SISU threaten to liquidate the club (1 Viewer)

thorninmyside · Apr 23, 2012

According to council leader mutton sisu have threatened to liquidise ccfc

matesx · Apr 23, 2012

where you hear that?

TheBoss · Apr 23, 2012

Richard Keys has just confirmed this on Talk Sport. He also confirmed Hoffman still wants to takeover the club.

6 Generations · Apr 23, 2012

thorninmyside said:
According to council leader mutton sisu have threatened to liquidise ccfc

Liquidise?? Sounds very messy business!!

Marty · Apr 23, 2012

No point talking about it, just do it.

Ccfcsj · Apr 23, 2012

The problem is these sort of statements are going to stop a lot of people buying season tickets for next season.

I know you can buy via Credit Card and get the money back if this happens but how easy is this to do?

Coventrycityfc · Apr 23, 2012

Just when you think things are really bad, they get worse. Come on SISU leave us and take the hit football was never your thing was it !!!!!!

CCFC123 · Apr 23, 2012

Tim Fisher isen't telling the full story here

TheBoss · Apr 23, 2012

Tim Fisher is another SISU puppet, I wouldn't believe a word he speaks.

Grendel · Apr 23, 2012

This would mean a drop of 2 leagues so blue square I guess. Even o'donovan may score some goals there.

I assume this threat has something to do with the rent and is a rather poor negotiating tool.

Astute · Apr 23, 2012

Sounds like very good news if true.

It would mean they want out. work out the assets against what is owed other than to the SISU shareholders, then offer this amount and not a penny more. would be all they get minus expenses. If true ithe odds would be to force the hand of anyone interested in taking us over.

Otis · Apr 23, 2012

I would much rather they liquidated the club than liquidised it to be honest.

Beggars can't be choosers though I suppose.

Nonleagueherewecome · Apr 23, 2012

Where did Mutton say this? Is there a link? I'd like to klnow exactly what he said, and in what context-if he did say it, that is. Not to mention that he is of course biased against SISU. Not being an apologist for them, just trying to see a little more clearly what's been said before I panic a bit.

CovFan · Apr 23, 2012

Maybe he misheard and SISU are going to start playing this before matches http://www.youtube.com/watch?v=GEt7PtNz6_o&feature=fvst

Otis · Apr 23, 2012

I'm quite chilled.

Instead of panic I may just picnic.

We'll_live_and_die · Apr 23, 2012

http://www.skybluestalk.co.uk/threads/16574-Council-refuse-to-lower-Ricoh-rent.

See this thread.

egastap · Apr 23, 2012

What? Liquidise....as in diarrhea? that's all that left folks!

thorninmyside · Apr 23, 2012

Actually the word is liquidise... until liquidation starts. Once the liquidation ends the club is then liquidated. Like your sence of humour but beleive me this serious and the club are in trouble big time

valiant15 · Apr 23, 2012

If they liquidate the club how do they get any money out? Not being a financial wiz I'm lost.

lordsummerisle · Apr 23, 2012

[video=youtube;LmLDf9XKMfk]http://www.youtube.com/watch?v=LmLDf9XKMfk[/video]

We'll_live_and_die · Apr 23, 2012

thorninmyside said:
Actually the word is liquidise... until liquidation starts. Once the liquidation ends the club is then liquidated. Like your sence of humour but beleive me this serious and the club are in trouble big time

After a little research it seems to be liquidate. Can you link me to a definition of Liquidise?

thorninmyside · Apr 23, 2012

They don't. .. they haven't lost anything though. They have lost a couple of million. But they came for the ricoh. .. so cut their losses. .. its peanuts to them

egastap · Apr 23, 2012

thorninmyside said:
Actually the word is liquidise... until liquidation starts. Once the liquidation ends the club is then liquidated. Like your sence of humour but beleive me this serious and the club are in trouble big time

Don't mean this to be an English lesson, but liquidise means to liquify or turn into liquid.....liquidate means....well look it up here....
"In law, liquidation is the process by which a company (or part of a company) is brought to an end, and the assets and property of the company redistributed. Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation. The process of liquidation also arises when customs, an authority or agency in a country responsible for collecting and safeguarding customs duties, determines the final computation or ascertainment of the duties or drawback accruing on an entry.[1]
Liquidation may either be compulsory (sometimes referred to as a creditors' liquidation) or voluntary (sometimes referred to as a shareholders' liquidation, although some voluntary liquidations are controlled by the creditors).

Agree with your sentiments that the club is in trouble, but we've known that for a few years now, have we not? In August last year, I think most of us long-hearted fans (me since 1954) have known our number was up this year. Hence my avatar change to the 1954-1957 coloured strip. Deja vu.

thorninmyside · Apr 23, 2012

La_Lucha said:
After a little research it seems to be liquidate. Can you link me to a definition of Liquidise?

In court it is pronounced liquidise. To liquidise y judges and barristers through the land. Tell them they are wrong.

