I will try to explain this as simply as I can so that yourself and Grendel understand...How are people going to games lining their pockets exactly?
This is an example, nw and Otis is why things go on. People who popup just to push this shite, 50 quid says they won't be able to back any of it up.
The trust isn’t above criticism but when the criticism is that they haven’t done something that they have then the criticism isn’t warranted. When the criticism is that they’ve ticked a box and will now move on when in fact they’ve been ticking that box repeatedly since the start of the season and continue to tick that box with no sign of moving on then that criticism isn’t warranted. When the criticism is that that they’ve supported a statement from another supporters group when actually if you read the original statement in full all it really does (aside from lump TF in with SISU) is support the stance of the open letter issued by CCFC itself in that CCFC isn’t SISU then the criticism isn’t warranted. It’s almost like those doing the criticising are not actually aware of what the trust has been doing all season, not read the Jimmy Hill Way statement and presumably not read the open letter issued by the club either. Yes at least the trust are doing something, whereas those doing the criticising clearly can’t be arsed to do the due diligence to see if there’s anything to criticise. It’s a case of the trust has said something so there’s an assumption that there’s something to criticise.
Really? Can you show your workings out? The vast amount of interest is accrued rather than paid isn't it?I will try to explain this as simply as I can so that yourself and Grendel understand...
The club were made to be debt free as a result of restructuring by the FA. Since then, SISU have fiddled the figures and laden the club with self inflicted debt again, lending itself money and charging high administration fees and interest charges. They then deduct vast sums from club funds, provided from several sources including your good selves, before giving the manager a budget to work with...
Yeah that reminds me-the Ricoh roof is still leaking down into my seat-useless landlords-I’m off to the Supreme Court.....Oh right so if they trebled your rent, refused to replace a boiler that did not work, did not mend a leaking roof as long as the Landlord was Mr Eastwood you would keep kissing his arse
I think I can see where you are coming from
I will try to explain this as simply as I can so that yourself and Grendel understand...
The club were made to be debt free as a result of restructuring by the FA. Since then, SISU have fiddled the figures and laden the club with self inflicted debt again, lending itself money and charging high administration fees and interest charges. They then deduct vast sums from club funds, provided from several sources including your good selves, before giving the manager a budget to work with...
Eastwood is quoted as saying that CCFC doesnt add much to the Wasps finances. Now if that is not the case then this is the opportunity for the Club (those at Otium) to challenge that. It should carry more weight than relying on old quotes from a politician.
Talk up the worth to Wasps but also talk up the financial worth to Coventry
Then get on to the worth to the community in things like SBITC, JSB's etc. That doesnt have to be focused on money though
Cold facts, that lead on to emotional/ cultural involvement
Coventry City owners Sisu wipe £61m of debt from club's accountsReally? Can you show your workings out? The vast amount of interest is accrued rather than paid isn't it?
Do you have some examples of the vast amounts they are taking every year?
Coventry City owners Sisu wipe £61m of debt from club's accounts
CCFC profits up, losses down - but major investment needed
Accounts for Otium Entertainment, which is the football club business, show the Sky Blues managed to come out of the financial year ending in May 2017 with a gross profit of £4.62m - up £304,301 on 2016.
But staff costs of £4.172m and administrative costs of £1.564m turned that into an operating loss of £1.1m – down from £1.75m the year before.
The net capital debt owed to ARVO - a Cayman Island-based Sisu-related company used to invest in CCFC - sits at £14,283,853 including accrued interest.
I accept that I could have worded my post better. The restructuring was all done by SISU, but under orders from the FA.OK as i do understand lets correct a few things. The Club has never been debt free. Yes SISU have used clever accounting to manufacture debt balances but some of the debt represents what people might call real debt. The FA did not restructure anything for the club. They might have approved the final administration but thats not them restructuring anything. There is no evidence in the accounts published of any administration costs paid to SISU. The loans that they created either by actual cash or accounting within the group remain outstanding. The interest has been accrued but has never been paid out (only a very small part). The club could not afford to pay the interest because it does not have the money in the bank. The only caveat to that is we do not know what has happened since 01/06/2017 it hasnt been published anywhere yet....... The budget that the whole club/company runs under is derived from the income CCFC/Otium gets from football activities, and the 2017 accounts show the football club ran at a loss before accounting for interest charges, the owners having to put money in to cover it (net around 400k)
I hate defending SISU in any sense, but i hate the facts being twisted and people being misled by anyone more
You could have tried wording it correctly or close to the mark. That would have been a start?I accept that I could have worded my post better. The restructuring was all done by SISU, but under orders from the FA.
