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)
My point being if you've put £50m into a project and you can see no possible way of getting any return in the future what do you do. It's not like we're breaking even and they can just tread water hoping something comes up, they have to sink several million in every year. At some point surely they go enough is enough and walk away?
How it impacts SISU I have no idea but could it be the case that over the last several years they've been gradually writing off the £50m so it may not be as bit a hit for them to take as it seems. Maybe OSB could help out here, what would be SISUs exit strategy if they feel there is no use in putting more money into a black hole?
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.
Everyone has a price I would love to know theirs as well.
Imagine trying to thrash the deal out with them!
it could yes ............... but that decision is up to SISU really as to whether they put extra funds in to cover it. Makes things awkward but not impossible ........ means that expected cashflow wont come to the club (it is ACL's to claim from the bank or debtor and the bank or debtor is legally bound to pay to ACL not CCFC) so the gap in funding has to be made up from elsewhere.
Not sure how SISU would fight the 3rd Party order given that the debt it relates to has never been challenged in court and that the court has confirmed it as a valid debt months ago.
it could yes ............... but that decision is up to SISU really as to whether they put extra funds in to cover it. Makes things awkward but not impossible ........ means that expected cashflow wont come to the club (it is ACL's to claim from the bank or debtor and the bank or debtor is legally bound to pay to ACL not CCFC) so the gap in funding has to be made up from elsewhere.
Not sure how SISU would fight the 3rd Party order given that the debt it relates to has never been challenged in court and that the court has confirmed it as a valid debt months ago.
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.
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?
details of what a third party debtor order is and proceedures are here
http://www.mylawyer.co.uk/third-party-debt-orders-a-A76076D76681/
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.
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
Change allegiances? Strange term, considering we all support CCFC.
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.
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)
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
Final order enabling ACL to collect is May 2nd. Season last game April 27th Notts County. VERY STRANGEno ......... 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
That's the spirit!! Close the wretched club down!!!!
If by some miracle Hoffman had taken over the club and had tried a similar tactic, he would have unquestionable support from some posters on here.
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.
Just read that the bank accounts have been frozen and the bank has seven days to reveal what's in them
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