CCFC Appoint Restructing Experts (5 Viewers)

[stupot07]

Another business acting responsibly - The Ritz Hotel has not paid any corporation tax for 7 years

 

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[Brighton Sky Blue]

Another business acting responsibly - The Ritz Hotel has not paid any corporation tax for 7 years

I'd say that's pretty much the opposite of acting responsibly-though there are a certain group of people who have been dodging tax their whole lives; now who could that be?

 

[mattylad]

Sisu have taken an unauthorised 12 month payment holiday, ACL have offered to lower the "mortgage" by 2/3rd's, have given 10 years to pay off the missed payments and thrown in some massive freebies. You arn't getting a bank that resonable anywhere.

I want to pay the minimum amount of rent as much as any City fan and I'm biased towards our club like we all are but I don't see how any reasonable person can look at ACL's offer and SISU's actions and not conclude that ACL are unbeliveably reasonable and SISU are acting completely unacceptably.

Which can when you put it in context with what this thread was originally about, only mean CCFC have no money left to pay the rent regardless of the figure and SISU cannot or will not bail them out. Remember people when this goes wrong only CCFC go bust not SISU!!

 

[coundonskyblue]

No one wants us thrown out, I think its just a very emotive subject and things are said that people dont mean.

 

[sky blue john]

Its all in Sisu's hands whether ccfc survive this. joy signed off the agreement to the league for this seasons costs. Sisu say they will continue to fund the club and when they have to pay they will.
If they renague on this and put ccfc into admin then i wonder how long it will take for the Sisu supporters on here to realize they have been lied to !!!!

 

[sky blue john]

The fact is.
" sisu and only sisu are responsible for the decisions made during their tenure of CCFC"

Fact, fact , fact, fact !!!!!!!!!

 

[coundonskyblue]

Is there anything in todays telegraph about this?

 

[oldskyblue58]

You know what is worrying is that since SISU have been here if you reduced the rent to £170k pa they would still have had to fund at least £35m in group losses since January 2008. That to me indicates that far from the money saved in rent being invested in the team, CCFC would simply have borrowed £6m less from the owners.

We would still be on the edge financially.

appointment of restructuring experts to advise is just a prudent thing to do from SISU's perspective. You would expect them to plan for all eventualities and protect what they have. Doesnt really change our position does it.

 

[coundonskyblue]

<p>

You know what is worrying is that since SISU have been here if you reduced the rent to £170k pa they would still have had to fund at least £35m in group losses since January 2008. That to me indicates that far from the money saved in rent being invested in the team, CCFC would simply have borrowed £6m less from the owners. </p>
<p>&nbsp;</p>
<p>We would still be on the edge financially. </p>
<p>&nbsp;</p>
<p>appointment of restructuring experts to advise is just a prudent thing to do from SISU's perspective. You would expect them to plan for all eventualities and protect what they have. Doesnt really change our position does it.

Are sisu not meant to be experts in this area themselves?

 

[oldskyblue58]

I believe so CSB but it doesnt hurt to say to a court that a company took independent professional advice to back up the legality of their actions

 

[SkyBlueScottie]

and then who pays off yorkshire bank?

<p>

Who do you think should pay off Yorkshire bank then? Remember this is the real world, a £20m mortgage doesn't just go away because you dont like it.

In the real world as it stands that is nothing to do with the club. Where that leaves us, the Council, Higgs or anybody else for that matter I dont know.....

I suppose it comes down to this, either we are tenants and pay a mutually agreed rent figure, or we become part owners and then take on some of the existing financial burden.

I am pretty sure that SISU have already bought in a company previously to do such work, and i would also not be surprised to learn that this company and SISU are interlinked.

 

[wingy]

Which can when you put it in context with what this thread was originally about, only mean CCFC have no money left to pay the rent regardless of the figure and SISU cannot or will not bail them out. Remember people when this goes wrong only CCFC go bust not SISU!!

