ACL Statement, Saturday 23 March (1 Viewer)

PWKH · Mar 23, 2013

I don't usually post ACL statements, I make my own comments, but as it is a Saturday and the news media seem to be slow, I thought it might be a good idea if I put this up for people to read. I am sure that it will be used by the news media and they will add reactions and the like.

The ACL statement:

The Board of Arena Coventry Limited (ACL) is pleased by the decision by the High Court in London to adjourn ACL’s application for an administration order against Coventry City Football Club (CCFC) until Tuesday 26 March 2013. The application relates to the failure of CCFC to pay ACL £1.3 million in rent that ACL is lawfully owed for the use by CCFC of the Ricoh Arena.

It is clear to the Board that the High Court judge was as perplexed as the Board itself by the unclear and contradictory statement made last night by CCFC (Holdings) Ltd, the parent company of CCFC.

While publically available sources of information including the Football League Handbook and the annual return made by the Football League to Companies House (dated 23 June 2012) state that CCFC’s Football League share rests with Coventry City Football Club Ltd; the statement issued by CCFC suggests that all assets and liabilities relevant to this application have been moved to CCFC (Holdings) Ltd. ACL’s lawyers will now be writing to the Directors of CCFC, the Football League and the administrators appointed by CCFC to request more information about this matter.

The judge clearly agreed that there is a need to understand precisely where the business and the assets of CCFC actually lie and that additional time is now required for this to be investigated thoroughly. The Board shares this view and is surprised that CCFC did not choose to represent itself at such an important hearing at the High Court; the outcome of which was of critical importance to the supporters of CCFC and the people of Coventry, as well as CCFC’s creditors and suppliers.

The Board believes that CCFC supporters should feel reassured by the fact that this matter is now being dealt with by the High Court where the truth of the matter will now be uncovered. This is an unusual situation in which a creditor (ACL) is actually trying to save a debtor (CCFC).

The Board wishes also to reiterate that there is no truth whatsoever in suggestions reported by some media today that ACL will prevent CCFC from playing at the Ricoh Arena. The whole point of the course of legal action that the Board has taken is to ensure that a successful and sustainable Sky Blues team is able to play at the Ricoh Arena for many years to come.

coundonskyblue · Mar 23, 2013

Once again thanks for taking the time to come on here.

1nilandwe... · Mar 23, 2013

Agreed, thank you.
Makes interesting reading.
I think you must forgive fans for remaining sceptical about ACL, but the whole debacle yesterday does make SISU out to be particularly slimy, slippery bastards.

SkyblueBazza · Mar 23, 2013

PWKH said:
I don't usually post ACL statements, I make my own comments, but as it is a Saturday and the news media seem to be slow, I thought it might be a good idea if I put this up for people to read. I am sure that it will be used by the news media and they will add reactions and the like.

The ACL statement:

The Board of Arena Coventry Limited (ACL) is pleased by the decision by the High Court in London to adjourn ACL’s application for an administration order against Coventry City Football Club (CCFC) until Tuesday 26 March 2013. The application relates to the failure of CCFC to pay ACL £1.3 million in rent that ACL is lawfully owed for the use by CCFC of the Ricoh Arena.

It is clear to the Board that the High Court judge was as perplexed as the Board itself by the unclear and contradictory statement made last night by CCFC (Holdings) Ltd, the parent company of CCFC.

While publically available sources of information including the Football League Handbook and the annual return made by the Football League to Companies House (dated 23 June 2012) state that CCFC’s Football League share rests with Coventry City Football Club Ltd; the statement issued by CCFC suggests that all assets and liabilities relevant to this application have been moved to CCFC (Holdings) Ltd. ACL’s lawyers will now be writing to the Directors of CCFC, the Football League and the administrators appointed by CCFC to request more information about this matter.

The judge clearly agreed that there is a need to understand precisely where the business and the assets of CCFC actually lie and that additional time is now required for this to be investigated thoroughly. The Board shares this view and is surprised that CCFC did not choose to represent itself at such an important hearing at the High Court; the outcome of which was of critical importance to the supporters of CCFC and the people of Coventry, as well as CCFC’s creditors and suppliers.

