SISU Finances explained (1 Viewer)

[mrtrench]

This is a very thorough investigation into SISU's financial management of the club. It highlights what a bunch of charlatans we have as owners.

http://aprisonofmeasuredtime.wordpress.com/

I know nothing abut the writer, but isn't this exactly the kind of thing the useless hacks at the CET should be doing?

 

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[wingy]

This is a very thorough investigation into SISU's financial management of the club. It highlights what a bunch of charlatans we have as owners.

http://aprisonofmeasuredtime.wordpress.com/

I know nothing abut the writer, but isn't this exactly the kind of thing the useless hacks at the CET should be doing?

Thanks for this link Mr Trench.

 

[stupot07]

When Jutkiewicz was sold, it was reported in the Coventry Telegraph that his salary was £7,000 per week. If we take this report as a benchmark for senior players – he was leading goal scorer at Christmas, and then estimate £5,000 per week for established good players (in line with the ceiling) and £2,000 per week, the rest of the squad, we end up with an estimated wages bill of around £6 – 8 million for the first team squad. These costs are only half of the declared total of £12.5 million.

These figures are from the accounts awaiting submission so the last bit is misleading....we don't know because the account aren't public yet.

 

[katzenjammer]

Put aside the anti SISU hatred for 10 minutes and read this with an open mind.

They've not done everything well but they've clearly put a hell of a lot of money into sustaining a Football Club. If they didn't keep putting money in can you imagine the team we would have had playing for us?

 

[wingy]

Put aside the anti SISU hatred for 10 minutes and read this with an open mind.

They've not done everything well but they've clearly put a hell of a lot of money into sustaining a Football Club. If they didn't keep putting money in can you imagine the team we would have had playing for us?

This is Irony????:thinking about:

 

[mrtrench]

Katzenjammer I don't think you have read the article thoroughly. They have not put anywhere near as much money in as they have claimed. For me, it's not about the team, it's about honesty, integrity and a realistic business plan. This article implies they have none of the above. Just stop and think about this for a second:

"ACL is a joint venture between Coventry City Council and The Alan Edward Higgs Charity an organisation set up to help disadvantaged children in the City... It has been suggested that the withholding of monies that was contractually agreed and due was an attempt to restrict the cash flow into ACL, in the hope that the company would be placed into administration and then SISU, as sitting tenant, would acquire the stadium well below market value. "

And now let me summarise: it has been suggested that they are deliberately trying to take financial advantage of a charity set up to help disadvantaged children.

 

[Broken Hearted Sky Blue]

Put aside the anti SISU hatred for 10 minutes and read this with an open mind.

They've not done everything well but they've clearly put a hell of a lot of money into sustaining a Football Club. If they didn't keep putting money in can you imagine the team we would have had playing for us?

Well if we are still around next season imagine the team we'll have playing fo us:facepalm:

 

[blueflint]

all this goes over my head all i can say is its scary

 

[skyblueexile]

an interesting read

used to work for insolvency practitioner - sadly the speed of a solution is in sisu's hands

this will be resolved at there pace

IP will report to meeting and as main creditor the sisu financiers will rule and decide the way forward

 

[trondegilsoltvedt97]

If it is an organisation to help disadvantaged children- why are they still holding onto their share in a football stadum?

The club is losing money-m we all know this regardless of your stance on ACL/SISU etc. Who supports these losses- the owners for past 5 years or so. So katzenjammer is right- they are no angels but we still have a club to support and a decent enough team on the pitch

 

[Broken Hearted Sky Blue]

If it is an organisation to help disadvantaged children- why are they still holding onto their share in a football stadum?

The club is losing money-m we all know this regardless of your stance on ACL/SISU etc. Who supports these losses- the owners for past 5 years or so. So katzenjammer is right- they are no angels but we still have a club to support and a decent enough team on the pitch

Where is the pitch come to think of it where is the team?

 

[bigfatronssba]

If it is an organisation to help disadvantaged children- why are they still holding onto their share in a football stadum?

The club is losing money-m we all know this regardless of your stance on ACL/SISU etc. Who supports these losses- the owners for past 5 years or so. So katzenjammer is right- they are no angels but we still have a club to support and a decent enough team on the pitch

We finished 15th in league fecking one!!! how is that a decent team??

Pretty sure we have never finished higher than 17th in the Championship with these clowns in charge, and you think thats good??

 

[CCFCDan87]

If it is an organisation to help disadvantaged children- why are they still holding onto their share in a football stadum?

The club is losing money-m we all know this regardless of your stance on ACL/SISU etc. Who supports these losses- the owners for past 5 years or so. So katzenjammer is right- they are no angels but we still have a club to support and a decent enough team on the pitch

Decent team on the pitch? Middle table in league 1. Is that how far we've fallen

 

[Sky_Blue_Ste]

Katzenjammer I don't think you have read the article thoroughly. They have not put anywhere near as much money in as they have claimed. For me, it's not about the team, it's about honesty, integrity and a realistic business plan. This article implies they have none of the above. Just stop and think about this for a second:<br />
<br />
&quot;ACL is a joint venture between Coventry City Council and The Alan Edward Higgs Charity an organisation set up to help disadvantaged children in the City... It has been suggested that the withholding of monies that was contractually agreed and due was an attempt to restrict the cash flow into ACL, in the hope that the company would be placed into administration and then SISU, as sitting tenant, would acquire the stadium well below market value. &quot;<br />
<br />
And now let me summarise: it has been suggested that they are deliberately trying to take financial advantage of a charity set up the help disadvantaged children.

