Club withdraw points appeal (1 Viewer)

TrakiaPlovdiv

New Member
All I know is my Dad bought me shares in Coventry City Football Club Limited for my 18th Birthday in 1978. I still have the Certificate
as I refused to give them up when SISU took over.

They were taken from me under Companies Act rules after SISU aquired 95% of the shares.

And yes I apologise I meant the rent was approx £2 Million now not £5 Million.

I was, with best intention trying to pass on information as to where the Golden Share had actually been held on previous occasions.

As indeed I did when I stated ages ago when a number of Doubters were questioning where Gary Hoffman was and I said he was still there waiting in the wings for when the time was right.

He has been waiting for the right time to play his hand and hopefully that time will be very soon!
 

georgehudson

Well-Known Member
so, therefore we await the deliberations of the administrator,
& further await the rhetoric from TF, or is he on gardening leave,
whichever way more smoke & mirrors
 

SkyBlueSwiss

New Member
Well, all the fuss about the golden share being in either Holding or Ltd suggests someone really messed up their original plan.
It could seem their plan, when they realized ACL were not going to write off the rent debt, was to isolate the debt in Ltd and get rid of it through liquidizing that company.
That of course required all assets including league and player registration transferred to Holdings with the acceptance of the FL.

But if somebody 'forgot' to file the transfer with FL - or administration came too soon and before FL's accept - then that plan seem to have failed completely.
In that case I think even sisu are not sure where they are going.

Where's Fisher? This has been asked a few times.
Could well be his 'on gardening leave' if he was the one responsible for not filing with FL in time.

All that speculation is way off the mark should the golden share suddenly turn up to be in Holdings possession after all.

I like the thought of SISU being liquidized. Much more painful than just simple liquidation and so appropriate after what they are putting us through.
 

oldskyblue58

CCFC Finance Director
Just to clarify something CCFC Ltd was formed 16/05/96. The original name was Clubon Limited which was changed to CCFC LTd 19/05/95 which was changed to Coventry City Football Club Limited 29/12/95.

The primary objective of the company at 31/05/95 was changed to "To acquire from its parent company, The Coventry City Football Club Limited, as a going concern the business of the playing activities of that company and to carry on such business under the name of Coventry City Football Club. "

To do that the share had to be, with league permission, held by CCFC Ltd not the original business The Coventry City Football Club Limited.

The Coventry City Football Club Limited. changed its name 16/02/96 to Coventry City Football Club Holdings Limited. By that time the trade was in the new company CCFC Ltd which by necessity would also need to be in possession of the golden share. My guess is that the SISU lawyers were relying on the fact that the trade was seperate to the share and clearly it can not be, you can not have any trade as a football club in premiership or League unless you have the share directly.

The issued share capital of CCFC Ltd is 100 at £1 each and has always been owned 100% by CCFC Holdings or under that company's previous name of The Coventry City Football Club Limited. CCFC Ltd was never owned directly by any fans shares

There are 55788 shares valued at £13947 issued in Coventry City Football Club Holdings (formerly known asThe Coventry City Football Club Limited ) and it is in this company that fans held shares

Sky Blue Sports & Leisure Ltd was formed by SISU as the holding company for their investment it was not the trading company nor did it manage the football trade. It purchased the shares in CCFC Holdings Limited 100%. The shares in SBS&L were originally owned by investors including 5 investment funds managed by SISU

The biggest part of £60m is actually owed to CCFC Holdings, then CCFC Holdings owe SBS&L who then owe SISU investors per the 2011 accounts plus apparently ARVO . In the 2011 accounts there is no evidence of any debt directly to ARVO by CCFC Ltd. There is however details of a charge by ARVO over all its assets. There is also a charge over all CCFC Holdings asset but again no debt to ARVO at 31/05/2011. The charges were placed on the companies after 31/05/11 however. There was a loan of £2m from ARVO to the group in the accounts of SBS&L Ltd as at 31/05/11

The debt actually taken over was £15m against which there were £7m assets also taken over and other adjustments. What SISU appear to have done is agree discounted payments with creditors at Feb 2008 and called that their investment (adjusted for the assets taken on) in SBS&L £9m. Then SBS&L bought the share capital of CCFC Holdings ( The Coventry City Football Club Limited) but the amounts discounted were never written down in the CCFC Ltd or CCFC Holdings Ltd accounts from what i can see. On top of the retained deficits now sits the money SISU have actually put in, taking us up to this reported £60m. The administrator should clarify this - and if he doesnt I hope it is challenged in court to get to the bottom of it
 
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oldskyblue58

CCFC Finance Director
Just a question to think about....... if ARVO's money £8.4m is secured on CCFC Ltd, CCFC Ltd and declared in SBS&L Ltd as secured on group assets...... then if they are calling their debt in why are they not calling it in against CCFC Holdings and SBS&L also ? particularly as the main assets appear to be in CCFC holdings Limited? Is it possible to be selective? How was the debt actually created ?

As at 31/05/11 there was nothing owed by CCFC Ltd to ARVO per the accounts so why has £8.4m now appeared? Thats on top of other debt rising ..... what was it used for? was it a paper transaction?

Then ask in that case has there been a longer term plan to this rather than a knee jerk reaction in March/April 2013 by SISU/CCFC....... if so then it looks like a plan with one goal only. In which case were ACL driving the legal process or were they following courses of action SISU wanted them to so that they arrived at the situation of administration for CCFC Ltd ? They didnt challenge any of the steps did they. Might have worked had there not been a problem with the league share.

Hopefully the administrators report will provide the details................. it should.
 
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J

Jack Griffin

Guest
What is worth £8.4M, I can't believe the connexion, land upon which it stands and the physical assets of the club add up to that much?
 

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