Administration (1 Viewer)

bawtryneal · Jun 23, 2012

Yesterday afternoon I played in a charity golf day in Sheffield. I was introduced to a number of local accountants and lawyers from Sheffield and Leeds area. I know most of them but one guy was new to me.The chat turned to football and I was then introduced to a gentleman who claims to have bid for the accountancy support to the administrator who will be handling CCFC administration. He claims the administrator will be the same company who handled Crystal Palace.I went through all the scenarios as to why administration benefits SISU. Several benefits appear. Form a Newco and renegotiate Ricoh Arena contract under different terms, clear around £2,000,000 of non SISU debt at beneficial terms to SISU and prepare a pre pack arrangement for a neater sale to a third party.
Anyway, the inference was this is happening in next couple of weeks. We will see.??? Could be a good move for CCFC apart from 10 point deduction.
Before anybody asks. I am a CCFC fan of 35 years, season ticket holder of 20 years.

akira1984 · Jun 23, 2012

If its a newco ie rangers, we would have to be voted back into the league. I doubt it would be that easy. I think we would be relegated to start at the bottom. Wimbledon, Nuneaton, by the looks of it rangers, Also we would no longer be Coventry City FC

torchomatic · Jun 23, 2012

Ah, another "I spoke to a bloke" thread. Can we make this a sticky and see what happens in the "next couple of weeks"?

Otis · Jun 23, 2012

This wouldn't be a proper forum unless there were 2 new liquidation and administration threads per week.

torchomatic · Jun 23, 2012

I thought it was a day!?

Otis said:
This wouldn't be a proper forum unless there were 2 new liquidation and administration threads per week.

LeamingtonBootBoy · Jun 23, 2012

bawtryneal said:
Before anybody asks. I am a CCFC fan of 35 years, season ticket holder of 20 years.

I was just going to ask that. Must be true then.

LeamingtonBootBoy · Jun 23, 2012

bawtryneal said:
Yesterday afternoon I played in a charity golf day in Sheffield.

Friday afternoon on the golf course...like it!

LeamingtonBootBoy · Jun 23, 2012

bawtryneal said:
Could be a good move for CCFC apart from 10 point deduction.

That is a major issue!

It would take months to get out of administration....and the minus 10 points would mean that the current squad would need around 60 points (that's 15 wins 15 wins and 16 defeats) just to stay up.

Going into L2 is not good news!

wingy · Jun 23, 2012

Must have been hell out there yesterday in the waterproofs .Thanks for sharing Bawtry,but would'nt the cost of the Administrators outweigh, the savings or put a big hole in them,it does'nt come free.

Astute · Jun 23, 2012

Yeah right.....why bother getting an emvargo lifted when the club aint going to exist? Why would they risk losing their investment for nothing and having their own loans to the club wiped out? Lose all of the players for notging if they did manage to keep control of the club.

Yet another non story. SISU would have hardly anything to gain and everything to lose

Tank Top · Jun 23, 2012

This appears to me, like a well educated report, "A genuine Rumour" If you get my drift, and not one written by the usual WUM, I think its pretty obvious, that SISU must be searching for the exit button, as their flirtation with football Club ownership has been nothing short of a disaster. I'm pretty sure that most of us would be delighted if a "New Broom" entered the scene and swept away the debris that the Sisu blitz has created in the last 5yrs or so.
I think a certain amount of credence could be given to this thread.

ericagradus · Jun 23, 2012

I am a lawyer and our client confidentiality does not permit us to discuss matters. This is the sane for accountants. My firm is involved in a very high profile case at the moment and we are regularly reminded of the fact that discussing the same, even internally, has significant sanctions. So I can't believe that this would be discussed like this.

Tank Top · Jun 23, 2012

ericagradus said:
I am a lawyer and our client confidentiality does not permit us to discuss matters. This is the sane for accountants. My firm is involved in a very high profile case at the moment and we are regularly reminded of the fact that discussing the same, even internally, has significant sanctions. So I can't believe that this would be discussed like this.

Ericagrdus
You just pissed on my parade

wingy · Jun 23, 2012

ericagradus said:
I am a lawyer and our client confidentiality does not permit us to discuss matters. This is the sane for accountants. My firm is involved in a very high profile case at the moment and we are regularly reminded of the fact that discussing the same, even internally, has significant sanctions. So I can't believe that this would be discussed like this.

