two new board members?? (7 Viewers)

[oldskyblue58]

SISU had to give undertakings and provide a budget/cashflows to prove the club was a going concern to get the accounts signed off. Part of that process is to consider 12 months forward from April 2011 and have plans to keep going for atleast that period (ie the cashflow projections). It doesnt mean new investors put money in necessarily, plus since then the Group sold Prozone to raise funds. I think the new directors are a means to an end I dont think they have put new funds in to get the appointments. The guys who have been appointed are there to secure bigger investment.

 

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[odysseus]

Both the GEMS Ventures and Calimere point seem to have links with India.

 

[les_miserables]

Both the GEMS Ventures and Calimere point seem to have links with India.

So do half the population of Foleshill

 

[musicmanskyblue]

We'll soon have more board members than squad members...

 

[Kuklinski]

They'll all be lining their own pockets, and each-others, and when they piss off they'll hide behind confidentiality agreements.

 

[howzer]

i agree with kuklinsky and to make matters worse , and what seems to missed by most of you is : who exactly is it at own city?!! another venture cap group becoming involved just means more investors to attempt profit for, and more than that when it does come to selling there will be a quagmire of shite between the owners the new investors etc about payoffs ... that will prove difficult, another thing i think some of us city fans are forgetting is we seem to be the only club that are owned by venture caps, and it isnt working.

question: If yo were looking to invest in a football club would you part with your money to a club that is by all accounts about to be bought for a pound? how would you make a profit on your million you invest, and who in their right mind would invest seriously in a club that doesnt own its own ground and loses 500,000 a week.

time to be real, Hoffman and sisu are both wrecking this club at the moment and there doesnt seem a way out.

either Hofman puts his money where his gob is, buys the club for a fee that sisu will accept, or sisu firmly say no to selling the club and keep finding these investors, all of whom we have seen no money in the time sisu have run the club.

answer: either way we are screwed. we need a serious owner who will come in and sweep the club off its feet ... its happened to leicester and there is absolutely no resaon why it shouldnt happen to us. (accept we dont own our own stadium which means a 70 million outlay may even put off the big time charlies).

 

[Monkeyface]

One thing we can sure of, once these guys join the board, absolutly nothing will change. We may all want it to, but it won't.

Nothing to see here I'm affraid!

 

[Mcloven]

At least we have made 2 new signings. We seem to have more directors than players

 

[sky blue john]

two more muppets on the board what joy :facepalm:

 

[keef]

Seems a strange appointment to me.
We are losing 500k a week so we bring in 2 directors.
Directors dont work for free, they work for big fat pay checks. Our overheads just went up and i dont see any tangible benefit. More money men to work on the financial side.....we have money men who own the club.
Where does the money for their wages come from? is it the transfer budget or the allocated players wages? or were their wages built in to the 500k loss forecast?

We dont have enough food to go around.....lets get more hungry mouths.....

 

[Jack Griffin]

Maybe they are working on bringing in a large Poulty Company to buy the Club, but we'd better not count our Chickens before they're hatched.

Alright I'll get me coat.

 

[keef]

Maybe they are working on bringing in a large Poulty Company to buy the Club, but we'd better not count our Chickens before they're hatched.

Alright I'll get me coat.

Thats sure to ruffle some feathers. Where did you pluck it from?

 

[I'mARealWizard]

Thats sure to ruffle some feathers. Where did you pluck it from?

Ignore him, he's just clucking about.

 

[I'mARealWizard]

Ignore him, he's just clucking about.

Sorry if that came across as a little fowl.

 

[BurbageSkyBlues]

From the CP website, this is their statement of football related activities:


Football club business divestitures successfully completed
A number of mandates have been successfully completed in European football relating to debt structuring and restructuring, asset securitization and financial planning
Other mandates included the development of optimum ticket pricing models and season ticket schedules
International brand development to develop new revenue streams
Successful implementation of non-match day events


A lot of this has been going on at our club, so maybe they are the 'consultants' that we have heard about last season. But why make them board members, unless they are paid on commission, lol!

 

[oldskyblue58]

my guess is that they will not be paid by the club but will receive a commission on the investment they bring (paid by the investor)

So there will most likely be no additional cost to the club, but we wont know for certain until we see the accounts to 31/05/12 because directors remuneration of any kind paid by the club or the group has to be declared in the accounts. Failure to make the declaration would break the Companies Act and in addition would mean the details are declared by the auditors in their audit report. And before there is a conspiracy theory about the auditors - they are independent and monitored, they would not take the risk of getting something like this wrong.

