£61m of debt wiped out in latest CCFC accounts (1 Viewer)

ccfcway · Mar 5, 2015

thekidfromstrettoncamp said:
Yes but for every good time how many times have you walked away from the ground saying what a load of sh1t

prob about 100

Astute · Mar 5, 2015

Grendel said:
Shame we were never offered it then.

So in your view they could sell tomorrow and make a financial killing?

Do you mean like the 5.5m offer that they wanted to pay by installments without any guarantee? You know....The only time they tried to negotiate. They got what they asked for so wanted more for less money.

oldskyblue58 · Mar 6, 2015

Bottom line is the "debt write off" is nothing of the sort. They have converted old debt of CCFC H in to shares in Otium. Had they wanted to write off the "liability" they would not have transferred it from CCFC H to Otium in the first place and would have let it die with CCFC H. This is an internal transaction moving items around group companies.

What it does do is to create a new class of share. The preference shares have terms attached to them and have an order of settlement both of capital and income
Pref A first then Pref B then ordinary shares

Both Pref shares have the following rights regarding capital and dividends etc attached

..... preference shares up to an amount equal to the aggregate of the amount paid up to them plus the aggregate additional preferential amount on each such share which is equal to 15% per annum of the amount paid up

My reading of that is that to settle out the preference shares will require repaying the original capital plus a set sum of 15% per annum of the original capital - ie that total value increases by 15% each year. It wont show as a deduction from profit but it is something like charging 15% interest each year.

What it does mean is that should the club turn a distributable profit then it will be applied to paying the 15% on the preference shares owned by SBS&L and ARVO

Total A preference shares 14.2m
Total B preference shares 49.95m

oldskyblue58 · Mar 6, 2015

With the comments from TF about co investors and the "tidying up"/restructuring done in the accounts my gut feeling was that there will be a placed change in ownership structure in the next year or so but the preference shares issued makes any change to include a new party harder. Could be wrong but they are structuring something that doesn't involve new monies from SISU but gets them a return

tisza · Mar 6, 2015

how does TF justify his claim that 90% of the liabilities have been cleared?

Sky Blue Dal · Mar 6, 2015

dongonzalos said:
As of next year one year in the Prem and finishing bottom earns you £100 million

Off the topic question about this.. if you finish bottom and relegate will the club still get the 3 years parachute money in this new deal??

shmmeee · Mar 6, 2015

Sky Blue Dal said:
Off the topic question about this.. if you finish bottom and relegate will the club still get the 3 years parachute money in this new deal??

Off topic answer: I hope not, parachute money is bullshit and allows clubs to offer silly contracts which has a inflationary effect further down the leagues, further disadvantaging those who don't get the payments.

I went looking, seems from this site http://swissramble.blogspot.co.uk/2015/02/the-premier-league-tv-deal-master-and.html that they're still around and worse than ever:

The new approach to the solidarity payment is more interesting, as this has now effectively been formally linked to the size of the Premier League TV deal, being equivalent to 30% of a third-year parachute payment. Note: League 1 and League 2 clubs will respectively receive 4.5% and 3% of a third-year payment. Based on my assumptions, that would increase the annual solidarity payment to £6.5 million from the current £2.3 million.

That would imply that TV money for a Championship club would rise to £8-9 million, while a club with a year 1 parachute payment would receive a mighty £38 million. However, here’s the thing: the gap to the bottom Premier League club would still increase from £58 million to £84 million. Mind the gap, indeed.

crowsnest · Mar 6, 2015

shmmeee said:
Off topic answer: I hope not, parachute money is bullshit and allows clubs to offer silly contracts which has a inflationary effect further down the leagues, further disadvantaging those who don't get the payments.

I went looking, seems from this site http://swissramble.blogspot.co.uk/2015/02/the-premier-league-tv-deal-master-and.html that they're still around and worse than ever:

But if a club gets promoted straight back into the premiership after one year in the championship the parachute money they would have got gets split between the other championship teams.

