Club statement (2 Viewers)

skybluebeduff · Mar 2, 2012

Coventry City Football Club today moved to reassure supporters about the long term future of the club after its accounts were not filed on time.

The club's accounts were due to be filed by February 29, 2012. As a consequence of missing the deadline a temporary transfer embargo came into force last night.

Tim Fisher, chief executive of Coventry City Football Club, explained: "We want to be 100 per cent transparent and open about the situation so our supporters are left in no doubt about what is happening.

"Our accounts were due on February 29. As part of the accounts submission process then we have to be able to show committed funding out for the next financial year and, at this stage, we could not do this as we, the board, are still in the process of agreeing and negotiating budgets with the owner.

"There is nothing untoward about this and it is perfectly normal to be negotiating funding with the owner. We would hope to secure funding commitments in the very next few weeks.

"The owner has previously funded the club for a period of more than four years and, is currently reviewing our budget proposal for the coming year.

"We totally understand and appreciate that supporters might be concerned, but while the situation is far from ideal, we are confident it will be resolved very soon."

http://www.ccfc.co.uk/page/NewsDetail/0,,10269~2630428,00.html

ajsccfc · Mar 2, 2012

I for one am completely reassured.

castlevaleskyblue · Mar 2, 2012

Basically sisu ain't putting anymore money in, we need the deal with Hoffman to go through or we could be the next pompey

CUS Wyken · Mar 2, 2012

Surely this is good news then?

dongonzalos · Mar 2, 2012

Sisu are not putting money in next year because they want quick fire sales in the summer, before handing over to the Hoff a completely broken squad with only youngsters left in it. By that I mean youngsters that could not be sold. So I dont mean Cristie, Cameron, Bigi and Thomas.

kg82 · Mar 2, 2012

The thing is, we've heard this "open and transparent" stuff before and I can't remember a time they've said something and it actually go as they have said it would. Things like "we would hope to secure funding" and "we are confident it will be resolved" leave me, for one, in a lot of doubt.

Godiva · Mar 2, 2012

castlevaleskyblue said:
Basically sisu ain't putting anymore money in

Do you have a reliable source?
I mean other than dongonzalos.

dongonzalos said:
Sisu are not putting money in next year because they want quick fire sales in the summer

Do you have a reliable source?
I mean other than castlevaleskyblue.

skyblueinBaku · Mar 2, 2012

So don't worry, lads. Everything is OK........

kg82 · Mar 2, 2012

Godiva said:
Do you have a reliable source?
I mean other than dongonzalos.

Do you have a reliable source?
I mean other than castlevaleskyblue.

Well, they did say last year that they were only going to fund the club for one more season?

aodea · Mar 2, 2012

What i dont get is if there was a deadline for the accounts its not like they did not know this was coming so why did they fail to meet the deadline. I mean the transfer embargo makes no differnce as lets face it we were not going to sign anybody but surely the club should be able to work within the time constraints on offer?

Godiva · Mar 2, 2012

kg82 said:
Well, they did say last year that they were only going to fund the club for one more season?

No they didn't - have been rebuffing this so many times!
They said they had secured funding till the end of the season - there's a difference you know!
In your version funding would stop by the end of the season, in sisu's version funding may still continue.

I tell my landlord I will pay the rent at the end of the month - that's not the same as I will stop paying rent after that.

When they told us last year funding would be there for the season, many said it was just 'another lie' and we would be in administration before christmas. Well, that's one promiss they did keep.

They will put up the funding for next year I'm sure, walking away will cost them more.

kg82 · Mar 2, 2012

Godiva said:
No they didn't - have been rebuffing this so many times!
They said they had secured funding till the end of the season - there's a difference you know!
In your version funding would stop by the end of the season, in sisu's version funding may still continue.

I tell my landlord I will pay the rent at the end of the month - that's not the same as I will stop paying rent after that.

When they told us last year funding would be there for the season, many said it was just 'another lie' and we would be in administration before christmas. Well, that's one promiss they did keep.

They will put up the funding for next year I'm sure, walking away will cost them more.

Calm down, I was giving a reason not trying to give you an enema.

Brighton Sky Blue · Mar 2, 2012

The prospect of these chaps being here next season is the most disconcerting of all.

Wrenstreetcarpark · Mar 2, 2012

and the alternative?
Oh yes, the table again, the round table with all the discussions between Hoffman and SISU.
I am beginning to think that the white horse that Hoffman was riding in to the rescue on is actually just a nag from Nuneaton used by a weekend cowboy.

Godiva · Mar 2, 2012

As OSB explain here http://www.skybluestalk.co.uk/threads/15229-Financial-mechanics-at-CCFC
Even a change of ownership could put us closer to the financial abyss.

olderskyblue · Mar 2, 2012

As part of the accounts submission process then we have to be able to show committed funding out for the next financial year

And what happens if they commit, but then do not deliver on said funding?

