ACL start admin proceedings (11 Viewers)

[coundonskyblue]

At least ACL have saved us from Liquidation.

 

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[coundonskyblue]

It's too neat Jack, ACL file for Admin just to talk with a potential buyer the whole time? It don't make sense

How else can they get rid of Sisu?

 

[mark82]

Lets just say they better have a buyer lined up or this could spell real trouble.

 

[wolfie]

Perhaps acl want to buy ccfc?

 

[mark82]

There is still the option that CCFC could just pay the money owed. Pretty sure SISU could do it just a case of whether they are willing to.

 

[stupot07]

Re: fact one-wrong; we were stopped from going into administration by SISU buying us. We haven't been in administration seeking a buyer before-that was one of SISU's first mistakes, taking on a club with a historical debt that wouldn't have been there from administration. That makes fact 2 also not a fact-we have never been in administration before, so no comparison can be made.

He said when we were in this position.

We are not currently in administration, only under the threat entering administration, as we were at the time.

 

[Flying Fokker]

Whatever your position on this matter, I fail to understand the glee with which some people have greeted this news.

Administration doesn't mean no liquidation, in fact liquidation will be inevitable if they cannot find a buyer to take the club on. Maybe they have someone lined up, in which case they have played their hand very well. My suspicion is that there is nobody waiting in the wings willing to take on this mess of a football club. Time will tell.

Personally, I would much preferred a resolution with the current owners who, whatever their primary motives, have shown a willingness to keep our club solvent over many years. Time will tell how this pans out, but personally I see this as the local authority playing games with its football club, the loss of which will amount to a good deal more to the local economy than fecking 1.3 million quid.

Pompey have been in admin for over a year. I hope we come out of this faster than they are. But we will.

SISU refused to come to the table....their downfall is of their own making.

 

[shropshirecov]

Darryl Murphy ‏@darryljoemurphy If #skyblues go into admin - ACL would appoint administrator. ACL would then try to negotiate lease with this potential buyer #skyblues...[/QUOTE]

Negotiations would go like this....
ACL: our previous tennant agreed 1.2 million a year.
Potential Buyer: no thanks
ACL: we might be able to do 400k if we can keep the money you generate on match days.
PB: no thanks
ACL: well the previous owners agreed to it...
ACL: ....and we've had the Olympics here you know!
ACL: hello, hello.....are you still there?

 

[mark82]

Pompey have been in admin for over a year. I hope we come out of this faster than they are. But we will.

SISU refused to come to the table....their downfall is of their own making.

Yep, that's my concern too.

 

[sky blue john]

If Sisu don't want to sell or get out surely they can just resolve this by putting in 1.3million in and paying ACL off ?

 

[torchomatic]

"We believe there are parties out there that could be interested". Believe?! I hope they are sure. I hope it's not anything to do with Joe Elliot.

 

[theferret]

Fact 1 - last time we were in this position only the Mayfair hedge fund were interested

Only SISU with the commercial acumen of a grape were prepared to pay for a loss making club with no assets / negative assets - hence they were the only buyers all other sensible business people would have waited for administration to get it for free / debt free and probably would have renegotiated with ACL rent rates F&B not wait 4 seasons to start the renegotiations.

I am not sure what relevance this is? A nice way of scoring points against SISU but of no relevance to the here and now. We are where we are.

People who talk about SISU and business acumen seem to forget that they continue to be able to access significant amounts of money to keep the club afloat - an organisation with ready access to liquid capital in this economic climate suggests a record in business that is not shoddy in the slightest. Not so great at running a football club, but I sensed a shift in their attitude this season, but hey, I guess now we'll never know if they would have turned it around.

 

[coundonskyblue]

We're in a better position than Pompey though

 

[cloughie]

You are clearly of limited intellectual ability so I will go easy on you;

Fact 1 - last time we were in this position only the Mayfair hedge fund were interested
Fact 2 - we are less attractive as an investment than we were at fact 1 stage
Fact 3 - from the start of punitive league action regarding administration only one club has improved league status since entering administration
Fact 4 - we will be the first club to effectively be wound up by the local council all other similar situations have resulted in the club getting its way

Is that understandable or do I need big crayons?

Yet again tirelessly unfactual, 'fact' 1 there were 2 intrested parties
'fact' 2 we were £60 million quid in debt before, now supposedly £45million

 

[stupot07]

We're in a better position than Pompey though

How? .

 

[RoboCCFC90]

How else can they get rid of Sisu?

No I agree with the admin part, but explain to me how if Hoffman who at one stage was looking all over the world for potential investment couldn't find squat, tell me how the ACL a Charity based in Coventry will have found the right type of buyer nessecary?

 

[deanocity3]

If ACL buy the club they will keep all the money including the gate money.
what would they put into the club to buy players

 

[torchomatic]

I must admit, I'm struggling to think why that is too.

How? .

 

[sky blue john]

Darryl Murphy ‏@darryljoemurphy If #skyblues go into admin - ACL would appoint administrator. ACL would then try to negotiate lease with this potential buyer #skyblues...

