Reading all this and have not got a clue? (3 Viewers)
- Thread starter Steve.B50
- Start date
oakey
Well-Known Member
SISU are trying to wriggle out of debt to ACL.
SISU will do anything they can to claw back some money.
SISU will try to buy back the club from Admin with another Holding company and if ACL will not bend over and set a new rent they will groundshare with anyone who will have them.
If they cannot get what they want they will not hesitate to liquidate the club.
If this scenario plays out they will have lost another season ticket holder.
Sky Blue Spud
Member
I'm not a lover of SISU but you can be assured that they are no mugs in the legal and financial shenanigings going on at present. They will have the best legal brains identifying the various legal loopholes at their disposal. They will not jeopodise whatever financial investment that they made in the club so the question of liquidation is totally out of the question. As to how the Football League view the situation it will leave the neanderthals with an equally big headache as ACL will be experiencing.
Dimi_Konstantflapalot
Well-Known Member
It is so bloody boring, cannot wait till it is all sorted and we can get back to talking about the football!!!!
Otis
Well-Known Member
Well think there may be some truth in some of this.
Possibility now of another impasse. Can't see ACL even dealing with Sisu at all now if a new holding company is set up, so ACL may well refuse any rent deal at all and Sisu may well once again threaten liquidation.
Could be just more of the same to be honest.
Would be much simpler and swifter to just lock those gates and see who floats.
Samo
Well-Known Member
Would these be the same legal brains that advised them to purchase a football club, run it into the ground, lose £40 mil and end up in Div 3?
oldskyblue58
CCFC Finance Director
Here is what I think is going on ...... it is a best guess
Keep in mind that SISU own Otium entertainments who own CCFC Holdings who own CCFC. In short a group that is in each case a company wholly owned by the one above it. CCFC was as far as we know the only subsidiary of CCFCH
You are able to transfer assets between companies with no effect tax wise etc.
the lease appears to be in CCFC limited and the League share appears to be in CCFC Holdings.
SISU have transferred all assets player contracts etc out of CCFC Limited in to CCFC Holdings. That leaves what used to be the playing side company of CCFC Limited as nothing more than a property company holding the lease at the Ricoh. They then wind that "property owning subsidiary" up and with it goes the lease.
That means CCFC has no rights to play at the Ricoh. It means that ACL's debt cant be recovered. It means the League has a decision to make as to whether to accept it or not, it will set a precedent that could be quite dangerous for creditors.
It remains to be seen how ACL will challenge this
Keep in mind that SISU own Otium entertainments who own CCFC Holdings who own CCFC. In short a group that is in each case a company wholly owned by the one above it. CCFC was as far as we know the only subsidiary of CCFCH
You are able to transfer assets between companies with no effect tax wise etc.
the lease appears to be in CCFC limited and the League share appears to be in CCFC Holdings.
SISU have transferred all assets player contracts etc out of CCFC Limited in to CCFC Holdings. That leaves what used to be the playing side company of CCFC Limited as nothing more than a property company holding the lease at the Ricoh. They then wind that "property owning subsidiary" up and with it goes the lease.
That means CCFC has no rights to play at the Ricoh. It means that ACL's debt cant be recovered. It means the League has a decision to make as to whether to accept it or not, it will set a precedent that could be quite dangerous for creditors.
It remains to be seen how ACL will challenge this
The league appear to be in the loop and onside.
Who thought sisu were cornered and only had the option of leaving in disgrace?
Here's a copy of my previous post:
Ok, so now we know what sisu will do.
But does it show their intentions?
Maybe - if(!) sisu can stay in control, this is what I guess their strategy is:
Over the next few months they will learn if ACL really have a potential buyer lined up and if this buyer is prepared to pay what is necessary for sisu to walk away.
If a bid is made that satisfy sisu, then we have a new owner.
If no bid is made or the bid is too low, then sisu will buy back the club. This time it may actually be sisu themself who put in the money.
At that point the club will most likely have written of most of the debts and a can make relatively fresh start.
First thing is finding out where to play.
Remember that the current lease will be torn up and sisu will either repeat their demands: Lower rent, F/B revenue access plus a three year release clause - or more likely insist the club takes over ACL and their cheap council loan.
As there is no contract in work it will be sisu who say take it or leave it.
And as TF has done his homework, we may play the remaining games this season at Hinckley or another place he was scouting around christmas.
Next season will be either at the Ricoh or groundsharing with Birmingham or somewhere else.
And the club will either stay at (and own) the Ricoh or start planning a new stadium.
It's only a guess.
Here's a copy of my previous post:
Ok, so now we know what sisu will do.
But does it show their intentions?
Maybe - if(!) sisu can stay in control, this is what I guess their strategy is:
Over the next few months they will learn if ACL really have a potential buyer lined up and if this buyer is prepared to pay what is necessary for sisu to walk away.
If a bid is made that satisfy sisu, then we have a new owner.
If no bid is made or the bid is too low, then sisu will buy back the club. This time it may actually be sisu themself who put in the money.
At that point the club will most likely have written of most of the debts and a can make relatively fresh start.
First thing is finding out where to play.
Remember that the current lease will be torn up and sisu will either repeat their demands: Lower rent, F/B revenue access plus a three year release clause - or more likely insist the club takes over ACL and their cheap council loan.
As there is no contract in work it will be sisu who say take it or leave it.
And as TF has done his homework, we may play the remaining games this season at Hinckley or another place he was scouting around christmas.
Next season will be either at the Ricoh or groundsharing with Birmingham or somewhere else.
And the club will either stay at (and own) the Ricoh or start planning a new stadium.
It's only a guess.
chiefdave
Well-Known Member
That's exactly my thoughts OSB, people are saying there's a clause preventing SISU moving the lease out of whatever company holds it so why not just move everything else out. SISU may well have just out manoeuvred ACL.
The FL have previously let clubs temporarily play at other grounds and SSN are reporting that SISU have already cleared this with the FL. ACL seem then to have the option to give in and let SISU have whatever rental or ownership of the Ricoh they want or SISU either follow through with their plan (if their really is one) to build a new ground or else they liquidate. Sure the decision will be based purely on what they think will give them the best return. Don't think the council will have a leg to stand on if if were to get as far as SISU asking for planning permission. Council can't turn it down just because you've fallen out with SISU and they won't have many people on the council's side you would think if they refuse to allow a new stadium which would surely mean the end of the club.
The FL have previously let clubs temporarily play at other grounds and SSN are reporting that SISU have already cleared this with the FL. ACL seem then to have the option to give in and let SISU have whatever rental or ownership of the Ricoh they want or SISU either follow through with their plan (if their really is one) to build a new ground or else they liquidate. Sure the decision will be based purely on what they think will give them the best return. Don't think the council will have a leg to stand on if if were to get as far as SISU asking for planning permission. Council can't turn it down just because you've fallen out with SISU and they won't have many people on the council's side you would think if they refuse to allow a new stadium which would surely mean the end of the club.
I respect all your posts whether or not I agree with you,it is good insight ,almost from the inside ,but however this turns out now ,I'm gone as will be another 2K fans .My prediction is they want a Viable sustainable club ,7K. in Div four matches that,thats where I see them taking us.
oldskyblue58
CCFC Finance Director
maybe the council wont be able to stop it but they can make it damn difficult, extend timelines and add costs by insisting on planning requirements and infra structure improvements
chiefdave
Well-Known Member
Could well do but you have to think there would be a tipping point where they would lose the support they have at the moment. They are people who need votes after all, if public opinion swings against them to any great degree as they could be seen to be deliberately stopping the club moving back into the city would they stick to their guns?