The Bad financial news continues... (3 Viewers)

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mattylad

mattylad

Member
never thought it was sold for any other reason considering how successful it is
 
oldskyblue58

oldskyblue58

CCFC Finance Director
Well I hope the details in the CT are up to the usual standard !
 
Marty

Marty

Well-Known Member
Thats the last asset which we owned, unless we get a sugar daddy willing to blow his cash, admin is looking like a really possability again :(
 
hackneyfox

hackneyfox

Well-Known Member
Doesn't sound good.

Surely they knew this would come out, so even the new board start off by telling lies.
 
oldskyblue58

oldskyblue58

CCFC Finance Director
"Not sure if administration was an option but if so why sell prozone?"

I assume they sell now to maximise the amount they can get ...... if they sell whilst group in administration it would be lower. They also need to raise cash to buy time so that investors can be found - if there are any

"so even the new board start off by telling lies"

Dont think anyone has hidden this or told lies, there was a full announcement the other day on Prozone and Amisco web sites. There wasnt anything to tell before this week. All assets at the club are available at the right price simply because the Board need cash to keep going, SISU dont have a bottonless pit of money. The last accounts made clear also that player sales would be made to finance the Club

Without the player sales the club made £7.3m losses in 2010 ....... 2011 will be i would guess something similar.... thats £600k per month..... that cant go on and assets have to be sold to finance it (players or prozone). If Prozone were making profits then the Group lost that positive element, apparently £500k per annum. But if they did sell for £5m then the Group just got 10 years profits up front..... can see why its been done especially as the Group is fighting for financial survival

​
 
hackneyfox

hackneyfox

Well-Known Member
oldskyblue58 said:


"so even the new board start off by telling lies"

Dont think anyone has hidden this or told lies, there was a full announcement the other day on Prozone and Amisco web sites. There wasnt anything to tell before this week.

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Have I misunderstood?
The money was pumped into the club 2 months ago and was described as being an injection of cash from Sisu. This week it comes out that it wasn't new Sisu money but money from having sold off one of the clubs few assets.
If not a lie then they have misled people haven't they?
 
oldskyblue58

oldskyblue58

CCFC Finance Director
no I dont think so - you are assuming that the CT have it right and from past experience that isnt always the case.

Further monies were channeled through the holding company yes and into CCFC - so yes an injection of cash, we have no idea if there were any strings attached to it like requiring the sale of Prozone or even how much was paid in. We also have no idea whether SISU have taken any of the funds from the sale back out.

The sale of Prozone only went through this week which is when funds would have been received so how can that be the same money they put in during March ?

There has never been a discussion about Prozone or for that matter Sky Blue Sports & Leisure by the CCFC Board nor any release of info about it by SISU. So it is hard to see how anyone was misled.

There is a big element of the CT putting 2 and 2 together and making 3 in this. Because it sells their paper
 
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rob9872

rob9872

Well-Known Member
They specifically said in the press conference that the money invested in March was to allow us to meet our financial commitments to the end of the season. If I'm not mistaken, the season has ended and our revenue from matches will have dried up during the off-season, but still have bills and salaries to pay. We have some season ticket sales but that's probably about it. They had always said that they were looking for investment and if that has not been forthcoming then it makes sense to sell off this asset.

Of course it is a concern that we are rapidly running out of assets as we have not yet bought the training ground back (which tbf they did say we were doing) but the time is not right and things evolve. What would you all rather do - lose Prozone or sell Turner, Cranie, Clingan and anyone else that has a tangible value? It is possible that they may still have to be sold, but lets hope this buys us some more time to keep the club afloat whilst a potential buyer is sought.

Everything that is wrong with CCFC (and there are lots of areas) are not ALL down to SISU whatever some of you may want to believe.
 
PhilWasn'tBabb

PhilWasn'tBabb

New Member
rob9872 said:
They specifically said in the press conference that the money invested in March was to allow us to meet our financial commitments to the end of the season. If I'm not mistaken, the season has ended and our revenue from matches will have dried up during the off-season, but still have bills and salaries to pay. We have some season ticket sales but that's probably about it. They had always said that they were looking for investment and if that has not been forthcoming then it makes sense to sell off this asset.

Of course it is a concern that we are rapidly running out of assets as we have not yet bought the training ground back (which tbf they did say we were doing) but the time is not right and things evolve. What would you all rather do - lose Prozone or sell Turner, Cranie, Clingan and anyone else that has a tangible value? It is possible that they may still have to be sold, but lets hope this buys us some more time to keep the club afloat whilst a potential buyer is sought.

