Brighton Sky Blue
Well-Known Member
The squad however does require immediate surgery in more than one sense. It needs a hard fund injection
Doug King Takeover (9 Viewers)
- Thread starter jackdg
- Start date
The squad however does require immediate surgery in more than one sense. It needs a hard fund injection
hill83
Well-Known Member
Setting himself up to be Jonny Opposite early doors to allow him to continue 75 posts a day.
Thanks Nick I haven’t got time to listen
Covkid1968#
Well-Known Member
Yeah in fairness he sounded level headed and has a plan of sorts. Incremental growth is how we have found success so let’s enjoy a bit of incremental growth plus!! I’m happy to fully support him. I’ve ordered a King of Shave pack aswell so I’m all in. Welcome Doug 
Seaside-Skyblue
Well-Known Member
He's quite similar to Robins in his press brief. Quite straight faced, straight talking, doesn't seem to get over excitable. I can see why they might get on well.
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SkyblueDad
Well-Known Member
I suspect Austin will have done that.
pusbccfc
Well-Known Member
Agreed. So similar.
skybluepm2
Well-Known Member
Evo1883
Well-Known Member
Brilliant to be fair
clint van damme
Well-Known Member
To quote Livia Soprano, ' I wish the Lord would take me now'.
Theonlywayisskyblue
Well-Known Member
I read the comments on here before listening to Doug. I think what has confused some people is that we now have a (majority) owner who speaks with a conciliatory tone, has respect for the other parties he has to work with and speaks a lot of measured common sense. Clearly this will take some getting used to for all of us after the last 15 years.
The Philosopher
Well-Known Member
Just watched both parts.
Comes over as sensible.
He has typical square mile phraseology and pronunciation (sidduashun, for situation type thing, was waiting for him to say “chariddee”). Seems to see this as a project in VC terms - buy in, improve, sell on for a profit.
Similar ethos to SISU in that regard but I think the main difference is that Doug is a negotiator rather than an aggressor. SISU seemed American like (obviously) - litigious/aggressive and Doug more pragmatic and wanting to find a solution rather than a fight.
Spoke of capitalising £60m (did anyone ever mention that figure before I wonder?) to leave the club “debt free” (in reality it isn’t though I’d wager, CCFC might be nominally debt free but Covcityco clearly owes someone or something £60m. It might be share holders, investors or bank or another Hedge fund. Maybe we will find out one day but the critical point is that clearly DK has a greater potential to raise funds than SISU were willing or able to.).
One journo asked a ridiculous question along the lines of “you bid £25m for the stadium, is that what you have availability to buy players?”. Clearly not. Spending £25m on something that you can mortgage / borrow against is totally different to buying a player. He batted the question away well without calling the journo a nobber - which was quite impressive.
Not sure what Dave Boddy is going to do long term is another takeaway from the interview.
I did wonder at the outset how much time DK would (given his other business commitments) devote to CCFC. Initial impression is that he’s going to be hands on.
Comes over as sensible.
He has typical square mile phraseology and pronunciation (sidduashun, for situation type thing, was waiting for him to say “chariddee”). Seems to see this as a project in VC terms - buy in, improve, sell on for a profit.
Similar ethos to SISU in that regard but I think the main difference is that Doug is a negotiator rather than an aggressor. SISU seemed American like (obviously) - litigious/aggressive and Doug more pragmatic and wanting to find a solution rather than a fight.
Spoke of capitalising £60m (did anyone ever mention that figure before I wonder?) to leave the club “debt free” (in reality it isn’t though I’d wager, CCFC might be nominally debt free but Covcityco clearly owes someone or something £60m. It might be share holders, investors or bank or another Hedge fund. Maybe we will find out one day but the critical point is that clearly DK has a greater potential to raise funds than SISU were willing or able to.).
One journo asked a ridiculous question along the lines of “you bid £25m for the stadium, is that what you have availability to buy players?”. Clearly not. Spending £25m on something that you can mortgage / borrow against is totally different to buying a player. He batted the question away well without calling the journo a nobber - which was quite impressive.
Not sure what Dave Boddy is going to do long term is another takeaway from the interview.
