SISU posts losses of £272k (1 Viewer)

CovFan · Aug 13, 2011

http://www.telegraph.co.uk/finance/...ity-owner-Sisu-Capital-posts-272000-loss.html

By Jonathan Russell (http://www.telegraph.co.uk/journalists/jonathan-russell/)
10:00PM BST 13 Aug 2011
The owner of Coventry City registered a loss before tax of 272,000, a slight improvement on last year's
figure of 376,000. The figures were not helped by a 161,000 tax bill Sisu had to pay after an HMRC
inquiry into previous tax years.
Sisu Capital, run by US-Finnish financier Ms Seppela and her business partner Dermot Coleman, bought
Coventry City in December 2007.
According to reports, the investment firm has already put 25m into the club since it made its initial
investment. That investment had to be supplemented with a multi-million-pound cash injection in March this
year to stop the club from falling into administration. The club finished 18th in the Championship last
season.

edgy · Aug 13, 2011

CovFan said:
http://www.telegraph.co.uk/finance/...ity-owner-Sisu-Capital-posts-272000-loss.html

Is that all? That's less than Cloutings salary.

Godiva · Aug 14, 2011

edgy said:
Is that all? That's less than Cloutings salary.

As I have told a trillion times .... SISU have not lost a single penny on their investment in Coventry. The loans they have given are serviced (as there are no interest and no installments) so they figure in SISU's books at full value.

However - should SISU decide to sell the club and accept a discounted offer on the loans, then they will take a hit. Not before.

rob9872 · Aug 14, 2011

Tbf if that's the case and our £4m loss is included, then the rest of teh business is ok. I might invest when they've dropped us

Godiva · Aug 14, 2011

rob9872 said:
Tbf if that's the case and our £4m loss is included, then the rest of teh business is ok. I might invest when they've dropped us

I go out on a limb here as there may be differences from the way it actually works with regards to SISU/Coventry, but here goes:

Our club and the other companies in 'our family' is not part of the SISU concern and so our losses are not reflected directly in SISU's books. Only the share value is booked (and the loans - see my post above), but the shares were bought for next to nothing, so I doubt their value can have any influence at all.

But OldSkyBlue58 may know better and should then correct me.

rob9872 · Aug 14, 2011

I know mate it was supposed to be a joke

Godiva · Aug 14, 2011

rob9872 said:
I know mate it was supposed to be a joke

Damn - Too much wine and too late for me. Sorry I spoiled it.

rob9872 · Aug 14, 2011

Nah, it wasn't very good anyhow, just didn't want yo to think that your point had gone over me. Facts tend to spoil even the worst of comedy

rob9872 · Aug 14, 2011

And btw - there is no such thing as too much wine!

Godiva · Aug 14, 2011

rob9872 said:
And btw - there is no such thing as too much wine!

It really depends on the quality

rob9872 · Aug 14, 2011

Nah, only for the first couple of glasses. After that it could be paint stripper, so always have your favourite bottle first and cooking wine thereafter. One of the few occasions to choose quantity over quality

covkid53 · Aug 14, 2011

Sisu are still hoping for a wealthy benefactor to buy the club from them, Leicester have given them hope.

Mean time we are no better than a ghost team.

I'mARealWizard · Aug 14, 2011

covkid53 said:
Sisu are still hoping for a wealthy benefactor to buy the club from them, Leicester have given them hope.

Mean time we are no better than a ghost town.

Fixed to reflect our musical history.

lordsummerisle · Aug 14, 2011

I'mARealWizard said:
Fixed to reflect our musical history.

Shame that it's not more Love and Pride.

I'mARealWizard · Aug 14, 2011

lordsummerisle said:
Shame that it's not more Love and Pride.

Haha!

And I'm 'young' enough to just remember Paul!

asiansmurf · Aug 14, 2011

This is like most threads on here.
People who know sod all about situations, so have a few drinks and become experts.

I NEVER take a drinker seriously especially about important matters

mod: why don't you bin this thread?

Astute · Aug 14, 2011

asiansmurf said:
This is like most threads on here.
People who know sod all about situations, so have a few drinks and become experts.

I NEVER take a drinker seriously especially about important matters

mod: why don't you bin this thread?