So where it is says in the there was no remuneration paid to any Directors paid in previous years it means exactly that - does that mean they get a fat pay cheque by way of commission from SISU if they turn it round and sold on ..... i have no idea ...... but if we become successful I am not going to worry too much to be honest. I am sure they get some sort of reward for what they are doing but CCFC didnt pay any salary out to directors up until 31/05/10 at least

 

[ashbyjan]

OSB - I cannot be bothered to dig out the SBS&L accounts but are you saying that for the previous 2 seasons the Directors remuneration was 0? If that is the case then that is wrong because RR was paid around £300k - a fee levied by another of his companies as a charge to SBS&L. The only thing that makes me think these two new suits are being paid is that one has been already advising us for several months (with no apparent success) and now suddenly becomes a Director - why the change of status? If all he's doing is looking for investment and getting a bonus when he finds it why does he have to become part of the company and not just stay as an independent consultant. Smacks of more money for the boys I'm afraid, money we can ill afford at this time.

 

[oldskyblue58]

The costs for RR were paid to the Arley group were fully disclosed in the accounts jan but they were for management services provided by that company. And yes i should have checked because they were shown as amounts paid to third parties for directors so my mistake. But there are no other payments to directors. RR's company received £303k in 2010 - in theory a cost saving in 2011?

Wont know about Dulieu and co until next accounts released but they said they were not being paid - how much credence you put on that or if it is in a different way I cant say

As for the new guys coming in I still think that they were appointed to smooth the way for investors they act for - so that if their clients do invest they know someone is acting on their behalf. Doesnt make much sense to me otherwise. And yes I am sure they will profit from it somehow - they all will ...... just hope it is finally a positive experience for the fans too but am not betting the mortgage on it

 

[ashbyjan]

Not trying to catch you out OSB just pointing out that there are ways and means of paying Directors that don't necessarily show up in the Directors remuneration column. I am sure Dulieu is being paid as is Clouting, Brody, Clarke and Onwe probably not. I still fail to see what advantage adding even more Directors gives us, whether they are paid or not. Engage them to find investors and pay them on results - so far that would have cost us nothing as in the three years of SISU no new outside investment has come in, except maybe Brody actually paid for his shares.

 

[Dinyull]

Surely the SISU board members would be taking their wage from SISU - not CCFC?!?!

Also, is there any hint or information re. investors? Seems a lot on here are assuming the 2 new guys are acting for investors, from what I've read so far there's no info to back that up so we shouldn't get too far ahead of ourselves. If their expertise is in football finance management (as the cp website suggests) then it's not a strange move to have them on the board.

 

[oldskyblue58]

But the key thing is they were already advising the club for several months so why make them directors at all ? We are not likely to know about new investors until it is done so unlikely to be any info around. Only one of the new directors has the sporting finance expertise per the press release.

Just seems strange to me if nothing is going on..... but i do think it means that CCFC have moved further away from a GH buy out not closer

 

[We'll_live_and_die]

Surely the SISU board members would be taking their wage from SISU - not CCFC?!?!

Also, is there any hint or information re. investors? Seems a lot on here are assuming the 2 new guys are acting for investors, from what I've read so far there's no info to back that up so we shouldn't get too far ahead of ourselves. If their expertise is in football finance management (as the cp website suggests) then it's not a strange move to have them on the board.

They are CCFC board members not SISU. Do not get the two confused, they are totally different companies.

 

[oldskyblue58]

Not trying to catch you out OSB just pointing out that there are ways and means of paying Directors that don't necessarily show up in the Directors remuneration column. I am sure Dulieu is being paid as is Clouting, Brody, Clarke and Onwe probably not. I still fail to see what advantage adding even more Directors gives us, whether they are paid or not. Engage them to find investors and pay them on results - so far that would have cost us nothing as in the three years of SISU no new outside investment has come in, except maybe Brody actually paid for his shares.

No problem jan - i didnt take it as trying to catch me out and I think you are right, there is always a way to extract some reward. I dont see the point in just appointing new directors for the sake of it unless it gained us something other than the expertise SISU/Board already have - all have been involved in the finance world for sometime and/or with the club or other clubs

 

[Dinyull]

They are CCFC board members not SISU. Do not get the two confused, they are totally different companies.

I know - but they're all members of SISU so I'd assume they take a sizeable wage from them and as they're acting in their best interest's (although many on here would disagree). To take 2 wages wouls seriously take the piss and I doubt they're stupid enough not to realise this.

 

[Dinyull]

But the key thing is they were already advising the club for several months so why make them directors at all ? We are not likely to know about new investors until it is done so unlikely to be any info around. Only one of the new directors has the sporting finance expertise per the press release.

Just seems strange to me if nothing is going on..... but i do think it means that CCFC have moved further away from a GH buy out not closer

I don't read it like that. The way I see it is: if they were doing a good job as advisors the Chairman might have thought we'd benefit with them being on the board. If investors were introduced or being introduced SISU would announce it straight away as they need some positive news out atm. We'll see in the next few weeks though.