SydneySkyBlue
Member
If you are attending tonight, please feel free to print this off and hand it out.
The Status of CCFC Ltd
- The accounts to 31/05/11 signed by you state that CCFC ltd operates the football team. You have stated it is actually a non trading property subsidiary and more recently a non trading property subsidiary including player trading. So which is it or don't you know?
- Given the level of debt in both companies why is CCFC H solvent and CCFC Ltd not?
- I have a receipt from the CCFC Superstore dated 2/3/13 time 15.57 with the company name being Coventry City Football Club Limited. VAT No 644329005. So if CCFC Limited is a non trading company, why is this name used on the receipt from the club shop?
The accounts
- Are the accounts filed at Company House and HMRC wrong if so why specifically
- How many years have the accounts been wrong? from what date exactly?
- If the accounts are wrong what effect will that have on the amounts claimed by CCFC H against CCFC LTd. If you dont know what the accounts should say how can you accurately state the amount it owes?
- Why did you sign off accounts you know to be wrong
- When will corrected accounts for each group company be filed at Company House
- Why if the accounts were wrong did you provide information to the administrator based on the wrong basis
- How could a company which only pays the rent build up debts to CCFC H of £44m when 31/05/07 it had only owed CCFC H £14m. (Rental costs in your own words were £1.5m per year)
- How can CCFC Ltd declare 108 players and management at 31/05/11 but never have had any employees?
- does the £70m debt in CCFC Ltd include amounts that SISU discounted in their purchase deal but has not been so discounted in CCFC Ltd Accounts
- What proportion of the £70M debt (or supposed £40-50M investment SISU have made) is made up of SISU's 'management charges'?
- Do you understand that the responsibility for preparing accurate accounts is the Directors (ie yours) and do you understand the consequences for what seems to be the complete failure in doing so
- mr fisher stated the club was debt free last year.why are we in admin if thats the case
- If at the last fans forum in September you clearly stated that there is no debt as it has all been converted to equity
Since then we have paid no rent, a wage bill of around £3m and 2 lucrative cup matches
How come we are now £70m in debt?
And do you realise that if we were a publically quoted company, such statements would be illegal if meant to deceive?
SISU Investment
- exactly how much has been invested by SISU
- Which company have they invested that money in
- If CCFC Ltd does not operate a bank account is it correct to say that any money "invested" would have had to go in to CCFC H ?
- Have you ever invested any of your own money directly or indirectly in any of the SBS&L group companies if so has it been repaid?
Discussions with others
- Were any contracts signed between CCFC/ SBS&L Group/SISU and ACL, Council Charity. Or were they just Heads of Terms or letters of intent ?
- Are Heads of Terms legally binding or can either party withdraw as they choose?
- When any heads of terms were agreed have you ever followed that by proposing amendments and did those amendments materially change what was agreed
- At how many of the meetings with ACL/Counci/Charity/Yorkshire Bank was Joy Seppalla present
- Did the council actually veto the Charity share sale given only Heads of Terms were ever agreed
- You have mentioned before a document dated 19/12/2003- what was that document, who prepared it and did they have any legal knowledge/expertise?
- When was the £400k rent at the Ricoh agreed
- When did you inform ACL that you intended to build your own stadium, you have said before that you had CBRE working on it late 2012 prior to the rent negotiations ending 29/01/13. So were you negotiating a rent deal in good faith?
- Tim, how does your quoted comment in the Coventry Telegraph in an article from 18th May entitled:
Coventry City chief says the club have left the Ricoh Arena for good“We have left the Ricoh Arena.
"We were told categorically by ACL and by the council that there was no commercial deal to be done and in actual fact they would only ever work with the administrator."
Fit with your reported comments from the CCLSG meeting where you said that it could all be OK if ACL go back to the terms agreed in August 2012.
Also could you clarify for which company you were representing in each case when you said these things, was it Ltd or Holdings
- Why are the Council not allowed to change their mind when clearly you did exactly that when not taking the purchase of the Charity shares further after 30/06/12
- What are the exact terms of the loans from the funds and ARVO? Interest, installments, due date, swap to equity.
- Are there any plan for issuing shares to the fans, or if not - would the owners be prepared to transfer voting rights of say 20% of the shares to the Trust?
The Golden Share
- You have repeatedly said that CCFC H own the Football League share which contradicts the Football League and Football Association who have both said the share lays with CCFC Ltd (as has Mr Appleton) how do you explain that
- How do you claim beneficial interest in the golden share held by CCFC Ltd but not also attribute beneficial interest in the Lease (those being the only two assets in that company)
OR Mr Fisher, you claim Holdings has a beneficial right to the Golden share. If this is true then Holdings can be assumed to have a beneficial right to the lease with ACL and is therefore responsible for the debt and all other liabilities. Holdings surely can't chose which is, or is not "a beneficial right" ? . Therefore, CCFC Ltd is not insolvent as claimed…
- were player contracts ever held in the name of CCFC Ltd if so when did that change
Future Finances
- If FFP is key then why are you jeopardising that by moving to a ground share
- Did ACL offer the Club 100% of the F&B turnover (to be reinvoiced) and would that have improved our FFP budget?