I understand now. The people that run SISU like to have a drink. It is good to hear that I should never be taken seriously because I like to have a drink.

blueflint · Aug 14, 2011

scientists have proven that after marriage a woman develops hoover syndrome they start to whine and stop sucking
soz wrong whine

CovInEssex · Aug 14, 2011

Nice to see we have some names.

Godiva · Aug 14, 2011

I used to have some fancy wine glasses. When you took a sip and looked to the bottom of the glass they worked like a magnifying glass. Recently I took a sip and looked through the bottom only to see my wife's face magnified in high contrast an full sharpness.

The new glasses are very ordinary and you can't look through the bottom.

oldskyblue58 · Aug 14, 2011

ok now my head is clear of the couple of pints i had last night lets see what sod i know about the SISU Capital Limited loss.

First off they are group accounts that pull together all the results of the subsidiaries they own. Strangely the tunrnover for 2011 is just over £3m in total. Which might give a clue to what I say next......

The accounts list all the subsidiaries in the group ............. Sky Blue Sports & Leisure Limited is not one of them. That tells us that SISU Capital Limited do not own CCFC or SB S& L. They have an investment in the equity of the investment funds but I think this is for their own management appointment not because they own those funds..... it is these funds that own us and clearly SISU manage but do not control those investments or we would be shown as a subsidiary (ie owned by SISU).

They have made losses yes and their reserves are negative by £20K but the net assets are £1.1m as a group. They make money out managing private equity funds the results dipped because at the moment they manage less funds- a normal cycle of business and unsurprising given the financial markets and the investments they manage. Last I heard they managed funds worth more that £450m - we are but one (valued at circa £30m)

Plus read nothing into the dispute with HMRC - this is a complicated area in terms of their activities and such disputes are not uncommon. Does not mean they did something illegal

the important bit .....

Them making a loss does not change a damn thing as far as we are concerned. We are certainly not owned by SISU capital Limited.

The facts are there to read clearly the reporters have not.

PUSB

oldskyblue58 · Aug 14, 2011

on a seperate point what is wrong with a bit of banter? Life is too short to be serious all the time or to think that someone else might not have a different viewpoint. If someone lightens the mood I am all for it ......... doesnt make them less of a contributor but does mean that we dont get bored rigid by all the doom and gloom or financial intricacies.

Personally I love reading some of the funny, witty, even childish posts ...... puts a smile on my face and reminds me not to take my self so damn seriously .............. a point some people here could do well to take in.

ashbyjan · Aug 14, 2011

OSB, whilst its true that the shares of SBS&L are not owned by SISU Holdings Ltd they are owned by funds controlled by SISU Holdings Ltd. I assume that these funds are of a mixed variety with the SBS&L shares just being part of a portfolio and they are managed on an autonomous basis with SISU Holdings not needing to consult the fund investors on each sale or acquisition of shares in and out of the fund. If this is the case then the fate ultimately of SBS&L is still in the hands of SISU Holdings Ltd or Sepala and her partner. I could be wrong but thats how I see the situation, but happy to be corrected by those with more financial knowledge than myself.

ajsccfc · Aug 14, 2011

oldskyblue58 said:
on a seperate point what is wrong with a bit of banter? Life is too short to be serious all the time or to think that someone else might not have a different viewpoint...

I wouldn't worry, the guy who made that whiny post appears to have had a massive strop-related breakdown and left the site in a huff.

oldskyblue58 · Aug 14, 2011

not sure its that simple. Trouble is we dont know how many investors are in each fund or who and what the investment instructions they have given the managing agents. Whilst the managers can advise, the investors give them the parameters and make the decision to invest, invest more or withdraw. If there are only a few investors the power ratio is different to buying in to say an AVIVA bond investment. This is not funds open to the general public more for selected investors. Keep thinking back to that programme "how to buy a football club" that was a similar in many ways and a limited number of investors - all very cloak and dagger. At the moment if the investors wanted their money back then SISU would have to follow the instruction - or SISU could advise them to take the money back then follow the instruction. As with much to do with SISU its all smoke and mirrors.

what can i tell you jan - it is a small step forward in understanding but I dont think it has changed much

ashbyjan · Aug 14, 2011

Its quite ironic that in these days of transparency of ownership and Cloutings continuous spouting about sticking to UEFA's rules we actually have no idea who ultimately owns us - could be the GMB union, Coventry City Council, Kim Jong Il, Al Queda or worse still Robinson and Richardson.

SISU posts losses of £272k (1 Viewer)

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