It seems to me we can be pretty certain that the share is in CCFC Ltd. If it wasnt that company would have been wound up not in administration. The FL have taken the share for safe keeping and wont make a public statement until the administrator makes some decisions.
So where is the trade? Mr Appleton who was apponted 21st March 2013 has said this is not all together clear and that CCFC H operates the football club, indicating at least originally that this had always been the case. CCFC Ltd was merely a non trading property subsidiary apparently. His investigations continue and he may change that understanding
Investigations are being conducted all the way back to 1907 to what purpose I am not sure because up until 1995 there was only one company "The Coventry City Football Club". The share and trade could only be in one place.
So 1995. In 1995 "The Coventry City Football Club" was hived down in to two companies CCFC Ltd and CCFC H Ltd.
All articles rank as the same weight in law but it is common practice to rely on the first article to define the purpose of the company.
CCFC Ltd was formed with this first Article
"To acquire from its parent company "the Coventry City Football Club Ltd " as a going concern the business of the playing activities of that company and to carry on such business uner the name of "Coventry City Football Club"
CCFC H ltd (formerly The Coventry City Football Club Ltd) changed its to
"To carry on the business of a holding, management and investment company"
Both companies later go on to include articles that cover either the operating of stadia or managing a football club. But like i said when looking at a company's permitted activity to disclose it is usually the first article that takes precedence
So what do the accounts say
CCFC Ltd accounts to 31/05/96 state the following in the directors report.
" On the 1st June 1995 the company purchased all of the playing activities from its holding company including assets, management executives, players, and certain other employees"
The accounts then include entries and notes relating to player transfers, player wages, valuation of playing staff, signing on fees, match receipts, sponsorship, prize money etc
The accounts of CCFC H Lts for 1996 include the following
"the company operates as a holding company managing the football club"
"in order to provide a more orderly structure to the business on the 1st June 1995 the company transferred all of its playing activities of its football club including assets, management executives, players, and certain other employees to its wholly owned subsidiary Coventry City Football Club Limited
The facilities remain to be owned by Coventry City Football Cliub Limited but are operated by Coventry City Football Club Limited in accordance with the terms of the management services agreement. All of the other activities are carried on by Coventry City Football Club Holdings Limited"
The accounts for the company alone (ie not the group ) do not include details for players, transfers etc
All seems pretty clear to me.
Since then in 2008 Onye filed resolutions changing the articles so that CCFC Ltd first article reads as operating stadia. The last of these amendments although adopted by 16/12/11 was not actually dated by Company House until 23/03/13 after the club went in to administration and was signed by Onye before he left (resignation filed co house 21/09/12).
In the mean time all accounts for CCFC Ltd since 01/06/95 have been prepared by the directors, signed off by the auditors and approved by shareholders on the basis that the football club was operated by CCFC Ltd. No mention of beneficial ownership etc. There is no mention of any reversal of the trade back to CCFC H in any of the accounts. Even management accounts included in the administrator report 15/05/13 indicate that the original basis continues
Am finding it hard to be confused by any of the above or to see why there should be confusion. Am willing to be shown why it is different though and why i am wrong