They then deduct vast sums from club funds, provided from several sources including your good selves, before giving the manager a budget to work with
It’s going to run the club not the hedge fundSo I am an imbecile...
Who is the bigger fool, the person who refuses to fund the parasite that is feeding of the club, or the person who continues to line their pockets in spite of all they have done to the detriment of the club?
Unfortunately, I am not in the financial position that I can throw money at a London Hedge Fund that I despise in the hope that they will suddenly decide they have taken enough money from me and it is time to find a different venture. I tend to believe that the reason they are still here is because they are still fleecing enough money from Super Supporters such as yourself to make it worth their while...
I accept that I could have worded my post better. The restructuring was all done by SISU, but under orders from the FA.
The Trust came across as a group of individuals that pushed their own agenda without canvassing their members. Their actions alienated me, and a fair few other people that joined in good faith. Criticism you may think fair or unfair, that’s a matter of personal opinion.
I don’t know if things have changed and I’m not aware of what the Trust is ‘doing’ now because (I for one) don’t hear or see anything much anymore. Communication is key if they want to regain the members that walked away. Although you have to understand that some people are ‘one and done’ with the Trust and just see what they’re doing as ‘noise’.
From everything I’ve seen and heard; singular blame laying is wrong and pushing that line of thinking only further divides the fan base. As does accusing people who don’t solely blame SISU (although they’re clearly a culpable party) as being ‘SISU lovers’. Just as SISU, Wasps and the Council are up there being judged, so are the Trust...because as much good as they profess they are doing, it could equally be seen as being damaging. Any Trust should find ways to be open to people with differing opinions and try to accommodate everyone... with the understanding that some people will never agree or conform.
The only thing we ALL (as fans) have in common is a love for the club. How best to ‘save’ it will always be a matter of opinion.
Would it be a good idea for the trust to publish something like this to clear up a few myths like that? Stuff like that could potentially put somebody going to watch their team play.I doubt the FA would have chosen the structuring that was done. Just because Fisher said doesnt make it correct. The FA had no need to order the transfer of loans from CCFC H to otium, to load a new company with massive debt. SISU on the other hand did because it made Otium unsaleable after conversion in to shares, allowing the court cases and if they had won the appropriation of cash in large amounts to repay manufactured debt. In any case the administrator who is an officer of the court not the FA did the rejigging, the FA had no control of him. whether SISU had influence on him - well i have my own thoughts on that
Apologies if this all comes across as grouchy but it has been a long tough week and i need to go home!
The criticism that’s been levelled at the trust on this thread is criticism for the sake of criticism based on a whole fat lot of assumption.
My understanding of how the trust works and certainly my experience as a member is that although the board is individual the direction is a general consensus of members who are canvassed at meetings and email questionnaires. The general consensus might not tally with your train of thought but the alternative is that they go with a minority view rather than a majority view which would completely defeat the point of having a trust.
Not sure how you can accuse them of not being open. All meetings are minuted and published on their website, all questionnaire results are published on their website and all meetings are pretty much open.
What is based on assumption?
When was the last time you were asked your view on something via email? Not all meetings are minuted are they? Yes CJ has gone about streaming them and fair play to him as it means the audience can be bigger.
Yet there was a meeting he said about where everybody was slating wasps but can't find anything about it. Last has said that some of the views raised are discussed, was that minuted so people can see what happened to them? What happened in the meeting with wasps when they did a u turn against any action with them?
“They’ve ticked that box and will move on”
I am not a Trust member but they have released a statement separating the club from Sisu etc which some people seem to have a major issue with.
Isn’t that what people have spent the last week and 15 odd pages banging the “Sisu are not the club” drum?
Seems a bit double standards really?
I also said I'd be happy to be proven wrong didn't I? It's hardly based on nothing, it's based on pretty much every other time. "Yeah but we have called out xxx" which means a line within a massive rant about SISU, various un-needed digs (if they are trying to be professional anyway) and then the couple of the lines saying "We hope xxx can discuss this with the club".
It's like saying "SISU you are fucking twat bastard c**t arsehole bellend fanny flaps" (Dont think many would disagree) "oh and you you council, you plonkers. what are you like".
So you acknowledge that you’ve been proven wrong but deny that it was because you made an assumption. Do you not see the contradiction there? What was your now acknowledged incorrect statement based on if not an assumption?
So you acknowledge that you’ve been proven wrong but deny that it was because you made an assumption. Do you not see the contradiction there? What was your now acknowledged incorrect statement based on if not an assumption?
