ACL start admin proceedings (10 Viewers)

[Nonleagueherewecome]

how much would it cost to buy the club

I'd assume SISU would want to recoup their "losses", so in theory 45m?

 

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[RoboCCFC90]

how much would it cost to buy the club

ATM about £5.99 and a bag of Mini Cheddars

 

[Flying Fokker]

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?

I think you make a good point here. My only thought is that the administrators will have a degree of control over what deal is acceptable to them as administrators. SISU may come out of this with a few mill by the time this is all finished.

 

[Grendel]

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

Ipswich Council took the club to court and ended up settling out of court, Hull refused to pay and Doncaster council handed the whole ground to the Club in the end.

Why do you just make things up?

 

[Flying Fokker]

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

SISU had plenty of chances to shake on a deal. They took ACL to the limit and lost. Bad management of SISU.

 

[Nonleagueherewecome]

ATM about £5.99 and a bag of Mini Cheddars

Still way out of Hoffman's reach, then

 

[RoboCCFC90]

Yep, completely agree robo.

Don't get me wrong tho I dream for the best possible outcome just can't see it we are worse off than what Pompey are and they're fooked!!

 

[coundonskyblue]

Don't get me wrong tho I dream for the best possible outcome just can't see it we are worse off than what Pompey are and they're fooked!!

How exactly are we worse off than Pompey?

 

[Flying Fokker]

I'd assume SISU would want to recoup their "losses", so in theory 45m?

10% of that if they are very lucky. Admin usually means 1 or 2 % in the pound by the time it is all settled.

 

[RoboCCFC90]

Still way out of Hoffman's reach, then

Absolutely.. Hoffman searched the world for a buyer but at the end of his perilous journey ended up picking up a kid from Africa after advise from Madonna.

 

[DazzleTommyDazzle]

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

Not sure why you'd think that it's far fetched.

I have no knowledge at all about any potential current takeover, but I did hear some time ago that there was an interested party that concluded that they'd be unable to reach a deal with SISU.

It may be a case of 2+2=5, but I've always thought that if a new owner was to come in, it would most likely be via administration.

 

[stupot07]

How exactly are we worse off than Pompey?

How are we better off than Portsmouth? What makes us a more attractive proposition for investors?

 

[Nonleagueherewecome]

Absolutely.. Hoffman searched the world for a buyer but at the end of his perilous journey ended up picking up a kid from Africa after advise from Madonna.

So that's how we really got Gael, then?

 

[DazzleTommyDazzle]

I'd assume SISU would want to recoup their "losses", so in theory 45m?

Only in their dreams......

 

[RoboCCFC90]

How exactly are we worse off than Pompey?

A former owner of there ground owns there ground and it won't cost the earth to buy the shit hole of a ground (No offence Fratton Park) we are practically playing all 46 of our league games away from home, because we have no home! The Ricoh is a better standard than Fratton Park as well and ACL won't allow this asset out on the cheap, if at all! So you will have the cost to buy the ground any to pay the debts lets say circa £65,000,000 for a Third Tier club no chance..

 

[coundonskyblue]

How are we better off than Portsmouth? What makes us a more attractive proposition for investors?

Far less debt, a divsion higher next season, Fratton Park is a dump which will need to be rebuilt for any decent income. (cost of redeveloping that is far in excess of buying the Ricoh or reaching an agreement with ACL.)

 

[sky blue john]

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

The ACL Board had previously put forward a Heads of Terms Agreement on 29 January 2013. This Agreement was discussed point by point in a series of meetings between the ACL Board and the three Club Directors and agreed verbally by all parties. The Club Directors, however, then proceeded to renege on this agreement.

This is part of ACL's official statement I hardly think this is a lie because they are prepared to goto court with it !!!
:facepalm:

 

[RoboCCFC90]

Not sure why you'd think that it's far fetched.

I have no knowledge at all about any potential current takeover, but I did hear some time ago that there was an interested party that concluded that they'd be unable to reach a deal with SISU.

It may be a case of 2+2=5, but I've always thought that if a new owner was to come in, it would most likely be via administration.

Because my friend life isn't that neat it knocks you down and when things go against you they really go against you.. I can't see a serious buyer standing and waiting in the wings with £50,000,000 to buy this club, not this economic state or in our Sky Blue dreams!

 

[DazzleTommyDazzle]

Because my friend life isn't that neat it knocks you down and when things go against you they really go against you.. I can't see a serious buyer standing and waiting in the wings with £50,000,000 to buy this club, not this economic state or in our Sky Blue dreams!

Why would you need £50m to buy the club?

 

[RoboCCFC90]

So that's how we really got Gael, then?

Yeah stuck a bin liner over his head and told him about this wonderful place.. Unfortunately Foleshill was the only place available

 

[RoboCCFC90]

Why would you need £50m to buy the club?

Debts of reported £45,000,000, any buyer would want to buy the ground if not a stake (Whatever figure you like), proof of future investment, the list goes on..

