trouble brewing - future football league sanctions? (3 Viewers)
- Thread starter CovFan
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skybluesam66
Well-Known Member
i think this summer will see whether i turn my back on my first and truly great love
I have hated this season- been to half a dozen away games, but beyond that havent really cared about the results - sometimes didnt even know we were playing
And have hardly missed a home game in 40 odd seasons before this one
No plans to return home/ more points deductions ... that may be the end for us
I have hated this season- been to half a dozen away games, but beyond that havent really cared about the results - sometimes didnt even know we were playing
And have hardly missed a home game in 40 odd seasons before this one
No plans to return home/ more points deductions ... that may be the end for us
Hobo
Well-Known Member
I appreciate your feelings but points deduction hasn't happened yet. I would imagine their defence will be they have to abide by the administration process which isn't finished yet. The FL sanction seems a two parter, after administration by the end of May?
sky blue zam
Member
Don't worry the football league will not do anything
SkyBlueScottie
Well-Known Member
The "race against time" is paper talk. Labovitch has said they will honour there agreements end of... So a couple of things, if they don't pay up and we are met with a points deduction then this is wholly their fault. There can be no blaming this on anyone else. Even if external factors such as not receiving rent rebate are currently holding up the process, pay the outstanding amount owed and then chase the rent rebate by other means. Whatever it takes the club needs to avoid any further sanctions because there is no way Pressley and the players will stick at it this year.
sky blue john
Well-Known Member
I like the bit about ML giving fl updates on progress. I bet thats a short conversation.
The Prefect
Active Member
It's difficult to know the facts here but one that remains without doubt is that the (reported) £590,000 is owed. I'm sure SISU's team of lawyers will be on the case to prove that it's not owed - just yet anyway. If they play difficult with the liquidation they could delay payment for years.
I suspect the late payment (within or without the terms) is designed to starve ACL of cash. SISU know that when they pay the pressure is off ACL for some time. During that time SISU will have to move the stadium forward which they seem reluctant to do.
skybluetony176
Well-Known Member
They were always going to pay it at the latest point required. They overuse the term "standard business practice" but on this occasion they would be right. That's assuming it gets paid of course.
Agee, but why does ML mention "the bank transfer mechanism" at all, especially when you can't comment on it? Hope that's not the next excuse coming up...
Hobo
Well-Known Member
I don't think they can drag out the liquidation process for years. But I'm sure it has slowed down for the approaching JR.
Sky Blues
Active Member
Hypothetically, if Sisu were to lose the judicial review and decide to cut their loses by winding the club up, the threat of expulsion from the league for non-payment would seem like no threat at all surely? Were that the case, they would just need to hold the league off until the review was settled.
Incidentally, which party has raised the issue which has stalled the existing liquidation process?
Incidentally, which party has raised the issue which has stalled the existing liquidation process?
Kingokings204
Well-Known Member
He dealine stated is by end of may and PA has confirmed this won't happen so that's worrying or sanctions as point 1.
Point 2 is it is obvious to me with player contracts and paying this 590k is all down to the JR. It all hangs on this it looks like.
Point 3, I was reading David Prutton interview in telegraph this morning stating he wants to move to Cov if possible. He also quotes "there is a lot of stuff off the pitch here but all that comes to a head this summer" seems to be he has been told a contract depends on JR outcome. To say it will come to a head and SP said something similar also lately then staff must have been briefed on what's going on.
Point 2 is it is obvious to me with player contracts and paying this 590k is all down to the JR. It all hangs on this it looks like.
Point 3, I was reading David Prutton interview in telegraph this morning stating he wants to move to Cov if possible. He also quotes "there is a lot of stuff off the pitch here but all that comes to a head this summer" seems to be he has been told a contract depends on JR outcome. To say it will come to a head and SP said something similar also lately then staff must have been briefed on what's going on.
AFCCOVENTRY
Well-Known Member
What on earth has that duped administrator sisu appointed been doing? Talk about stretching out a liquidation process.
How much has he earned now since last summer?
How much has he earned now since last summer?
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mattylad
Member
Appleton has made it clear that the liquidation process cant be concluded until all of the shredding has been completed and his mortgage is paid off.