Negotiations would go like this....
ACL: our previous tennant agreed 1.2 million a year.
Potential Buyer: no thanks
ACL: we might be able to do 400k if we can keep the money you generate on match days.
PB: no thanks
ACL: well the previous owners agreed to it...
ACL: ....and we've had the Olympics here you know!
ACL: hello, hello.....are you still there?[/QUOTE]


Your just being silly now I hardly think whoever comes in is going to make as many or the same mistakes your buddies at Sisu have !!!

 

[RoboCCFC90]

I must admit, I'm struggling to think why that is too.

We are worse than Pompey Torch, at least a former owner of there club owned there ground, to us it's a third party, no one who has any connections to the club except for the stadia

 

[Jack Griffin]

If Sisu don't want to sell or get out surely they can just resolve this by putting in 1.3million in and paying ACL off ?

I think the feeling is that the club is trading while insolvent. It may not be that simple. The administrator will have access to the books.

 

[stupot07]

Yet again tirelessly unfactual, 'fact' 1 there were 2 intrested parties
'fact' 2 we were £60 million quid in debt before, now supposedly £45million

Added to fact 2 we were getting £5m more income, double the crowds and had more valuable saleable players.

 

[Nonleagueherewecome]

He said when we were in this position.

We are not currently in administration, only under the threat entering administration, as we were at the time.

But we are not going to get "bought" without going into administration-SISU want too much for that. We weren't in admin when SISU took over us, this time we will be-so it is a pointless comparison.

 

[blueflint]

It is a stance hull Doncaster and Ipswich all took. They had the whole if their respective population begind them - hence they won. I guess if hull was full of sky blue johns they would also now have no club.

hull doncaster and ipswich incester all negotiated a deal with the owners of the stadiums we are the only club to withhold rent and not negotiate so there is no comparison

 

[theferret]

I still don't know how this will pan out. If we go into admin, and insolvency practitioner will be appointed, who will then make an offer/proposal to creditors? Our biggest creditor by a mile is SISU, so what sort of an offer might be made to them, and what is the likelihood of them accepting it? No idea, but rather than clearing the debts, admin could ultimately result in new owners paying SISU back a significant proportion of what they are owed over many years. You'd all welcome that?

 

[stupot07]

But we are not going to get "bought" without going into administration-SISU want too much for that. We weren't in admin when SISU took over us, this time we will be-so it is a pointless comparison.

Birmingham and Portsmouth have both been up for sale for ages......they are still for sale.

 

[mark82]

Pompey have been in admin for over a year. I hope we come out of this faster than they are. But we will.

SISU refused to come to the table....their downfall is of their own making.

By the way it was ACL that ended negotiations not SISU. Maybe if the takeover is true it could have been ACL playing games all along. X

 

[DazzleTommyDazzle]

No I agree with the admin part, but explain to me how if Hoffman who at one stage was looking all over the world for potential investment couldn't find squat, tell me how the ACL a Charity based in Coventry will have found the right type of buyer nessecary?

We're all speculating here, but if there is a potential buyer in the wings I'd guess that the buyer found ACL rather than the other way round, i.e. an interested party that (for whatever reason) doesn't believe that they can do a deal with SISU, but understands that any buyer would have to work with (at least) ACL.

 

[cloughie]

I can't see how this avoids liquidation. It avoids SISU doing it any day they feel like but surely a judge is going to look at CCFC and put is into admin, can't see that not happening. From there isn't liquidation a real threat? If the admistratior can't see a way to sell CCFC on as a viable business don't they have to liquidate.

So possible scenario is ACL have their own buyer lined up, in which case why are SISU not aware of them? That seems suspect to me, hard to say without knowing more. Other scenario is there is no buyer. That's a very dangerous game for ACL to play. Sure many of us what id of SISU but as has often been said if there's no buyer we've in big trouble.

Why on earth would they want to try to buy the club at a sisu value when if they are in with ACL they can buy it from an administrator for a lot less

 

[Nonleagueherewecome]

Birmingham and Portsmouth have both been up for sale for ages......they are still for sale.

Oh sorry, I missed that, I didn't realise Grendel was actually comparing us to Portsmouth and Birmingham...

 

[Grendel]

He says that 10pts deduction may be this season & new owners could be in next season. Well we will have to see if that pans out..

Really excuse my ignorance but I thought independent administrators would ultimately decide our status

10 points next season and possibly more if the CVA goes wrong,

 

[torchomatic]

And let's hope your mates ACL don't either and give these "potential" new owners a level playing field; an affordable rent.

Your just being silly now I hardly think whoever comes in is going to make as many or the same mistakes your buddies at Sisu have !!!

 

[RoboCCFC90]

We're all speculating here, but if there is a potential buyer in the wings I'd guess that the buyer found ACL rather than the other way round, i.e. an interested party that (for whatever reason) doesn't believe that they can do a deal with SISU, but understands that any buyer would have to work with (at least) ACL.

Just seems to far fetched to me tho Dazzle, it's all to neat, it's like speculating that after we enter admin there will be a field of roses and a happy ending an both parties will be happy an the club will build to new heights, sorry but life doesn't work like that

 

[deanocity3]

how much would it cost to buy the club

 

[stupot07]

Just seems to far fetched to me tho Dazzle, it's all to neat, it's like speculating that after we enter admin there will be a field of roses and a happy ending an both parties will be happy an the club will build to new heights, sorry but life doesn't work like that

Yep, completely agree robo.