where will this end up? (1 Viewer)

[oldskyblue58]

just my opinion ......The sale process will establish one bidder who bids unconditionally for CCFC Ltd. The process will have been followed. There is a bidding window of 14 days. PA will decide it is in the best interests of the creditors for that bidder to gain control because there is no other unconditional bidder. The deal will be acceptable to the FL because share & players will be reunited

Club will be established going forward under which ever company with SISU as the owners.

It might not be quite like that but I think we can expect SISU to be remaining as owners of our club.

Wont get another penny off me

 

---

[Kenilworth Sky Blue]

Same here until they leave i wont even be attending away games which i did frequently last season.

 

[Sub]

same here SISU can go and whistle!!!

 

[mark82]

I think you are right OSB. Seems the most logical outcome. We can only hope something changes.

Didn't something similar happen when Leeds were in administration and Bates managed to keep control?

 

[lordsummerisle]

Same here until they leave i wont even be attending away games which i did frequently last season.

You won't be able to with the size of your phone bill.

 

[Glaziers green top]

I wont give another penny either if SISU are any part of the new set up I will boycott and guess that many others will also.

 

[SkyBlueSwiss]

just my opinion ......The sale process will establish one bidder who bids unconditionally for CCFC Ltd. The process will have been followed. There is a bidding window of 14 days. PA will decide it is in the best interests of the creditors for that bidder to gain control because there is no other unconditional bidder. The deal will be acceptable to the FL because share & players will be reunited

Club will be established going forward under which ever company with SISU as the owners.

It might not be quite like that but I think we can expect SISU to be remaining as owners of our club.

Wont get another penny of me

Jesus, I sincerely hope you are wrong.
However, the administrator declares to the world that he needs much more time to investigate as he cannot find out after eight weeks where the share is and what has been going on, then declares that CCFC Ltd is up for sale immediately. I mean, how nonsensical and arbitrary does that sound if there is not a SISU agenda behind it?

I am an accountant and I do understand most things financial, but this situation is beyond me. How can an administrator admit that he does not know what is going on, say he requires a lot more time to establish the facts, states that he might even have to go to court to definitively determine the facts of the case, and in the same breath state the CCFC Ltd - the company in which all this confusion exits and of which he is the administrator - is up for sale! I mean, caveat emptor is all very well, but this would be far worse odds that putting a few million down on the roulette wheel.
And as even Grenduffy asks; where the Hell are the Football league.? Why are they avoiding taking any kind of action and/or responsibility here?

 

[RogerH]

But they won't get a deal to play at the Ricoh because ACL, Council and Higgs won't deal with SISU, and can't permanently move. They have no venue arranged, even less long term plans to build an alternative stadium in the Cov area.

I wonder if anyone knows what powers the Football League have re the Golden Share. Can they reclaim it and re-issue it to a new owner, on the grounds that SISU do not pass the fit and proper test ?

 

[dongonzalos]

just my opinion ......The sale process will establish one bidder who bids unconditionally for CCFC Ltd. The process will have been followed. There is a bidding window of 14 days. PA will decide it is in the best interests of the creditors for that bidder to gain control because there is no other unconditional bidder. The deal will be acceptable to the FL because share & players will be reunited

Club will be established going forward under which ever company with SISU as the owners.

It might not be quite like that but I think we can expect SISU to be remaining as owners of our club.

Wont get another penny off me

Yes if any potential buyer is forced into a blind bid. It is like going to an auction and bidding for one of those bags that you do not know what is inside!

If this happens that will be it for me as well

 

[Godiva]

Ohhh OSB, we may have finally found something we agree on

And listening to the two lawyers this morning answers the old question raised by many: Why was it urgent for sisu that they themselves put limited into administration?
The proces and outcome would have been totally different if ACL had been in control of the administration.

To me it looks like the confusion (over GS) is designed for purpose.
No third party in their right mind would now buy limited as they risk it won't include the GS. And even if it turns out they actually do get FA/FL to accept they are now the owner of the GS, then they face years of court battles with sisu that could well cost them many millions in lawyer fees.

That is why Limited is put up for sale now. Expect a quick sale ... to sisu.

 

[Kenilworth Sky Blue]

Don"t worry i am at work

 

[jimmyhillsfanclub]

Sisu or not, I'll still go to my local away games in the North-West plus a few other choice games such as wolves, sheff utd & notts county.

I have'nt been to the Ricoh since 2006 anyway as I hate the place with a passion & I don't buy any merchandise tat or sad replica shirts, so by lucky coincidence, I'm not funding Sisu anyway.

I will maybe not bother renewing my membership as a token gesture.....mainly cos I can't see there being a problem getting away tickets next season if most fans enforce their threatened total boycott as above.