MichaelCCFC
New Member
"There are two modalities of timing" - anyone able to translate that into English please?
Hobo
Well-Known Member
Two modes or the way something happens....hence after liquidation by the end of May. I think he means the later can't happen before liquidation is complete....but may be wrong.
sky blue zam
Member
OSB, may need your help here, lol
ccfcway
Well-Known Member
Kingokings204
Well-Known Member
The two timings. I guess he means the football league time which is end of may or otiums time which is after the JR.
It's interesting the 590k they owe is a big amount of cash. There is a reason to why they won't pay it until after the JR but I can't work it out but you know it will be used to get something.
It's interesting the 590k they owe is a big amount of cash. There is a reason to why they won't pay it until after the JR but I can't work it out but you know it will be used to get something.
Warwickhunt
Well-Known Member
If the FL deduct us points then we should sue them in face of the fact that they let Sunderland off with a fine for playing illegible players
chiefdave
Well-Known Member
It has never been clear to me why the delay is liquidating the old Ltd company led to a delay in making this payment. It was a condition of Otium being issued the share that this was paid, Otium is, technically, a different company to one being liquidated so shouldn't they have just got on and made the payment?
duffer
Well-Known Member
Blimey, ML is a better spinner than Shane Warne. Not sure about "bank transfer mechanics"? It's pretty straightforward really, one company authorises the bank to transfer money to the other company. All you need are the sort-code, account name, and account number - or you could even write a cheque I suppose.
I think what he's really trying to say is that they'll delay the payment until as late as possible, and then claim that there was some confusion about the payment process. Maybe, as suggested elsewhere, they're trying to stretch it out until the JR.
Kind of embarassing for the FL, as once again Otium/SISU take the p*ss out of them - but then as we know they're a spineless, toothless bunch of cretins, only really interested in fulfilling fixtures...
I think what he's really trying to say is that they'll delay the payment until as late as possible, and then claim that there was some confusion about the payment process. Maybe, as suggested elsewhere, they're trying to stretch it out until the JR.
Kind of embarassing for the FL, as once again Otium/SISU take the p*ss out of them - but then as we know they're a spineless, toothless bunch of cretins, only really interested in fulfilling fixtures...
Kingokings204
Well-Known Member
As I say there is obviously a purposely delayed wait until after the JR but why I just don't know.
My guess would be that they use this as a short term rent against ACL for 1 year rent at the Ricoh. Is that time the 1 year it gives them time to sell up to someone knowing the club is in a good position for someone to take over as ccfc is worth less at Nothampton. Just a guess.
My guess would be that they use this as a short term rent against ACL for 1 year rent at the Ricoh. Is that time the 1 year it gives them time to sell up to someone knowing the club is in a good position for someone to take over as ccfc is worth less at Nothampton. Just a guess.
oldskyblue58
CCFC Finance Director
As always things appear to shift depending on who you ask.
I was under the impression that the £590k had to be paid by the end of the season. Now it seems to be the later of the end of the month or the liquidation of CCFC Ltd.
The ACL accounts say the amount is owed by Otium so why does the liquidation of CCFC ltd come in to it?
All expenditure we are told was paid out of a central bank account operated by CCFC H Ltd so why does CCFC Ltd liquidation come in to it?
Is there a clause in the agreement that actually refers to the liquidation of CCFC Ltd being a payment date?
All assets and rights that were in CCFC Ltd are now in Otium because Otium purchased those assets & rights, including the right to be given the Golden Share. The right to the Golden share is dependent on the £590k being paid.
CCFC H Ltd is being voluntary wound up but it has been suspended for some reason. Why is there such a delay in winding up what we are told are two shell companies?
If using those two dates surely the phrases "the earlier of" or the "later of" would be included somewhere?
There are no great mysteries to the mechanics of making a payment....... Cheque (perhaps not) bank transfer electronic transfer payment via solicitors BACS CHAPS internet..... all well tried tested and easily done, they take no time at all
Unfortunately the FL are unlikely to tell us who actually owes the money and when it must be paid - which is a shame because it would do away with some of these smoke and mirror situations
modality - clever way of saying method. When in actual fact he meant say was that there are two deadlines being applied, either the end of May or the date CCFC Ltd are liquidated, neither of which are very specific. Do FL & ACL agree these are the deadlines?