It looks like Wigan will be in league one with the parachute money next season.

tisza · Mar 6, 2015

OSB how can profit on player registrations be different between the 2 companies?

ecky · Mar 6, 2015

Did I hear right on the radio this morning Sisu are losing £1.40 for every £1 they invest in ccfc?

fernandopartridge · Mar 6, 2015

shmmeee said:
Off topic answer: I hope not, parachute money is bullshit and allows clubs to offer silly contracts which has a inflationary effect further down the leagues, further disadvantaging those who don't get the payments.

I went looking, seems from this site http://swissramble.blogspot.co.uk/2015/02/the-premier-league-tv-deal-master-and.html that they're still around and worse than ever:

It sickens me. The most important boycott is not to SISU (they're a mere symptom), it's not buying Sky or BT subscriptions. Genuine football fans would do this, it's for the future of the game.

fernandopartridge · Mar 6, 2015

tisza said:
OSB how can profit on player registrations be different between the 2 companies?

Is it anything to do with the administration?

oldskyblue58 · Mar 6, 2015

tisza said:
OSB how can profit on player registrations be different between the 2 companies?

I would think it is something to do with Otium only starting to trade August 2013. The difference I would guess is a transaction that took place in CCFC H (which held the registrations until transferred to Otium) during the period between 01/06 and 30/07

The figures will not immediately reconcile between the two remaining companies in a lot of places because of that 2 month period where operations were within CCFC H. Of course no accounts were ever produced for CCFC H since the 2012 ones

torchomatic · Mar 6, 2015

What's Simon playing at then? If it's not true then how come there's nothing on the CT yet? It's on the front page on the CT today so I guess the false story genie is out of the bottle?

shmmeee · Mar 6, 2015

fernandopartridge said:
It sickens me. The most important boycott is not to SISU (they're a mere symptom), it's not buying Sky or BT subscriptions. Genuine football fans would do this, it's for the future of the game.

Haven't had a Sky subscription in my life, even convinced my uni housemates to go Virgin. Illegally streamed football all the way for me.

Captain Dart · Mar 6, 2015

torchomatic said:
What's Simon playing at then? If it's not true then how come there's nothing on the CT yet? It's on the front page on the CT today so I guess the false story genie is out of the bottle?

I think Simon, not being an accountant, had the wool pulled over his eyes by Mr Fisher.

Huckerby · Mar 6, 2015

fernandopartridge said:
It sickens me. The most important boycott is not to SISU (they're a mere symptom), it's not buying Sky or BT subscriptions. Genuine football fans would do this, it's for the future of the game.

Why? There's a genuine demand to watch top flight football, which settles at a certain subscription price, and it's only fair this is distributed to the teams that people are paying to watch. Nothing sickening about that at all...would you be moaning if we were in the premier league?

fernandopartridge · Mar 6, 2015

Huckerby said:
Why? There's a genuine demand to watch top flight football, which settles at a certain subscription price, and it's only fair this is distributed to the teams that people are paying to watch. Nothing sickening about that at all...would you be moaning if we were in the premier league?

Yes. It is ruining the game. I am not interested in CCFC being a Premier League team.

torchomatic · Mar 6, 2015

You don't need to see the accounts. These aren't the figures you are looking for.

Captain Dart said:
I think Simon, not being an accountant, had the wool pulled over his eyes by Mr Fisher.

Godiva · Mar 6, 2015

torchomatic said:
What's Simon playing at then? If it's not true then how come there's nothing on the CT yet? It's on the front page on the CT today so I guess the false story genie is out of the bottle?

What's he supposed to say?
'I didn't check the facts?'.

A good reporter will have a story 'fact checked' by at least one independent source.

From the code of ethics:

Test the accuracy of information from all sources and exercise care to avoid inadvertent error. Deliberate distortion is never permissible.

... and that's just the first of many.
https://www.spj.org/pdf/ethicscode.pdf

torchomatic · Mar 6, 2015

I agree, which is the point of my sarcastic reply to Captain Dart.

Godiva said:
What's he supposed to say?
'I didn't check the facts?'.

A good reporter will have a story 'fact checked' by at least one independent source.

From the code of ethics:

... and that's just the first of many.
https://www.spj.org/pdf/ethicscode.pdf

skybluetony176 · Mar 6, 2015

torchomatic said:
What's Simon playing at then? If it's not true then how come there's nothing on the CT yet? It's on the front page on the CT today so I guess the false story genie is out of the bottle?