 

[dongonzalos]

The only other outcome is SISU enter the bidding only to raise the price up it a little bit then pull out when they are happy with the price that Haskell has to pay if he wants it.

 

[Noggin]

just my opinion ......The sale process will establish one bidder who bids unconditionally for CCFC Ltd. The process will have been followed. There is a bidding window of 14 days. PA will decide it is in the best interests of the creditors for that bidder to gain control because there is no other unconditional bidder. The deal will be acceptable to the FL because share & players will be reunited

Club will be established going forward under which ever company with SISU as the owners.

It might not be quite like that but I think we can expect SISU to be remaining as owners of our club.

Wont get another penny off me

yeah I won't go again while they are owners either, this whole episode has been a disgrace if what they have done is legal it shouldn't be, it's morally bankrupt and I cant in good concious support it.

 

[NorthernWisdom]

The only other outcome is SISU enter the bidding only to raise the price up it a little bit then pull out when they are happy with the price that Haskell has to pay if he wants it.

If you wanted that to happen you'd make the process as transparent as possible to encourage people to bid.

 

[davebart]

The courts might well ask why SISU would want to buy back Ltd at all if they contest it is just a property arm.

If they buy it back presumably they also buy the debts. ie to ACL. Where will that get them?

 

[NorthernWisdom]

The courts might well ask why SISU would want to buy back Ltd at all if they contest it is just a property arm.

If they buy it back presumably they also buy the debts. ie to ACL. Where will that get them?

They need a CVA, and in the grand scheme of things ACL's part of that debt is so small, they have next to no voice about that CVA.

 

[fernandopartridge]

Did ACL score a terrible own goal in being so public about their intention to file for administration?

 

[NorthernWisdom]

Did ACL score a terrible own goal in being so public about their intention to file for administration?

Not really, in terms of SISU would still have had time to put their own administrator in place, as the delay was for the court hearing. no way round that!

Whether they should have filed for administration is more the question, although not sure what other avenues were left.

 

[SydneySkyBlue]

OSB, do you think PA has manipulated the situation?

It does look like this could be the outcome in which case, you can only wish SISU luck in trying to run a football club without any customers.

 

[bigfatronssba]

Will the fl hand over the Gs when sisu can't guarantee a ground?

 

[sky blue zam]

just my opinion ......The sale process will establish one bidder who bids unconditionally for CCFC Ltd. The process will have been followed. There is a bidding window of 14 days. PA will decide it is in the best interests of the creditors for that bidder to gain control because there is no other unconditional bidder. The deal will be acceptable to the FL because share & players will be reunited

Club will be established going forward under which ever company with SISU as the owners.

It might not be quite like that but I think we can expect SISU to be remaining as owners of our club.

Wont get another penny off me

but for us to play next season dont we have to have confirmed ground in 14/15 days time

 

[dongonzalos]

If you wanted that to happen you'd make the process as transparent as possible to encourage people to bid.

Initially they tried to scare Haskell off. Now I think they are still trying to scare him off. Yet at the same time influence the price if that does not work.

Unfortunately Mr Appleton is allowing it.

SISU bid they know they have already got whatever the court says us not in LTD.

It is a different ball game for Mr Haskell.

By it been a blind bid SUSU hope Mr Haskell will run away.

If not they intend to out bid him.

If that does not work they want him up as high as possible to recoup most of their money.

He will not buy from them directly so they are using the administrator to get the sale price they want.

A situation I was concerned about.

Who knows what Mr Haskell actually thinks the club is worth

 

[Godiva]

So when sisu buy's limited and bring it out of administration ... and file the long overdue accounts, what is next?

ACL want the club to play at the Ricoh ... in fact their operation pretty much depends on it.
The petition which is still running demands that the club plays at the Ricoh.
The Trust insist the club plays at the Ricoh.
So ACL will HAVE to speak to sisu. But with PH4 gone back to US, they will have to face sisu alone.

What will happen at ACL?
Well, it seem that they tried to play hard ball and lost. They will have to write off all arrears and try to get a new deal with sisu. Some backtracking is required.
Add to that the sisu claim that there was a joint plan with ccc to distress ACL (partly owned by ccc). It really doesn't have to be proven in court - the mere suspecion is enough to create changes.
I expect some personnel changes at ACL and new faces will help ACL and sisu to come to a mutual agreement.

That agreement could be what we all want - the club and ACL under the same umbrella.

And still to come: Was the bailout legal???

 

[SydneySkyBlue]

Initially they tried to scare Haskell off. Now I think they are still trying to scare him off. Yet at the same time influence the price if that does not work.

Unfortunately Mr Appleton is allowing it.

SISU bid they know they have already got whatever the court says us not in LTD.

It is a different ball game for Mr Haskell.

By it been a blind bid SUSU hope Mr Haskell will run away.

