fernandopartridge
Well-Known Member
Spot on. The council use the term 'hedge fund' as if it's illegal.
It's like a legal battle between the Morning Star newspaper and Fox news.
Unfortunately by its nature, the very moment the club pressured the council to get involved in building the thing, it became a political issue.
On a wider sense (and this is no fault of the council) it could also be argued this is where some of the problems lie. SISU are incapable or unable of understanding the wider remit of a political organisation, and the council are incapable or unable to understand the motivations of an entity with pure profit motive.
not claim the £0.25m a year in expenses that she fritters away on, mostly, pointless causes.
Ha ha ha - were you saying this when you thought she was cheer-leading ACL's case a few weeks ago?
Ha ha ha - were you saying this when you thought she was cheer-leading ACL's case a few weeks ago?
The only thing that could prevent Northampton happening is if ACL/CCC chase SISU with a deal that they can't refuse!imp:
The situation is finely balanced.
If ACL don't agree to the CVA then the Northampton deal is null and void, we remain under a transfer embargo and face a 15 point deduction (at least) before we kick a ball in anger.
CCFC Ltd would most probably be liquidated, and SISU would hope that the FL will give them the Golden Share (probably to CCFC (Holdings)) so that the 'integrity' of the league is maintained and we are able to fulfil our fixtures.
What is interesting is it would appear that these fixtures would be held at the Ricoh. The £590k on offer from Otium is chicken feed compared to the moneys available through rent paid by CCFC (in whatever guise) over the coming years.
For me, it appears imperative that ACL/Higgs/CCCouncil look at the bigger picture and refuse to sign the CVA. Liquidation would mean a more thorough examination of CCFC Ltd's accounts, and how a multi-million pound business with 108 employees and involved in 'running a professional football club' mysteriously metamorphosed into a lease and property management subsidiary with no real assets. Then the alleged asset stripping will be out in the open and we might finally see some clarity.
If they do sign the CVA, then we can expect years more of the downward spiral, playing at Northampton, dwindling gates and revenue, resulting in a progressively weaker squad and further relegation(s).
All this talk and bluster about signing the CVA so we can sign players is a smokescreen - even if it was signed tomorrow our company accounts remain unaudited (they were due on February 28th, some 5 months ago), and the transfer embargo would remain in force.
Hold your nerve ACL/Higgs/CCCouncil - don't sign the CVA.
You mean like playing at the Ricoh rent free whilst still in admin?
It's what the fans want and lets not forget, the customer is always right.
They can still go ahead with this 'new ground' malarky if they so wish surely...?imp:
The offer of rent-free! (while in admin) was always nothing more than a cheap PR stunt!
A real offer would be for the freehold of the Ricoh or at least the stadium part of it and I believe SISU would be prepared to pay a fair price.
imp:
The offer of rent-free! (while in admin) was always nothing more than a cheap PR stunt!
A real offer would be for the freehold of the Ricoh or at least the stadium part of it and I believe SISU would be prepared to pay a fair price.
imp:
PR stunt or not. They'd have to act on it if the offer was taken up and is better than playing and paying at Sixfields.
Yes I agree that would be a great offer. I just can't see that happening with all the bad blood and mistrust between both sides.
It's about time they both stopped looking for gains for themselves and more on the future of what's really at stake, CCFC.
Its about as finely balanced as Humpty Dumpty!
From which particular fairy tale did you get "If ACL don't agree to the CVA then the Northampton deal is null and void"?
The FL agreed to the Northampton move to make sure the fixtures were fulfilled, it will go ahead regardless of the acceptance of the CVA or not.
The only thing that could prevent Northampton happening is if ACL/CCC chase SISU with a deal that they can't refuse!
imp:
Priceless!
ACL issue statement in response to Nicki Sinclaire (its been added to the bottom of the original article)
An ACL spokesman said:
“The decision on whether or not to sign the CVA will be based on the ACL directors’ fiduciary responsibilities to the company.
"While Ms Sinclaire is entitled to her opinion, at no point in time has the council ever taken dividends or profits out of Arena Coventry Limited, which is run as an entirely independent business.
"Any profits in the past have been ploughed back into the business. Taxpayers do not stand to miss out in either scenario.”