- what do you expect the attendances to be at the ground share for the next 3 years
- How will future losses be financed and do you have written guaranteed confirmation of that funding
- Will the building of a new stadium increase the debts owed to SISU.
- What is the rate of interest paid to ARVO by any of the group companies?
- as the ARVO debt is now crystallised will that mean the charge on CCFC H will be settled also
- you will never make money whilst running a football club nobody wants you(sisu) here so why dont you do the honourable thing and leave the club.
- The only way they will get their 'investment' back is to take us from where we are back to the Premier League. Given the fact that their income is going to drop massively for the next 3 years, impacting on FFP, where does he see us (league position and debt wise) in 3 years and what is his plan to get us up the leagues from there to the PL?
- He was quoted as saying our budget for next year is about £2M and that Yeovil were promoted on a budget of £1.2M but Yeovil were one of the favourites for the drop at the beginning of the season.
Is his plan just a huge gamble on being lucky enough to get promotions on small player budgets and given the fact that they're going to have to throw another £30-£50M at the club and new ground over the coming years with no guarantee of return, would they not be better off just cutting their losses now? Especially given that SISU may well have been collecting 'management charges' from the club over the last 5 years anyway.
Football side
- What will the player budget be next season
- are all players signed included in that
- what is happening to the academy, will it become a centre of excellence
- where will we be playing next season
- what will it cost to play there
- will you change your course of action given the lack of fan support
- why has communication at the club always been so poor when the lifeblood of the club is its fans
General
- At the London Supporters meeting you stated that we will not release the new kit until after CCFC Ltd exit admin. What is the reason for this and would a buyer other than Sisu change those plans?
- If we are to ground-share while build a new home, considering ACL have public ally stated that try are willing to negotiate with you at any time, how is it possible that any deal with another club is still more beneficial than the club renting the Ricoh for that time? How would you know this if you haven't been negotiating with ACL since the decision to move was made public?
- will you agree to a public discussion, chaired by the BBC (impartial) with ACL about the deal?
- Would a positive outcome for Sisu in the judicial review open the door for further negotiations?
The Status of CCFC Ltd
- The accounts to 31/05/11 signed by you state that CCFC ltd operates the football team. You have stated it is actually a non trading property subsidiary and more recently a non trading property subsidiary including player trading. So which is it or don't you know?
- Given the level of debt in both companies why is CCFC H solvent and CCFC Ltd not?
- I have a receipt from the CCFC Superstore dated 2/3/13 time 15.57 with the company name being Coventry City Football Club Limited. VAT No 644329005. So if CCFC Limited is a non trading company, why is this name used on the receipt from the club shop?
The accounts
- Are the accounts filed at Company House and HMRC wrong if so why specifically
- How many years have the accounts been wrong? from what date exactly?
- If the accounts are wrong what effect will that have on the amounts claimed by CCFC H against CCFC LTd. If you dont know what the accounts should say how can you accurately state the amount it owes?
- Why did you sign off accounts you know to be wrong
- When will corrected accounts for each group company be filed at Company House
- Why if the accounts were wrong did you provide information to the administrator based on the wrong basis
- How could a company which only pays the rent build up debts to CCFC H of £44m when 31/05/07 it had only owed CCFC H £14m. (Rental costs in your own words were £1.5m per year)
- How can CCFC Ltd declare 108 players and management at 31/05/11 but never have had any employees?
- does the £70m debt in CCFC Ltd include amounts that SISU discounted in their purchase deal but has not been so discounted in CCFC Ltd Accounts
- What proportion of the £70M debt (or supposed £40-50M investment SISU have made) is made up of SISU's 'management charges'?
- Do you understand that the responsibility for preparing accurate accounts is the Directors (ie yours) and do you understand the consequences for what seems to be the complete failure in doing so
- mr fisher stated the club was debt free last year.why are we in admin if thats the case
- If at the last fans forum in September you clearly stated that there is no debt as it has all been converted to equity
Since then we have paid no rent, a wage bill of around £3m and 2 lucrative cup matches
How come we are now £70m in debt?
And do you realise that if we were a publically quoted company, such statements would be illegal if meant to deceive?
SISU Investment
- exactly how much has been invested by SISU
- Which company have they invested that money in
- If CCFC Ltd does not operate a bank account is it correct to say that any money "invested" would have had to go in to CCFC H ?
- Have you ever invested any of your own money directly or indirectly in any of the SBS&L group companies if so has it been repaid?
