Warwickhunt
Well-Known Member
To be quite honest I am sick to the back teeth with it all1 I wish they would close us down then at least i can sort out my saturdays to a better effect (golf)
Breaking news: ACL call in debt and have access to CCFC (3 Viewers)
- Thread starter AFCCOVENTRY
- Start date
skybluelee
Well-Known Member
I just want the whole bloody thing to be over. If that means us starting again in whatever pub league bedworth United play in then so be it. I am fucking bored of this shit now.
oldskyblue58
CCFC Finance Director
got following choices really chiefdave
- sell at hugely discounted rate and probably write off most or all of money owed to them
- wind up and walk away
- wind up take the assets there are and do a pheonix club. Thereby breaking any existing contracts for rent etc. Arrive at football debt settlement and hope they dont get bombed down more than 2 divisions. hope to keep league share but if down in conference or lower is it necessary? Build a small stadium and hope for success, start again
- keep putting money in ...... but like you say at some point they have to draw a line
just one thing folk keep saying £50m is a lot of money ...... to the likes of you and me it is ........... but is it to the likes of Seppala
Also is the debt really representative of money spent or does it equal things like rolled up interest etc that hasnt actually been paid out? ....... easier to erite off stuff you never had rather than cold hard cash put in
- sell at hugely discounted rate and probably write off most or all of money owed to them
- wind up and walk away
- wind up take the assets there are and do a pheonix club. Thereby breaking any existing contracts for rent etc. Arrive at football debt settlement and hope they dont get bombed down more than 2 divisions. hope to keep league share but if down in conference or lower is it necessary? Build a small stadium and hope for success, start again
- keep putting money in ...... but like you say at some point they have to draw a line
just one thing folk keep saying £50m is a lot of money ...... to the likes of you and me it is ........... but is it to the likes of Seppala
Also is the debt really representative of money spent or does it equal things like rolled up interest etc that hasnt actually been paid out? ....... easier to erite off stuff you never had rather than cold hard cash put in
MichaelCCFC
New Member
You may well be right but part of the current strategy is to break even within 2 years hence all the cost cutting. If break even point is reached, rather than walk away they could just sit tight, adjust the budget if we get promoted/relegated and just wait till someone does make them an offer. We might be in the blue square by then but if sisu aren't losing money why not just hold on to the asset? We're in a recession but one day the economy will pick up. I would love to know how much/little sisu would be willing to sell for today.
dongonzalos
Well-Known Member
Everyone has a price I would love to know theirs as well.
Imagine trying to thrash the deal out with them!
Sick Boy
Super Moderator
It is funny that when they came to the club, the one's who are now anti-sisu (and who were also the most pro-SISU when they bought us) were very proud of SISU's 'hard-nosed' business skills.
SkyBlue_DownUnder
New Member
Hark back to a time when the Ricoh was full to capacity, we had a manger in charge who we all trusted in, the league playoffs and a Wembley visit were just on the horizon and then in true Coventry City style its all gone tits up!!
But here we all are ..... still are sailing with this ship of fools.
We are the Sky Blues and no matter what, we always will be.
But here we all are ..... still are sailing with this ship of fools.
We are the Sky Blues and no matter what, we always will be.
If this wasn't a council against a football club { hedge fund}, this action would have been taken months ago.
Sky Blues
Active Member
Do you know OSB whether this could put CCFC over its Financial Fair Play level by default if revenue is being diverted by ACL to pay the debt?
E.G. If there is £1m less cash coming in does that take £650,000 off our playing budget? So if we were running a £4m playing budget on the basis of a £4.2m FFP cap and if the side-effect of this action was to lower essentially the cap to £3.45m, then we'd be on course to exceed it without sudden and deep cuts to the playing staff - though at this stage of this season CCFC would just exceed it and take whatever embargo or points deduction is thrown at the club? Or would the revenue still be counted as being taken in by CCFC (but then being diverted before it reaches the club's coffers?