I did wonder at the outset how much time DK would (given his other business commitments) devote to CCFC. Initial impression is that he’s going to be hands on.
D
Deleted member 5849
Guest
I hope you have an interesting radio
Brighton Sky Blue
Well-Known Member
He deserves a clean slate to work from in any case. After 15 years of SISU however I think most can be forgiven for being sceptical of any claims he makes.
The Philosopher
Well-Known Member
It’s on iFollow under “latest videos”.
D
Deleted member 5849
Guest
tbf after 15 years of SISU, I'm prepared to be a lot more accepting of somebody who appears to have popped up from nowhere than I'd otherwise have been!
Brighton Sky Blue
Well-Known Member
As long as he goes nowhere near your kitchen
stay_up_skyblues
Well-Known Member
Until he brings his brother on board in a Leonard Brody role.
GaryPendrysEyes
Well-Known Member
His approach is exactly what you’d expect from an owner with fairly limited funds. It will be more a long term organic growth approach rather than someone investing more heavily risk and reward.
We have to see what he actually does in terms of net spending on the squad and the quality it retains and brings in.
For now I am pleased that he isn’t a lunatic like Storey and speaks with some signs of grey matter.
Let’s hope we see some decent tangible investment and that it isn’t just Sisu mk2 with better marketing skills…
We have to see what he actually does in terms of net spending on the squad and the quality it retains and brings in.
For now I am pleased that he isn’t a lunatic like Storey and speaks with some signs of grey matter.
Let’s hope we see some decent tangible investment and that it isn’t just Sisu mk2 with better marketing skills…
skybluepm2
Well-Known Member
Brilliant to be fair
it did make me chuckle and deserved to be shared on here haha
I think if he understands that then potentially he can make a lot of progress quickly. We're all desperate for a decent owner.
Hobo
Well-Known Member
The guy deserves a chance. But people are trying to lump all the SISU history and mistrust on his back straight away.
I wont judge him until at least two summer transfer windows. We might sell one of the big names but it will depend how much is reinvested in the team? Coventry has always had to sell but been starved of proper reinvestment.
Having targets and making signings can be miles apart? I would rather limp along and sign a proper target in the summer rather than waste money on a make do signing now.
I wont judge him until at least two summer transfer windows. We might sell one of the big names but it will depend how much is reinvested in the team? Coventry has always had to sell but been starved of proper reinvestment.
Having targets and making signings can be miles apart? I would rather limp along and sign a proper target in the summer rather than waste money on a make do signing now.
oldskyblue58
CCFC Finance Director
Said all the right things, played to the audience well, clearly he is excited to be involved. The important things though are what actually happens, words are easy. On that front personally i am comfortable and happy to let him get on with it and to see where we are in 12 months time (that will be when the May 2023 financials are filed and we can see what is what a little clearer).
He didnt provide very much detail in reality, and was careful with his words - to be expected really. Journalists gave him an easy ride and he allowed them to lead the direction of questions - quite skilled in doing that. The short time frame for each journalist meant the Journalists were time pressured not him. Plenty of the right sound bytes but little substance
What i took from it
- that Covcityco ltd has not added any new debt (his phrase) Does that mean there is still debt of some sort? Had he wanted to, for instance, he could have done away with the preference shares which are "quasi" debt but the new Memorandum & articles specifically refer to preference shares.
- It was the journalists that suggested the 60m debt figure he never really confirmed that. It was the journalists that brought up "wiped clean". Covcityco didnt buy the SBS&L group it only bought 85% of Otium. However Otium never owed 60m. SBS&L is still owned 100% by SISU as far as i can see - so does the unsecured 28m still exist in SBS&L - probably and is not CCFC's problem. At the moment i dont know how it all adds up with what is being said - which makes me sceptical
- Can anyone really see SISU or ARVO just wiping off the debt ??? So from an accounting point of view i am curious as to how the debits match the credits in what went on. Have the debts been moved or reclassified so that they are not seen as formal arrangements in Otium? It doesnt all fit in my mind yet. We wont know for sometime whats gone on. To be fair to him he doesnt have to give chapter and verse on it because that would cloud the feel good message to the fans
- Sounds to me that he is not bringing a lot of cash in to this other than to clear some working capital debts and perhaps a small amount for transfers. Maybe a softer approach than SISU but how the club is going to be run financially is not greatly different - just sounds better the way he put it. I do not have a problem about CCFC living within means, and accept the limitations of that.
