Accounts - just a heads up (3 Viewers)
- Thread starter oldskyblue58
- Start date
Astute
Well-Known Member
Another SISU bash?
You asked a question where the true answer don't make SISU look good. You asked a question where the true answer didn't even make them look normal. You are given the true answer so you go for your normal line of 'SISU bashing'. Those still sitting on the fence and trying not to say anything bad about anyone must have so many splinters that their arse is now made of wood.
I see myself as being impartial and looking at the facts. I then look at the facts and deduct what is really going on.
Was the rent set too high? Most probably, but when the council took over the build they had to secure loans to finance the build. We are now in a period of historically low interest rates. When the loans were secured we were not. As it was a new build there was no income to start with.
Should the taxpayer have made up the shortfall? Personally I would say not. To me the rent was set at about the amount that the loan repayments were.
Should CCC have reduced the rent as income for the arena grew? This is the biggie. This is where most see CCC as being at fault.
Should CCC have refinanced the loans as interest rates fell? Yes. But would this have made SISU start a JR at an earlier time? Who knows? But at least a lower rent could have been offered before it was.
SISU had talks with Higgs on taking their part off them that they had paid CCFC for. SISU agreed to pay the legal fees even if they didn't complete the deal. Did they pay? No.
Did SISU buy the Higgs share? No. Should they have? To me yes. It would have also given them a bigger say on the future of the Ricoh. And it would have been paid for with the extra income of being at the Ricoh against Northampton in two years.
Should we be in Northampton? No.
Were we forced to go to Northampton? No.
Should SISU have taken the rent free offer this season and 100K the next two? They should have at least held talks for once. They could then have blamed CCC and let us know if CCC had been unreasonable. But all they did was try to make out that the offer wasn't made.
Will Fantasy Arena be built? To me not at all. The rent free and 100k offer could have been taken whilst it was built. Much cheaper than being in Northampton as well as having an extra income over 3 years that would have paid about 30% of the build cost. And also plan B has become plan A.
Who has been the most truthful? IIRC the last true comment from SISU to us fans was when they said we were moving to Northampton. Whereas name the last lie from CCC.
This is just a small quick list of what has been going on. SISU were not to blame for anything at all from before they came to our club. Yes they saved us from admin, but what has happened since? Yet I am supposed to see them at the same level as CCC.
Lorksalordy
New Member
Agree - the "blame on all sides" line is an easy and simplistic get out which many seem to see as having to mean an exact 3 way split. Any other view is somehow that of an "apologist".
Oh for the day when date accounts are due is not an important date for the football season !
Sent from my iPhone using Tapatalk
Oh for the day when date accounts are due is not an important date for the football season !
Sent from my iPhone using Tapatalk
Sky Blue Pete
Well-Known Member
Laws look forward to this time of year when OSB prepares to go through the account with a fine tooth comb and explain it to dunces like me
Gonna be in an embargo once again but this time don't have a squad to mean that it doesn't matter
QUOTE] Yes they saved us from admin, but what has happened since? Yet I am supposed to see them at the same level as CCC [/QUOTE] Thats imho is the first and biggest red herion of the sisu time in charge, Why did they not let ccfc go into admin where they could have pick us for a song , and the answer is because it would have been open to the highest bidder, something that sisu would have no control over , so from day one sisu have been in charge the high rent was the price of control, nothing else , remember we were debt free , and now we are not , had we gone into admin when sisu came to town , people would have lost money , city would have lost points , but we would have reached the bottom and would be on are way back now in coventry
GaryPendrysEyes
Well-Known Member
As Sterling Archer continually calls us 'you lot', 'you on here' etc etc I take it he is from GMK.
He therefore knows a lot about smugness, and nothing about business or the big picture.
He therefore knows a lot about smugness, and nothing about business or the big picture.
Sterling Archer
Well-Known Member
Jesus wept, all this over just inquiring for when the last time we filed our accounts were. Simple question that threatened to get lost amongst some SISU bashing. Like some kind fellow pertained to earlier I'll just google it in the future.
