Tonight's statement from the administrator..... (3 Viewers)

wingy said:

The words Benficial which are capable of being challenged in court and the word assert imply vagueries Stu,the main surprise for me is player registrations ,which its possible were only shifted last summer,all still open to question.

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True, just pointing out its not the open-shut 'sisu out' case some think it is. Lots of considerations, and the football league have the power to choose who should be awarded the golden share on top of that.....there's a lot of very important elements in holdings. Someone could easily buy ltd and have the golden share withdrawn.

Also if it goes to court the LMA and PFA will be on Holdings side due to the location of the managers and players contracts.

At the moment I can't see anything but a sisu ownership.

This has only muddied the waters further. This golden share is now not the be all and end all of everything. SISU who have pumped money into the club for 5 yrs or so because they own players contracts may also have a right to this share. The deadline is 31st , the FL sit next on 5th june. If SISU contest any desision this has plenty of miles to run.

If people have forgot the fixtures are out soon, FL will want answers quick and the season is approx 10wks away

if, the FL allow / condone continued sisu ownership, in consideration of their crass & admitted efforts,
would that not render the FL open to a huge level of criticism ?

Eight parties interested. Golden share with Ltd. 1 is Shitsu. 2 is PH . 6 others obviously . To all the Shitsu rent boys on here Fuck the lot of you. The old it's Shitsu or no one argument has now gone out the window . Timmy has once again been found out to be full of shit today . I hope one of them gets golden share, agrees deal with ACL , tells Shitsu " Keep your players and manager" and starts again from scratch. At least then we wont have a bunch of overpaid , useless fuckwits on the pitch who have under achieved for the last decade because they don't give a flying fuck about CCFC.

They may know they will lose?
In the leaugue rules of appeal
I belive it says-

Appeals will be under the jurasdiction of English law

Under english law Sisu may have the right to the club?

georgehudson said:

if, the FL allow / condone continued sisu ownership, in consideration of their crass & admitted efforts,
would that not render the FL open to a huge level of criticism ?

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No one outside of Coventry fans would give a shit....

stupot07 said:

No one outside of Coventry fans would give a shit....

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Interesting point raised by les reid. appletons statement reads " at some point the bidder will have to talk to holdings" does that mean then that holdings isn't one of the bidders. Does he know that holdings don't want to buy ltd ?

quinn1971 said:

Interesting point raised by les reid. appletons statement reads " at some point the bidder will have to talk to holdings" does that mean then that holdings isn't one of the bidders. Does he know that holdings don't want to buy ltd ?

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I would be very surprised if they haven't.

stupot07 said:

No one outside of Coventry fans would give a shit....

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In a city of approx 300k +surrounding areas, 31k for Crewe jpt and the telegraph petition gets only approx 10k I would say most people in Coventry don't give a shit either

stupot07 said:

I would be very surprised if they haven't.

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So would I be.but why would he expect a potential buyer will at some point have to speak to holdings.has he let something slip. Maybe sisu have had enough and want out ?

quinn1971 said:

So would I be.but why would he expect a potential buyer will at some point have to speak to holdings.has he let something slip. Maybe sisu have had enough and want out ?

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I think it's more because holdings hold the player contracts, academy, Ryton, money owed for Keogh and bigi, seasons tickets, rights to the name, etc. I suppose you can't have ltd and the golden share without the other bit. Perhaps they want joint ownership....

stupot07 said:

I think it's more because holdings hold the player contracts, academy, Ryton, money owed for Keogh and bigi, seasons tickets, rights to the name, etc. I suppose you can't have ltd and the golden share without the other bit. Perhaps they want joint ownership....

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Could be.will have to see.might be seeing haskell getting his foot in the door then.its a start

League rules state that if club goes shit shape the players contracts get transferred to the football league. The League can show some balls in this easy enough and tell Shitsu to fuck off because the golden egg is in the club in admin. If Shitsu get CCFC back from administrator then expect a points deduction next season for moving debts around different aspects of the overall business and basically shoving all Shitsus debts into Ccfc Ltd.