Sick Boy
Super Moderator
If they play-offs were on the horizon, how can they disappear in one game? They were never a real possibility as we were very much in a false position.
oldskyblue58
CCFC Finance Director
would not have thought it would affect it............. it is still CCFC's income they just dont have control as to where they apply those funds
oldskyblue58
CCFC Finance Director
details of what a third party debtor order is and proceedures are here
http://www.mylawyer.co.uk/third-party-debt-orders-a-A76076D76681/
http://www.mylawyer.co.uk/third-party-debt-orders-a-A76076D76681/
Sky Blues
Active Member
Here's an interesting line from there: "You should consider carefully when to make your application. The court order which is initially sent to the third party will only 'freeze' money held in an account on the day it is received by (served on) the third party. So if, for example, the order is received a couple of days before the debtor's salary is paid into the account, you are likely to receive little or nothing since the 'freeze' will not be applied to any money paid into the account after the court's order was received."
Could ACL serve the order only to discover the cupboard is basically bare except for one measly "five-figure" sum?
oldskyblue58
CCFC Finance Director
I think what it means is that say there is £100k in the bank account then that is frozen as of today and remains that way until the court gives final judgement............ but if money comes in tomorrow say £50k then that isnt covered by the order and is not frozen
Mary_Mungo_Midge
Well-Known Member
When hard-nosed becomes illegal and threatens the very existence of our club; I think that's the tipping point when most of a reasonable mind change their allegiances
Sky Blues
Active Member
If they can only get their money based on what CCFC has in the account today - and not keep taking until the whole debt is repaid - then today's action may not make SISU quake with fear. It sounds kind of like the police using pepper spray rather than a gun to try to stop a criminal.
kg82
Well-Known Member
Change allegiances? Strange term, considering we all support CCFC.
Mary_Mungo_Midge
Well-Known Member
From being supportive of SISU to a stance that niw decries what they are doing. Within that context
oldskyblue58
CCFC Finance Director
But thats why they go after the debtors too ........ I think they realise it wont pay it all but it makes things very inconvenient and alerts other creditors which puts more pressure on ....... makes the dominoes wobble but not fall just yet
philmcc
Member
Sisu seem to know every trick in the book, I suspect they would have seen this move from ACL coming and have made sure they can't get their hands on anything substantial...probably didn't see mark robins departure coming though so maybe that money is up for grabs...but what do I know I just wish we could concentrate on the football...definitely hope we smash bury tomorrow
torchomatic
Well-Known Member
Sky Blues
Active Member
Sorry OSB that's thrown me a bit. Aren't CCFC the debtors here? Oh, I remember your earlier post now - directors can become liable - so they can lump this order on the personal bank accounts of Joy, Tim et al too eh?
oldskyblue58
CCFC Finance Director
no ......... the debtors are the entities like HTFC that now owe CCFC compensation money (they are debtors of CCFC) ......... ACL have put an order on what is due to CCFC by HTFC so that if not yet paid it has to be paid to ACL when/if the order becomes final
Cant charge TF's or JS's private accounts as the amount owed is by CCFC a seperate legal entity
Cant charge TF's or JS's private accounts as the amount owed is by CCFC a seperate legal entity
skybluealan
Well-Known Member
Final order enabling ACL to collect is May 2nd. Season last game April 27th Notts County. VERY STRANGE
CJparker
New Member
Sick Boy, obviously it's a disaster that the club is in this position, but ti does show that the council are bringing it to a head - the whole thing is SISU's fault, and if the council use this row to force SISU out of CCFC, then I support them.
torchomatic
Well-Known Member
CJ, with your hands so busy over the news I'm surprised you have the energy to type.
dongonzalos
Well-Known Member
Are TF's wages paid by CCFC can they be seized
dongonzalos
Well-Known Member
Who was that sick boy
Sky Blues
Active Member
Two packets of crisps and an original 7" of "Go for it, Go for it City! Sky Blues, Shooting to win!"