OK M&D. Richardson said when he left the debt was £7M. The accounts at the time showed £60. When Sky Blues shareholders met for the club's annual general meeting in December 2001, they blasted chairman Bryan Richardson for getting the club into that much debt. Robinson said he had to go because the Board were worried about the long term financial future of the club. The accounts don't lie. Richardson does.
Keep defending him if you must, but he's the main reason we are where we are. He should never be allowed back in the City.
Now i'm not defending BR with this comment, but there is a MASSIVE difference between the two figures.
The £60m debt is from the accounts year end 31.05.01. This is not just the bank debt but the total debt owed to all parties i.e loans, HMRC, creditors etc. It dosen't mean the bank sent the club a statement which showed we were £60m overdrawn.
The £7m bank debt is the actual overdraft at the point he left 7 months later, after we had sold Hadji, Bellamy, Hartson, Kirkland etc. The sale of those players is NOT included in the accounts to 31.05.01
The overall debt of the club had been roughly halved by the time we started the following season in August 2001.
OSB, I'm hoping that this is not as sinister as it looks (and can be expected from Sisu). Could this be a way of Sisu raising money to keep us going?You arent being thick, not entirely sure what is going on myself. But it seems that AVRO who apparently have connection to SISU now have a mortgage over all assets of CCFC and CCFC Holdings. My understanding is that AVRO have been involved in previous projects with SISU including administrations and liquidations (but i could be wrong). Clearly SISU have some plan
Thats the problem Sparky, its almost impossible to say exactly what position the club was in financially at the point BR left as the accounts are only published for one point in the year (31st May). We have no idea at the point he left what the value of the loans were to the various directors. We don't know how much money went to pay the overdraft and how much went to pay off loans during that summer. I would say given the other figures we've seen over the years £7m as an overdraft figure seems reasonable.
The point I was making is that most people on here are just calling Richardson because they look at £60m to £7m in 7 months and say its not possible he's a liar. We are comparing 2 figures from completely different aspects of the balance sheet.
TBH I think McGinnity and Robinson were as much to blame as Richardson in terms of what went on behind the scenes and with whatever deals were struck during that time.
If I recall the total owed back to GR at the point when SISU took over was about £20m?
Sounds to me like Richardson is just touting for business for his new enterprise
On another matter a charge has been registered at Companies House dated March 2012 in favour of AVRO Master Fund Limited. It covers all CCFC and CCFC Holdings assets. Please explain TF, SISU etc ........... am
far more worried by this than BR spouting off in the press
hadji to villa 3.5m bellamy to newcastle 7.9m kirkland to liverpool 7.2m hartson to celtic 6m all them =24.6m in the summer after the may accounts had been filed! and were these players sold by richardson or had they already gone? so if they say we were 60 mill in debt after these players had gone richardson would of accumalted debt upto 85mill at some point before he left, but if we were in 60mill of debt before these players had gone your looking at around 35mill when richardson left! if he was still in charge during these transfers i cant remember
Just going to put some facts up
On another matter a charge has been registered at Companies House dated March 2012 in favour of AVRO Master Fund Limited. It covers all CCFC and CCFC Holdings assets. Please explain TF, SISU etc ........... am far more worried by this than BR spouting off in the press
Oh dear ... that cannot be good.
You need to explain this for me (and the 2 other guys reading this section):
1) Who hold the shares of CCFC and CCFC Holding? Sisu or the funds?
2) What kind of financial transaction could be involved to place charges on all of those two companies belongings?
3) What kind assets (and their value) does the companies have?
ccfc holdings holds 100% of CCFC
Sconset owns 100% of CCFC Holdings
Sconset is apparently 100% owned by SBS&L
SISU investors & Brody own SBS&L
............ as far as I know, or we have been told
Apparently the charge is to secure monies lent to CCFC & CCFC Holdings by ARVO ........... didnt know they had or what part ARVO play in this.
All sorts of assets ...... from signs to trademarks to mowers to gym equipment to computers to desks to website to heart monitors to ground & sewer works to ice machine .......... but in particular the ryton ground
And the ARVO address is given as the Cayman Islands (i mis spelt name earlier its ARVO not AVRO- apologies)
hadji to villa 3.5m bellamy to newcastle 7.9m kirkland to liverpool 7.2m hartson to celtic 6m all them =24.6m in the summer after the may accounts had been filed! and were these players sold by richardson or had they already gone? so if they say we were 60 mill in debt after these players had gone richardson would of accumalted debt upto 85mill at some point before he left, but if we were in 60mill of debt before these players had gone your looking at around 35mill when richardson left! if he was still in charge during these transfers i cant remember
The value of those transfers depends on where you get your information, according to Soccerbase we sold those 4 players for a total of £20.5m plus Aloisi for £1.2m and bought Hughes for £5m. They were all done during Richardsons time. Only Carsley (£1.9m) was sold after he was removed as chairman.
And then the whole stability of the club fell apart and it has never, ever come back. If you look at the Geoffrey Robinson and Mike McGinnity era, neither of them knew anything about football.
"I feel so strongly that it could have been so much better but you can’t do it if all of a sudden people off the TV say ‘you should have him as a manager’ – you can’t do it.
who from the tv can he be talking about i wonder lol
OSB. According to the website companysintheuk.co.uk CCFC ltd has a debenture levied against it on 22 March 2012. If i am correct is a debenture a vehicle used to secure repayment of any debt held in full from the capital assets before the revenue and any creditors of the club? The company that holds this debenture is ARVO Master Fund Ltd, if thats the case we could be about to be put out of our misery. I also think that it could also be classed as an unsecure loan but how could you tell the difference between the two?
Google is your friend:
http://www.investopedia.com/terms/d/debenture.asp#axzz1tA5wNK40
OSB. According to the website companysintheuk.co.uk CCFC ltd has a debenture levied against it on 22 March 2012. If i am correct is a debenture a vehicle used to secure repayment of any debt held in full from the capital assets before the revenue and any creditors of the club? The company that holds this debenture is ARVO Master Fund Ltd, if thats the case we could be about to be put out of our misery. I also think that it could also be classed as an unsecure loan but how could you tell the difference between the two?
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