New ACL statement 26-03-13 21.13 (1 Viewer)

[AFCCOVENTRY]

Statement from the Board of Arena Coventry Limited, Tuesday 26 March 2013

The Board of Arena Coventry Limited (ACL) is pleased with the progress that has been made through the legal process since last Friday’s first hearing at the High Court in London.

We are grateful to the Football League for coming back so quickly to our legal team to confirm that the Football League share resides with CCFC Ltd, not CCFC Holdings, as had been suggested previously by the CCFC and the appointed administrator. We are grateful also to the Football Association for its prompt response confirming that the Football Association share resides with CCFC Ltd, not with CCFC Holdings. Both of these organisations have acted quickly to bring clarity to this process and most importantly, clarify the situation for Sky Blues fans.

It has been our understanding from the outset of this legal process that the respective shares reside with CCFC Ltd.

This situation now means that the Club, on any objective assessment, is already in administration. On this basis we have withdrawn our application to the High Court for an administration Order to be granted.

While this is obviously not an ideal situation, it does provide some stability to the Club after a period of intense uncertainty. This has been our declared aim all along and our objectives remain the same: to protect the interests of creditors and ensure the long-term survival of CCFC at the Ricoh Arena. The most important outcome of today is that the liquidation of CCFC has been avoided.

While their recent media statements have been confusing to both the Board and supporters, we will now work as closely as possible with the Administrator to ensure this process is completed in a responsible and transparent manner.

We would once again like to reiterate our support for Sky Blues fans and assure them that the Ricoh Arena is available to them to play all their remaining home games this season. Any suggestions to the contrary are misleading. We look forward to speaking to the Administrator to resolve this confusion.
-ENDS-

 

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[AFCCOVENTRY]

The most important outcome of today is that the liquidation of CCFC has been avoided.

 

[Sky Blue Pete]

Transparent guys!! Grendel and Godiva what say you??

 

[ccfc92]

so..... are we in admin :S? as in getting points deducted?

 

[Tad]

The most important outcome of today is that the liquidation of CCFC has been avoided.

That's because if they completely go ACL won't see any money ever I'm guessing. Seems like at one stage SISU managed to confuse ACL too..

 

[AFCCOVENTRY]

so..... are we in admin :S? as in getting points deducted?

Football league statement on CCFC is coming tomorrow

 

[AFCCOVENTRY]

That's because if they completely go ACL won't see any money I'm guessing ever from them. Seems like at one stage SISU managed to confuse ACL too..

I doubt ACL will recover much of the £1.4m owed anyway in administration.

 

[Tad]

I doubt ACL will recover much of the £1.4m owed anyway in administration.

True, but they're probably thinking something's better then nothing.

 

[Sky Blue Pete]

Football league statement on CCFC is coming tomorrow

Torch can you respond too?? Interested in your take as you see things differently to me and one can never know everything

 

[ccfc92]

Football league statement on CCFC is coming tomorrow

so we are in admin? and whats the difference between ltd and holdings?

 

[sw88]

"While their recent media statements have been confusing to both the Board and supporters...." Understatement of the century!

But since when have the FL confirmed the shares are with CCFC Ltd and not Holdings? Thats different to what was said earlier today!

 

[torchomatic]

I note the football club comes second in the list to the interest of creditors.

 

[AFCCOVENTRY]

True, but they're probably thinking something's better then nothing.

In all honesty my take is ACL for the future requires someone with cash to develop the surrounding Ricoh land and build new hotels etc. Haskell fits the bill perfectly and the only way to get him in and so he can be part of the Ricoh is for him to have the Higgs share. The Higgs share is only available to purchase if you are CCFC.

Haskell wants a footy club and loves real estate development.

It's a perfect match as far as they are concerned.

ACLs issue is this more than recovering £1.4m in rent. Long run they become wealthier and the club prospers as a side note.

Win win...

All in my opinion of course

 

[Sky Blue Pete]

I note the football club comes second in the list to the interest of creditors.

Don't you only answer the questions you want to. Acl are not angels but compared to the snakes at sisu they seem to be more honest. What say you about the fl and fa if there info is true

 

[Godiva]

Haskell wants a footy club and loves real estate development.

It's a perfect match as far as they are concerned.

All in my opinion of course

I thought people wants owners who loves the club and want real estate development?

 

[Sky Blue Pete]

I thought people wants owners who loves the club and want real estate development?

If the statement is true Godiva sisu have screwed us over no??

 

[Godiva]

If the statement is true Godiva sisu have screwed us over no??

Isn't that what people are complaining?

 

[ccfcdan]

What I want to know is, does this now mean soneone can buy the club on the cheap so we can get rid of Sisu or are they going to continue this nightmare for years to come?

 

[chiefdave]

Statement from the Board of Arena Coventry Limited, Tuesday 26 March 2013We are grateful to the Football League for coming back so quickly to our legal team to confirm that the Football League share resides with CCFC Ltd, not CCFC Holdings, as had been suggested previously by the CCFC and the appointed administrator. We are grateful also to the Football Association for its prompt response confirming that the Football Association share resides with CCFC Ltd, not with CCFC Holdings. Both of these organisations have acted quickly to bring clarity to this process and most importantly, clarify the situation for Sky Blues fans.

please tell me this is a typo and there's not a 3rd CCFC to further confuse things, my head hurts enough already!

