Admin is a better option than SISU (3 Viewers)

[Sub]

i dont think administration is the right way either for what it is worth. But i can see the fans reasoning for wanting it, if the club hits rock bottom then hopefully the only way is up, the life is being squeezed out of the club by the owners and the fans are desperate to stop this. People should not be slated for thinking this although it doesnt mean it is the right or wrong way to go, but people are just desparate for a fresh start so hopefully we can head upwards insead of downwards like we have been for to many years.

Just my humble opion

 

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[covcity4life]

lets debate "stalking":wave:

 

[rob9872]

Oh good a mass debate - something of which there are many experts around these parts

 

[kg82]

You're not a stalker, I was joking.

What happened was basically I got told off for disagreeing and discussing my point. That offended my huge beautiful egotisitical persona enough for me to state that I thought this a forum for debate and that was all I was doing? Then I get told off telling me to stop being precious for debating on a place for debate. Which I found amusing and ironic.

Poor Archer, getting picked on by the regulars because he has a better hat than them.

You'll learn to love me. I'm sure of it. Especially when you realise I am merely wearing pants to go with my hat. I'm not sure what we are even agreeing to disagree on but hand is always there for a virtual cyber hand shake or whatever the cool kids call it these days.

My humble apologies to all that have had to read this slight de-rail of thread.

Whoa there touchy, I was merely pointing out the way you were wording your posts suggested you had cotton wool in your ears about others opinions. Like I keep saying to you, I don't think admin is the way to go!

 

[rob9872]

"I don't think admin is the way to go!" Show me the way to Adminrillo

 

[The Reverend Skyblue]

i've just joined this thread, and the wish of a few people on this thread of finding a very rich man like Liebarr at Southampton, isn't the role model i would like Cov to take.
I know that the worst thing that happened to Southampton was Liebarr dieing,literally. His family who now own the part of Southampton he did, have now called in all the money Liebarr put in.I can prove what i say ,if needed, but the family have given the board notice that they want back 120 million + back he invested by early next year.The remaining Liebarr family do not want to carry on in football and want to have back, as agreed contractually, the money he put in,as all was on a loan agreement basis.
If anyone needs the facts i can get them as someone on another board i go on, put this information on there, and where to go to confirm it.There was a childish spat between a Southampton fan and a Portsmouth fan arguing who is the biggest team ,and who has the brightest future etc, and once the pompey fan showed the facts on how bleak Southamptons immediate future was, it shut the other bloke up completely.
Anyway a bit longwinded but it clearly shows even a rich sugar daddy, sometimes is'nt the best way forward

The Rev

 

[kapowaz]

27 teams have gone into admin since Leicester pulled their fast one in 2002, one has just been promoted to the Prem, six play in the Championship with us, twelve are in leagues one and two but an alarming eight have dropped out of the league all together!!!

According to this page on wikipedia there are 19 clubs who've had deductions after entering administration (in one instance — Rotherham Utd — twice), and another 8 who entered admin after Leicester City but who weren't given a points deduction. Their fates since then are as such:

Wrexham (2004, -10 pts) League One -> Conference
Cambridge Utd (2005, -10 pts) League Two -> Conference
Rotherham Utd (2006, -10 pts) league One -> League Two
Crawley Town (2006, -6 pts) Conference -> League Two
Boston United (2006, -10 pts) League Two -> Conference North
Leeds Utd (2007, -25 pts) Championship -> Championship
Luton Town (2007, -30 pts) League One -> Conference
Bournemouth (2008, -27 pts) League One -> League One
Rotherham United (2008, -27 pts) League Two -> League Two
Halifax Town (2008, -10 pts) Conference -> Conference North
Darlington (2009, -10 pts) League Two -> Conference
Southampton (2009, -10 pts) Championship -> Championship
Stockport County (2009, -10 pts) League One -> Conference
Chester City (2009, -25 pts) Conference -> Dissolved (2010)
Northwich Victoria (2009, -10 pts) Conference -> Northern Premier
Farsley Celtic (2009, -10 pts) Conference North -> Dissolved (2010)
Salisbury City (2009, -10 pts) Conference -> Conference South
Crystal Palace (2010, -10 pts) Championship -> Championship
Portsmouth (2010, -9 pts) Premier League -> Championship
Plymouth Argyle (2011, -10 pts) League One -> League Two