What have I been proven wrong about? I said let's see what else comes of it in terms of pressure on other sides (not a sentence in amongst the rest of the page) or a mail merge sent out. I am still waiting for CJ to find me examples of something negative said about wasps that he said happened. (Again, not abuse).
Where's my contradiction?
The constant one-upmanship bickering isn’t helping you, the Trust or the situation. It comes across like the Trust did...which was when, and why I left.
Do we really have to do this? You said that’s that boxed ticked now move on and I pointed out to you that they’ve been repeatedly ticking that box all season, continue to do so and stated right at the start that they wouldn’t stop until it’s sorted.
You’re now making another assumption to criticise the trust they’ve been writing to all sides from the start of the season.
Literally everything you’ve assumed that they haven’t done or won’t do they have done, are doing and are continuing to do.
Are any of your assumptions and they are assumptions based on anything factual at all or are you just criticising for the sake of criticising knowing that you have a captive audience willing to join in on face value of your assumptions? Do you realise how close you are to just telling barefaced lies? Is it a conscious decision or are you just wondering into it through shear ignorance?
Helping me? I’m not the one peddling lies while ignoring what has actually happened. Maybe your reply was meant for Nick. All I’ve done is correct Nick. It’s easily checked on the Trusts website if you don’t want to believe me. The trust can’t represent everyone 100% and never will. If that doesn’t suit you than you probably made the right decision in leaving. As is your choice.
Ok so writing letters. That's your point? I said the box had been ticked about pressuring wasps, people had been calling to hear from them. They had so move on. Writing an open letter every few weeks to somebody isn't really pressuring anybody is it compared to other things that have been pushed?
What am I lying about exactly? I just had to tell last which people on the board were boycotting after he said none were. Who's lying? When was the last email asking for fans views? Are you lying?
Feel free to point out my lies and what is close to them, quotes will do.
The thing is, I've been constructive. I've spent a fair bit of time sending ideas and thoughts. Steve on his fairness was always very engaging so I make a point of saying it wasn't him. Even though he didn't and doesn't agree with some things I said he would at least discuss them.Take a breath m8. Your argument with Nick is pure self indulgence on both of your parts.
You’re right. The Trust can’t represent everyone 100%...but an effort to engage the less (shall we say) hardcore SISU OUT mob might have been wise? I’m not suggesting the club wouldn’t be better off with different owners, but it seemed the the core of the Trust didn’t represent a large group of people that saw blame in multiple areas, not just one.
I agree. I'll call a moron a moron (some deserve it!) if they decide to go in full offensive guns blazing, but if they want to debate the issues, debate the issues.
Personally I find the constant banging of the 'SISU are not CCFC' drum tiresome. That's a literal statement that's still as much use to anybody as saying I am not a potato. Ultimately, the paymasters control what happens to Otium Entertainment Group, trading as Coventry City Football Club, so it's hardly surprising they're linked.
(And no, I don't think that legal action means a deal can't be made, I don't think that letting Wasps off is at all appropriate, but I do think the constant focus on that is actually really... pointless)
What you actually said was “They have put a sentence in them saying "we hope wasps will do a deal". Like I said earlier, how much of that will be followed up going forward or is it just a box ticking exercise so they can say "we did call Wasps out".” So there’s lie No1.
Again and probably not for the last time because Nick is never wrong. “That sentence” has been repeated all season and to all parties. They’ve also publicly stated right at the start of their campaign that “that sentence” will continue to get asked of all parties until a satisfactory conclusion is reached.
They’ve done everything that you’ve said they haven’t, they’ve been doing that all season and will continue to do it until the end. So they haven’t just put a sentence in, they’ve been doing it all season. They’ve been following it up all season and have already pledged to follow it up for as long as it takes. What exactly is correct in your original post? Seems to me you got it completely wrong and don’t intend on admitting it regardless of how many times it’s pointed out to you.
The thing is, I've been constructive. I've spent a fair bit of time sending ideas and thoughts. Steve on his fairness was always very engaging so I make a point of saying it wasn't him. Even though he didn't and doesn't agree with some things I said he would at least discuss them.
After he would put them forward it was radio silence, it was as pointless as suggesting sisu drop the legal stuff.
There are people who suggest things who are constructive (probably more than me nowadays) who don't just randomly rant at them who also just get ignored.
There's no willingness to listen or take on any feedback no matter how constructive it is. It usually just gets "what have you done","apply to be on the board" as a response every time.
As a member, who has been asked their views?
Plenty of noncesQuite.
This place will be a no nuance zone for a while though.
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