Football league meeting today? (5 Viewers)
- Thread starter Sky Blue Pete
- Start date
duffer
Well-Known Member
I wasn't sure about the escrow thing, but in this article the FL spokesman says...
"The Football League is in ongoing discussions with Coventry City and ACL regarding monies owed under the club’s membership agreement with the league.
At the current time, the two parties are interpreting elements of that agreement differently which has led to a further dispute between them over the amount owed.
The Football League is seeking to resolve this matter so that all parties can concentrate on the more pressing issue of getting the club back to the Coventry area within the prescribed timeframe.
Therefore, it will be considered by the league’s board at its next meeting on August 7 and in the intervening period the club has placed the full sum of £590,000 into an escrow account pending the outcome of the board’s deliberations."
http://www.coventrytelegraph.net/news/coventry-news/cash-row-between-coventry-city-7408563
Hopefully that means no wriggle room. What the FL say should be paid, is paid, and we can move on to the next argument (which I'd guess will be the JR appeal).
"The Football League is in ongoing discussions with Coventry City and ACL regarding monies owed under the club’s membership agreement with the league.
At the current time, the two parties are interpreting elements of that agreement differently which has led to a further dispute between them over the amount owed.
The Football League is seeking to resolve this matter so that all parties can concentrate on the more pressing issue of getting the club back to the Coventry area within the prescribed timeframe.
Therefore, it will be considered by the league’s board at its next meeting on August 7 and in the intervening period the club has placed the full sum of £590,000 into an escrow account pending the outcome of the board’s deliberations."
http://www.coventrytelegraph.net/news/coventry-news/cash-row-between-coventry-city-7408563
Hopefully that means no wriggle room. What the FL say should be paid, is paid, and we can move on to the next argument (which I'd guess will be the JR appeal).
AFCCOVENTRY
Well-Known Member
Between 9-5
hill83
Well-Known Member
What a way to make a living
chiefdave
Well-Known Member
From reading Simon's twitter I'm not certain the FL are actually going to let anyone know what's been decided.
torchomatic
Well-Known Member
duffer
Well-Known Member
Be fair mate. No one has a five hour lunch break, not even the FL.
As I understand it their schedule is actually rather hectic, as below:
9 - 10: Breakfast
10 - 11: Tiffin (a personal favourite)
11 - 12: Elevenses
12 - 3: Lunch
3 - 4: Tea break
4 - 5: Dinner
5:00pm - hometime.
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skybluetony176
Well-Known Member
Simon seems to think that they've had the meeting this morning so we might know something this afternoon.
Gint11
Well-Known Member
Maybe Lionels in there prepping......for the nightshift.
skybluepm2
Well-Known Member
Probably covered for 30 seconds in AOB...
Gynnsthetonic
Well-Known Member
Astute
Well-Known Member
And here was just about all of us thinking that they had requested the money to have been paid straight to ACL and not put into an account that SISU has control of :facepalm:
The big advantage that SISU have is that the FL nearly always comes down on the side of club owners. And as long as they keep paying their football debts the FL will keep helping them as much as they can.
Grendel
Well-Known Member
They had no legal reason to make a payment to ACL a condition at all which doesn't reconcile with your statement.
mark82
Super Moderator
Think they are classing this as a football debt hence the request from the football league for them to pay it. Get what you mean though.
covmark
Well-Known Member
Do SISU have control of the account? I thought it was controlled by the FL.
Astute
Well-Known Member
And you will say anything to defend SISU actions or to have a go at CCC.
So if there is no legal reason to make the payment........which we all know there isn't but was an agreement made to keep the golden share.........which part of my statement was wrong? They told SISU to pay ACL 590k. They didn't. They put it into an escrow account. And used a reason why they didn't pay ANYTHING although say they should pay a reduced amount.
So why didn't they even pay what they agree they should pay and pay anything else when told to? I suppose you will disagree with what just about everyone says that they are still trying to distress ACL and that is why you are having to travel to Northampton.
Astute
Well-Known Member
Controlled by the SISU legal eagles by look of things.
dongonzalos
Well-Known Member
No SISU have control of it
Kingokings204
Well-Known Member
Sisu have control on the escrow account.
Also it's bad news Thursday. I'm expecting some soon.
Also it's bad news Thursday. I'm expecting some soon.
chiefdave
Well-Known Member
Grendel is correct there is not a debt based in law so should SISU refuse to pay there is little ACL can do. More worryingly for us however is the FL Insolvency Procedure requires that a payment equal to any payment offered in a rejected CVA must be made for the proposed owners, in our case Otium, to take ownership of the golden share. A deadline was put on that payment and that deadline has passed. What the FL will do now is of course the question we all want answered. Of course if our owners are arguing that the amount is incorrect they are essentially claiming the administration process was incorrect.
letsallsingtogether
Well-Known Member
Our owners believe they dont have to pay anything to any one fullstop
good job they are not very good at the legal stuff might rule the world by now. God Forbid.
ohitsaidwalker king power
Well-Known Member
defending the indefensible... with the law(an apparent) that is an ass.. but then..
Grendel
Well-Known Member
I am defending no one. I am merely saying the notion raised by astute that the league only care about clubs is wrong as they had no obligation to order any payment.
skybluetony176
Well-Known Member
They had no legal contract with ACL to make the payment. Doesn't mean that they don't have a legal contract with the FL to make a payment to the ACL does it? Surely when the golden share was awarded to Otium there would have been a legal contract between the FL and Otium and if as we are led to believe the £590k payment was part of the conditions of receiving the golden share would it be unreasonable to expect this to be part of the contract?
In other words there is a legal requirement for Otium to make the ACL payment.
Astute
Well-Known Member
Other than seeing it as a football debt of some kind and hoping that both sides would have been in talks by now. It was you that brought up the legal debt part. And anything that makes both sides talk is a good thing.
I am not bothered how much is paid as long as that is what the FL say it should be. I just want both sides to sit down and negotiate. I don't like it when SISU push the FL all the time. They can do so much damage to our club trying to keep the government happy.
Astute
Well-Known Member
It still isn't a legal requirement. It is a FL requirement. And they make/bend the rules.
skybluetony176
Well-Known Member
I wasn't talking about the FL's "rules" I was talking about a legally binding business contract between two entities.
spider_ricoh
New Member
Will an announcement on this be made, or will it trickle out in the coming days? Presumably the CT in on the case with this?
Grendel
Well-Known Member
The terms and conditions of which no one on this forum has seen.