all the staff yesterday had a meeting at the ricoh (1 Viewer)

[Mumford and Daughter]

and the main topic was administration NOT liquidation

they are almost certain admin is happening over the summer , so starting next season with 10 points

blessing in disguise ?

 

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[ccfc_Tom]

I'll take that with new owners.

 

[rob9872]

and the main topic was administration NOT liquidation

they are almost certain admin is happening over the summer , so starting next season with 10 points

blessing in disguise ?

Brilliant - a 10 point headstart will certainly help

 

[Mumford and Daughter]

Brilliant - a 10 point headstart will certainly help

fresh start tho ?

 

[theprince]

If it clears debts and rids us of SISU yes, a decent team should still be able to finish in the top six in that division. Still think administation is unlikely as the only losers are SISU.

 

[mattylad]

yeah admin and 10 points is good for me as long as we can get ourselves reorganised under a new owner with a few quid....a half decent squad could close that gap in the first 6 or 7 games if they were playing well.

 

[rob9872]

fresh start tho ?

A fresh start is fine - but I think my pont was missed - I assume you meant minus 10 points, that's why I said it would help

 

[1nilandwe...]

Where have you got your information from?

Forgive me for being sceptical, but there are so many rumours around.

If true, I would accept it, so long as some more reasonable investors are found.

 

[Perryccfc]

How do you know this? Please don't be guesswork. Or your mates dads best friends sister is the cleaner...

 

[stupot07]

Administration doesn't guarantee a positive future, ask Pompy and Luton fans.

 

[Mumford and Daughter]

a few that know me on here knows my source , that all staff were present at the ricoh and a risk assessment of the club was announced and administration was mentioned

upto you to believe or not , im sure it will suffice to the Coventry telegraph soon

 

[Desperados]

Was any time frame mentioned on the possibilty of this?

 

[Otis]

Can't see any reason not to believe you Mumford. Would guess you know an employee.

 

[Mumford and Daughter]

Was any time frame mentioned on the possibilty of this?

no idea , all i was told that all staff had to attend this meeting and a risk assessment of adminstration was on the agenda

 

[oldskyblue58]

seems like a logical and sensible thing to have been done to me. Staff will be worried about their jobs and the club need to be seen to do the right things in case of redundancies or anything else happening

 

[BurbageSkyBlues]

OSB, you may be able to comment on this, being a CE.

Given the current 'layering' of ownership of the club, ie CCFC Holdings all the way up to the company in the Caymen Islands...if the football club was put into admin, with the monies 'loaned' by the parent holding company, would that not mean they are creditors, and entitled to register a claim (with the administrators) against the club? Does this, as the major creditor, give them first call on any funds that the administrator can collate? I suspect that they do not stand to lose all of their 'investment', as many seem to think we can walk away with admin and no debts.

Given the fact that we have no filed accounts for this last fiscal year, could the 'board' have been siphoning off cash (from season ticket advances, player sales, non-payment of rent, etc) and repaying some of the debt, without us knowing? It might explain why the operating costs don't seem to balance with what we would expect (re your post a couple of weeks ago). Then, if the club is put into admin, they can also retrieve some more of the 'loans', via due process, as a 'creditor'.

There is a belief on here, that if the club goes into admin, then the £30M (or whatever) debt to SISU is wiped clean.....but I do not think this will be the case. I suspect this is what they have been positioning for, with the 'restructuring' of the club's ownership.

Just a thought.......:thinking about:

 

[We'll_live_and_die]

a few that know me on here knows my source , that all staff were present at the ricoh and a risk assessment of the club was announced and administration was mentioned

upto you to believe or not , im sure it will suffice to the Coventry telegraph soon

Is your name Kev Monks or is he just your mate?

http://www.coventrycity-mad.co.uk/news/tmnw/city_staff_called_in_to_a_meeting_741528/index.shtml

 

[oldskyblue58]

OSB, you may be able to comment on this, being a CE.