If the "sitting on the fence" comment is aimed at me, then you've quite simply never read my posts before. I'm not going to repeat everything I've put but far from it am a 'splinter dans la cul' kind of guy. I have routinely criticised the actions of SISU on here but because I don't criticise them in every single post, nor do I blame the weather on them amongst other ludicrous issues, apparently that makes me a fence sitter or worse still, a SISU apologist. Maybe its also down to the fact I can also see where the council, ACL and the football league have let us down. Who knows?
Moving on though, some very interesting points bought up.
When comparing with other football clubs, I am adamant that it was. However, we signed the agreement so we knew what we were getting ourselves into whilst there should've also been some scope for renegotiating. However, none of us know the real ins and outs of the contractual rental agreement so again, this is a grey area for me. That fence over there looks comfy.
I think the council need to realise the Football Club is an asset to the City. I think they should've realised as success never came and subsequent relegation, there should've been some maneuvering available to both parties for renegotiation. Surely they needed to realise the club was going to be financially hit by relegation? Legally, of course, they were still under no obligation to do so.
On the base of it, should they have bought it when the opportunity presented itself? Yes. Do I or any of us know enough to make a fully 100% informed decision about what they entailed? Unfortunately not.
No club should be playing out of their home city.
I don't think we were forced to go to Northampton and again without knowing enough I can only make the following assumption which I have always thought was the end game. I've typed this quite a few times before, so I'll keep it short and sweet:
- End game for SISU is to get the Ricoh via the cheapest means necessary making the club more of a saleable asset. Get the Ricoh, sell the club, get out of the football world never to return. They are hedgefund first and finally, they are there to make as much money for their members. Plain and simple. The plan must've been to make a quick buck out of the football Premier League bubble. When that failed, the plan seemingly turned to get as much money back as possible. This is their way of going about it.
I'm very sceptical about what that offered entailed. Should they have held talks? Of course. Would they have held talks if my suspicion written above this point was correct, I don't think they would.
Agreed, the fantasy arena is more PR and posturing (or shall we call it 'moving a few pawns around') in an attempt to get closer to buying the Ricoh.
Its almost impossible to say. Not one party has come out of this looking good, let alone with any integrity intact.
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Sterling Archer
Well-Known Member
I have never been a member of GMK or any other Coventry City forum. This is the only one I have ever posted on.
dongonzalos
Well-Known Member
Page two of this thread has me laughing out load
Grendel
Well-Known Member
GPE did and recently made a comeback. It didn't last long. He got a taste of what real football fans think - he's far more at home here with the conspiracy theorists and council luvvies.
lewys33
Well-Known Member
I wondered why there were so many fake football fans around here!
TheRoyalScam
Well-Known Member
Thanks for the 'heads up', OSB58.
It will be interesting to see if SISU/Otium file the Otium account by 28th February. If they don't then will it be the usual 'normal business practice' excuse? Or will they actually file them on time to raise their PR?
Whatever happens, I look forward to your erudite analysis when/if accounts are filed.
It will be interesting to see if SISU/Otium file the Otium account by 28th February. If they don't then will it be the usual 'normal business practice' excuse? Or will they actually file them on time to raise their PR?
Whatever happens, I look forward to your erudite analysis when/if accounts are filed.
Lorksalordy
New Member
"I look down on people who shout unsubstantiated conspiracy theory in this shitty field" - unsubstantiated conspiracy theory shouted by a man in a shitty field
Sterling Archer
Well-Known Member
If I was a betting man, I bet the accounts aren't filed on time nor are we the only club who files them late. Now which one of you lovable rogues wants to give me some odds on that?
skybluetony176
Well-Known Member
that must make you the biggest conspiracy theorist and council lover of all off us given how many post you've made on here. plus you never seem to post anything on GMK in comparison to here, funny that.
The Gentleman
Well-Known Member
1,3,5,7,9,11......shall I go on?