- Good to hear he is willing to create partnerships with stakeholders particularly Fraser Group. I dont think he will be anyones soft touch in negotiations.
- sounded like he has parked the Warwick Uni project for the foreseeable - always thought if it was going to happen it would be the training ground not the stadium
- Not convinced that players will be attracted first and foremost by facilities - its all about the money first isnt it. Lack of Money being the clubs basic problem
- no interest to be paid by the club during his tenure he said - in essence the club never has paid it, yes it was charged but the club could never afford to pay it so the only way it could be be paid is if the owner put the funds in. If ARVO loans are cleared then as it stands there is no formal arrangement to pay interest in any case. So not really a big concession in reality.
- strikes me that funds are still tight and the next couple of financials will be interesting. Are we breaking even or are we making losses even without the interest charge in which case King will have to finance that. Yes club stable but to move forward and maintain it is going to require funding, how will that be found, will debt (even owners debt) have to increase and at what cost
- good that we will try to keep the players we want/need and build - but that still comes back to money and financing operating costs. He is correct about if a player wants to go then its detrimental to the rest of the team to hold on to them. Trouble is that basically advertises that unsettle a player by for example adding 20% to wages as offer and ........
- I dont think there will be any major capital expenditure away from the team for at least 12 months probably longer, and i dont from what he said get the feeling of major (for us) signings for the team, it will still be sourced as it has been for last few years, loans, frees, relatively low cost fee gambles
That all said i didnt hear anything that riled me but equally didnt hear much that excited me. It was pretty much what i would expect a new owner to say. As i said though give the guy some time and judge him on deeds not words. Good luck to him - he will need it
He didnt provide very much detail in reality, and was careful with his words - to be expected really. Journalists gave him an easy ride and he allowed them to lead the direction of questions - quite skilled in doing that. The short time frame for each journalist meant the Journalists were time pressured not him. Plenty of the right sound bytes but little substance
What i took from it
- that Covcityco ltd has not added any new debt (his phrase) Does that mean there is still debt of some sort? Had he wanted to, for instance, he could have done away with the preference shares which are "quasi" debt but the new Memorandum & articles specifically refer to preference shares.
- It was the journalists that suggested the 60m debt figure he never really confirmed that. It was the journalists that brought up "wiped clean". Covcityco didnt buy the SBS&L group it only bought 85% of Otium. However Otium never owed 60m. SBS&L is still owned 100% by SISU as far as i can see - so does the unsecured 28m still exist in SBS&L - probably and is not CCFC's problem. At the moment i dont know how it all adds up with what is being said - which makes me sceptical
- Can anyone really see SISU or ARVO just wiping off the debt ??? So from an accounting point of view i am curious as to how the debits match the credits in what went on. Have the debts been moved or reclassified so that they are not seen as formal arrangements in Otium? It doesnt all fit in my mind yet. We wont know for sometime whats gone on. To be fair to him he doesnt have to give chapter and verse on it because that would cloud the feel good message to the fans
- Sounds to me that he is not bringing a lot of cash in to this other than to clear some working capital debts and perhaps a small amount for transfers. Maybe a softer approach than SISU but how the club is going to be run financially is not greatly different - just sounds better the way he put it. I do not have a problem about CCFC living within means, and accept the limitations of that.
- Good to hear he is willing to create partnerships with stakeholders particularly Fraser Group. I dont think he will be anyones soft touch in negotiations.
- sounded like he has parked the Warwick Uni project for the foreseeable - always thought if it was going to happen it would be the training ground not the stadium
- Not convinced that players will be attracted first and foremost by facilities - its all about the money first isnt it. Lack of Money being the clubs basic problem
- no interest to be paid by the club during his tenure he said - in essence the club never has paid it, yes it was charged but the club could never afford to pay it so the only way it could be be paid is if the owner put the funds in. If ARVO loans are cleared then as it stands there is no formal arrangement to pay interest in any case. So not really a big concession in reality.