As you can see, every Championship side to enter administration and be deducted points has eventually returned to this level. The worst two examples would be Farsley Celtic and Chester City, both of whom were eventually dissolved. Then you have Luton Town, Boston United and Wrexham who have dropped two divisions. Everyone else is no worse than a single division lower, and in the case of Crawley Town, they've actually achieved promotion to above their original stature!

My point here is that the statistics you presented initially painted a somewhat bleak picture for administration which I don't think is realistic. Yes, we will probably be relegated to League One. We may well find we're stuck there for a while, but it's certainly plausible we can achieve promotion back to this division, and we shouldn't be overly concerned with the likelihood of plummeting down the leagues.

 

[kapowaz]

Just a thought - what if Gary Hoffman's consortium is planning on entering administration as soon as they take over? As a potential investor that would be worth getting involved in, as almost all debts could be wiped out quickly for effectively no outlay.

 

[oldskyblue58]

Just a thought - what if Gary Hoffman's consortium is planning on entering administration as soon as they take over? As a potential investor that would be worth getting involved in, as almost all debts could be wiped out quickly for effectively no outlay.

why would they pay out to get hold of the club then immediately lose that money in administration ?

 

[kapowaz]

why would they pay out to get hold of the club then immediately lose that money in administration ?

Pay what? The reports suggest the bid is £1 plus taking on the club's debts. If the debts are taken on then the club goes into administration and debtors get (say) 10p in the pound then the new owners effectively get to buy the club for 10% of its original liabilities. I'm pretty sure this is the trick Ken Bates pulled to write off Leeds Utd's debts whilst still retaining control. In our case it'd be a new set of owners, so a legitimate mechanism.

 

[andyboy81]

http://www.coventrycity-mad.co.uk/news/tmnw/city_receive_hoffman_bid_696704/index.shtml

If you read the last section you'll realise that admin ISN'T an option for SISU as there are fuck all assets. The club would therefore be LIQUIDATED.

 

[oldskyblue58]

they will have to put something in to get rid of SISU, some of their loan will have to be repaid to get hands on the company in the first place in which case they lose that money if they put company into administration after they take over.

The bid isnt relevant the deal is and SISU are never going to accept £1 plus taking over the debts (which they are part of) unless they get paid something.

On the basis that SISU and at least 2 directors are specialists in company reconstructions etc do you not think they might not understand all this and block it before it happens

 

[oldskyblue58]

if they are only offering £1 and writing off £30m in SISU loans the purpose of going into administration is ? For a start they could lose the training facilities which are mortgaged and therefore would be used to repay that loan in full. They would lose the £1m rental deposit with the council. I believe the players contracts could be null and void not to mention at least a 10 point deduction. They could lose all the future income contracted for, like with City Link etc. Football debts are payable in full but the likes of HMRC are not and they may well object to such a scheme. Administration would not necessarily mean that GH consortium remains the owner.

As a group at 31/05/10 they had gross liabilities of £36m and net liabilities of £17.9 write off the SISU loans as suggested at that date and we have net assets at £6m. Still dont see administration to be part of GH's plan

 

[Paxman II]

...some people just don't understand it.
Chill out guys and wait to see what happens.
Business around the world is often conducted under such similar circumstances....the complexities of which we will never get to know unless you are one of the consortia making the offer or receiving the offer.
Some of the speculation on here is absolutely wildly off the mark given the circumstances and so therefore misleading to many supporters.

 

[kapowaz]

Speculation is speculation. It's not misleading unless you take it at face value without thinking it through. Even I'm not 100% certain the things I brought up are at all likely.