Training ground now has 1M Mortgage (1 Viewer)

[skyblu3sk]

Hi All, Latest news today is the training ground is now not owned by us outright... SISU dumped a million pound mortgage on it last year so you can write us off owning that asset as such.

 

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[Bennets Afro]

How do you know that?

 

[Bennets Afro]

Just seen it on the telegraph twitter page.

 

[skybluesam66]

so when they said they had invested in our training ground when they took over - seems a bit economical with the truth

Soon as these cowboys get out of town the better

 

[bradwellskyblues]

i cannot see how sisu have invested all this money 30mill often quoted when we find out things like this .i think in cash terms they have spent less than 10 mill

 

[Covstu]

oh its getting better!!! How can someone invest when they have to buy back everything!!! The next thing wil be that we have sold the rights to the club badge and rent that back every week!!

 

[Pigeon]

This is getting ridiculous.. I can't wait to hear the explanations for this later today.

 

[skyblu3sk]

Yeah read it in the telewobble first thing this morning seems they "invested" 500k in the facility by mortgaging it for a million the guys just seem to tell lies and be crooks hope this gets brought up at the press conference today.

 

[6 Generations]

Faceless, ruthless and merciless B****rds!! Sounds like Mr Hoffman needs to locate investment sooner rather than later!!!

 

[Cobi Jones's Dreads]

They truely are scum, looking forward to saturday even more now to vent some anger at these w*nkers!

 

[Sir Digby Chicken Caesar]

And whats worse Harry Shaw is getting 'dissed' too.

I don't think SISU care about Coventry as a place at all and I'm beginning to fear the reaper is sharpening his sythe outside the CCFC accounts office.

 

[crowsnest]

It's standard business - don't worry about it. And it can be a mortgage from Sisu not a bank. Its mainly to show who is funding the business.

They cleared alot of outstanding mortgages when they took over in March 2008 - which would be the directors / bank loans.

Remember this is the Cov Telegraph who published the last lot of accounts a month after they were available because I spook about them our the CT forum.

 

[skyblu3sk]

Apparently the mortgage is held with Swynson Ltd

 

[Sir Digby Chicken Caesar]

To that end, some bills have not been paid, including to their official coach firm Harry Shaw, as of last week.

ref.

Is that really standard business. Surely you only re-mortgage property when you have a fantastic idea to finance or are financially in the mire. Lets hope its the latter.

 

[coundonskyblue]

The words Sisu investment now seem a contradiction in terms. This is like re-mortgaging your house to pay the gas bill.

Would it not have been better to have re-mortgaged Ryton back in 2008 and put that money towards buying the Ricoh?

 

[ajsccfc]

They did invest in the improvements to Ryton, it's since then they've had to then mortgage it to keep the club afloat.

 

[OyJimmy]

There was no need to put a mortgage (technical term I believe is charge) on the training ground. They could have just accepted more share (e.g. a greater share of the equity).

SISU must go now.

 

[The CableGuy]

And the hits just keep on coming.

 

[SkyBlueWomble]

I would guess it's them securing themselves as the priority creditor if the club did fail. As they've spent more than anyone else on the club in recent years it is not unreasonable. They want any assets going to them in that eventuality to offset some of their spending to date.

 

[Nick]

So if things were to go bad, they could effectively repossess Ryton and we would be training at the Alan Higgs?

 

[SkyBlueWomble]

If things go bad Ryton would be sold to any of the creditors in any case. SISU have just put themselves in first position in respect of Ryton.

 

[MatthewWallis]

This isn't good at all it's like when I re mortgage properties on monopoly because ive got no money

 

[sky_blue_up_north]

Another nail in the coffin

 

[smileycov]

Anyone remember when we had a demonstration at Highfield Rd? Unfortunately we had potential investors there at the time, and they pulled the plug on it beacuse of the trouble!!!!............Just a thought

 

[rob9872]

Yep I do Mr VG - massive "Richardson Out" sign draped over those pitch level boxes

 

[Coventry La La La]

It's time for Sisu to go cue Hoffman and Ranson with a new consortium who actually want to invest.

Sisu you

 

[skyblu3sk]

How are SISU putting themselves in the driving seat by mortgaging with another company?

 

[ashbyjan]

It says something when an investment company - SISU - isn't willing to take on the risk of lending one of its subsidiaries - Sky Blue Holdings or whatever we are now operated by - and would rather go to a third party to take the risk. We appear to be sinking deeper and deeper into the brown stuff.

Doesn't put them in any driving seat as I would expect the morgage holder to have first snout in the trough when admin comes