If not they intend to out bid him.

If that does not work they want him up as high as possible to recoup most of their money.

He will not buy from them directly so they are using the administrator to get the sale price they want.

A situation I was concerned about.

Who knows what Mr Haskell actually thinks the club is worth

My thoughts too. It seems like the best thing to do if you wanted rid of Haskell. He's not a City fan after all and they are testing his determination to buy the club.

 

[Nonleagueherewecome]

Or ACL could carry on as they are and prove that they don't need the club to survive. I think it's SISU who are more shafted by the scenario you portray.

 

[SkyBlueSwiss]

So when sisu buy's limited and bring it out of administration ... and file the long overdue accounts, what is next?

ACL want the club to play at the Ricoh ... in fact their operation pretty much depends on it.
The petition which is still running demands that the club plays at the Ricoh.
The Trust insist the club plays at the Ricoh.
So ACL will HAVE to speak to sisu. But with PH4 gone back to US, they will have to face sisu alone.

What will happen at ACL?
Well, it seem that they tried to play hard ball and lost. They will have to write off all arrears and try to get a new deal with sisu. Some backtracking is required.
Add to that the sisu claim that there was a joint plan with ccc to distress ACL (partly owned by ccc). It really doesn't have to be proven in court - the mere suspecion is enough to create changes.
I expect some personnel changes at ACL and new faces will help ACL and sisu to come to a mutual agreement.

That agreement could be what we all want - the club and ACL under the same umbrella.

And still to come: Was the bailout legal???

Yes, most of us want the club and the ground under the same umbrella, but not if one side of that includes SISU.
If SISU continue in any way to be involved with our football club if/when we exit administration, then it will be without my support, and judging by the many comments on this forum, I am far from being alone with such thoughts.

 

[SydneySkyBlue]

Or ACL could carry on as they are and prove that they don't need the club to survive. I think it's SISU who are more shafted by the scenario you portray.

Makes you wonder if SISU have already have a plan for where we'll play next season. Maybe the survey was to assess how many supporters they'll be taking with them.

 

[skybluesam66]

ok - sisu keep the club
Assume they cant get hold of the ricoh

what is the benefit (short or long term) - of owning a football club with no assets, no customers and little hope of anything different
They will already have fully provided for any investments they have made to be written off

Apart from using this to
a) Drive up the price for the sale or
b) Hope that Acl really do need ccfc, so they in fact acquire the ricoh ( or share of the lease) by foul means

then there is nothing else

i must be missing something though

 

[lordsummerisle]

Or ACL could carry on as they are and prove that they don't need the club to survive. I think it's SISU who are more shafted by the scenario you portray.

Really don't think that ACL(or the Compass contract for that matter) can survive without the club.

Keeping apart is mutually assured destruction.

 

[cloughie]

Whilst I agree with OSB on the possible outcome, but listening to Brendon Guilfoyle this morning a simple solution is available.

Brendon Guilfoyle said The GS is with the FL so any prospective buyer has to lodge an amount of money with their own lawyers as proof of funds and along with a plan thats supports the club for years to come. The FL will issue the GS to which ever bid it deems to be following FL rules regarding administration.

Guifoyle also said that although Appleton was an experienced administrator, he was inexperienced in dealing with football clubs and this was part of the problem as due to FL rules, the situation is different from other business administrations.

 

[Broken Hearted Sky Blue]

Really don't think that ACL(or the Compass contract for that matter) can survive without the club.

Keeping apart is mutually assured destruction.

Putting all of it under Sisu is mutually assured destruction

 

[RPHunt]

Whilst I agree with OSB on the possible outcome, but listening to Brendon Guilfoyle this morning a simple solution is available.

The GS is with the FL so any prospective buyer has to lodge an amount of money with their own lawyers as proof of funds and along with a plan thats supports the club for years to come. The FL will issue the GS to which ever bid it deems to be following FL rules regarding administration.

Guifoyle also said that although Appleton was an experienced administrator, he was inexperienced in dealing with football clubs and this was part of the problem as due to FL rules, the situation is different from other business administrations.

I agree.

SISU have no money, the FA might think they owe Hoffman a favour and if ACL say they will never deal with SISU again, then there is a whole different scenario.

Don't give up hope yet.

 

[fernandopartridge]

SISU have no money/QUOTE]

That's an absolute myth. They will find the money for such a circumstance even if they don't have the money to pay for wages etc.

 

[RPHunt]

SISU have no money/QUOTE]

That's an absolute myth. They will find the money for such a circumstance even if they don't have the money to pay for wages etc.

A myth? You mean their accounts are a myth? They will have to prove to the Football League that they can fund CCFC for the next season and I doubt if the League will take "we're good for it, ask anyone on SBT" as proof.