The Board of Arena Coventry Limited (ACL) is aware of the statement made this evening by Coventry City Football Club (Holdings) that is has placed a non-operating subsidiary of its business into administration. The statement is unclear. We are revewing this action with our legal advisers and will make a public statement in due course."
Confused.com (1 Viewer)
- Thread starter PWKH
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AFCCOVENTRY
Well-Known Member
Peter
Please could you confirm if the high court case is on or off tomorrow please.
I understand there is only so much you can say on the matter.
Thank you
Please could you confirm if the high court case is on or off tomorrow please.
I understand there is only so much you can say on the matter.
Thank you
Black6Osprey
New Member
There is nothing confusing about it. While the pair of you are playing who's got the biggest cock, our club is going down the tubes.
Bugsy
Well-Known Member
Totally agree, they need there heads smashin together
ccfcway
Well-Known Member
grim times
Most likely expected.
Danceswithhorses
Well-Known Member
Thank you Peter...at least one side is trying to give us information we can understand
In an earlier post I said that there would be no end of twists and turns before this saga is ended. This is another twist or maybe a turn. We need to see how far the statement matches up with the facts. This can't be done until business hours. We will then discuss the situation with our advisers, sort out what is what and then make a statement. There is no point in our saying anything more at the moment because things just don't add up. I am afraid that it is a night of speculation, rumour, the creation of myths and certainly nothing of substance. If what has been touched on in the statement is what it appears to say, the ramifications will touch all English football. I hope that Seppala and Fisher understand the genie they have just released. Nothing more to be done or said until tomorrow.
Grendel
Well-Known Member
They may have released the genie but your lot rubbed the bottle and many of our fans made a wish they will really come to regret.
Brighton Sky Blue
Well-Known Member
It never had to come to this Grendel-all they had to do was accept the bleeding offer on the table.
SkyBlueScottie
Well-Known Member
Quick questions Peter, Were you aware that the club potentially faced a further points deduction after coming out of admin without the agreement of SISU, or were you confident of them agreeing allowing a CVA to be formed?
SkyBlueScottie
Well-Known Member
What was the deal on the table?
I would have no issue with the deal as long as we knew what it was? Similarly the new investors which have apparently been courted, what rental agreement if any, has been struck with them?
Sky Blue Ian
New Member
But why accept an offer which a) they didn't think was right for the long term future of the dclub and b) was unclear as ACL refused the figures on revenue for the food an beverages.
It would have been as negligent to do that as it was for the original clowns to sign the deal they did with ACL in the first place
Grendel
Well-Known Member
There are no new investors. This is the end.
Brighton Sky Blue
Well-Known Member
1. Rent reduced from £1.3m to £400k.
2. Access to ACL's share of F+B profits (80%).
3. ACL to cross-invoice total F+B revenue to the club for FFP calculations.
The only sticking point from what Jan has said was repayment of the arrears because the club viewed the original rent agreement as unlawful despite having signed it.
Brighton Sky Blue
Well-Known Member
See my reply to SBS.
deanocity3
New Member
EVEN MORE CONFUSED NOW
AFCCOVENTRY
Well-Known Member
SISU have completely upped the game here Peter.
Mucca Mad Boys
Well-Known Member
Which wasn't satisfactory in my view.
Did you just subconsciously say ACL were effectively bullying CCFC to accept the offer?
Mucca Mad Boys
Well-Known Member
I think they've played an ace here.
Pathetic even by your standards.
Brighton Sky Blue
Well-Known Member
What wasn't satisfactory about this:
Rent reduced to a figure deemed acceptable by TF/Access to ACL's share of F+B profit/ACL cross invoicing F+B revenue (total) for CCFC to include in FFP calculations.
chiefdave
Well-Known Member
I don't follow your thought process here. Surely there's not that many clubs in the same position as CCFC, i.e.: renting their ground. Of those that are how many are in rent disputes?
If you're referring to the FL allowing CCFC to complete fixtures away from the Ricoh then the FL have previously allowed clubs, Brighton spring to mind, to play fixtures well away from their local base. The only change here is that it would happen part way through a season.
What am I missing?
rupert_bear
Well-Known Member
The trouble is none of us really know whats what. I always thought there will be a twist here and a turn there, but stay cool. Things will map out of that i'm certain. The court case starts tomorrow at 10.30 not tonight. SISU are getting desperate and i can't see any financial sense in their stance. I still believe even at this late hour a solution will be found
coundonskyblue
New Member
Think the ramifications he refers to are that a sports club can build up a load of debt, transfer it to a subsidiary, let it go bust and then carry on as normal.
Ace? Your saying like its a good thing! What a twat
Grendel
Well-Known Member
People just don't get it do they?
Unfortunately in life in business you deal and negotiate with people you may not like to try and achieve what you want.
The fact is the council and ACL created a monster when they agreed the original rental arrangements with the club. This was always deemed to fail. The fact it has lasted so long is a miracle.
Like or not any other club (Hull, Doncaster, Ipswich etc.) who have had issues with the council have took the clubs side and in all those examples the club have profited. We are the only club whose supporters have sided with a landlord.
Sorry people have been asking for it and they are getting it.
This is a disaster and we have helped create it.
The council have to drop the case and re-negotiate.
Brighton Sky Blue
Well-Known Member
Look at the offer being rejected by the club-what more can reasonably be asked for?
Mucca Mad Boys
Well-Known Member
Do I think it's good? Well, we'll have to wait and see, it's not ideal, put it that way, I might not be able to go now but, I'll give you something to consider:
Stay at the RICOH, go into admin, get the -10 or -15 points all but confirm another season in L1 losing out on millions on revenue, possibility of liquidation, still no rent agreement, OR...
Move to whatever ground, cheaper rent and possibly get 100% revenues, still the playoff dream is intact, we could get promoted, we get millions, we'll lose probably short of 100k in lower attendances, but, ST holders get counted whether or not they go, and because that's the large majority of our gate, CCFC aren't losing too much.
I think this shows that SISU have at least a mid-term plans for CCFC, and it could pave the way for more productive rent talks now ACL are guaranteed jack shit.
Mucca Mad Boys
Well-Known Member
Debt written off, that extra 20% revenue. Didn't SISU want someone to look at ACL's finances?
Doesn't seem to unreadable does it?