They can sell a player

 

[Harry Grout]

They can sell a player

Or sell some of the advisers, consultants, jobsworths, experts and hangers on we've got on the books? Must have enough for a couple of teams now....

 

[torchomatic]

And I'm sure no one on here would whinge if we did. Or if we didn't sign McG.

They can sell a player

 

[Mary_Mungo_Midge]

And I'm sure no one on here would whinge if we did. Or if we didn't sign McG.

People have every right to complain about SISU. During their tenure, we've seen every scrap if talent sold, gates almost half, drop to our lowest league position in living memory, be dragged through courts, and most embarrassing of all, these 'money people' can't even complete due diligence or execute a business plan.

As a body of people with the task of running our football club, they've given folk a lot of genuine cause for complaint, and can't feel hard done by when they are the focus of a few 'whingers'...

 

[wingy]

And I'm sure no one on here would whinge if we did. Or if we didn't sign McG.

Just stating we don't have to go bust Torch ,its an option ,as in answer to the suggestion Sisu don't have the money to fund us,which is what the poster suggested,its an unemotional suggestion.

 

[Grendel]

People have every right to complain about SISU. During their tenure, we've seen every scrap if talent sold, gates almost half, drop to our lowest league position in living memory, be dragged through courts, and most embarrassing of all, these 'money people' can't even complete due diligence or execute a business plan.

As a body of people with the task of running our football club, they've given folk a lot of genuine cause for complaint, and can't feel hard done by when they are the focus of a few 'whingers'...

Are we talking sisu or any of the owners in the last 30 years.

 

[wingy]

Are we talking sisu or any of the owners in the last 30 years.

And here lies the answer ,we've always sold to survive ,so whats different .The stance is designed to instill fear among supporters ,we know they have to sell to cover a projected £3m. loss this season £100k.-£200k. of that to reach an amicable resolution is peanuts when you stand to lose £45-50M.

 

[DazzleTommyDazzle]

Are we talking sisu or any of the owners in the last 30 years.

Don't remember being "dragged through the courts" or being in the third division with any of those other owners in the last 30 years.

 

[Mary_Mungo_Midge]

Are we talking sisu or any of the owners in the last 30 years.

They came in with what was asserted to be a dean slate and declared us 'debt free'. Look at where we are now. It's hard to believe they could have done much worse if they'd have tried.

Forget a comparison with previous regimes, although I share your frustration in that regard, how about a comparison with Southampton, or Leicester? That's a more valid one to ponder than that which happened in the '80s and '90s

 

[torchomatic]

I do remember someone selling our ground though. And then renting it back.

Don't remember being "dragged through the courts" or being in the third division with any of those other owners in the last 30 years.

 

[Grendel]

Don't remember being "dragged through the courts" or being in the third division with any of those other owners in the last 30 years.

I remember not paying transfer fees for players who carried on playing for us. I remember local creditors owed money, the inland revenue owed £5 million and I remember losing a ground and being stitched up to play at another.

 

[torchomatic]

Ah yes, I remember that.

I remember not paying transfer fees for players who carried on playing for us. I remember local creditors owed money, the inland revenue owed £5 million and I remember losing a ground and being stitched up to play at another.

 

[Grendel]

Ah yes, I remember that.

Strange most Coventry fans seem to have lost their mid and long term memory. Everything beyond 5 years ago is just a sky blue blur.

 

[Mucca Mad Boys]

Strange most Coventry fans seem to have lost their mid and long term memory. Everything beyond 5 years ago is just a sky blue blur.

But SISU are the devil's advocate... :facepalm:

IMO, they are standard CCFC owners...

 

[WillieStanley]

Or sell some of the advisers, consultants, jobsworths, experts and hangers on we've got on the books? Must have enough for a couple of teams now....

Apart from John Clarke, I can't think of one!!

 

[Brighton Sky Blue]

They came in with what was asserted to be a dean slate and declared us 'debt free'. Look at where we are now. It's hard to believe they could have done much worse if they'd have tried.