Everything that is wrong with CCFC (and there are lots of areas) are not ALL down to SISU whatever some of you may want to believe.
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Have we sold the training ground outright then ? I through we just had a morgate on it.
 
oldskyblue58

oldskyblue58

CCFC Finance Director
looking at their article the following is either a guess or wrong

- The amount Prozone sold for or even if it was for cash only. It could have been for shares in Amisco
- second paragraph they guess a value of 4 to 5m ..... so which is it ?
- last accounts show operating losses at £600K pm before player sales ..... but these figs are to 31/05/10 .... £500K pm is probably light if you factor in no player sales, no great overhead/wages savings, low gates etc for 2011
- RR, through his company The Arley Group owned 2106 of the 13698 shares issued thats 15% not 24%
- We dont know that RR got any pay out for going
- we do know Arley group was repaid its loan and interest when RR left
- Neither Arley group nor RR owned any of the shares of CCFC let alone 24% of it
- The plus cash bit of their report implies somehow RR did a bad thing but what he did was to leave £1.5m from his company Arley Group in the group to help the cash flow. It was a loan
- SISU have given undertakings to the group and its auditors that they will continue to support financially.... it is in the accounts and on the audit report. If they hadnt the audit report would have been different and we would already be bust. No lies or deceptions, but they are not Abramovic and dont have endless amounts of money to throw at us. So the Board made this clear in March - not new news
- we have no idea how much Prozone made last year nor do CT

Bottom line is the Group has to do what ever it must to keep going......... that will change over time ..... which means they will say things now, circumstances change and they have to revise or go back on their earlier statement...... not really big news and not deliberate misleading
 
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oldskyblue58

oldskyblue58

CCFC Finance Director
We took a short term loan on it which I believe is coming up for renewal..... we still own it
 
Sky Blue Sheepy

Sky Blue Sheepy

New Member
oldskyblue58 said:
looking at their article the following is either a guess or wrong

- The amount Prozone sold for or even if it was for cash only. It could have been for shares in Amisco
- second paragraph they guess a value of 4 to 5m ..... so which is it ?
- last accounts show operating losses at £600K pm before player sales ..... but these figs are to 31/05/10 .... £500K pm is probably light if you factor in no player sales, no great overhead/wages savings, low gates etc for 2011
- RR, through his company The Arley Group owned 2106 of the 13698 shares issued thats 15% not 24%
- We dont know that RR got any pay out for going
- we do know Arley group was repaid its loan and interest when RR left
- Neither Arley group nor RR owned any of the shares of CCFC let alone 24% of it
- The plus cash bit of their report implies somehow RR did a bad thing but what he did was to leave £1.5m from his company Arley Group in the group to help the cash flow. It was a loan
- SISU have given undertakings to the group and its auditors that they will continue to support financially.... it is in the accounts and on the audit report. If they hadnt the audit report would have been different and we would already be bust. No lies or deceptions, but they are not Abramovic and dont have endless amounts of money to throw at us. So the Board made this clear in March - not new news
- we have no idea how much Prozone made last year nor do CT

Bottom line is the Group has to do what ever it must to keep going......... that will change over time ..... which means they will say things now, circumstances change and they have to revise or go back on their earlier statement...... not really big news and not deliberate misleading
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So erm... I'll be stealing this post then :)
Lad from work meantioned this story to me today... nice to see someone poking holes in the telegraph again
 
mattylad

mattylad

Member
The telegraph have severely pissed the club off with its doom and gloom story when the accounts came out, the club are now giving the telegraph virtually bugger all in the way of news and so the telegraph are running these horror stories trying to cause a Dads Army dont Panic situation..........
 
C

crowsnest

Well-Known Member
Sisu bought Prozone - Sisu sold prozone, and looks like they are using the money to fund the losses at CCFC.
As it looks like this only happened this week there must have been extra money from somewhere in April.

This is more bad reporting by the CT after the rubish about the accounts. Do we really need this just so they can sell papers.
 
oldskyblue58

oldskyblue58

CCFC Finance Director
Also if you check out the back page of the CT it has a big picture of RR on it ........... he didnt decide to sell it, he wont profit from it, he isnt here any more..... so why show him?
 
hackneyfox

hackneyfox

Well-Known Member
Oh good news then, you borrowed money in april and spent it and now you have sold Prozone and that money has already been used.
 
oldskyblue58

oldskyblue58

CCFC Finance Director
hackneyfox said:
Oh good news then, you borrowed money in april and spent it and now you have sold Prozone and that money has already been used.
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we dont know that........... it could be ............. or it could be that the Prozone money gets to the club in addition to the other money .... is all just guess work.......... but they have to do what ever they can
 
rob9872

rob9872

Well-Known Member
We're using it to pay one week's wages for Yakubu. Is that OK for you Hackers? Now bore off back to Incester with your findings.
 
blueflint

blueflint

Well-Known Member
why admin if we keep going a bit longer we may get the investor we need come on roman you must have a wealthy brother:laugh::pointlaugh:
 
M

Macca

Well-Known Member
Great how bad news is poor cet reporting but if they suggest we are looking at a player everyone has him in next years line up
 
skybluegod

skybluegod

Well-Known Member
it says in the telegrapgh that the finance diretor has resigned as well ,that is never good news as they know what is really going on with the business:(
 
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