Why can't Ccfc Ltd claim "beneficial ownership" of the players contracts?

stupot07 said:

I think it's more because holdings hold the player contracts, academy, Ryton, money owed for Keogh and bigi, seasons tickets, rights to the name, etc. I suppose you can't have ltd and the golden share without the other bit. Perhaps they want joint ownership....

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Why cant someone start from scratch and get a team and manager together who are hungry for success.Not like the last fucking 25 years of mediocre shite . We are the most underachieving football team in all the leagues. Our last season in the championship had us tagged as the only team in the division never to be in the top 6 at the end of the season . It is time for a clean sweep.

DaleM said:

Why cant someone start from scratch and get a team and manager together who are hungry for success.Not like the last fecking 25 years of mediocre shite . We are the most underachieving football team in all the leagues. Our last season in the championship had us tagged as the only team in the division never to be in the top 6 at the end of the season . It is time for a clean sweep.

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That would be good but one step at a time . I'd just be happy to see us playing at the ricoh at the minute.

stupot07 said:

True, just pointing out its not the open-shut 'sisu out' case some think it is. Lots of considerations, and the football league have the power to choose who should be awarded the golden share on top of that.....there's a lot of very important elements in holdings. Someone could easily buy ltd and have the golden share withdrawn.

Also if it goes to court the LMA and PFA will be on Holdings side due to the location of the managers and players contracts.

At the moment I can't see anything but a sisu ownership.

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I agree, that's why they're so headstrong in their strategy statements...although they might still come unstuck.

quinn1971 said:

So would I be.but why would he expect a potential buyer will at some point have to speak to holdings.has he let something slip. Maybe sisu have had enough and want out ?

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No, I think it's just showing his impartiality - suggesting its open season for bidders. Only then will he decide the best option.

DaleM said:

Why cant someone start from scratch and get a team and manager together who are hungry for success.Not like the last fucking 25 years of mediocre shite . We are the most underachieving football team in all the leagues. Our last season in the championship had us tagged as the only team in the division never to be in the top 6 at the end of the season . It is time for a clean sweep.

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~HEY MAN! THAT's TOTALLY Football related!!
This is an accountancy forum.
:guitar2::guitar2::guitar2::guitar2:

bigfatronssba said:

Why can't Ccfc Ltd claim "beneficial ownership" of the players contracts?

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As its non-trading it likely employs nobody. Simply contracts as required to administer what needs to be done.

SkyblueBazza said:

No, I think it's just showing his impartiality - suggesting its open season for bidders. Only then will he decide the best option.

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Still think he's let something slip there. its good news and im holding on to it

quinn1971 said:

Still think he's let something slip there. its good news and im holding on to it

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I too remain full of hope that the most positive outcome is going to be found very soon so that we can all have hope for the future...it's not asking too much is it???

Just wondering, and sorry if this has been covered in one of the many many other threads but, if SISU claim that they have a right to the Golden Share because they have the players contracts, etc, could the FL claim that Holdings as well as Ltd should also be placed into administration as they are essentially one company operating under two names?? Ltd was placed into admin and Coventry City FC deducted 10 points but if the contracts are under holdings, then how have they been able to escape punishment/admin??

Also, if someone bought Ltd with 1/2 the Ricoh, was awarded the Golden Share and went and signed a squad of free agents, wouldn't this then mean that team SISU would have to apply to the FL to start at the very bottom of the leagues?? The players wouldn't want to start down there, thus some of them going on strike, buying out contracts, etc and there's nothing i'm aware of that would prevent us from just being called Coventry FC.

Hope that makes sense.

SkyblueBazza said:

I too remain full of hope that the most positive outcome is going to be found very soon so that we can all have hope for the future...it's not asking too much is it???