<br />
<br />

 

[Broken Hearted Sky Blue]

Decent team on the pitch? Middle table in league 1. Is that how far we've fallen

Long way to go yet this might be a highpoint:facepalm:

 

[Sky_Blue_Ste]

Katzenjammer I don't think you have read the article thoroughly. They have not put anywhere near as much money in as they have claimed. For me, it's not about the team, it's about honesty, integrity and a realistic business plan. This article implies they have none of the above. Just stop and think about this for a second:<br />
<br />
&quot;ACL is a joint venture between Coventry City Council and The Alan Edward Higgs Charity an organisation set up to help disadvantaged children in the City... It has been suggested that the withholding of monies that was contractually agreed and due was an attempt to restrict the cash flow into ACL, in the hope that the company would be placed into administration and then SISU, as sitting tenant, would acquire the stadium well below market value. &quot;<br />
<br />
And now let me summarise: it has been suggested that they are deliberately trying to take financial advantage of a charity set up to help disadvantaged children.

<br />
<br />

Or they wanted the additional income streams for financial fair play & were told to do one by ACL - the only bargaining chip they had was the rent & so withheld that to try to force the issue - I think that's more accurate

 

[Sky Blues]

This is a very thorough investigation into SISU's financial management of the club. It highlights what a bunch of charlatans we have as owners.

http://aprisonofmeasuredtime.wordpress.com/

I know nothing abut the writer, but isn't this exactly the kind of thing the useless hacks at the CET should be doing?

The writer is SkyBlueSquirrel from this forum and he posted a link to it on the finance board 2 days ago.

 

[CCFCDan87]

Long way to go yet this might be a highpoint:facepalm:

Unbelievable when fans think SISU do a good job. Never been so depressed watching Cov over recent years.

 

[trondegilsoltvedt97]

Maybe I should clarify then. 'Decent enough' i.e. if we didnt have 10 points deducted, 2 strikers out injured, our main left back and our centre half out for most of the back end of the season- then we may well have been in the play offs. We shouldnt forget the good games this season- in fact right now we should cling on to them!

'Decent enough' is relative, especially in these days of Financial fair play. We have no revenue, so we cant spend loads of dosh on players. Of course, I would love us to be in the premier league- but we are where we are. Of course i dont think being mid table league one is good enough, but we are where we are- and we have a team to support and we should do that

 

[mrtrench]

If it is an organisation to help disadvantaged children- why are they still holding onto their share in a football stadum?

1 How is this relevant? The question is SISU's behaviour, not AE Higgs.
2 Maybe they see it as an investment in property that will provide relatively low risk high returns to optimise the use of their capital
3 Why are you trying the cloud the issue?

 

[wingy]

The writer is SkyBlueSquirrel from this forum and he posted a link to it on the finance board 2 days ago.

Its good its got mention in here though as people rarely notice the other section.

 

[CCFCDan87]

Maybe I should clarify then. 'Decent enough' i.e. if we didnt have 10 points deducted, 2 strikers out injured, our main left back and our centre half out for most of the back end of the season- then we may well have been in the play offs. We shouldnt forget the good games this season- in fact right now we should cling on to them!

'Decent enough' is relative, especially in these days of Financial fair play. We have no revenue, so we cant spend loads of dosh on players. Of course, I would love us to be in the premier league- but we are where we are. Of course i dont think being mid table league one is good enough, but we are where we are- and we have a team to support and we should do that

When teams like Crawley finish above us it really hits home how far we've fallen. When SISU took over Crawley were playing 4 leagues below us. Now there above us. I support the team but don't support SISU

 

[Sky Blues]

Its good its got mention in here though as people rarely notice the other section.

Aye. (10 characters)

 

[trondegilsoltvedt97]

1 How is this relevant? The question is SISU's behaviour, not AE Higgs.
2 Maybe they see it as an investment in property that will provide relatively low risk high returns to optimise the use of their capital
3 Why are you trying the cloud the issue?

I'm not trying to cloud the argument at all or disagree with you. But in your first post on this thread you raised the point of higgs being a chairty to help disadvantaged children- so you thought it was relevant to bring it up.

 

[dongonzalos]

The writer is SkyBlueSquirrel from this forum and he posted a link to it on the finance board 2 days ago.

For some reason no one saw it.

 

[dongonzalos]

Its good its got mention in here though as people rarely notice the other section.

Totally agree with you.

 

[Samo]

Put aside the anti SISU hatred for 10 minutes and read this with an open mind.

They've not done everything well but they've clearly put a hell of a lot of money into sustaining a Football Club. If they didn't keep putting money in can you imagine the team we would have had playing for us?