The Board believes that CCFC supporters should feel reassured by the fact that this matter is now being dealt with by the High Court where the truth of the matter will now be uncovered. This is an unusual situation in which a creditor (ACL) is actually trying to save a debtor (CCFC).

The Board wishes also to reiterate that there is no truth whatsoever in suggestions reported by some media today that ACL will prevent CCFC from playing at the Ricoh Arena. The whole point of the course of legal action that the Board has taken is to ensure that a successful and sustainable Sky Blues team is able to play at the Ricoh Arena for many years to come.

Thanks for this...opens another set of posting floodgates.
It reads quite self-assured in terms of the outcome of the case. I just hope they know what they are doing.

Otis · Mar 23, 2013

coundonskyblue said:
Once again thanks for taking the time to come on here.

Yep. Second that. Much appreciated.

Can't see much wrong in that statement to be honest.

Do think a lot of City fans though don't think ACL are trying to do the best for the club and have more self-interest at heart.

Not quite how I feel, but I can understand why Sky Blue fans are rather suspicious of their motives, and indeed of Sisu's too.

stupot07 · Mar 23, 2013

Otis said:
Yep. Second that. Much appreciated.

Can't see much wrong in that statement to be honest.

Do think a lot of City fans though don't think ACL are trying to do the best for the club and have more self-interest at heart.

Not quite how I feel, but I can understand why Sky Blue fans are rather suspicious of their motives, and indeed of Sisu's too.

I'm still sitting on the fence. I just think we need to sit tight, hold our nerve and see what happens, and not take sides.

I do however, think ACL are playing a clever PR game to get fans on their side. And this statement, like others, is only one side of the story.

SkyBlueHomer · Mar 23, 2013

cheers for that, personally i have always thought ACL have the best interests of the football club at heart, more than what SISU have but at the end of the day ACL are a business & cant wait around forever to be paid

The Penguin · Mar 23, 2013

stupot07 said:
I do however, think ACL are playing a clever PR game to get fans on their side. And this statement, like others, is only one side of the story.

While I agree with this, it's frustrating we never get to hear the other side of the story! I'll give ACL some due, at least someone is trying to engage with supporters and provide us with some information.

Diehard Si · Mar 23, 2013

Much appreciated Peter.

I would certainly look at WHEN they transfered everything to the Holdings company. I'd guess it was done recently as an avoidance measure. I'm sure your legal team will be getting stuck into this already tho.

SkyblueBazza · Mar 23, 2013

stupot07 said:
I'm still sitting on the fence. I just think we need to sit tight, hold our nerve and see what happens, and not take sides.

I do however, think ACL are playing a clever PR game to get fans on their side. And this statement, like others, is only one side of the story.

You are right - neither party can do any right no matter what they do or say as far as We ( the fan collective) are concerned. We are all just infuriated by this constant distraction from what we really care about...what happens on the pitch!

coop · Mar 23, 2013

Sisu will end up getting this club with a 30 points deduction start to next season they are trying it on and us fans will be the ones to lose out as they dont give a fuck about CCFC.why carnt acl put in to own ccfc they get all the other money streams the only one they dont get is match ticket sales.Why have sisu emptied the entire shop and left it in a lorry at baton road,where do fans buy tickets get these fucking wankers kicked back to london with the other slimmy buisness people

Lord_Nampil · Mar 23, 2013

Diehard Si said:
Much appreciated Peter.

I would certainly look at WHEN they transfered everything to the Holdings company. I'd guess it was done recently as an avoidance measure. I'm sure your legal team will be getting stuck into this already tho.

I think it was march last year! That's when we found out about Arvo, and thoughs details in the accounts will not be released yet as the last accounts were up to march 2011 not march 2012. They should have been released a few weeks back!

Otis · Mar 23, 2013

Diehard Si said:
Much appreciated Peter.

I would certainly look at WHEN they transfered everything to the Holdings company. I'd guess it was done recently as an avoidance measure. I'm sure your legal team will be getting stuck into this already tho.

Whenever it was they are not going to get away with it. No way the courts or the league are going to accept anything other than the two entities as being intrinsically linked.

Diehard Si · Mar 23, 2013

Lord_Nampil said:
I think it was march last year! That's when we found out about Arvo, and thoughs details in the accounts will not be released yet as the last accounts were up to march 2011 not march 2012. They should have been released a few weeks back!