 

[theferret]

Why would you need £50m to buy the club?

You wouldn't, but you'd still need a lot of money to pay off SISU. Any administrator would be independent and would be duty bound to ensure a good deal for SISU as the largest creditor. No way they'd get all their money back, but they would get a serious chunk of it.

 

[DazzleTommyDazzle]

Debts of reported £45,000,000, any buyer would want to buy the ground if not a stake (Whatever figure you like), proof of future investment, the list goes on..

Sorry - the reported £45m is what SISU are meant to have invested.

That is a "sunk cost", they've lost it. A buyer would not pay anything like that.

 

[Colonel Mustard]

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.

Had the club entered administration, a ten point deduction would have seen the club drop to bottom of the table with half the season left. Player releases and sales would have followed, meaning relegation to L1 would have been about as nailed-on as it could be. SISU must have had their reasons - probably those concerns of devaluation - for doing a pre-admin deal. Saying they only did so because they were stupid just won't wash.

 

[DazzleTommyDazzle]

You wouldn't, but you'd still need a lot of money to pay off SISU. Any administrator would be independent and would be duty bound to ensure a good deal for SISU as the largest creditor. No way they'd get all their money back, but they would get a serious chunk of it.

The amount that SISU have put in is not relevant.

The administrator would indeed be duty bound to get the best deal possible, but this will be based on the current assets and liabilities of the business. Not on historical investment that (for whatever reason) has been wasted.

 

[coundonskyblue]

You wouldn't, but you'd still need a lot of money to pay off SISU. Any administrator would be independent and would be duty bound to ensure a good deal for SISU as the largest creditor. No way they'd get all their money back, but they would get a serious chunk of it.

Tim Fisher said the other day that Sisu had written that off so legally they are owed nothing.

 

[RoboCCFC90]

Sorry - the reported £45m is what SISU are meant to have invested.

That is a "sunk cost", they've lost it. A buyer would not pay anything like that.

Can you blame me for getting confused in this feckin situation with all the crap that's going on!! A serious buyer would still need serious investment though maybe not that amount, but to be successful CCFC needs to own it's own ground, frankly the Ricoh but will ACL/CCC let it go cheaply... No

 

[Colonel Mustard]

Darryl Murphy ‏@darryljoemurphy This 'potential buyer' is said to be very interested - and does have the necessary funds #skyblues #pusb

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

Darryl Murphy ‏@darryljoemurphy I understand ACL have been speaking to a potential buyer for @Coventry_City for some time. #skyblues #pusb

could be a royal flush ferret...

It is feasible that ACL are happy to feed that story to the press to gain favour with the fanbase.

 

[DazzleTommyDazzle]

Can you blame me for getting confused in this feckin situation with all the crap that's going on!! A serious buyer would still need serious investment though maybe not that amount, but to be successful CCFC needs to own it's own ground, frankly the Ricoh but will ACL/CCC let it go cheaply... No

Don't blame you at all - I wish I understood the intricacies of administration better!

I agree that any buyer would need money to buy the club (not much), hopefully to buy (part or all of) ACL (much more) and money to fund losses while the club was hopefully put on a sound footing (quite a bit again).

I've no idea if anyone is out there, but I could just see more chance of a deal being done with the administrator than with SISU (based on their previous performance).

Whatever does or doesn't happen, let's just hope that the club eventually gets stronger!

 

[stupot07]

It is feasible that ACL are happy to feed that story to the press to gain favour with the fanbase.

Yep, both sides have been playing us over the last couple of months.

 

[RoboCCFC90]

Don't blame you at all - I wish I understood the intricacies of administration better!

I agree that any buyer would need money to buy the club (not much), hopefully to buy (part or all of) ACL (much more) and money to fund losses while the club was hopefully put on a sound footing (quite a bit again).

I've no idea if anyone is out there, but I could just see more chance of a deal being done with the administrator than with SISU (based on their previous performance).

Whatever does or doesn't happen, let's just hope that the club eventually gets stronger!

Yeah the American businessman who is interested in buying us in Donald Trump we will be fine, he could buy the City of Coventry if he felt like it but one step at a time Donald please

 

[blueflint]

Yeah the American businessman who is interested in buying us in Donald Trump we will be fine, he could buy the City of Coventry if he felt like it but one step at a time Donald please

such sarcasm

 

[SkyblueBazza]

You actually sound excited.

You disgust me.

I think we've discussed you enough on here before already ;-p

 

[theferret]

Tim Fisher said the other day that Sisu had written that off so legally they are owed nothing.

No, that was a commitment going forward as I understand it, it is highly unlikely with things as they are that they actually went ahead and did it. If they did, then perhaps they really are as stupid as some say.

 

[RoboCCFC90]

such sarcasm

Give me a break I have been off boos for six years and this is the only thing stopping me going down to the fridge and pulling out my brothers cans of Carling