So you want to buy CCFC......

Discussion in 'Coventry City General Chat' started by oldskyblue58, Apr 21, 2017 at 9:34 AM.

  1. Captain Dart

    Captain Dart Well-Known Member

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    To be fair it is a much smaller lie than SISU's claim they've invested £70M (or £100M as in Reid's latest nonsensical piece which I quote from below)
     
  2. oldskyblue58

    oldskyblue58 CCFC Finance Director

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    Just to be clear the OP gives the main frameworks. Within that there are options for negotiation, eg loan write downs, pay offs in the pound, what happens to Ryton, performance payments, what assets or liabilities actually taken on etc

    My feeling is that any deal would be done in tried and tested (failed ?) ways. Which is a worry because ultimately it leads us back to the same place. More creative thinking is required perhaps. I would hope that fans are given an opportunity to buy into any deal done by whoever does it even if it is a small percentage - but that percentage has to be voting shares not lip service class B non voting shares
     
  3. oldskyblue58

    oldskyblue58 CCFC Finance Director

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    But that's the bit that really annoys me however big or small the lie or misdirection. It is either deliberate or lazy, the facts are out there and have been for some time. The effect of such misdirection is to create confusion, bitterness, conflict and division....... which allows the likes of TF & SISU the ability to carry on unchallenged
     
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  4. The Penguin

    The Penguin Active Member

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    The "SISU have invested ELEVENTY BAJILLION DOLLARYDOOS" argument has long fascinated me. Do they not realise that they are essentially saying that their acumen is so great, they have pumped all this money into a football team....and the result is that they are two divisions lower than they were when they started?

    Not to mention on the verge of homelessness.
     
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  5. Warwickhunt

    Warwickhunt Well-Known Member

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    Maltese people are so shy Nick :happy:
     
  6. skybluetony176

    skybluetony176 Well-Known Member

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    So the notion that seems to be doing the rounds that they bought the club for a pound and promptly paid off £8M of debt in hard cash is a nonsense and if I understood your post correctly (which in fairness I probably haven't) all the initial purchase cost them in real terms was £561K plus add ons?
     
  7. NorthernWisdom

    NorthernWisdom Well-Known Member

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    Even though it ultimately meant no influence whatsoever, the 'old' system under Richardson, McGinnity, Robinson was alright - it allowed people to turn up to the AGMs, voice their praise (or, more usually, displeasure!) and at least allowed some awareness of what was going on.

    Think in the modern world we have to accept it needs moneyed owners, ideally, but just *some* ability to be involved/ be aware of what's going on can only be a good thing.
     
  8. Nick

    Nick Administrator

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    A bit before my time, but did it allow anybody with a share?
     
  9. The Penguin

    The Penguin Active Member

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    From memory, yes, it did.

    I only say that because as a former shareholder, I seem to remember trying to line my uncle up to go to a meeting on my behalf.

    Though I may be misremembering.
     
  10. Nick

    Nick Administrator

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    That would be much better. Even if it just gave people a feeling of being involved rather than shut out.

    They could do different levels of "investment" also for fundraising.

    £xxx amount gets you that privilege, £xx gets you a special seat at the ground, etc etc.
     
  11. NorthernWisdom

    NorthernWisdom Well-Known Member

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    Yeah, of course they all passed everything as they controlled the majority, but it at least allowed a modicum of insight!

    In an ideal world, you'd limit any buyer to having 20% maximum of shares, so nobody could do anything without consensus. Arsenal used to have a structure close to this, and it kept a semblance of 'club' vs 'business'.
     
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  12. Feb57

    Feb57 New Member

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    Just to be clear on what Sisu paid for the club, there were 55,788 ordinary shares held in CCFC (Holdings), Sisu made a cash offer of £0.0001 for every share held. Therefore the club was valued at £5.5788. They also offered the soon to be ex shareholders a single, framed, category B non voting share.
    Out of interest the largest shareholdings at the time were held by Craigavon Limited with 31,871 (Geoffery Robinson) and Sir Derek Higgs 8,021, Numbers held by other members of the board at the time the offer came in were Michael Mcginity 100, Brenda Price 100, Michael Jepson 100, Joe Elliott 10.
    In the letter from the then Chairman the debt carried on the balance sheet was quoted as in excess of 38 Million pounds. They (Sisu) said they would invest up to 22 Million pounds to create a strong football and business franchise.
     
    Last edited: Apr 21, 2017 at 5:25 PM
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  13. RegTheDonk

    RegTheDonk Well-Known Member

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    Re-raise. Interesting. Fisher has to call surely, just to see his cards.
     

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