The football share was still in ccfc limited in June 12,so it must be since then.

I can almost see it being done this week.

sw88 · Mar 23, 2013

I wonder what would happen if the judge finds that the transfer of league rights did go between CCFC Ltd and CCFC holdings Ltd illegally. With one already in administration, could the judge put the other in aswell because of the illegal move?

Oh, and thanks for posting the statement PWKH

Black6Osprey · Mar 23, 2013

Peter, I thank you for the statement but ultimately someone within your organisation originally thought the rent deal, F & B etc was a fair deal for CCFC.

You effectively took advantage while we were in a bad place financially and I realise the club signed the deal but we were being run by morons.

Your company clearly weren't interested in a fair deal at that point and therefore didn't care about the club or its supporters. Your pro CCFC and its fans words are very nice but all a little late in the day for me.

coop · Mar 23, 2013

why do sisu never give out statements i thought they were going to keep the fans informed starting to lose my blob with these frickers

coundonskyblue · Mar 23, 2013

sw88 said:
I wonder what would happen if the judge finds that the transfer of league rights did go between CCFC Ltd and CCFC holdings Ltd illegally. With one already in administration, could the judge put the other in aswell because of the illegal move? 
 
Oh, and thanks for posting the statement PWKH

If they have moved the assets out of ccfc ltd recently, would that not leave the directors under suspicious of fraud?

Diehard Si · Mar 23, 2013

sw88 said:
I wonder what would happen if the judge finds that the transfer of league rights did go between CCFC Ltd and CCFC holdings Ltd illegally. With one already in administration, could the judge put the other in aswell because of the illegal move?

Oh, and thanks for posting the statement PWKH

You start to head down this road then..

http://www.skybluestalk.co.uk/showthread.php?t=28537

It's a grey area between common business strategy and fraud. It's for the courts to work out what.

coop · Mar 23, 2013

i think they have put the wrong company in administration.trying to be sly i think they have fucked up and we the fans and players will be the ones that will get punished as our football club will lose points sisu will lose fuckall

sky_blue_up_north · Mar 23, 2013

At the end of the day the Club will never be successful while we don't have a stake in the stadium, along with the food and beverage sales. Who ever comes in needs to trash that out before signing any deal, otherwise we'll be back here again in 12 months time. I also believe the fans need a stake with any new owners, at least 15% I would say.

sw88 · Mar 23, 2013

coundonskyblue said:


If they have moved the assets out of ccfc ltd recently, would that not leave the directors under suspicious of fraud?

I would think so. So them thinking their tactics would work have turned then into criminals. But like the Brum owners and their money laundering

thorn in my side · Mar 23, 2013

Let us not kid ourselves PWKH - the board of ACL are by no means "pleased" by the decision to adjourn the High Court application. I think ACL have a bloody nose upon my reading of the hearing yesterday - my opinion of course.

I suggest rather than continue this ridiculous stand off over the rent through the media and the courts, you get back around the table with SISU and sort this out.

In my mind ACL are just are culpable as SISU for this mess, and it is the Coventry City supporters who suffer.

As I see it, this is a battle of wills driven by an insatiable desire on both sides to destroy one another - whatever "spin" is put on it.

There is no happy outcome with this litigation - swallow your pride and get back around the table to sort this rent and licence situation out. The club need match day revenues to compete under the fair play rules. The rent is ridiculously high and you need to accept that fact and do whatever it takes to find a sensible compromise with SISU.

Just my opinion - and if anyone reading does not like it, then tough. I want to watch football and not have to worry about whether or not I will have a football club to watch or not because the Landlord does not like the tenant.

I am going to build a snowman now.

Cheers

hutch1972 · Mar 23, 2013

SkyBlueHomer said:
cheers for that, personally i have always thought ACL have the best interests of the football club at heart, more than what SISU have but at the end of the day ACL are a business & cant wait around forever to be paid

Both sides are feathering their own nests, regarding the statement though ,how can they be confused ? its pretty obvious sisu have moved all the assets to the holding company. It means feck all that last years accounts show different ,9 months have passed since then. At the end of the day,whether its right or wrong to have done it ACL have been caught with their pants down.

coop · Mar 23, 2013

why does the football team and fans have to suffer the punishment and the people that cause it get away scot free

SkyblueBazza · Mar 23, 2013

Black6Osprey said:
Peter, I thank you for the statement but ultimately someone within your organisation originally thought the rent deal, F & B etc was a fair deal for CCFC.

