@thegoalzone: Sky Blues administrator Paul Appleton says Otium's takeover of Coventry City FC Ltd has been completed #ccfc
@stevecarpo: "Otium has purchased the right and title to certain assets possessed in Ltd inc the shares in the Football League and the FA #SkyBlues
@stevecarpo: Mr Appleton: "I've tried to undertake a sale process which allows the club to compete in all of next season's competitions." #SkyBlues
@stevecarpo: "The FL have been kept informed and I am continuing to work closely with them so that the process of transferring the share can begin."
@stevecarpo: Mr Appleton: "I've tried to undertake a sale process which allows the club to compete in all of next season's competitions." #SkyBlues
@stevecarpo: "The FL have been kept informed and I am continuing to work closely with them so that the process of transferring the share can begin."
they can purchase the company without passing F&P so that's not an issue (not at this point anyway) but what about the requirement for the creditors meeting and the cooling off period, how have they got round that if they're legal requirements?
J
Jack Griffin
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Les Reid @Lesreidpolitics 3m
@_threeofclubs @stevecarpo No it doesn't Jim. Full story to come. Hold on
Jim L @_threeofclubs 8m
CCFC Ltd sale to Otium completed. Does this mean they've passed FL Owner & Director Test, or yet to come?
Les Reid Les Reid @Lesreidpolitics 4m
BREAKING: #CCFC Ltd administrator has just announced sale to Otium has been completed. Full story to come very soon
@_threeofclubs @stevecarpo No it doesn't Jim. Full story to come. Hold on
Jim L @_threeofclubs 8m
CCFC Ltd sale to Otium completed. Does this mean they've passed FL Owner & Director Test, or yet to come?
Les Reid Les Reid @Lesreidpolitics 4m
BREAKING: #CCFC Ltd administrator has just announced sale to Otium has been completed. Full story to come very soon
all last year i had gut feeling we would be at ricoh no matter what sisu said
last few weeks ive lost that,think this damn ground share is gonna go ahead.:wave:
last few weeks ive lost that,think this damn ground share is gonna go ahead.:wave:
SO WHAT DOES THAT MEAN??
Otium has purchased the right and title to certain assets possessed in Limited including the shares in the Football League and the Football Association. I stress that I have only been able to sell such right and title to these as Limited possesses because CCFC Holdings Ltd asserts beneficial ownership over them."
Otium has purchased the right and title to certain assets possessed in Limited including the shares in the Football League and the Football Association. I stress that I have only been able to sell such right and title to these as Limited possesses because CCFC Holdings Ltd asserts beneficial ownership over them."
Is This bit a "Come and have a go if you think your hard enough ", "See you In Court" , statement??
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I am really confused, I thought we had already been sold to Optium and were awaiting the FL agreement.
So how does this statement connect with that the FL have to still agree, or am I wrong?
So how does this statement connect with that the FL have to still agree, or am I wrong?
So far PA had said Optium were the preferred bidders. He is now saying they have completed their takeover which would mean we're no longer in admin (not sure how this has been done without the creditors meeting taking place). That's a business transaction and has nothing to do with the FL. There is no requirement to pass F&P for them to legally takeover the company.
Now the question would be what happens if they don't pass F&P. I would imagine they would then have to try and sell to an owner who would pass unless there is some clause that allows them to pass control back to PA in the event of them failing F&P.
The administrator agrees the sale. The creditors agree on the settlement arising from the sale.
The sale will happen it's just the arrangements for exiting administration that are in question?
Everything is starting to seem back to normal, shit owners as usual and a bunch of fans happy to bend over and be fucked by them. Bury your head in the sand guys.