Apparently their best defense is the council won't get a penny anyway!
I am not disputing any word of what they say, I'm sure its absolutely true! even though the council owns 50% of ACL!
Just Priceless! go figure!
imp:
Priceless!
ACL issue statement in response to Nicki Sinclaire (its been added to the bottom of the original article)
An ACL spokesman said:
“The decision on whether or not to sign the CVA will be based on the ACL directors’ fiduciary responsibilities to the company.
"While Ms Sinclaire is entitled to her opinion, at no point in time has the council ever taken dividends or profits out of Arena Coventry Limited, which is run as an entirely independent business.
"Any profits in the past have been ploughed back into the business. Taxpayers do not stand to miss out in either scenario.”
Apparently their best defense is the council won't get a penny anyway!
I am not disputing any word of what they say, I'm sure its absolutely true! even though the council owns 50% of ACL!
Just Priceless! go figure!
imp:
I wish Nikki Sinclaire would just sod off. She's just using us as a vehicle for her own political gains.
The offer of rent-free! (while in admin) was always nothing more than a cheap PR stunt!
A real offer would be for the freehold of the Ricoh or at least the stadium part of it and I believe SISU would be prepared to pay a fair price.
imp:
'....their (the FL's) agreement is conditional on the club ultimately exiting administration in accordance with League’s conditions....'
Exiting administration by CVA - not liquidation.
The FL do not permit clubs to exit administration through any means other than a CVA?
If signing the CVA means that the murky finances of Ltd are not investigated then Don't Sign It ACL. We can't go on with current owners and the finances remaining un-researched.Nicki Sinclaire review
ACL can not afford to refuse the CVA. They either accept the CVA and get £590k or they refuse and get nothing.
They(ACL) were in so much financial trouble at the end of last year that Yorkshire bank (nearly) foreclosed their mortgage. In their last accounts for 11-12 when the full £1.3m rent was received from CCFC they made only £1m profit.
I also believe that they received £4m from sale of shares in IEC in that same year.
imp:
If signing the CVA means that the murky finances of Ltd are not investigated then Don't Sign It ACL. We can't go on with current owners and the finances remaining un-researched.
People just seem to think that not accepting a CVA willm wave some sort of magic wand, get rid of Sisu and have us all living happily ever after at the Ricoh.
How would rejecting the CVA and then an investigation into what brought us here assist CCFC? Please explain.
Ainsworth doesn't need to he's not standing againCOMPLETELY different from Messrs Ainsworth and Cunningham or any act by any MP ever.
MP in 'doing something for political gain shock'
Seriously, to achieve what?
If it's to point out that some of SISU's practices are murky? Don't we know that already?
How would rejecting the CVA and then an investigation into what brought us here assist CCFC? Please explain.
Not sure people really think that. If the CVA is signed then that's the end of it, we're at Northampton and there's no further investigation into SISU. Refuse the CVA and who knows where we will start the season but the key point would be the management of the club by SISU would be investigated. For starters there's moving assets of of Ltd both before and during admin which surely warrants a closer look. Won't be a magic wand and could mean a lot of time in court but if it ultimately gets rid of SISU and gets the club back in it's home city surely worthwhile.
To achieve what chiefdave wrote, and hopefully help get rid of SISU.Depends on the results of the investigation but if, for example, they have been asset stripping Ltd then those assets can be returned to Ltd (with the added bonus of possible legal action against Joy and Tim). Once everything is as it should be the sale process could be done again however now the FL would have to rule out SISU as a possible owner of the GS so the sale would be to PK4 or any other interested party.
To achieve what chiefdave wrote, and hopefully help get rid of SISU.
How would that benefit the club in reality?
Potentially getting rid of Sisu not a good enough benefit for you?How would that benefit the club in reality?
Depends on the results of the investigation but if, for example, they have been asset stripping Ltd then those assets can be returned to Ltd (with the added bonus of possible legal action against Joy and Tim). Once everything is as it should be the sale process could be done again however now the FL would have to rule out SISU as a possible owner of the GS so the sale would be to PK4 or any other interested party.
COMPLETELY different from Messrs Ainsworth and Cunningham or any act by any MP ever.
MP in 'doing something for political gain shock'
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