Given the current 'layering' of ownership of the club, ie CCFC Holdings all the way up to the company in the Caymen Islands...if the football club was put into admin, with the monies 'loaned' by the parent holding company, would that not mean they are creditors, and entitled to register a claim (with the administrators) against the club? Does this, as the major creditor, give them first call on any funds that the administrator can collate? I suspect that they do not stand to lose all of their 'investment', as many seem to think we can walk away with admin and no debts.yes i believe it would and that is why SBS&L has a charge over all the assets of the club

Given the fact that we have no filed accounts for this last fiscal year, could the 'board' have been siphoning off cash (from season ticket advances, player sales, non-payment of rent, etc) and repaying some of the debt, without us knowing? It might explain why the operating costs don't seem to balance with what we would expect (re your post a couple of weeks ago). Then, if the club is put into admin, they can also retrieve some more of the 'loans', via due process, as a 'creditor'. would love to be able to say yes or no BSB but i just dont have the info ..... all i can say is yes it is possible

There is a belief on here, that if the club goes into admin, then the £30M (or whatever) debt to SISU is wiped clean.....but I do not think this will be the case. I suspect this is what they have been positioning for, with the 'restructuring' of the club's ownership. again I think you could be right but cant say for sure. I think some fans think at face value when looking at our finances and that is not always the case at CCFC if ever. But restructuring to me in terms of SISU says to me they will safeguard the assets they have and cut out the debts and deadwood companies..... could be about to get a lot worse and SISU could still be here. People forget that SISU specialise in propering from loss making companies and you dont make a success of that without being clever or ruthless

Just a thought.......:thinking about:

I think you have to consider and be ready for any options that are available to the club BSB. Certainly I do not think you are wrong but only time will tell.

 

[Mumford and Daughter]

Is your name Kev Monks or is he just your mate?

http://www.coventrycity-mad.co.uk/news/tmnw/city_staff_called_in_to_a_meeting_741528/index.shtml

no and no but backs up what i said

 

[Godiva]

a few that know me on here knows my source , that all staff were present at the ricoh and a risk assessment of the club was announced and administration was mentioned

upto you to believe or not , im sure it will suffice to the Coventry telegraph soon

no idea , all i was told that all staff had to attend this meeting and a risk assessment of adminstration was on the agenda

Sorry, but which one is it? Risk assessment of the club ... or .... risk assessment of administration?

 

[Puck]

Is your name Kev Monks or is he just your mate?

http://www.coventrycity-mad.co.uk/news/tmnw/city_staff_called_in_to_a_meeting_741528/index.shtml

The "news" of the staff meeting was in the Cov Telegraph this morning, tagged on the end of the article on Barber which is where CovMad got their info from and published it 3 hours later.

"Meanwhile City’s staff, including personnel from Ryton and the Academy, were summoned to the Ricoh yesterday afternoon for a meeting with club chiefs to spell out the immediate way forward in light of the Sky Blues relegation to League One."

​

 

[Godiva]

Yes, but nowhere is the word 'administration' mentioned.

Anyway, it would be prudent to do a risk assessment now the club faces much lower income the next season. A risk assessment usually operates with scenarios, and I am sure one or two scenario would lead to running out of cash and going into administration. The aim is to isolate those scenarios and make sure we don't end up there.

 

[Puck]

Yes, but nowhere is the word 'administration' mentioned.

Anyway, it would be prudent to do a risk assessment now the club faces much lower income the next season. A risk assessment usually operates with scenarios, and I am sure one or two scenario would lead to running out of cash and going into administration. The aim is to isolate those scenarios and make sure we don't end up there.

My point was just to say that CovMad simply reproduced the story from something in the CT some hours earlier.

What anyone wants to deduce or infer from their report is totally up to them.

 

[We'll_live_and_die]

The "news" of the staff meeting was in the Cov Telegraph this morning, tagged on the end of the article on Barber which is where CovMad got their info from and published it 3 hours later.

"Meanwhile City’s staff, including personnel from Ryton and the Academy, were summoned to the Ricoh yesterday afternoon for a meeting with club chiefs to spell out the immediate way forward in light of the Sky Blues relegation to League One."

​

Thought so, I just couldn't find the evidence. I wonder why they did it at the Ricoh though? As they don't own the place they would've had to have paid for a room to hold the meeting in. One would've imagined they would have been better holding it at Ryton.

 

[coundonskyblue]

Thought so, I just couldn't find the evidence. I wonder why they did it at the Ricoh though? As they don't own the place they would've had to have paid for a room to hold the meeting in. One would've imagined they would have been better holding it at Ryton.

They still have staff working at the Ricoh and they rent offices there. The CCFC board room is infact at the Ricoh.

 

[Puck]

Thought so, I just couldn't find the evidence. I wonder why they did it at the Ricoh though? As they don't own the place they would've had to have paid for a room to hold the meeting in. One would've imagined they would have been better holding it at Ryton.

Surely if CCFC are paying in excess of £1 million a year in rent that would include offices and other space to carry on business?

By the way, do you not use NewsNow?

 

[Mumford and Daughter]

Sorry, but which one is it? Risk assessment of the club ... or .... risk assessment of administration?

both , hence why all the staff were present

 

[We'll_live_and_die]

They still have staff working at the Ricoh and they rent offices there. The CCFC board room is infact at the Ricoh.

Sorry, but I thought they cleared out earlier in the season just before the Bailiffs came in. The offices that were CCFC down by the players entrance are now closed. I'm pretty sure that CCFC do not hold office at the Ricoh anymore.

 

[Nonleagueherewecome]

OSB, you may be able to comment on this, being a CE.

Given the current 'layering' of ownership of the club, ie CCFC Holdings all the way up to the company in the Caymen Islands...if the football club was put into admin, with the monies 'loaned' by the parent holding company, would that not mean they are creditors, and entitled to register a claim (with the administrators) against the club? Does this, as the major creditor, give them first call on any funds that the administrator can collate? I suspect that they do not stand to lose all of their 'investment', as many seem to think we can walk away with admin and no debts.

Given the fact that we have no filed accounts for this last fiscal year, could the 'board' have been siphoning off cash (from season ticket advances, player sales, non-payment of rent, etc) and repaying some of the debt, without us knowing? It might explain why the operating costs don't seem to balance with what we would expect (re your post a couple of weeks ago). Then, if the club is put into admin, they can also retrieve some more of the 'loans', via due process, as a 'creditor'.

There is a belief on here, that if the club goes into admin, then the £30M (or whatever) debt to SISU is wiped clean.....but I do not think this will be the case. I suspect this is what they have been positioning for, with the 'restructuring' of the club's ownership.

Just a thought.......:thinking about:

Exactly what I've thought for some time: admin won't happen unless it's in SISU's interests. I generally thought it just wouldn't happen for that very reason-they may lose too much. But if they have managed to structure it in the way you say, which I've been suspecting was their intention long before the Cayman Isles layer was added to the cake, then they may have decided it is their best option now.

That said, they'll be doing it as a last resort-possibly prompted by lack of progress with the Hoffman consortium, possibly accelerated by relegation-they might have been hanging on hoping for the former to happen or the latter not to. In administration, they won't get anywhere near their 30m they think they are entitled to. They will be near the bottom of the pile as far as creditors go, being non-football. And they won't make much off selling players-sure we'll be reduced to Josh Ruffles being our senior experienced pro along with David Bell, but they still won't get much for those players: Keogh will go for 200k tops, whereas in control of a bidding war, they could have got up to 1m. Gael, Connor etc will be 50-150k out of admin. And not all that money will go to SISU.

I'm also pretty confident that any bidder will be able to put together a more convincing plan going forwards for the club than SISU have-possibly aided by former SISU employees who know exactly where all the holes are-, and they'll probably get the club for much less than SISU would ever sold for. So I doubt it'll come to liquidation after administration, but is rather most likely being used as a bargaining tool at present-by all sides, SISU, Keys and Mutton, it seems!

 

[sky blue zam]

Sorry, but I thought they cleared out earlier in the season just before the Bailiffs came in. The offices that were CCFC down by the players entrance are now closed. I'm pretty sure that CCFC do not hold office at the Ricoh anymore.

Daniel gidney has confirmed that ccfc and acl share offices

 

[kingharvest]

Daniel gidney has confirmed that ccfc and acl share offices

This is correct, had a meeting in the ccfc offices at the ricoh not long ago

 

[mattylad]

Where it gets even more confusing is when you start looking at who has the ability to call in the administrators, I am sure Ranson used this as leverage to gain further backing out of SISU two years ago and it was this that led to the acromonious split with his shares being transferred to SISU when he left.

Whether SBS&L could do so now to stave off liquidation by SISU I find unclear, what I think would be certain is that if a new owner was found and could not reach an agreement with SISU but could with the administrators we are potentially looking at the sort of -25 target that Luton started with a few years ago.

 

[1nilandwe...]

I won't pretend to understand what you mean by that mattylad. Could you explain it again for me and my fellow dunces.
I'd always (perhaps naively) assumed that since we'd cut so many costs and tried to stay out of administration for so long, we'd be looked upon favourably and only docked 10 points. What is the criteria for being docked more than that?

 

[Brighton Sky Blue]

Luton's big deduction was a combination of FA and FL penalties applied for multiple administrations as well as dubious transfer dealings which Mike Newell brought into the spotlight. We would get 10 for admin and only more if we were guilty of more infringements.