There are a few things you've posited that I'm not too sure about, though am happy to be corrected by those more knowledgeable.
Firstly, if CCFC Limited (as SISU claim) is just a subsidiary with no assets, can it pay the debt to ACL? The club seem hellbent on convincing everyone that Holdings and Limited have little to do with one another, so are Holdings able to just pay the debt or do they need to agree a deal to 'buy' Limited and exit administration?
Secondly, if they do 'buy' the club, are they subject to the fit and proper persons test, a test which they may have some difficulty in passing? (Given my understanding of the criteria of the test, they may not fail it, believe it or not, but their history as owners, and the fact that we don't really know where the money comes from, may hinder their satisfaction of the test.)
Finally, if their plan is to move outside of Coventry while a new stadium is built, will the Football League really accept, "Yeah, we're totally building a new stadium, no, we don't know where, or how much it will cost, or how long it will take, but we TOTALLY ARE BUILDING ONE WE PROMISE," as a 'clear plan' to return to Coventry?
I can't help but feel that, if this is the plan, there are so many holes that they've painted themselves into a corner and, to coin a phrase, are royally fecked.
But maybe that's just blind optimism
They have nothing to gain by keeping the club in their ownership. They're losing money everyday, the fans hate them, managers have been p**sed off and have left because of them, they cant even file the accounts correctly, they have no idea how to run a football cub, they refuse to put any money into the squad and refuse to make wise investments that could bring in more money. They are just tarnishing their own reputation and ours. They have promised us so many things and have lied through their teeth time and time and time again, After this, no-one in their right mind would touch SISU or CCFC with a 100ft barge pole
Whoever buys ccfc ltd has to pass the fit and proper test. I would think the administrator knows this and will advise would be buyers of their chances. I think sisu have a real problem there. I think Portsmouth's former owner or one of them failed that test and after a while their Trust got the nod, not too sure of the exact history but ground ownership was a big issue there. As for playing elsewhere listening to Bob Ainsworth i think sisu will have big problems getting permission off the FL and that would go against their fit and proper test.
I don't see where they can go now. They no longer own the football club. They own the other bits Holdings, Sky Blue lesiure and something else but so what they can have them
Yep I can see some of that coming true, especially the bit about buying it back through the administrator. However I believe that will incur a further points deuction and then a keen eye will need to be kept on the accounts for admin charge equalling 10 million per season.....
Or they are simply hanging on for as long as possible to scupper any plans ACL / council have in a tit for tat arguement...
I would question their so called player investment. They sold Keogh and Biggirana for 1.5 million and signed about 9 for less than a tenth of those 2 fees, hardly investment. As for the Academy their actions re. money not being paid to the Alan Higgs centre speaks for itself by getting booted out. How any administrator could forward them to the FL for a fit and proper test is beyond me.The only advantage they have on the fit and proper persons is that this season they invested in players and the academy.
They just refused to pay the rent.
I would question their so called player investment. They sold Keogh and Biggirana for 1.5 million and signed about 9 for less than a tenth of those 2 fees, hardly investmentAs for the Academy thier actions re money not being paid to the Alan Higgs centre speaks for itself by getting booted out. Howl any administrator could forward them to the FL for a fit and proper test is beyond me.
It must be costing sisu a fortune now, they are having to meet salaries and wages tax liabilities and no income as such, can they sell players ? don't think so as that may come under third party ownership rules. The debt placed in ccfc ltd may only be paid at 10/20 p in the pound and only on the amount the administrator agrees is the debt which could be a lot less than the £60million they claim the debt is. They have to be f~~ked can't see any other answer.
Think you have to look at the Group structure as far as the £60m debt goes. The debt has nearly all been channeled through CCFCH to CCFCLtd so even if it were all written off in CCFC Ltd CCFCH will still owe other group members or investors the money. SISU's priority now the share is to be confirmed as CCFC's is to regain control of CCFCLtd. To SISU the debt owed to them is irrelevant except for it giving control of the process, they will still retain the debt effectively but in ccfch. What is important is breaking the lease or settling the rent debt, that will depend on how much the administrator proves that Lease debt to be worth.
Let's hope so!Could Sisu be close to going belly up over this?
Are their actions those of desperate people to trying to survive????
when sisu go dongon will never post again
Think you have to look at the Group structure as far as the £60m debt goes. The debt has nearly all been channeled through CCFCH to CCFCLtd so even if it were all written off in CCFC Ltd CCFCH will still owe other group members or investors the money. SISU's priority now the share is to be confirmed as CCFC's is to regain control of CCFCLtd. To SISU the debt owed to them is irrelevant except for it giving control of the process, they will still retain the debt effectively but in ccfch. What is important is breaking the lease or settling the rent debt, that will depend on how much the administrator proves that Lease debt to be worth.
Whoever buys ccfc ltd has to pass the fit and proper test. I would think the administrator knows this and will advise would be buyers of their chances. I think sisu have a real problem there. I think Portsmouth's former owner or one of them failed that test and after a while their Trust got the nod, not too sure of the exact history but ground ownership was a big issue there. As for playing elsewhere listening to Bob Ainsworth i think sisu will have big problems getting permission off the FL and that would go against their fit and proper test.
I don't see where they can go now. They no longer own the football club. They own the other bits Holdings, Sky Blue lesiure and something else but so what they can have them
But no one wants to buy CCFC they only want to buy the Arena, that is where the money is...and the problem is the Council won't sell...and that for me is a big worry....
It seems that Sisu are throwing several issues into the melting pot of legal litigation in order to delay the take over by the "Tall Texan" there is a clear vendetta with the council and the Higgs trust, which has gone past the point of sticking a band aid on it, or kissing it better, the dispute is terminally beyond further negotiation, and God willing, no persons associated with sisu, will darken the doors of "The Arena" again.Could Sisu be close to going belly up over this?
Are their actions those of desperate people to trying to survive????
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