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Not it's not.its about time we had a bit of luck

This is all BS! I keep being told that SISU is the only show in town ;-)

I would have thought that if you own the golden share then you are entitled to play a team in the FL.
Does not have to be the current team.
Therefore sisu could then play their team in the Sunday or Saturday leagues locally build a stadium and call themselves Shitso UTD

31st May, eh? That's my birthday. Could be a good one! At least away from work, where we've got no staff and I have to work extra hours to cover

SkyBlueHomer said:

In a city of approx 300k +surrounding areas, 31k for Crewe jpt and the telegraph petition gets only approx 10k I would say most people in Coventry don't give a shit either

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Neither do you judging by the tone of your posts. SISU Rentboy, j'accuse!

I am one of the fans who want to see the back of SISU, because when you research their history before and after purchasing Coventry City they show consistently that they cannot be trusted and work entirely to their own agenda. Not good for a community based product like a football team.

However having followed this thread and others there are a lot of fans who just do not read the information put out about the situation and appreciate the complexities of our situation. I have stated before it will be Football League rules verses Company Law. As the administrator has stated it will probably go to court for a decision. I hope all the La la dreams of SISU is their last efforts to try and add value to their assets and that really they want to sell. Either that or they are determined to stay in control hoping to still gain control of the Ricoh on the cheap sometime in the future. If the later is the case they are in a fairly strong position.

Too many of you don't consider information properly. You hear what you want to hear. People are quick to accuse SISU or ACL of spin, but it the fans that put the most spin on things on here!

So it looks like the beneficial ownership SISU have a claim to will be the next sticking point.

PA is trying to alleviate himself from the blame for this delay when he says there needs to be a lot of "goodwill" in order for it to not go to court again - he knows there's no goodwill there. (Not blaming him here, he is right).

I fear this is what he was alluding to when he said a resolution may take a while in his earlier statement.

I think Prof John Beech also said there is no way this will be resolved without going back to court.

Without any goodwill between the parties there will be no progression.

I've not read all comments however

'Current' player registrations are in the name of holdings - as someone asks earlier, is this just since last summer ? This might be a breach of FL rules. If any were moved or whether holdings should have the ability to register players in their name is open to question. How have they suddenly got this ability ? What consideration did holdings pay Limited for this if player reg's were previously held in limited.

It still suggests to me that assets were potentially moved beyond reach of creditors ie ACL. Something that should be challenged by the administrator if this is the case.

Also what gave holdings the ability to receive season ticket monies, any grant from the FL (if they did) and has holdings always had the ccfc name rights ?

Again, if holdings has always had player registration in their name and if they always received all club monies into that entity then fair enough. If not, this appears to have been done to disadvantage creditors ie ACL.

Whilst a transparent statement, the administrators job is to maximise a return creditors. Therefore he should be fighting any argument holdings may have over company assets, not leaving it to a purchaser to take a punt.

If necessary a bidder should buy the share, subject to FL sanction, play as coventry united (if necessary) and then ask the administrator to bottom out the player registration and other asset issues otherwise they will build their own squad and wont pay anythin for this. In the meantime they may want to evaluate the potential value of the playing squad (certain players have a negative value due to terms of their contracts) and possibly make an offer to holdings conditional on the administrator not being able to challenge where the 'current' player reg's are held.

If they have FL sanction then surely a new owner have the right to receive season ticket money for that team ? Any offer which includes playing at the Ricoh also mitigates ACLs claim of potentially tens of millions of lost future rent which should also be taken into account by Mr Appleton.

Actually the administrators report lists the registrations in CCFC Ltd

the contracts we are told are in CCFC H

This statement changes nothing. The argument has always been that CCFC H have beneficial ownership, this is set out in his report and other statements.

It is beneficial ownership that SISU are relying on and if CCFC Ltd is bought by a 3rd party they can expect an immediate legal challenge and cost from CCFC H /SISU

Delboycov said:

This is all BS! I keep being told that SISU is the only show in town ;-)

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By who exactly? Are you now suggesting the administrator himself telling whoppers?

SkyblueBazza said:

By who exactly? Are you now suggesting the administrator himself telling whoppers?

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Think he's taking the Micky out of Tim Fisher .......