Sub
Well-Known Member
Elliott and Hoffman raise alarm over leaked Coventry City documents
5 Aug 2013 08:04One-time Sky Blues directors speak out after leaked documents indicate Football League should not have handed club to Otium
Share on printShare on email
</body>
Joe Elliott and Gary Hoffman
Former Sky Blues directors Joe Elliott and Gary Hoffman have spoken out after newly leaked documents raised more questions over whether hedge fund owners Sisu should continue to run the club.
It follows a statement on Saturday by part council-owned Arena Coventry Limited (ACL), which maintained the club documents from 2008 further demonstrated why the Football League and administrator Paul Appleton should not have effectively handed ownership of Coventry City to Sisu-related company Otium.
The ACL statement said Friday’s League handing of the crucial golden share to Otium “beggars belief” – not least because the documents proved CCFC Ltd, the company in administration and now expected to be liquidated, contained all the club’s playing assets, including the golden share and players’ contracts.
But Sisu company CCFC (Holdings) Ltd, which continued to operate the club during administration , has claimed to have “beneficial” ownership over the assets, and the players’ contracts.
CCFC Holdings/Otium director Tim Fisher has come under fire since March for describing CCFC Ltd as a “non-operating subsidiary”.
The last filed accounts for 2010/11 indicate otherwise, but he has strongly denied any assets have since been transferred.
The confidential documents – minutes of a 2008 club board meeting where Mr Hoffman and Mr Elliott were present – were published on Friday on a football website called “200 Percent” – the same day ACL rejected a deal aimed at preventing liquidation and the resulting ten League points deduction.
As the Telegraph has reported since March’s administration, CCFC Ltd’s 2010/11 accounts and a League registration document povided evidence of the golden share and player activity resting in CCFC Ltd before the share was suspended due to the administration.
Preston Haskell IV (centre) with Gary Hoffman and Joe Elliott
Mr Appleton and the League have more recently acknowledged the golden share had rested with CCFC Ltd. He had also stated Holdings’ claim to ‘beneficial ownership’ could ultimately only be contested in court.
Mr Elliott said: “I carted those papers and six inch-deep paperwork to London and delivered them personally to Paul Appleton.
“On that day, I had a short call with the League’s lawyer Nick Craig and said I wanted to come to see him with information.
“He said he would take advice and come back to us. He never came back to me.
“In all fairness I think Paul Appleton, who I’ve always got on with very well, has since made clear his views that the Football League share was indeed with Limited, as indeed the League has.”
Mr Elliott said the 2008 board meeting took place in the “early days” of Sisu’s ownership. He said, prior to the completion of the club’s sale to Sisu, Coventry City Council and the Alan Higgs Charity had verbally agreed Sisu would buy the Higgs half-stake in ACL, with a view to full stadium ownership later.
Mr Hoffman said: “One of the things the board at the time wanted to clarify was what each company was responsible for.
“It was clear CCFC Ltd not only had the golden share but would have responsibility for all football related matters, and we see that in documents including in relationship with the Football League.
“Nothing changed in fact, or that being the intent, until I left the board in December 2010. I don’t know what’s happened since.”
Mr Hoffman challenged the ‘beneficial ownership” argument, saying: “From what they’re saying, the two companies at least latterly operated as one, and therefore it doesn’t matter if the golden share was with Limited or Holdings.
“If that’s true, then it’s difficult for one company to avoid liabilities on another, and I’m surprised the Football League and administrator haven’t said that.”
Ricoh Arena landlord ACL slams Sisu and Football League
Coventry City deducted ten points by Football League on eve of first game of the season
5 Aug 2013 08:04One-time Sky Blues directors speak out after leaked documents indicate Football League should not have handed club to Otium
Share on printShare on email
</body>
Former Sky Blues directors Joe Elliott and Gary Hoffman have spoken out after newly leaked documents raised more questions over whether hedge fund owners Sisu should continue to run the club.
It follows a statement on Saturday by part council-owned Arena Coventry Limited (ACL), which maintained the club documents from 2008 further demonstrated why the Football League and administrator Paul Appleton should not have effectively handed ownership of Coventry City to Sisu-related company Otium.
The ACL statement said Friday’s League handing of the crucial golden share to Otium “beggars belief” – not least because the documents proved CCFC Ltd, the company in administration and now expected to be liquidated, contained all the club’s playing assets, including the golden share and players’ contracts.
But Sisu company CCFC (Holdings) Ltd, which continued to operate the club during administration , has claimed to have “beneficial” ownership over the assets, and the players’ contracts.
CCFC Holdings/Otium director Tim Fisher has come under fire since March for describing CCFC Ltd as a “non-operating subsidiary”.
The last filed accounts for 2010/11 indicate otherwise, but he has strongly denied any assets have since been transferred.
The confidential documents – minutes of a 2008 club board meeting where Mr Hoffman and Mr Elliott were present – were published on Friday on a football website called “200 Percent” – the same day ACL rejected a deal aimed at preventing liquidation and the resulting ten League points deduction.
As the Telegraph has reported since March’s administration, CCFC Ltd’s 2010/11 accounts and a League registration document povided evidence of the golden share and player activity resting in CCFC Ltd before the share was suspended due to the administration.
Preston Haskell IV (centre) with Gary Hoffman and Joe Elliott
Mr Appleton and the League have more recently acknowledged the golden share had rested with CCFC Ltd. He had also stated Holdings’ claim to ‘beneficial ownership’ could ultimately only be contested in court.
Mr Elliott said: “I carted those papers and six inch-deep paperwork to London and delivered them personally to Paul Appleton.
“On that day, I had a short call with the League’s lawyer Nick Craig and said I wanted to come to see him with information.
“He said he would take advice and come back to us. He never came back to me.
“In all fairness I think Paul Appleton, who I’ve always got on with very well, has since made clear his views that the Football League share was indeed with Limited, as indeed the League has.”
Mr Elliott said the 2008 board meeting took place in the “early days” of Sisu’s ownership. He said, prior to the completion of the club’s sale to Sisu, Coventry City Council and the Alan Higgs Charity had verbally agreed Sisu would buy the Higgs half-stake in ACL, with a view to full stadium ownership later.
Mr Hoffman said: “One of the things the board at the time wanted to clarify was what each company was responsible for.
“It was clear CCFC Ltd not only had the golden share but would have responsibility for all football related matters, and we see that in documents including in relationship with the Football League.
“Nothing changed in fact, or that being the intent, until I left the board in December 2010. I don’t know what’s happened since.”
Mr Hoffman challenged the ‘beneficial ownership” argument, saying: “From what they’re saying, the two companies at least latterly operated as one, and therefore it doesn’t matter if the golden share was with Limited or Holdings.
“If that’s true, then it’s difficult for one company to avoid liabilities on another, and I’m surprised the Football League and administrator haven’t said that.”
Ricoh Arena landlord ACL slams Sisu and Football League
Coventry City deducted ten points by Football League on eve of first game of the season
Last edited:
