Which is why I'd like SISU and ACL gone. No more debt from SISU, no more unsustainable rent from ACL.
Really?
Yes really. The financial obligations to ACL was the rent.
Or have you got a story you would like to make up and tell us?
Down with this sort of thing! NOPM
Up the council!!
Just about all of us want them both gone.
But I can't see the debt owed to whatever parts of SISU just disappearing. And I don't want to see Higgs lose out. And also there has been a few offers of much lower rent.
To cut it short I want the Ricoh owned by OUR football club. But because of the finances we have a long way to go before it happens
Super, then we agree. SBS&L should own both Otium (the club) and ACL.
You forgot to say if you accept sisu being the majority shareholder of SBS&L.
I have always said I could forgive SISU for the past if they started running our club properly. If our club started going in the right direction. If they stopped trying to blame everyone but themselves when things go wrong. I will never forget what has happened though.
Two points though. I can't see it happening as they are in it for their shareholders and there is no sign of it happening.
I have always said I could forgive SISU for the past if they started running our club properly. If our club started going in the right direction. If they stopped trying to blame everyone but themselves when things go wrong. I will never forget what has happened though.
Two points though. I can't see it happening as they are in it for their shareholders and there is no sign of it happening.
Seems like they've played by the book in this instance, according to FL instruction.
However the validity of FL instructions holds as much weight as David Icke and his relationship to the big man in the sky...
WM
Yes but at some point the shareholders will want out and not ploughing in millions for zero return and no signs of a resurgence. Didn't JS say investors were severely tested at this point last year when the CVA was rejected.
Fuck knows what they think 1 year on. Surely the JR is the last throw of the dice.
ACL certainly believed themWe didn't believe them when they said 'the club risk going into liquidation'.
I'm sure if you look at the history CCC owe both CCFC & the Alan Higgs Trust a considerable amount of money but they kept it all!
Managed to get out of it by quoting a technicality.
Personally I believe it to be totally impossible to believe any of the statements made by any of the parties involved.
D-Day 8 days way & counting! PUSB
How many times have we misread sisu? How many times have we said 'they are only here short term'. We didn't believe them when they said 'the club risk going into liquidation'. We didn't believe they would stay after the administration. We didn't believe they would deliver the latest accounts on time.
Currently we don't believe they will build a new stadium if they can't have the Ricoh.
Currently we believe they will leave if they don't win the JR.
If there is one thing we can't predict - it's sisu.
ACL certainly believed them
Well, they counted on it. And when it happened, they were left without their anchor tenant, a broken lease and a big empty hole in their coffers.
Voting against the CVA hoping sisu would leave was a mistake that would mean sacking the entire board and strategic management in any normal private business.
I agree. My quote of JR is the last throw of the dice was purely my opinion but there has to come a point where for the investors enough is enough. Sisu don't care as its not their money but investors do and there has to be a point that states we get out now. It sounds like they wanted out last year but were convinced to stay on funding the season just gone probably on the basis of the JR being the turning point.
Well, they counted on it. And when it happened, they were left without their anchor tenant, a broken lease and a big empty hole in their coffers.
Voting against the CVA hoping sisu would leave was a mistake that would mean sacking the entire board and strategic management in any normal private business.
Why a mistake exactly? Rejecting the CVA will result in ACL receiving the same amount of money back as if they had accepted it.
Maybe because they lost their anchor tenant.
IMHO if the CVA had been accepted, ACL would have their money and we would be back at the Ricoh by now.
Maybe because they lost their anchor tenant.
IMHO if the CVA had been accepted, ACL would have their money and we would be back at the Ricoh by now.
One thing we may not fully grasp is the difference between loans and share capital (equity). Had the investors money been placed as equity they would need to write down the value each year, but as loans as the loans are defaulted (easy when no interests or instalments are due) then maybe they don't have to write down their investment. So probably - in the investors accounts - the loans are still assets at full value? In other words - they may not feel they have lost anything yet.
So it has been paid but not given to acl yet
Why a mistake exactly? Rejecting the CVA will result in ACL receiving the same amount of money back as if they had accepted it.
“This decision was based on ACL’s twin aims: first, to keep Coventry City Football Club playing in Coventry; and second, to ensure that Coventry City Football Club is financially viable for the next few years and beyond. This last point is especially important given that CCFC has been the subject of a ‘catastrophic insolvency’ in the hands of its previous owners.
Maybe because they lost their anchor tenant.
IMHO if the CVA had been accepted, ACL would have their money and we would be back at the Ricoh by now.
Why would we be back?
Also in pretty much every private business I've worked in you pursue creditors for what you are owed, even if they are your best customer. You don't just let them off with it. If you get a reputation for letting your customers mess you about over debts owed all your customers will soon be doing it.
Because I believe they may have been able to negotiate a deal if it hadn't happened as it did. That's merely my opinion.
ACL turned down the maximum amount they could get remember.
What sort of deal? Rental or ownership?
I half understand that but not fully as yourself. You may be right but like I always say I look at the black and white and face value and on that basis CCFC the business which it is, is worthless and is pissing away money and its fair to say is dying slowly but surely. Investors are exactly that, they invest in this case money to gain more money over a set period and with hedgefunds this is normally short term and we are what 7 years and counting. I just think everything has its tipping point in life and everything has its day.
I just want cov back in cov short term and then long term sort this mess out with club and stadium together. It took years to go tits up it will take years to repair it. We are lucky we are not playing league 2 football and we have a good manager else I dread to think if we hadn't got SP and playing league 2 next year as at the moment ccfc is going only one way and its not up.
I half understand that but not fully as yourself. You may be right but like I always say I look at the black and white and face value and on that basis CCFC the business which it is, is worthless and is pissing away money and its fair to say is dying slowly but surely. Investors are exactly that, they invest in this case money to gain more money over a set period and with hedgefunds this is normally short term and we are what 7 years and counting. I just think everything has its tipping point in life and everything has its day.
I just want cov back in cov short term and then long term sort this mess out with club and stadium together. It took years to go tits up it will take years to repair it. We are lucky we are not playing league 2 football and we have a good manager else I dread to think if we hadn't got SP and playing league 2 next year as at the moment ccfc is going only one way and its not up.
Read their arguments for voting against the CVA:
If they wanted to achieve those two goals: Keep the club at the Ricoh and make sure the club is financial viable for the future, then they failed. Didn't they?
They may get the same money from the administration, but the club is gone and so the income is way down in ACL. As CCC is part of ACL they should also consider the loss of income in businesses sitting close to the stadium. Losing some 300.000 punters a year is surely hurting.
Why a mistake exactly? Rejecting the CVA will result in ACL receiving the same amount of money back as if they had accepted it.
Probably one similar to the one that was due to happen back in 2012 as a starting point. But whatever the deal the rejection ramped up the hatred to a new level.
Who gives a fuck about ACL? The sooner them and SISU disappear the club can move forward.
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