 

[coundonskyblue]

please tell me this is a typo and there's not a 3rd CCFC to further confuse things, my head hurts enough already!

Well theres Sky Blues Sports & Leisure Ltd, that hasn't really been mentioned yet!

 

[Godiva]

What I want to know is, does this now mean soneone can buy the club on the cheap so we can get rid of Sisu or are they going to continue this nightmare for years to come?

Maybe - how cheap is decided by the main creditor ARVO - who is more or less controlled by sisu.
Maybe sisu tops any bid they deem too low and regain full ownership.

 

[Sky Blue Pete]

Maybe - how cheap is decided by the main creditor ARVO - who is more or less controlled by sisu.
Maybe sisu tops any bid they deem too low and regain full ownership.

Why on earth would they want to though?? And would you trust them to run your club?? Our club??

 

[smouch1975]

Both .

What I want
to know is, does this now mean soneone can buy the club on the cheap so we can get rid of Sisu or are they going to continue this nightmare for years to come?

 

[cloughie]

We are grateful to the Football League for coming back so quickly to our legal team to confirm that the Football League share resides with CCFC Ltd, not CCFC Holdings, as had been suggested previously by the CCFC and the appointed administrator. We are grateful also to the Football Association for its prompt response confirming that the Football Association share resides with CCFC Ltd, not with CCFC Holdings. Both of these organisations have acted quickly to bring clarity to this process and most importantly, clarify the situation for Sky Blues fans.

hello Appelton keep up or are you in denial seems a familiar pattern

 

[Godiva]

We are grateful to the Football League for coming back so quickly to our legal team to confirm that the Football League share resides with CCFC Ltd, not CCFC Holdings, as had been suggested previously by the CCFC and the appointed administrator. We are grateful also to the Football Association for its prompt response confirming that the Football Association share resides with CCFC Ltd, not with CCFC Holdings. Both of these organisations have acted quickly to bring clarity to this process and most importantly, clarify the situation for Sky Blues fans.

hello Appelton keep up or are you in denial seems a familiar pattern

The administrator need to check all documentation before he is satisfied who owns the golden share. It is not enough for him that somebody says they own it - he want proof. Internal documents of the hand over. External documents communicating the transfer to the PL and PA. And it actually takes longer to find out that there are no proof than it takes to find existing proof.
The administrator may be assigned and paid by the club, but that doesn't mean he won't go about his task in a professional way.

 

[Nonleagueherewecome]

So the FL saying so isn't enough...

Everything that happened in court today essentially revolved around that.

 

[Godiva]

So the FL saying so isn't enough...

Everything that happened in court today essentially revolved around that.

No, it's not enough that somebody says something. The club may have filed correctly but a clerical error happened. The administrator have to check all possibilities.

 

[chickentikkamasala]

it is all smoke and mirrors, time will only answer the questions, but when they are answered some of the hush hush shit from years ago needs to be brought out into the open, clean slate clean start!

 

[cloughie]

No, it's not enough that somebody says something. The club may have filed correctly but a clerical error happened. The administrator have to check all possibilities.

still sending documents via pigeon then not online as we can with HMRC and companies house, clerical are you serious?

 

[Godiva]

still sending documents via pigeon then not online as we can with HMRC and companies house, clerical are you serious?

Yes, I am dead serious. The administrator cannot simply accept somebody's - anybody's - word. In this case there are two part who dissagree. The administrator have to investigate ... follow the paper trail from start to end before he can be satisfied.
It has nothing to do with preferences for one outcome or another. It has everything to do with the administrator doing his job properly and professionally.

 

[Grendel]

Transparent guys!! Grendel and Godiva what say you??

Very transparent. Their primary concern is their own vested self interest and the football club and its supporters are a distant second.

Do you really think they care less about the football club? Are you so gullible?

 

[cloughie]

Very transparent. Their primary concern is their own vested self interest and the football club and its supporters are a distant second.

Do you really think they care less about the football club? Are you so gullible?

Thought you were talking about our esteemed owners for a minute

 

[Sky Blue Pete]

Very transparent. Their primary concern is their own vested self interest and the football club and its supporters are a distant second.

Do you really think they care less about the football club? Are you so gullible?

Dangerously close to pro-sisu line again. They may have self interest at heart but are certainly transparent

 

[oldskyblue58]

thoughts

so if FL & FA have provided written evidence how is there really a dispute. Both are the regulators of the game. Both operate on the basis of if the paperwork is not received then it hasnt happened (think transfers, refs reports, fixtures, postponements) that applies to all levels of the game down to grassroots. So if they havent had the paperwork then the share transfer has not happened

Even the administrator says CCFCltd went into administration last Thursday the argument is whether the trade resides with CCFC l or CCFC H

I know they say it was to protect the club, am sure thats part of it, but surely the first duty of the directors is to ACL and to protect that

"we will now work as closely as possible with the Administrator to ensure this process is completed in a responsible and transparent manner" or put another way we are watching and checking to ensure it is done properly in compliance with regulations & law.

The Ricoh is available to CCFC. In ACL's eyes CCFC forms part of CCFCL not a paper transfer to CCFCH not sanctioned by the FL

 

[hill83]

Dangerously close to pro-sisu line again. They may have self interest at heart but are certainly transparent

You are pretty transparent too. During this terrible time for our club you are nursing a semi and trying to score points against people on the Internet.