My ideal solution (1 Viewer)

No, just optimistic.

Yes you're being too simplistic.

Hey ho it's all about the A.B.S

I prefered sage....

covhead1 said:

I prefered sage....

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Mmmmm sage an onion stuffing!

Tonylinc said:

What has automatic braking system to do with it?

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A.B.S = Anyone But Sisu.

Tonylinc said:

Thanks for clearing that one up.

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That was my immediate reaction :facepalm: :thinking about:

Tonylinc said:

How very appropriate since Sisu seem to have stuffed most of us!

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As have ACL with the extremely high rent agreement.

Tonylinc said:

How the hell can you blame ACL? They simply got what they could from a willing tenant.

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Do you think they are completely blameless?

Tonylinc said:

How the hell can you blame ACL? They simply got what they could from a willing tenant.

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Another example as to why the club deserves all it gets. The council must laugh its head off when they see comments like this.

stupot07 said:

As have ACL with the extremely high rent agreement.

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Did SISU know what the rent was when they bought the club?

Tonylinc said:

How very appropriate since Sisu seem to have stuffed most of us!

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Are the ticket prices really that bad?

imp:

http://www.thefreelibrary.com/

If you follow this link pop Ricoh arena in the search it takes you as far back as 2005 , G Robinson was trying to get the rent lowered years ago but ccc were not interested . You can pick any one of the news items and i don't think there's one which mentions any benefits to ccfc , even to the extent that P Fletcher had to put up the club crest without the councils permission 6 MONTHS after the place opened.
I do not like SISU but they are only as guilty as CCC and ACL in all this mess.

Not read this before if someone else posted it.


Sky Blues, the Islands and club is close to Cayman fears that going bust; SPECIAL INVESTIGATION HOW COVENTRY CITY OWNER SET UP 'MORTGAGE' ON CLUB ASSETS RIGHT DOWN TO LAWN MOWERS AT TRAINING GROUND.




Link to this page
Byline: Les Reid

GRAND CAYMAN COVENTRY FEARS that Coventry City could be close to going bust are growing - following a Telegraph investigation into owner Sisu's offshore business dealings in the Cayman Islands.

Our investigation has prompted Coventry City Council leader John Mutton to call on the football club's hedge fund owners to be fully "open and transparent" if it wants to lodge any serious bid for a half share of the Ricoh stadium and surrounding development land.

We investigated a business arrangement set up by Sisu in March, which appears to give first call on any of the football club's existing or future assets to a Cayman Islands operation - called Arvo Master Fund Ltd.

In response to our questioning, Sky Blues chief executive Tim Fisher said Arvo was now the investor in Coventry City Football Club which is propping up its finances.

The Arvo "debenture" examined by the Telegraph - effectively a mortgage arrangement - was lodged with Companies House in March 19 and lists assets as security against lending by Arvo - down to the last grass mower and gym equipment at the club's Ryton training ground.

Crucially, it also lists as "fixed security" any property the Sky Blues acquires in future.

Coun Mutton said our findings added to his concerns that, if Sisu was to acquire half of the Ricoh stadium company, it could be used to pay off Sisu and its investors - rather than supporting the struggling football club's finances. Brendan Guilfoyle, a leading UK expert in football finance and an insolvency practitioner, claimed our findings alongside other recent developments all suggested Coventry City could soon be heading for administration - unless a Ricoh rescue deal is struck quickly.

But Coun Mutton has re-iterated the council is in no hurry, and would want to go through Sisu's business dealings, and any future business case, with "a finetoothed comb".

Mr Guilfoyle, who has previously been appointed administrator for Leeds Utd, Crystal Palace, Luton Town and Plymouth Argyle, added: "Hedge funds are routinely domiciled in the Cayman Islands for the purposes of tax minimisation and to retain a higher level of confidentiality."

Coun Mutton said such concerns would be fully examined by the city council and its lawyers, in taxpayers' interests, "if Sisu were to put forward what looks like a viable business case".

On March 19, a company called Arvo Master Fund Ltd, based in Grand Cayman, Cayman Islands, registered debentures against the Sky Blues operating company and its holding company to secure amounts owed to it by the Sky Blues.

In response to our questions, Mr Fisher said Arvo Master Fund Ltd is part of Mayfair-based Sisu, and is "Sisu's hedge fund" investing pounds 500,000 a month to meet the club's "funding gap".

QUESTIONS: finance Brendan Guilfoyle It has prompted further speculation about whether UK-based private equity funds set up by Sisu to fund the football club still have investors putting money into them.

Mr Fisher last week played down the debenture with Arvo - concern over which had been raised by some Coventry City fans on fans' websites - telling us: "It's normal business practice and just means that one Sisu company has call on assets of another Sisu company. If you didn't do that you'd need your head looking at."

While no further evidence is available of Arvo's business dealings or relationship with Sisu or the Sky Blues, Mr Guilfoyle questioned Mr Fisher's explanation - in particular the timing of the debenture, with the Sky Blues in deep financial trouble.

