:claping hands:
OMG 25+ years in IT and you still don't know how to refresh and read a forum. I hope I never need your services.
Let's make our own consortium. I'll throw in a packet of crisps. :laugh:I might offer £2.50 and try and gazump Hoffman's bid.
Let's make our own consortium. I'll throw in a packet of crisps. :laugh:
I reckon Ken is definitely a tangy cheese Dorito's man.
Just been speaking with Ken about this, he asks one question and one question only.
"What flavour?"
I reckon Ken is definitely a tangy cheese Dorito's man.
Let's completely discredit Orange Ken. I'll start.
I think he lives in Portugal becasue he has Maddie McCann buried under the patio.
typical CET - first report saying CCFC not received anything - now they report the post has arrived. They obviuosly don't know how slow the post is in this part of Coventry!!!!
SISU's position: they want to recoup as much of their original investment (i.e. the loan they owe to the bank) before selling. Say it's £20m — that's a big loss to take if they accept the offer of £1 from the consortium. However if the club goes into administration then they're pretty much never going to recoup that money from promotion to the premier league, and they'd still owe that money. Selling might then be in their interests.
Hoffman consortium's position: buying the club at this point may be predicated on the plan to take the club into administration at the earliest opportunity so as to reduce the club's liabilities and put it on a more stable footing going forwards. They may well be aware of SISU's dilemma and are exploiting it. I find it hard to imagine any investor would look at CCFC as a good opportunity to make money whilst still saddled with debt and not owning its own stadium. Perhaps Gary Hoffman has told a bunch of investors of this plan but wants them to invest in the post-administration business entity so that their money is ring-fenced away from existing debtors. It would certainly be a more attractive proposition than investing in the club as it is today.
Sterling Archers Position: I am going to buy the club after tempting Kenny D with a variety of cheese based flavoured snacks.
Let's completely discredit Orange Ken. I'll start.
I think he lives in Portugal becasue he has Maddie McCann buried under the patio.
OMG 25+ years in IT and you still don't know how to refresh and read a forum. I hope I never need your services.
Did anyone notice the bit in the Cov Mad post of the club being liquidated
"t is also understood that funding for rent of £1.5m to play and use the Ricoh Arena plus wages has been guaranteed for the rest of the season but if any potention buyer does not come up with a deal that they find acceptable, then the club with no assets will be liquidated."
It might not be relegation at the end of the season we have to worry about, but not having a club to support!!!!!!
I'm pretty sure that there are special rules (a bit like the "football creditors first" thing when it comes to admin) saying that owners can't simply decide to liquidate a club. And if they did plan that, surely any bid is better than such a course? They'd get nowt that way. Plus we would hunt them down like the dogs they are if they did that!
Once the club is in admin it is run by a firm of accountants on behalf of creditors. They will then look for options to purchase the club. At this point Hoffmans bid would have to be considered carefully as it far outstrips liquidation for a sound solution to creditor payment.
The irony is that SISU's loan, being from an 'owner', should be at the very bottom of the preferential creditors list.
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