Otis · Apr 23, 2012

Council Leader says rent must be paid in full
Coventry City Council Leader John Mutton has said that SISU will have to pay the rent for City to play and use the facilities at the Ricoh Arena in full.
SISU are understood not to have paid the last rent intstallment as some sort of lever for discussion and are also understood to be wanting a reduction due to the club being relegated to League One.
Speaking to the CT's Les Reid, Mr Mutton, a match going City supporter for over 57 years, said: “There have been talks, not negotiations, which are nothing to do with the council. It’s been an ACL thing. I was with the chairman of ACL David Allvey on Saturday. I’m advised that while work is still ongoing to enable ACL to make more profit which may be able to benefit the football club, there has been no discussion about decreasing rent.

“There is a legally binding contract and that would be expected to be paid.

“If for certain reasons there is future negotiation, that would be a decision for the full council to take as a shareholder as to whether we would be prepared to accept that.

“At the moment, there seems to be more threats than negotiation – the threat to put the club into liquidation. It really is time for Sisu to realise Coventry doesn’t bow at the knee to threats.”

Paxman II · Apr 23, 2012

Actually it's Mutton saying more than he should tbh. Nothing new in that...he likes to cross boundaries between being a Councillor and a supporter.

Any kind of threat like that from SISU has been misconstrued. It just wouldn't serve purpose for them.

Mutton chop also spoke about any investor wanting 50% of the Higgs charity ownership of the Ricoh was not possible any time soon (meaning the likes of SISU) but new investors wanting to build the infrastructure around the site with hotels etc would clearly be given a different response. Now that would suggest Hoffman's consortia or any other have a clear mandate and vision of why CCFC IS an investment. May also be the reason SISU have played such hard ball wanting more than a £1.

I do feel that an offer to clear a good deal of SISU's £30m 'investment' (I say that in inverted commas as it's a debatable phrase in their set up) along with an agreement to pay and secure 50% of the Ricoh from the council with co-ownership with the Higgs trust is an extremely viable way forward and fruitful in the long term. Could be the reason why 'talks' have been so protracted from the Hoffman camp. The council will play hard ball because we thought SISU were saviours so no reason to not suspect Hoffman may be just as useless. Certainty MUST be assured of the levels of investment as Mutton has muted.

SISU find themselves in a whole for now. Their option is to hold on, invest enough to get the playing staff needed to challenge next season so to improve their position and income and wait for that investors offer. If Hoffman's bid has nothing to do with the wider implications of building around the Ricoh the required infrastructure etc then I fear he is wasting his time.....and that also could be the reason he has got nowhere with SISU as yet.

Purely my opinion of course but I bet I'm not far from the truth in all this...

lordsummerisle · Apr 23, 2012

Would fit with a lot of football cliches/

"Throw it in the blender"

"Add them to the mix"

We'll_live_and_die · Apr 23, 2012

thorninmyside said:
In court it is pronounced liquidise. To liquidise y judges and barristers through the land. Tell them they are wrong.

I didn't ask for an explanation. I asked for a link. I'm not saying I don't believe you, just that I would like to wrap it up for all to see.

thorninmyside · Apr 23, 2012

That is all correct and it may be proper english. However in reality poeple speak with all kinds of influences and isms. Court also use language such as intorvenor.. an americanism.

Oz Howie · Apr 23, 2012

I hope that propective season ticket buyers realise that the rumoured 3-4M that SISU believe they can get from liquidation includes the season ticket income.

Jim · Apr 23, 2012

thorninmyside said:
They don't. .. they haven't lost anything though. They have lost a couple of million. But they came for the ricoh. .. so cut their losses. .. its peanuts to them

If you are talking about SISU then they will potentially lose the best part of £30 million, this being the loan to SBS&L group. If SISU are not repaid this loan and the club is lost that is an instant hit to their accounts of £30 million. This will be why they are threatening liquidation, and why the ongoing talks with Hoffman and co will have taken so long.

Hoffman will want to settle as little as possible and SISU will want as much as they can get. This btw is a separate issue to the valuation of the club of £1.

skybluebeduff · Apr 23, 2012

Trip to London soon then boys, I'm happy to abolish my squeaky clean criminal record if these C***TS send us to the Blue Square

Marty · Apr 23, 2012

Oz Howie said:
I hope that propective season ticket buyers realise that the rumoured 3-4M that SISU believe they can get from liquidation includes the season ticket income.

What does it mean for people who are all ready paid up for next season?

We'll_live_and_die · Apr 23, 2012

Marty said:
What does it mean for people who are all ready paid up for next season?

That the money would be gone. It's like buying something from DFS and they go pop before you get your sofa, but don't call in Administrators. They just close the business, withdraw the cash and that's that.

thorninmyside · Apr 23, 2012

I'm only kissing regards liquidise guys. Sorry my mobile put it on and I didn't check. Auto input! !!! Of course it is liquidate. Lol

EDIT: See ... kissig. I meant kidding.!

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