I was under the impression that the £590k had to be paid by the end of the season. Now it seems to be the later of the end of the month or the liquidation of CCFC Ltd.
The ACL accounts say the amount is owed by Otium so why does the liquidation of CCFC ltd come in to it?
All expenditure we are told was paid out of a central bank account operated by CCFC H Ltd so why does CCFC Ltd liquidation come in to it?
Is there a clause in the agreement that actually refers to the liquidation of CCFC Ltd being a payment date?
All assets and rights that were in CCFC Ltd are now in Otium because Otium purchased those assets & rights, including the right to be given the Golden Share. The right to the Golden share is dependent on the £590k being paid.
CCFC H Ltd is being voluntary wound up but it has been suspended for some reason. Why is there such a delay in winding up what we are told are two shell companies?
If using those two dates surely the phrases "the earlier of" or the "later of" would be included somewhere?
There are no great mysteries to the mechanics of making a payment....... Cheque (perhaps not) bank transfer electronic transfer payment via solicitors BACS CHAPS internet..... all well tried tested and easily done, they take no time at all
Unfortunately the FL are unlikely to tell us who actually owes the money and when it must be paid - which is a shame because it would do away with some of these smoke and mirror situations
modality - clever way of saying method. When in actual fact he meant say was that there are two deadlines being applied, either the end of May or the date CCFC Ltd are liquidated, neither of which are very specific. Do FL & ACL agree these are the deadlines?
Astute
Well-Known Member
Quite easy really.
There are two ways of dealing with the matter. One is the normal way in which it would be dealt with in a timely manner and using financial astute measures. Then there is the SISU way. Drag it out as long as you can no matter what it costs.
duffer
Well-Known Member
I think in fairness (and I detest the FL), this actually is quite a smart play.
It does, in theory, give them the nuclear option of excluding the club from the league, which is an even bigger threat than (another) points deduction. If they left it until after the fixtures have been arranged then that makes it harder for them to do. And we know how important fulfilling fixtures is to the FL.
SISU will call their bluff though, I'm sure you're right on that. Why wouldn't you when the FL have already shown themselves for what they are.
Edit: Ah, sorry chief, may have misread your post. You probably meant the first game of the season just gone. That would have made sense, agreed.
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J
Jack Griffin
Guest
Or maybe the FL didn't think the scenarios through & are being played due to their lack of rigour.
Kingokings204
Well-Known Member
So when will it be paid? Lol
No jack knows
No jack knows
The FL told the sky blues trust that the administrator had the money.
Did CCC ever pay the rates rebate to the administrator - could be holding up the process as he has to collect all debts.
letsallsingtogether
Well-Known Member
That is the impression that ML said at the forum we had the other week.
When asked by one of the posters if they had paid this bill or not, he answered I am off to pay it next week lets see if they(CCC) will see me?
Funny at these forums he was on about getting the fans on side being more transparent.
It was all about the council won't see us won't answer our calls etc? So is it all as one sided as he made out?
So glad I wasn't taken in by his smugness unlike other posters who had one to one's with him.
If I misunderstood what was said at the meeting I am sure that one of the others who was there will put me right....
When asked by one of the posters if they had paid this bill or not, he answered I am off to pay it next week lets see if they(CCC) will see me?
Funny at these forums he was on about getting the fans on side being more transparent.
It was all about the council won't see us won't answer our calls etc? So is it all as one sided as he made out?
So glad I wasn't taken in by his smugness unlike other posters who had one to one's with him.
If I misunderstood what was said at the meeting I am sure that one of the others who was there will put me right....
Another huge stain on the whiter than white sisu....
The FL are so gullible? this lot running the club could fall over in a muddy field and not have a mark on them...
Something has got to give very soon, you can fool people some of the time but you can't fool
People all of the time..
The FL are so gullible? this lot running the club could fall over in a muddy field and not have a mark on them...
Something has got to give very soon, you can fool people some of the time but you can't fool
People all of the time..