Jack Griffin · Mar 2, 2012

It is simple, they are holding out to see if they go down.

Godiva · Mar 2, 2012

olderskyblue said:
And what happens if they commit, but then do not deliver on said funding?

Then the accounts will be accepted, but when the coffer runs dry the club will enter administration.
But why on earth would they not deliver? What would they gain?
Remember it's not as simple as them saying 'sure, we'll provide the funds', and then the auditors are happy. They actually have to provide sufficient proof of that funding will get here.

CovLis86 · Mar 2, 2012

SISU are really past caring arent they.

covcity4life · Mar 2, 2012

Jack Griffin said:
It is simple, they are holding out to see if they go down.

seems so

or maybe takerover is closer than we think?

Godiva · Mar 2, 2012

covcity4life said:
or maybe takerover is closer than we think?

That would not delay them in providing proof of funds for next season.

covcity4life · Mar 2, 2012

Godiva said:
That would not delay them in providing proof of funds for next season.

what if its hoffman who has to agree the budget tho

Steve.B50 · Mar 2, 2012

Just top moaning. We all know Sisu do not care or want this football club, they know that our fan base are all happy to just sit on our arses and do nothing.
Untill we all join together and try and force them out it will all continue and we will be the laughing stock of the league.

KersleyDigs · Mar 2, 2012

I quite like the idea of SISU selling most of our players and then Hoffman's people coming in with £10 million to buy a completely new squad.

We had a strong squad last year, but as a group they were weak and had (still have) a losing mentality.

£10m would by you 20 decent players!

shmmeee · Mar 2, 2012

Not trying to give excuses here but surely logic would say that until we know the budget projections for next year (which will depend on the division were in) you can't say for sure that funding is in place.

Of course the flip side to that is that they should have planned for both scenarios already

mememe · Mar 2, 2012

dongonzalos said:
Sisu are not putting money in next year because they want quick fire sales in the summer, before handing over to the Hoff a completely broken squad with only youngsters left in it. By that I mean youngsters that could not be sold. So I dont mean Cristie, Cameron, Bigi and Thomas.

but it wouldnt matter if they sold the whole team, we are terrible. anyway the mesiah hofman will be putting millions and millions into the team. wont he??

i mean his track record at our club last time he was here showed how successful he was???

Jack Griffin · Mar 2, 2012

Godiva said:
That would not delay them in providing proof of funds for next season.

I think it would. I can't see your logic, can you explain?

Godiva · Mar 2, 2012

covcity4life said:
what if its hoffman who has to agree the budget tho

It doesn't work that way - the budget and finance planning is based on what they know and can argue to the auditors. A pending takeover would not delay anything in this matter, as they are supposed to show the club is a going concern and funding is there.

Should a take over happen a few days after the accounts have been filed, then nothing changes anyway.

I can't really see a situation where Hoffmann is supposed to approve any kind of budget or financing. Unless both parties have signed all contracts, sisu (the board actually) are and will remain solely responsible for everything related to the club. Hoffman will have no say in anything until he and his investors own the shop.

Godiva · Mar 2, 2012

KersleyDigs said:
I quite like the idea of SISU selling most of our players and then Hoffman's people coming in with £10 million to buy a completely new squad.

We had a strong squad last year, but as a group they were weak and had (still have) a losing mentality.

£10m would by you 20 decent players!

You need to read this piece carefully: http://www.skybluestalk.co.uk/threads/15229-Financial-mechanics-at-CCFC

SuperCov · Mar 2, 2012

I'm wondering whether the 'guarnteed funding for another season' had gate receipts included? Obviously attendances have been down around 2 - 3 thousand a game this season, so the projections would be out by at least 500k to a million I'm guessing. :thinking about:

SkyBlue_Bear83 · Mar 2, 2012

So is the embargo because as of today we don't have proof we can fund the club for the next financial year?

canleykid · Mar 2, 2012

I think its purposely done so they Defo don't get anyone else in,the reason is clear,they've ran out of things to sell at the moment and there trying to work out what it will cost them till the end of the season to how much they can make selling the scraps of talent we have left,then if they think they can make a bit more they will see out the season otherwise we could be on the brink of admin.

Disorganised1 · Mar 2, 2012

You can't go into admin just because you don't want to pay - if you have the funds you have to pay some bills.

canleykid · Mar 2, 2012

They will move the money out the country,that's why its taking so long there just going to cover there tracks and the money will vanish to the caymen islands

EleanorRigby · Mar 2, 2012

They can't buy OR sell or even offer contracts, Fisher said on CWR accounts will be done in the next few weeks or months

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