Mr Guilfoyle, of The P&A Partnership, said no such arrangements had previously appeared to be in place, and asked: "What assets does the football club have and why take security now?" He said: "A debenture is like the mortgage on my house, I have borrowed money to buy my house and my mortgage lender has a charge on my house to secure my borrowings in case I don't repay my mortgage.

"The Sky Blues have undoubtedly borrowed money from Sisu, and they are now seeking to secure the loans on the assets of the club.

"The problem with that is there doesn't appear to be any significant assets in Coventry City Football Club."

Mr Guilfoyle went on to speculate that the debenture has been put there to enable Sisu to retain control in the event that the club is forced into administration.

He said "I think it may be a precautionary step to enable them to retain control in the event of the club going into administration."

This development together with the Sky Blues witholding rent on the Ricoh stadium for more than two months, and the club's failure to sign off and lodge its accounts - leading to a transfer embargo; has intensified speculation that administration may be inevitable. There are increasing fears about the ability of Sisu to continue funding the football club.

Mr Guilfoyle said: "I hear anecdotally that the immediate funding requirement over the close season is nearly pounds 3million."

It comes amid ongoing talks between Sisu and the Ricoh Arena company's owners - Coventry City Council and the Alan Edward Higgs Charity - about Sisu obtaining the Higgs charity's half-share in Arena Coventry Ltd to gain revenue for the deficit-hit club.

QUESTIONS: Football finance expert Brendan Guilfoyle

CAPTION(S):

TAX HAVEN: The Cayman Islands offer 'tax minimisation and a higher level of confidentiality' according to Mr Guilfoyle DEAL? Sisu wants to buy a half-share in the Ricoh
COPYRIGHT 2012 Coventry Newpapers
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2012 Gale, Cengage Learning. All rights reserved.

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Comment:

dongonzalos said:

Did SISU know what the rent was when they bought the club?

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No I believe it was kept secret from them right up to the moment their gross mismanagement got us relegated to our lowest point in generations ;-)

Flying Fokker said:

Not read this before if someone else posted it.

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Our OSB was the first to spot the charge in April last year:
http://www.skybluestalk.co.uk/threads/16713-This-deserves-its-own-thread-Old-Sky-Blue/page5

As we all know, those who are the most anti-sisu now, were once the most pro sisu and would fire off insults to those questioning sisu. I am certain that if sisu had attempted to seek a rent reduction when they came to the club, these wanabe militas would have been outraged if acl had of refused.

Sick Boy said:

As we all know, those who are the most anti-sisu now, were once the most pro sisu and would fire off insults to those questioning sisu. I am certain that if sisu had attempted to seek a rent reduction when they came to the club, these wanabe militas would have been outraged if acl had of refused.

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sad if you have to drop to this level of post. I feel sorry for you if your that twisted at other fans who have sussed Sisu for what they are !!

Tonylinc said:

Edit.....saga

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I think I prefer Sage! It adds spice to the Saga

dongonzalos said:

Did SISU know what the rent was when they bought the club?

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Do the people who use places such as bright house as pay day loan companies know what interest they are going to be charged? Is it solely those people's responsibility or do the companies take some responsibility for ripping off desperate people?

stupot07 said:

Do the people who use places such as bright house as pay day loan companies know what interest they are going to be charged? Is it solely those people's responsibility or do the companies take some responsibility for ripping off desperate people?

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Come on stu your an intelligent poster, that's a poor reasoning

I'm sure QuikQuid will be offering you a job in their marketing department. You wouldn't need any training.

We weren't willing. We had no choice. We were penniless and homeless. ACL took advantage and we couldn't do a thing about it.

BR started the ball rolling and SISU made things worse but ACL need to look at themselves too.

Tonylinc said:

How the hell can you blame ACL? They simply got what they could from a willing tenant.

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Mad, isn't it? Why are people so desperate to defend ACl against their club. It's odd.

Grendel said:

Another example as to why the club deserves all it gets. The council must laugh its head off when they see comments like this.

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torchomatic said:

Mad, isn't it? Why are people so desperate to defend ACl against their club. It's odd.

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I think they detach SISU from their club.
They see it as ACL against SISU (who happen to be the latest owners of their club. )

They then look at each parties behaviour and make a judgement based on that.

The problem as we now see if you support what SISU do when you think it may suit Cov City. There is always a chance when it suits they would act in the same way towards the fans one day.

That seems to be happening now.

stupot07 said:

Do the people who use places such as bright house as pay day loan companies know what interest they are going to be charged? Is it solely those people's responsibility or do the companies take some responsibility for ripping off desperate people?

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Seriously SISU when they bought Cov City have the same knowledge and experience of someone who gets a pay day loan.

We're SISU at their wits end desperate to buy Coventry City?

Its obvious that us the fans are treated like shit on the bottom of Sisu's shoe !!!

Thank goodness for good ole ACL who are there to help the club out. Phew.

sky blue john said:

Its obvious that us the fans are treated like shit on the bottom of Sisu's shoe !!!

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torchomatic said:

Thank goodness for good ole ACL who are there to help the club out. Phew.

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I don't think so, mate!!! Take your blinkers off!

I don't think so either, mate.

_brian_ said:

I don't think so, mate!!! Take your blinkers off!

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