torchomatic
Well-Known Member
Is anyone bending over being fucked? And if so, are they happy being bent over and fucked? TO be honest, if that was happening burying your head in the sand would probably be a good idea.
Takeover complete? (6 Viewers)
- Thread starter CJ_covblaze
- Start date
Cranfield Sky Blue
Well-Known Member
No! Cos we are still in administration!
Joy Division
Well-Known Member
mattylad
Member
Administrator has rushed the sale through cutting every corner possible as to try and make it impossible for the league or ACL not to accept the sale. It just shows what a weak case SISU have and I will be amazed if this does not end up in a protracted court case. Clearly SISU and PA are shitting themselves about what the league has said and who they are meeting. Let's hope the league will take a dim view of PA trying to circumnavigate its rules and tell them to do one.
mattylad
Member
Yep that about sums it up.
covmark
Well-Known Member
Tough shit. No one wants sisu here but some of us aren't gonna cry like a bunch of drunk women
Get on with it for fucks sake, if not go and support Coventry United
Sick Boy
Super Moderator
Absolutely laughable and pretty libelous.
It should hardly be a surprise that the takeover went through, and I am sure that the FL won't have any problems with it. I know some will find it hard to believe that the obsessive email sending didn't achieve anything.
Grendel
Well-Known Member
I don't see any fans getting out the party poppers and balloons. What are you on about?
chiefdave
Well-Known Member
More details on the bbc site:
think we need someone who knows more about business as it doesn't make sense to me that they've completed the purchase but we're not out of admin, I don't see how both those things are true. to me either PA is in charge and we're still in admin or Otium have completed the purchase and we're not in admin. what happens if the CVA isn't issued and agreed if the sale is already completed, doesn't make sense to me, hopefully someone who knows more about these things will be able to explain.
think we need someone who knows more about business as it doesn't make sense to me that they've completed the purchase but we're not out of admin, I don't see how both those things are true. to me either PA is in charge and we're still in admin or Otium have completed the purchase and we're not in admin. what happens if the CVA isn't issued and agreed if the sale is already completed, doesn't make sense to me, hopefully someone who knows more about these things will be able to explain.
RoboCCFC90
Well-Known Member
Because giving support to the team you support is wrong? :facepalm::facepalm:
chiefdave
Well-Known Member
Snippet from Les Reid on twitter:
This doesn't seem right to me (not meaning Les is wrong, meaning it sounds dodgy practice), other offers on the table but if the one from SISU isn't accepted I'll liquidate, how can that be right. Trying to force the league to ignore reasons F&P would be failed with the threat of liquidation?
This doesn't seem right to me (not meaning Les is wrong, meaning it sounds dodgy practice), other offers on the table but if the one from SISU isn't accepted I'll liquidate, how can that be right. Trying to force the league to ignore reasons F&P would be failed with the threat of liquidation?
Joy Division
Well-Known Member
I don't support SISU....sorry Otium
I bet you're fucking delighted
mattylad
Member
Knowing nothing about me or my career experience you can't make that conclusion. I am very happy and can assure you that I stand full square behind my comments.
Nonleagueherewecome
Well-Known Member
Definitive proof that Appleton was SISU's bitch all along.
RoboCCFC90
Well-Known Member
Neither do I support Coventry City unfortunately SISU are the group that own the club, doesn't mean I am going to hide away and stop supporting the club..
chiefdave
Well-Known Member
from ccfc.co.uk
I might be reading that wrong but that sounds like Otium haven't purchased Ltd (which would explain why it's still in admin), it has just purchased some of the assets of Ltd (not sure you can buy the FL share, didn't think that was allowed). This seems a right stich up. SISU have picked out the bits they want and I'm sure we'll find the lease for the Ricoh is still in Ltd which will now be liquidated. The FL have a role to play here, surely they can't sanction parts of clubs being passed around like this, especially as they aren't supposed to be seperated in the first place. Remember when everyone was saying SISU had messed which company they'd put into admin and having some assets left in it, doesn't seem that way now does it?
I might be reading that wrong but that sounds like Otium haven't purchased Ltd (which would explain why it's still in admin), it has just purchased some of the assets of Ltd (not sure you can buy the FL share, didn't think that was allowed). This seems a right stich up. SISU have picked out the bits they want and I'm sure we'll find the lease for the Ricoh is still in Ltd which will now be liquidated. The FL have a role to play here, surely they can't sanction parts of clubs being passed around like this, especially as they aren't supposed to be seperated in the first place. Remember when everyone was saying SISU had messed which company they'd put into admin and having some assets left in it, doesn't seem that way now does it?
Sub
Well-Known Member
Joint Administrator for Coventry City Ltd confirms sale to Otium Entertainment Group...
The Joint Administrator for Coventry City FC Limited, Paul Appleton, has issued the following statement on the sale to Otium Entertainment Group Limited.
"I can confirm that the asset sale by Coventry City FC Limited to Otium Entertainment Group Limited has been completed.
Otium has purchased the right and title to certain assets possessed in Limited including the shares in the Football League and the Football Association. I stress that I have only been able to sell such right and title to these as Limited possesses because CCFC Holdings Ltd asserts beneficial ownership over them.
This has been no ordinary football administration and I have tried to undertake a sale process which allows the Club to compete in all of next season's competitions.
Obviously, one of the key points now is to determine where the Club plays its football next season, but that is a matter for the purchasers and the Football League.
In this regard, the offer made by ACL to allow the Club to play at the Ricoh was dependent on Limited remaining in administration and was based on the mistaken belief that Limited had the ability to field a team.