Discussions with others
- Were any contracts signed between CCFC/ SBS&L Group/SISU and ACL, Council Charity. Or were they just Heads of Terms or letters of intent ?
- Are Heads of Terms legally binding or can either party withdraw as they choose?
- When any heads of terms were agreed have you ever followed that by proposing amendments and did those amendments materially change what was agreed
- At how many of the meetings with ACL/Counci/Charity/Yorkshire Bank was Joy Seppalla present
- Did the council actually veto the Charity share sale given only Heads of Terms were ever agreed
- You have mentioned before a document dated 19/12/2003- what was that document, who prepared it and did they have any legal knowledge/expertise?
- When was the £400k rent at the Ricoh agreed
- When did you inform ACL that you intended to build your own stadium, you have said before that you had CBRE working on it late 2012 prior to the rent negotiations ending 29/01/13. So were you negotiating a rent deal in good faith?
- Tim, how does your quoted comment in the Coventry Telegraph in an article from 18th May entitled:
Coventry City chief says the club have left the Ricoh Arena for good“We have left the Ricoh Arena.
"We were told categorically by ACL and by the council that there was no commercial deal to be done and in actual fact they would only ever work with the administrator."
Fit with your reported comments from the CCLSG meeting where you said that it could all be OK if ACL go back to the terms agreed in August 2012.
Also could you clarify for which company you were representing in each case when you said these things, was it Ltd or Holdings
- Why are the Council not allowed to change their mind when clearly you did exactly that when not taking the purchase of the Charity shares further after 30/06/12
- What are the exact terms of the loans from the funds and ARVO? Interest, installments, due date, swap to equity.
- Are there any plan for issuing shares to the fans, or if not - would the owners be prepared to transfer voting rights of say 20% of the shares to the Trust?
The Golden Share
- You have repeatedly said that CCFC H own the Football League share which contradicts the Football League and Football Association who have both said the share lays with CCFC Ltd (as has Mr Appleton) how do you explain that
- How do you claim beneficial interest in the golden share held by CCFC Ltd but not also attribute beneficial interest in the Lease (those being the only two assets in that company)
OR Mr Fisher, you claim Holdings has a beneficial right to the Golden share. If this is true then Holdings can be assumed to have a beneficial right to the lease with ACL and is therefore responsible for the debt and all other liabilities. Holdings surely can't chose which is, or is not "a beneficial right" ? . Therefore, CCFC Ltd is not insolvent as claimed…
- were player contracts ever held in the name of CCFC Ltd if so when did that change
Future Finances
- If FFP is key then why are you jeopardising that by moving to a ground share
- Did ACL offer the Club 100% of the F&B turnover (to be reinvoiced) and would that have improved our FFP budget?
- what do you expect the attendances to be at the ground share for the next 3 years
- How will future losses be financed and do you have written guaranteed confirmation of that funding
- Will the building of a new stadium increase the debts owed to SISU.
- What is the rate of interest paid to ARVO by any of the group companies?
- as the ARVO debt is now crystallised will that mean the charge on CCFC H will be settled also
- you will never make money whilst running a football club nobody wants you(sisu) here so why dont you do the honourable thing and leave the club.
- The only way they will get their 'investment' back is to take us from where we are back to the Premier League. Given the fact that their income is going to drop massively for the next 3 years, impacting on FFP, where does he see us (league position and debt wise) in 3 years and what is his plan to get us up the leagues from there to the PL?
- He was quoted as saying our budget for next year is about £2M and that Yeovil were promoted on a budget of £1.2M but Yeovil were one of the favourites for the drop at the beginning of the season.
Is his plan just a huge gamble on being lucky enough to get promotions on small player budgets and given the fact that they're going to have to throw another £30-£50M at the club and new ground over the coming years with no guarantee of return, would they not be better off just cutting their losses now? Especially given that SISU may well have been collecting 'management charges' from the club over the last 5 years anyway.
Football side
- What will the player budget be next season
- are all players signed included in that
- what is happening to the academy, will it become a centre of excellence
- where will we be playing next season
- what will it cost to play there
- will you change your course of action given the lack of fan support
- why has communication at the club always been so poor when the lifeblood of the club is its fans
General
- At the London Supporters meeting you stated that we will not release the new kit until after CCFC Ltd exit admin. What is the reason for this and would a buyer other than Sisu change those plans?
- If we are to ground-share while build a new home, considering ACL have public ally stated that try are willing to negotiate with you at any time, how is it possible that any deal with another club is still more beneficial than the club renting the Ricoh for that time? How would you know this if you haven't been negotiating with ACL since the decision to move was made public?
- will you agree to a public discussion, chaired by the BBC (impartial) with ACL about the deal?
- Would a positive outcome for Sisu in the judicial review open the door for further negotiations?
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