By the sound of it he got it about as right as Mr Fisher.

Godiva · Mar 6, 2015

skybluetony176 said:
By the sound of it he got it about as right as Mr Fisher.

Yes, but you would expect Fisher to spin it over the top - what is Simons excuse?

skybluetony176 · Mar 6, 2015

Godiva said:
Yes, but you would expect Fisher to spin it over the top - what is Simons excuse?

My mistake. I must have logged onto a Coventry Telegraph fans forum. I'll see if I can find a CCFC fans forum to hold Mr Fisher to account, somewhere where not accepting Mr Fishers spin takes priority over holding a local journalist to account. Or perhaps I'm wrong to expect the person who signs of the accounts to have a better understanding of the accounts than a local journalist who didn't.

covmark · Mar 6, 2015

skybluetony176 said:
My mistake. I must have logged onto a Coventry Telegraph fans forum. I'll see if I can find a CCFC fans forum to hold Mr Fisher to account, somewhere where not accepting Mr Fishers spin takes priority over holding a local journalist to account. Or perhaps I'm wrong to expect the person who signs of the accounts to have a better understanding of the accounts than a local journalist who didn't.

Have a day off Tony ffs.

fernandopartridge · Mar 6, 2015

skybluetony176 said:
My mistake. I must have logged onto a Coventry Telegraph fans forum. I'll see if I can find a CCFC fans forum to hold Mr Fisher to account, somewhere where not accepting Mr Fishers spin takes priority over holding a local journalist to account. Or perhaps I'm wrong to expect the person who signs of the accounts to have a better understanding of the accounts than a local journalist who didn't.

Toni is back, Toni is back. Ello ello.

skybluetony176 · Mar 6, 2015

covmark said:
Have a day off Tony ffs.

I will when the SISU distractionist do.

covmark · Mar 6, 2015

skybluetony176 said:
I will when the SISU distractionist do.

Sisu distractionists only exist in your mind Tony.

Nick · Mar 6, 2015

skybluetony176 said:
My mistake. I must have logged onto a Coventry Telegraph fans forum. I'll see if I can find a CCFC fans forum to hold Mr Fisher to account, somewhere where not accepting Mr Fishers spin takes priority over holding a local journalist to account. Or perhaps I'm wrong to expect the person who signs of the accounts to have a better understanding of the accounts than a local journalist who didn't.

You have logged onto a forum where somebody is a member, the same as trust people are members. That is why it is discussed on here?

Simon will more than likely come on and reply when he can, that is why people ask him questions on here?

Godiva · Mar 6, 2015

skybluetony176 said:
My mistake. I must have logged onto a Coventry Telegraph fans forum. I'll see if I can find a CCFC fans forum to hold Mr Fisher to account, somewhere where not accepting Mr Fishers spin takes priority over holding a local journalist to account. Or perhaps I'm wrong to expect the person who signs of the accounts to have a better understanding of the accounts than a local journalist who didn't.

You do realize that I was criticizing Simon for not holding Fisher accountable?

torchomatic · Mar 6, 2015

TBF, I think Simon or the accountants or whoever at CT Towers would have checked first. To say it's all Fisher's doing is pushing it even for you.

skybluetony176 said:
I will when the SISU distractionist do.

oldskyblue58 · Mar 6, 2015

One of the things I do applaud is the release of the full accounts on the club website

However one of the other things the release of the accounts, because of the clever accounting, has done is to confuse people further as to what is actually going on and why. Situation normal then :thinking about:

mrtrench · Mar 6, 2015

This is excellent news for the club. In return for the debt, the club has issued more shares to SISU - and they owned all the shares anyway. It is a debt write-off, leaving the club in a healthy financial position for the first time.

steveecov · Mar 6, 2015

oldskyblue58 said:
One of the things I do applaud is the release of the full accounts on the club website

However one of the other things the release of the accounts, because of the clever accounting, has done is to confuse people further as to what is actually going on and why. Situation normal then :thinking about:

Yep good old S.N.A.F.U

steveecov · Mar 6, 2015

Does Tony sell ice cream?

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