
Well-Known Member
Which of them have no money to function as a going concern?
letsallsingtogether
Well-Known Member
I'm sure EFL definitely agree bet they are sick to death with our illustrious leader.
Must have spent most of their time debating our clubs troubles over the last 10 years, at least 1 massive issue every season!
Sky Blue Pete
Well-Known Member
Really ?? Hyperbole I think. I’m sure they have dealt with lots. The rest of the clubs all have a say
Broken Hearted Sky Blue
Well-Known Member
Really??