- strikes me that funds are still tight and the next couple of financials will be interesting. Are we breaking even or are we making losses even without the interest charge in which case King will have to finance that. Yes club stable but to move forward and maintain it is going to require funding, how will that be found, will debt (even owners debt) have to increase and at what cost
- good that we will try to keep the players we want/need and build - but that still comes back to money and financing operating costs. He is correct about if a player wants to go then its detrimental to the rest of the team to hold on to them. Trouble is that basically advertises that unsettle a player by for example adding 20% to wages as offer and ........
- I dont think there will be any major capital expenditure away from the team for at least 12 months probably longer, and i dont from what he said get the feeling of major (for us) signings for the team, it will still be sourced as it has been for last few years, loans, frees, relatively low cost fee gambles
That all said i didnt hear anything that riled me but equally didnt hear much that excited me. It was pretty much what i would expect a new owner to say. As i said though give the guy some time and judge him on deeds not words. Good luck to him - he will need it
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The Philosopher
Well-Known Member
There was one thing that I did pick up on: 30000 students at Warwick Uni?
Is that 10000 new students per year?
If, by some quirk of fate (Mike Ashley kicks us out for example or hikes rent to daftville) and we do end up with a stadium there. (I know, unlikely, but then again so was playing at Sixfields) there’s a huge potential support base.
Free tickets to reserve matches? Cheap match day tickets to WU students….? Only needs a few to catch that awful bug known as CCFCitis. We’ve all caught it, no?
Who knows.
Is that 10000 new students per year?
If, by some quirk of fate (Mike Ashley kicks us out for example or hikes rent to daftville) and we do end up with a stadium there. (I know, unlikely, but then again so was playing at Sixfields) there’s a huge potential support base.
Free tickets to reserve matches? Cheap match day tickets to WU students….? Only needs a few to catch that awful bug known as CCFCitis. We’ve all caught it, no?
Who knows.
The Philosopher
Well-Known Member
What is going on with the hair thing?
Doug has more hair than anyone, ever, and his brother Will - not so.
Is Doug going to to the Greggy Downs thing and run on the the pitch, pull off the wig…(I remember that as a kid, player ran out of the tunnel, big hair and me thinking, who’s that? Have we signed a new player?)
Hobo
Well-Known Member
Yes a lot of window dressing and characterisation of the situation.
But that is what you get from successful businessmen. At the end of the day it is now his club and his money. Owners always disapoint fans. That would be the same whoever bought the club.
Flying Fokker
Well-Known Member
Doug King answers big questions at first Coventry City press conference
Coventry City takeover news from CoventryLive as we bring you all the big talking points from Doug King's first formal press conference
GaryPendrysEyes
Well-Known Member
Certainly he didn’t set very high expectations either on investment or performance targets. ‘Knocking on the door’ of the playoffs as a target is something we have been close to this year.
ok he wants that to be consistently achieved but it seems a bit of a flat target. Making the playoffs might be more of an inspirational stretch.
But hey that’s just words in the end. As most have said will we see any increased net investment in the squad year on year over what Sisu did?
ok he wants that to be consistently achieved but it seems a bit of a flat target. Making the playoffs might be more of an inspirational stretch.
But hey that’s just words in the end. As most have said will we see any increased net investment in the squad year on year over what Sisu did?
TwistAndShoutCCFC1987
Well-Known Member
I thought he meant knocking on the door of the premier league rather than the play-offs themselves
SkyBlueSoul
Well-Known Member
It was only within the last month or so that Robins said Austin is a one man band at the minute and is going into the transfer window with no help. I've seen nothing to suggest they've replaced Stuart Benthom
shy_tall_knight
Well-Known Member
Its all about the timing to me its why I'm so negative about this. Recognise he's a cautious investor so no plans to spend big but was able to table a £25m bid for the stadium !!! Has bought a club and hopes by keeping a steady ship we may knock on the door of the play-offs, highly unlikely, so can't understand his motivation. Is he just a better negotiator than SISU for the potential sale to Mike Ashley.