However, as I've stated on many occasions, it is Holdings which employs the players and, consequently, Limited was never in a position to take up the offer.
The Football League have been kept closely informed of developments and I am continuing to work closely with them so that the process of transferring the share can begin.
This will involve sending out proposals for a voluntary arrangement to creditors which will be considered at a meeting of creditors to be convened within the next three weeks.
Over the last six to seven weeks, I have attempted to carry out the sale process in an open and transparent manner. I am grateful to have received acknowledgements both publicly and privately from a number of bidders to that fact."
Read more at http://www.ccfc.co.uk/news/article/statement-from-adminstrator-883276.aspx#Jfx8U8mGjtDJkqRI.99
he has missed the bit out where he says he has well and truly fucked the future of the football club !!
The Joint Administrator for Coventry City FC Limited, Paul Appleton, has issued the following statement on the sale to Otium Entertainment Group Limited.
"I can confirm that the asset sale by Coventry City FC Limited to Otium Entertainment Group Limited has been completed.
Otium has purchased the right and title to certain assets possessed in Limited including the shares in the Football League and the Football Association. I stress that I have only been able to sell such right and title to these as Limited possesses because CCFC Holdings Ltd asserts beneficial ownership over them.
This has been no ordinary football administration and I have tried to undertake a sale process which allows the Club to compete in all of next season's competitions.
Obviously, one of the key points now is to determine where the Club plays its football next season, but that is a matter for the purchasers and the Football League.
In this regard, the offer made by ACL to allow the Club to play at the Ricoh was dependent on Limited remaining in administration and was based on the mistaken belief that Limited had the ability to field a team.
However, as I've stated on many occasions, it is Holdings which employs the players and, consequently, Limited was never in a position to take up the offer.
The Football League have been kept closely informed of developments and I am continuing to work closely with them so that the process of transferring the share can begin.
This will involve sending out proposals for a voluntary arrangement to creditors which will be considered at a meeting of creditors to be convened within the next three weeks.
Over the last six to seven weeks, I have attempted to carry out the sale process in an open and transparent manner. I am grateful to have received acknowledgements both publicly and privately from a number of bidders to that fact."
Read more at http://www.ccfc.co.uk/news/article/statement-from-adminstrator-883276.aspx#Jfx8U8mGjtDJkqRI.99
he has missed the bit out where he says he has well and truly fucked the future of the football club !!
fernandopartridge
Well-Known Member
Why does it make the case weak?
The facts are that they're the main creditor to a club in administration. They effectively call the shots regardless of who the administrator is.
ArchieLittle
New Member
My understanding is that the share is not Mr Appletons to sell to anybody
In evidence given to Culture, Media and Sport Committee
"The football creditors rule states that if a club undertakes a formal insolvency procedure (usually administration followed by a Company Voluntary Arrangement (CVA)), its membership or share in the football league is suspended"
Look up in full here http://www.publications.parliament.uk/pa/cm201213/cmselect/cmcumeds/509/509vw18.htm
In evidence given to Culture, Media and Sport Committee
"The football creditors rule states that if a club undertakes a formal insolvency procedure (usually administration followed by a Company Voluntary Arrangement (CVA)), its membership or share in the football league is suspended"
Look up in full here http://www.publications.parliament.uk/pa/cm201213/cmselect/cmcumeds/509/509vw18.htm
fernandopartridge
Well-Known Member
Like I said, the sale is the agreement to purchase the assets. The administration is only over when the creditors receive their settlement.
RoboCCFC90
Well-Known Member
It's not about other offers though Dave, unfortunately the "Preffered Bidder" was Otium because PA believed they can give the most back to Creditors, so we are past the stage of other bidders, so CVA needs to be agreed with Avro and ACL and if that doesn't work it means liquidation. Hopefully the FL will declare Otium as unfit and unproper and that means Appleton has no choice to put all the cards back on the table..
covcity4life
Well-Known Member
i hope that ACL cave in and we are left with a sisu owned ccfc who have full rights to ricoh earnings
thats what everyone wants after all(without sisu) but even with them its a business model that would work.
thats what everyone wants after all(without sisu) but even with them its a business model that would work.
Joy Division
Well-Known Member
Party poppers and balloons? Not quite sure what you are on about?
Nonleagueherewecome
Well-Known Member
chiefdave
Well-Known Member
Other clubs have had a preffered bidder named and then had to change that to an alternative why would that not apply to us? Surely if the sale to Otium can't be complted the club should be offered to the other parties who were interested not automatically liquidated?
I've highlighted the part that I think is fucking idiotic. They've done enough damage
Sub
Well-Known Member
sorry i dont agree with that i hope sisu get fuck all!! let them build their stadium in another city.im all for the club having all revenues but not SISU. completly disgusted by the actions of sisu the FL, and the administrator. !!
Joy Division
Well-Known Member
Tough shit? Amazing, absolutely amazing. What a guy.
It would work for SISU, but would it be in the best interests of the fans? Has the last few weeks taught you nothing about SISU's attitude to the fans?
Last few weeks? Try the last few years!
Joy Division
Well-Known Member
Of course I support Coventry City football club. But I mostly care for the long term future and where we will be in 10,15 or 20 years time.
RoboCCFC90
Well-Known Member
But what is the point in offering the club to say PHIV, if a SISU backed company which has already been named as the best bidder with regards of return to creditors can't agree a CVA as the main Arvo which is also owned by who SISU?? If SISU wanted to cut there losses and run then why not just let PHIV buy the club and get a return via a CVA??
I would have said a few years, but as he obviously has the attention span of a goldfish, I thought he might be able to cast his mind back that far.