Ah your joking right? You MUST be, nobody, not even some of the deluded on here are that dumb!

 

[SkyblueBazza]

Ah your joking right? You MUST be, nobody, not even some of the deluded on here are that dumb!

Not specifically directed at YOU.
Why cannot people realise that some posters are absolutely "anti-SISU"...some are not "anti-SISU" but not "pro-SISU" (ie probably don't care who the owners are)...but most of us are somewhere very near to the middle of those extremes.

 

[dadgad]

Not specifically directed at YOU.
Why cannot people realise that some posters are absolutely "anti-SISU"...some are not "anti-SISU" but not "pro-SISU" (ie probably don't care who the owners are)...but most of us are somewhere very near to the middle of those extremes.

What's it matter if some are pro or anti the hedge fund.
We, innocent fans, have seen the club drift towards ruin in five short years. Arresting the decline will necessitate changes. Getting new owners with some intelligence might be a start.

 

[Samo]

Not specifically directed at YOU.
Why cannot people realise that some posters are absolutely "anti-SISU"...some are not "anti-SISU" but not "pro-SISU" (ie probably don't care who the owners are)...but most of us are somewhere very near to the middle of those extremes.

Not specifically directed at you either but...
Of course I realise that, but those who 'don't care who the owners are' are the problem!!! As I've said before on here, we're all getting fucked but those who back SISU are inviting it. They are bending over, parting thier cheeks, greasing thier rings and asking to be fucked! It's bloody pitiful and they should fucking well know better! Surely it's not too much to ask that people at least recognise the enemy?

 

[junglej13]

I'm interested to know when you get asked at work - 'What's going on with your club?' - What do people say? I don't even attempt to explain. I just say - It's ridiculously complicated I think if you had a legal degree and a PHD in economics you probably still wouldnt understand.

 

[georgehudson]

an absolutely superb resume of our plight,
& i trust both C & W radio & the Cov Telegraph will now 'grasp the metal' & launch into proper investigative journalism,
& further Justice Proudman, the FA & The Administrator will take urgent note,
all of this farce, & all we fans want is a club / team to support

 

[psgm1]

This is a very thorough investigation into SISU's financial management of the club. It highlights what a bunch of charlatans we have as owners.

http://aprisonofmeasuredtime.wordpress.com/

I know nothing abut the writer, but isn't this exactly the kind of thing the useless hacks at the CET should be doing?

This is a fantastic spot, and a lengthy, but fascinating insight. It also gives a number of VERY VERY important summation quotes imho (not in any order)

1) The Ultimate owner of CCFC is SBSL Ltd. (a SISU company)
2) losses are far smaller than previously claimed
3) CCFC Ltd holds the golden share
4) The interest rate appears very high, around the 25% mark
5) There is no mention of the management fees of £2.6 million (from CCFC Holdings Ltd)

On Wednesday Sisu Evening Telegraph came out with what amounted to a hatchet job. Yet unless this was created between then and now, all this was public record.

It begs the question WHY aren't CET publiching stuff like this?

Could it be because it pretty much kills sisu's claim stone dead in the water?

Certainly the few in the pro-sisu camop are going to have a really hard job defending this - Nearly £3m in management charges? Wonga-style interest rates?

Companies like to have big losses in the tank to allow big offsets of tax on profits in the future. I could be wrong, but it appears my belief that they want to use ccfc and the arena as a sink hole for losses is not far from the truth - if not the EXACT truth.

Cannot wait for the judge to laugh off sisu's whinge out of hand

SISU OUT

 

[mrtrench]

Cannot wait for the judge to laugh off sisu's whinge out of hand

SISU OUT

Hmmm. Unfortunately I think they may have a point there. Morally their case is flawed, but legally they seldom lose.

If it is true, as has been claimed, that they are deliberately setting out to kill ACL and pick up the land for a song, then they will have obtained a valuable asset for the price of a few million supporting the club. If it is true that they are charging 25% interest on loans to the club, then it is to an extent SISU that is causing the financial difficulties at the club. So, in my opinion this is morally wrong.

But local councils should not be using tax-payers' money to interfere with the economics of private companies - I agree with them on that point alone.

 

[Godiva]

Hmmm. Unfortunately I think they may have a point there. Morally their case is flawed, but legally they seldom lose.

If it is true, as has been claimed, that they are deliberately setting out to kill ACL and pick up the land for a song, then they will have obtained a valuable asset for the price of a few million supporting the club. If it is true that they are charging 25% interest on loans to the club, then it is to an extent SISU that is causing the financial difficulties at the club. So, in my opinion this is morally wrong.

But local councils should not be using tax-payers' money to interfere with the economics of private companies - I agree with them on that point alone.

I think 25% interest rate is misleading. It is calculated as interest paid in the year divided with the outstanding sum at the end of the year. What the article doesn't address is the possibility that debts have been moved around or even written off. In 2011 the club restructured after the Ranson regime - it may have triggered some adjustments in the balance sheets across the group.
We don't even know if the interests paid are to outside creditors ... wasn't Rayton mortgaged for a while when Ranson needed cash in 2010?