preferred bidder is sisu (14 Viewers)

[scroobiustom]

that's that then....

It's been emotional, but is it now time to put the club down?.

I really can't believe it has come to this, when for the love of god will we be given a fucking chance!

 

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[Sutty]

He made his mind up months ago when they appointed him, he just had to wait for their pr vehicles to ensure he said and did the appropriate things. Hopefully no other football jobs will come his way now after this debacle.

Why? His job as administrator is to secure the best deal for the company's creditors. Since SISU are 'owed' £60million-ish, this surely can't come as a surprise?

 

[Nick]

I am no expert, but how is it legal with a linked company bidding?

 

[the rumpo kid]

why did they let it go to admin in the first place when all that money could have paid rent and bought players

 

[@richh87]

That's me done. F*ck off SISU.

This club's off to Walsall. Lets form a Pheonix club.

 

[theferret]

What's with the hysterical reactions? The club isn't finished, and I still don't think we will leave Coventry. SISU are under no illusions that the fans would not follow it, and ACL I believe will do what they can to keep the club here (certainly if the rumours circulating about Compass are true).

So, we'll be back to square one, but we will still have a club to fight for. This isn't the end, and it wouldn't surprise me if there were another few twists to come.

 

[kingharvest]

It had to be the only outcome - creditors owed £45m or whatever it was, the next biggest creditor was ACL at £1.3m ish. All it would take was SISU to offer full repayment to the major creditor and thats that.

What annoys me is why it took so long. Everyone knew what was going to happen, so why the constant delays?

 

[Bluegloucester]

So sad, can't say anymore. Gutted

 

[Nonleagueherewecome]

The administrator for the part of Coventry City which is in administration has said the bid put forward by Otium Entertainment Group Limited was 'substantially more' than the three other offers received.
The company is connected to Sisu, who took over the Sky Blues in 2007.

The bid from Otium Entertainment Group Limited was substantially more than any of the other three bids received
and was the bid which gave the greatest return to the unsecured, non-connected creditors of CCFC Limited by a considerable margin.
​

– Paul Appleton, administrator for Coventry City FC Ltd

Odd...Fisher said there was nothing of value in Ltd :thinking about:

What a lying c**t.

 

[stupot07]

Shock horror....did anyone really expect any other outcome?

 

[Deleted member 162]

So where do we hold the meeting to Start Coventry AFC?

 

[@richh87]

why did they let it go to admin in the first place when all that money could have paid rent and bought players

Purely to break the lease with ACL I think. It's not just the 1.3mil or whatever, it's all the future instalments they've now got out of. Well worth it.

 

[Skybluecj]

Has the bid got to pass the football league or has this already been done?

 

[6 Generations]

What's with the hysterical reactions? The club isn't finished, and I still don't think we will leave Coventry. SISU are under no illusions that the fans would not follow it, and ACL I believe will do what they can to keep the club here (certainly if the rumours circulating about Compass are true).

So, we'll be back to square one, but we will still have a club to fight for. This isn't the end, and it wouldn't surprise me if there were another few twists to come.

What rumours are circulating in relation to Compass?

 

[Ashdown1]

Paul Appleton, what a star, £1/2 million quid for what ? It was fairly obvious from the start that this cretin was favouring the hated hedge fund !! How does he justify those fees though !?

 

[Skybluerevolution (Pt2)]

Otium Out!!!

 

[Ashdown1]

It had to be the only outcome - creditors owed £45m or whatever it was, the next biggest creditor was ACL at £1.3m ish. All it would take was SISU to offer full repayment to the major creditor and thats that.

What annoys me is why it took so long. Everyone knew what was going to happen, so why the constant delays?

To ramp up the bill of course !

 

[Nonleagueherewecome]

What's with the hysterical reactions? The club isn't finished, and I still don't think we will leave Coventry. SISU are under no illusions that the fans would not follow it, and ACL I believe will do what they can to keep the club here (certainly if the rumours circulating about Compass are true).

So, we'll be back to square one, but we will still have a club to fight for. This isn't the end, and it wouldn't surprise me if there were another few twists to come.

A lot of us were praying that the administrator had an impartial bone in his body, rather than Joy's cock up his rectum.

 

[Flying Fokker]

Purely to break the lease with ACL I think. It's not just the 1.3mil or whatever, it's all the future instalments they've now got out of. Well worth it.