Forget a comparison with previous regimes, although I share your frustration in that regard, how about a comparison with Southampton, or Leicester? That's a more valid one to ponder than that which happened in the '80s and '90s

Compare in what way? Both clubs have benefitted hugely from very wealthy benefactors.

 

[DazzleTommyDazzle]

I remember not paying transfer fees for players who carried on playing for us. I remember local creditors owed money, the inland revenue owed £5 million and I remember losing a ground and being stitched up to play at another.

So given your response, I assume that you don't remember us being "dragged through the courts" or being relegated to division 3 either.

 

[torchomatic]

Oh I see. I didn't realise how narrow your criteria was. It doesn't really matter about all the other disasters, just being "dragged through the courts"? Well, if we ignore everything else then yes, you're spot on.

So given your response, I assume that you don't remember us being "dragged through the courts" or being relegated to division 3 either.

 

[Grendel]

They came in with what was asserted to be a dean slate and declared us 'debt free'. Look at where we are now. It's hard to believe they could have done much worse if they'd have tried.

Forget a comparison with previous regimes, although I share your frustration in that regard, how about a comparison with Southampton, or Leicester? That's a more valid one to ponder than that which happened in the '80s and '90s

You want to compare us to Leicester! So you want to go into administration owing a fortune to local creditors then find an ex footballing icon from the club to reform them with zero consequences for the debts?

Gary Linekar has always said that he feels supporters should never suffer if clubs can't pay their way. I'm staggered you agree with him.

 

[Harry Grout]

CCFC Appoint Restructuring Experts

Going back to the OP, the 'restructuring experts' could of course be builders trying to restructure the Main Stand at Nene Park to get it up to 10,000 capacity??

 

[Brighton Sky Blue]

If all else this consultancy is extra money going out of the club which could be spent on much more worthwhile things-unless it's coming out of Joy's pockets.

 

[Mary_Mungo_Midge]

You want to compare us to Leicester! So you want to go into administration owing a fortune to local creditors then find an ex footballing icon from the club to reform them with zero consequences for the debts?

Gary Linekar has always said that he feels supporters should never suffer if clubs can't pay their way. I'm staggered you agree with him.

When contracts go wrong, there's always collateral damage. None of it agreeable.

Look at the SISU situation then. What about people who were bullied into giving up shares they acquired at great cost and over many generations. They lost in the same way as businesses lose in administration.

What's the moral difference you are trying to make?

The difference being that those who have up shares did so having been promised a new start lay ahead. It hasn't. We're worse off by some significant margin.

Maybe one if the benefactors Brighton eludes to above, and rightly so, I acknowledge would have had a look at us instead of the teams they've now acquired?

 

[DazzleTommyDazzle]

Oh I see. I didn't realise how narrow your criteria was. It doesn't really matter about all the other disasters, just being "dragged through the courts"? Well, if we ignore everything else then yes, you're spot on.

Hmmmmmm.

If you care to retread the thread you might see that I was trying to highlight the fact that MMM's points had been sidestepped - what you might perhaps refer to as narrowing the criteria.

That'll teach me to be subtle......

 

[Mary_Mungo_Midge]

Hmmmmmm.

If you care to retread the thread you might see that I was trying to highlight the fact that MMM's points had been sidestepped - what you might perhaps refer to as narrowing the criteria.

That'll teach me to be subtle......

He can't deal with them. Their situation so ridiculous as to be impossible to justify.

I mean, ACL/the council are being portrayed as the pantomime baddy. Fisher tells us they've invested £35 to 40m in their five years. Even f they'd have been given the Ricoh rent free, they'd still have lost over £30m in five seasons. This being from a position of us being 'debt free', and using Fisher's own figures/statements.

Was there any 'diligence' in the 'due diligence' process? Was their business plan so far out as for us to end up like this?

It's all unjustifiable in any context. Hence the selective quietness.....