I get what you mean ,but out on a golf course ,alchahol consumed etc,Plus its Fishers own back yard.

dongonzalos · Jun 23, 2012

LeamingtonBootBoy said:
That is a major issue!

It would take months to get out of administration....and the minus 10 points would mean that the current squad would need around 60 points (that's 15 wins 15 wins and 16 defeats) just to stay up.

Going into L2 is not good news!

If it was league 2 and no sisu, tough call. As it us about 50 50 that it may end up league 2 with sisu anyway

Grendel · Jun 23, 2012

dongonzalos said:
If it was league 2 and no sisu, tough call. As it us about 50 50 that it may end up league 2 with sisu anyway

More like 90 10 with the clueless one in charge.

valiant15 · Jun 23, 2012

Who employed the clueless one dickhead?

bawtryneal · Jun 23, 2012

Ericagradus...... Had the same conversation regarding confidentiality. Apparently in the public domain. Several South Yorkshire based practices bid for the work.No confidentiality agreement signed or requested for quotation proposals. I asked the guy in question "are you supposed to be discussing this".

Grendel · Jun 23, 2012

valiant15 said:
Who employed the clueless one dickhead?

The Football Man. A man who knows as much about football management as his chum thorn.

shmmeee · Jun 23, 2012

Isn't this basically what Bates tried to do at Leeds? It's not legal and wouldn't work and a company that knows their way around company finance like Sisu isn't going to think otherwise.

wingy · Jun 23, 2012

Need to have alook at how it panned out at Crystal Palace if they did similar and they were involved.

wingy · Jun 23, 2012

I guess it would save having to pay Zebra finance or who ever is doing the seson ticket Finance.

The Reverend Skyblue · Jun 23, 2012

I've looked into Zebra finance in detail wingy, and its quite complicated and not at all black and white.

The Rev

wingy · Jun 23, 2012

They make for great graphics Rev,Two Tone is here to STAY.

Sky Blues · Jun 23, 2012

The Palace insolvency was handled by Sheffield-based P&A Partnership. One of its partners is Brendan Guilfoyle, who the CT spoke to when they finally caught up on the whole ARVO debenture business.
Sample reminder: "Brendan Guilfoyle, a leading UK expert in football finance and an insolvency practitioner, claimed our findings alongside other recent developments all suggested Coventry City could soon be heading for administration – unless a Ricoh rescue deal is struck quickly."

Would Mr Guilfoyle have spoken about Cov if his firm was about to take on its administration?

gally9 · Jun 23, 2012

Id love to talk about a football match involving Coventry City again.. this close season is dragging!

Sky Blues · Jun 23, 2012

Aye - and there's still a few weeks to go before even the pre-season friendlies start.

Skybluedar · Jun 23, 2012

There is no doubt we are heading for admin. No revenue from ground = unsustainable club. Cannot continue like this.

wingy · Jun 23, 2012

God there are so many similarities to our scenario if they chose to go this route or had it forced on them !!
Secured creditor in AGILO ,admittedly only exposed for £4.5m.
Cosortium being put together by two lifelong fans
Non ownership of stadium ,which just happened to go into Admin at the same point /one to watch out for there !!!
But the difference i think is Sisu would still control events/Assetts through and after Admin
Why go this route? Save£ 2-3m. at Best ---another years income/ stranglehold on affairs
Change AGILO for ARVO looks the same model.

ccfcway · Jun 23, 2012

gally9 said:
Id love to talk about a football match involving Coventry City again.. this close season is dragging!

really cant wait to talk aboit the thrilling 1-1 draw with Yeovil.

Not that I think we are a massve club, but I never thought in my lifetime, unless Yeovil won the lottery, would I look at us playing them and think a draw would be a useful point !

skyblue1523 · Jun 23, 2012

Can acl put the club in admin due to non payment of rent.I cant see sisu lifting the embargo just to go in admin a couple of weeks later.

skyblueinBaku · Jun 23, 2012

skyblue1523 said:
Can acl put the club in admin due to non payment of rent.I cant see sisu lifting the embargo just to go in admin a couple of weeks later.

The rent has been paid from the escrow account, so there are no rent arrears. When (or if) Sisu will top up the escrow account is anybody's guess.

dongonzalos · Mar 28, 2013

Hindsight.....

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