Astute
Well-Known Member
100/1 on I would say.
J
Jack Griffin
Guest
The annual transfer embargo beckons, that is 4 years in a row isn't it?
I reckon SBS&L will not file till after the JR is heard.
Lorksalordy
New Member
Sigh.....remember when embargoes and points deductions were things that happened to other teams and we just had to deal with being a bit shit ? Can we head back to that please ? Ta
Well thats Pressleys new scouts twiddling their fingers then if that happens :thinking about:
skybluetony176
Well-Known Member
Naaaa, he's been misquoted as usual.
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Sorry you quoted before I could edit the predictive bollocks
I ask you VEG meetings
skybluetony176
Well-Known Member
Edited just for you. Although i thought you were making a good point.
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Captain Dart
Well-Known Member
Are they talking about Otium accounts or SBS&L accounts, or both. The important one is the group accounts.
oldskyblue58
CCFC Finance Director
Going to need to file Otium accounts to get the SBS&L accounts filed because of it being a group situation CD
ML does keep saying he expects the accounts to be filed on time. Good I hope they are it will make a change from recent years.
ML also says it is commonplace for companies to file late as if it is ok. There are penalties for not filing accounts that increase the longer they are outstanding and double in the next year. The directors could be liable to a £5000 fine and the company struck off if not rectified. Not filing could lead to a criminal prosecution (not saying that is the case here at all however)
Companies house had in 2012/13 2,588,300 active companies (3.2m in total currently with 2.9m active). Of the total in 2012/13 153,263 were late in filing accounts or 5.9%. a large number in itself but a small percentage of the total. Not what I would call common place. Including the rectification for late filing 99.1% of companies filed their accounts (source Companies House statistics)
The rules are here http://www.companieshouse.gov.uk/about/gbhtml/gp5.shtml
ML does keep saying he expects the accounts to be filed on time. Good I hope they are it will make a change from recent years.
ML also says it is commonplace for companies to file late as if it is ok. There are penalties for not filing accounts that increase the longer they are outstanding and double in the next year. The directors could be liable to a £5000 fine and the company struck off if not rectified. Not filing could lead to a criminal prosecution (not saying that is the case here at all however)
Companies house had in 2012/13 2,588,300 active companies (3.2m in total currently with 2.9m active). Of the total in 2012/13 153,263 were late in filing accounts or 5.9%. a large number in itself but a small percentage of the total. Not what I would call common place. Including the rectification for late filing 99.1% of companies filed their accounts (source Companies House statistics)
The rules are here http://www.companieshouse.gov.uk/about/gbhtml/gp5.shtml
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Captain Dart
Well-Known Member
It did cross my mind that late filers are likely to be in the minority and mostly comprised of those companies that are in financial trouble.
Anyway, that goes to confirm the ML was treating the members of the SCG like idiots.
Anyway, that goes to confirm the ML was treating the members of the SCG like idiots.
Sky Blue Pete
Well-Known Member
So tomorrow is the day - Can't wait to see the reality in the accounts. Let's face it we know ACL will publish theirs and Otium will not so we shouldn't be surprised
J
Jack Griffin
Guest
TBF, probably have to allow a few days before anything gets on to Companies house web site.
Sky Blue Pete
Well-Known Member
True - good point Jack Griffin
oldskyblue58
CCFC Finance Director
If the accounts for the various companies are submitted today, first indication will be that the information page for each company at Companies House website will show a statement something like "received not yet available" alongside the last accounts heading. That may happen today but more likely it will show up by Monday (Co Hse do not work weekends). How quickly accounts appear will depend on workload but things are a lot quicker than they used to be, hopefully early next week though.
Basically all we can do is sit tight and wait
Basically all we can do is sit tight and wait
It's your season - hope you are fit and show form early on. We all depend on you!
fernandopartridge
Well-Known Member
There is something strangely funny yet sad about that statement.
This is achievement, CCFC style, in 2014.
Totally agree