I was bored the other day and started to look at the structure of ownership and its quite confusing as of the last filed accounts 2013.
Sky Blue Sports and Leisure is 96% owned by Sconset and 4% by Leonard Brody with Liabilities over £47 million (2013 accounts) interestingly this went up from £12m the previous year. Sconset is a hedge fund controlled by SISU.
Otium Is Owned by SBSL. Otium is 99% owned by Avro Master fund. Avro is based in the Caymen islands Otium has liabilities of £5m (2013) up from 0 in 2012.
in Turn Otium owns Coventry City Football Club (holdings) Limited with Liabilities over £49m (last Filed 2011)
Coventry City Football club Limited (in Liqiuidation) Had liabilities of £57million.
which ever way you look there is a pile of debt and no controlling shareholder director names.
Sorry but there are some things that are not correct in that
SISU capital is owned and controlled by Wynacre limited - very few details available on that company other than it is registered in the British Virgin Islands. Therefore if SISU are seen as the owner (per TF they seem to be) the ultimate ownership of the group must be Wynacre Limited unless there is another entity behind that
Sconset own 96% of SBS&L certainly, SConset being an entity controlled by SISU Capital Ltd. SBS&L own and control Otium. It is the voting shares that denote control and ownership and SBS&L own 90.1%. The other shares 9.9% are owned by ARVO. Yes ARVO own the other shares issued but these are all non voting so carry no control on the basis of the shares.
What ARVO do have is charges over all the assets and charges over the shares of SBS&L together with certain rights on disposal of group companies. In effect nothing can be done without reference to ARVO. Joy Seppala acts as a signatory for ARVO at least, and could well be a director or control ARVO but have seen no evidence of the ownership of ARVO Master Fund so cant say for sure
Otium no longer owns CCFC H Ltd because that company has been dissolved. Much of the debt in CCFC Ltd and CCFC H Ltd was historic dating before 2008 which was discounted in the takeover but such discount not reflected in the CCFC Ltd or CCFC H Ltd accounts. CCFC Ltd will be liquidated once the court cases are done. However the liquidation of both of these has not changed the actual liabilities to SISU or ARVO because their loans remain the same. Just how the group structure has been set up and used.
The only debt that remains is the external debt of the SBS&L group which stood at 47m 31/05/13. of that figure 28.5m was due to the SISU Capital investors loans and 13.4m to ARVO Master Fund
The current liabilities in 2013 were 47m but in 2012 the liabilities were split between current 12m and longer term 31m, total 43m.