But surely ACL will receive a bigger lump sum then. The lease is a contract, however many years? Or is there no obligation on future commitments?

 

[@richh87]

Has the bid got to pass the football league or has this already been done?

But they're pathetic and useless

 

[MatthewWallis]

ffs, that has ruined my day, was really hoping to go to games next season, now it looks like I wont be supporting a team

 

[sw88]

An article from 2011 with the orange one about OTIUM:

In his recent interview with the Coventry Telegraph, Coventry City chairman Ken Dulieu has claimed there is nothing sinister about Otium Entertainment Group Ltd. (OEG) which has three club board members on their board of directors.
The CT asked Mr Dulieu to explain the reasoning behind the need to set up OEG and why club directors Leonard Brody Onye Igwe and and Dulieu are on its board and why the two companies have the same offices in Hannover Street, London.
OEG now makes three companies involved with the ownership of Coventry City FC - Sky Blues Sports and Leisure and Coventry City Holdings. OEG appears to sit between the other two companies in the hierarchy.
The addition of a licenced insolvency practitioner, Adam Bradley on the board of OEG has led to fears among many City fans that the new company has been formed to prepare for administration.
The CT asked if OEG, which was established in April 2011, are now the new owners of the club and if they are paving the way for administration and why did they keep its creation a secret after promising the fans in March that they would be more open and transparent?

In his written reply Mr Dulieu’s said: “The group structure was changed to include Otium Entertainment Group Limited in April. OEG was placed into the ownership structure as a result of the fund-raising that took place at the time.
“For the avoidance of doubt, OEG was set-up as a vehicle to allow the ultimate shareholder of Coventry City FC to provide the football club with working capital at a time when such an injection was vital.
“At no time has OEG been viewed as anything other than a vehicle for raising new money for Coventry City. Otium is not a ‘mystery’ company. The ownership structure was disclosed in CCFC’s regular filings to the Football League and the FA in June.
“The directors are the same as those at the ultimate holding company Sky Blue, including the corporate secretary who also acts as secretary to the whole group of companies, including Coventry City Football Club Limited and Coventry City Football Club (Holdings) Limited.”

 

[Skybluerevolution (Pt2)]

Are we debt free now? (again)
Will we get a new CEO?
Will we get a new board?

 

[KarmicChris]

Why not talk to the other bidders and give them the option of upping their offer. Appleton even says in us statement he knows it's gonna upset a lot of fans? Don't do it then?! #RIPCCFC

 

[torchomatic]

However, the bid from Otium Entertainment Group Limited was substantially more than any of the other three bids received

I wonder how much PH4 bid then?

 

[theferret]

A lot of us were praying that the administrator had an impartial bone in his body, rather than Joy's cock up his rectum.

Did he have much choice though? Emotion aside, wasn't this his only real option without exposing himself to a legal challenge from SISU?

 

[@richh87]

But surely ACL will receive a bigger lump sum then. The lease is a contract, however many years? Or is there no obligation on future commitments?

Nah, lease is broken as I understand it - so no lore payments, and won't even get the full amount due as SISUs offer may only be 10p in the pound for example.

 

[hill83]

You know what? I said I'd go next season regardless if we were at the Ricoh. But I've changed my mind, I'm not even upset or annoyed about the news today.
I just don't care.

 

[theferret]

Nah, lease is broken as I understand it - so no lore payments, and won't even get the full amount due as SISUs offer may only be 10p in the pound for example.

Didn't Fisher say that their offer included paying off all 3rd party creditors in full?

 

[Big fella]

As some say its not a great suprise we have ended with this outcome, but like everyone else I am gutted. I can see the club now just fading into abyss. I know we had problems in the past with previous owners but SISU'S reign has been nothing but disastrous, lowest home gates in over 20 or so years, lowest position in thr football league in over forty years and I see a steady decline to follow. What a shit start to the weekend.

 

[@richh87]

However, the bid from Otium Entertainment Group Limited was substantially more than any of the other three bids received

I wonder how much PH4 bid then?

He could have bid a huge amount and still lost. He has to pay for what he bids, SISU don't.

Easy to pay yourself a load of money.

 

[Speng]

I'm out , no season ticket again for me why these ar$ewholes are in charge ,

 

[Colin1883]

Does the bid get added to the debt?

 

[Speng]

I'm sooo angry

 

[Flying Fokker]

I'm totally bemused with this debacle. No more money to the new owners from me.