You effectively took advantage while we were in a bad place financially and I realise the club signed the deal but we were being run by morons.

Your company clearly weren't interested in a fair deal at that point and therefore didn't care about the club or its supporters. Your pro CCFC and its fans words are very nice but all a little late in the day for me.

I apologise for almost always playing devil's advocate - I am genuinely neutral in all of this as I don't have anywhere near the full information & wouldn't have the time to sift though it all if I had!
At the time the deal was struck - I guess ACL were as convinced as everyone else that SISU had saved us...& were now going to thrust us back into the Premiership riches & non of this would have happened. They were failed to thrust us back there...& then the FFP rules being set, equals a whole different set of circumstances.
All comes down to money - not the fans

coop · Mar 23, 2013

Acl are not hiding sisu are

rupert_bear · Mar 23, 2013

A drowning man is a very dangerous animal, he will kick, scatch, grab and not give a toss who he takes down with him and that drowning man here is SISU

PWKH · Mar 23, 2013

Black6Osprey said:
Peter, I thank you for the statement but ultimately someone within your organisation originally thought the rent deal, F & B etc was a fair deal for CCFC.

You effectively took advantage while we were in a bad place financially and I realise the club signed the deal but we were being run by morons.

Your company clearly weren't interested in a fair deal at that point and therefore didn't care about the club or its supporters. Your pro CCFC and its fans words are very nice but all a little late in the day for me.

I understand your frustration and suspicion. I think most people would agree that the whole financial model of football in this country is broken. When the player wages exceed the total income of a club it is not sustainable. In 2005 when the Lease and Licence were agreed between ACL and CCFC the Club had two directors on the Board of ACL. The rent was set at the same level as at Highfield Road. That was the only comparable available and the only argument about it was from my late brother-in-law who suggested base rents at different levels in different leagues and with an escalator that would pay more if the gate was well over the average. This was rejected by the CCFC board who wanted to stick with the rental as we all now know it.

covcity4life · Mar 23, 2013

The timing of this is purely spiteful

Acl dread Cov getting promoted

hutch1972 · Mar 23, 2013

coop said:
Acl are not hiding sisu are

No, but ccc are ! behind ACL.

Otis · Mar 23, 2013

PWKH said:
I understand your frustration and suspicion. I think most people would agree that the whole financial model of football in this country is broken. When the player wages exceed the total income of a club it is not sustainable. In 2005 when the Lease and Licence were agreed between ACL and CCFC the Club had two directors on the Board of ACL. The rent was set at the same level as at Highfield Road. That was the only comparable available and the only argument about it was from my late brother-in-law who suggested base rents at different levels in different leagues and with an escalator that would pay more if the gate was well over the average. This was rejected by the CCFC board who wanted to stick with the rental as we all now know it.

Think this is very key that the club were onboard with the rent back then.

SkyblueBazza · Mar 23, 2013

coop said:
why does the football team and fans have to suffer the punishment and the people that cause it get away scot free

In every situation where money is involved (& many where it is not) those with the power seek out the easiest to be kicked - & kick them ! It demonstrates their power over the situation they think...really it is not power as the situation has already happened - it is self reassurance that they are still in control.

SkyblueBazza · Mar 23, 2013

coop said:
Acl are not hiding sisu are

In what amounts to a kind of war... You don't tell your enemy where you are going strike next do you? Silence is a VERY powerful weapon.

Black6Osprey · Mar 23, 2013

SkyblueBazza said:
I apologise for almost always playing devil's advocate - I am genuinely neutral in all of this as I don't have anywhere near the full information & wouldn't have the time to sift though it all if I had!
At the time the deal was struck - I guess ACL were as convinced as everyone else that SISU had saved us...& were now going to thrust us back into the Premiership riches & non of this would have happened. They were failed to thrust us back there...& then the FFP rules being set, equals a whole different set of circumstances.
All comes down to money - not the fans

Yes but the deal with ACL was signed before SISU arrived.

After SISU turned up to "save us" Cllr Mutton was in the CET stating their 50% was minimum £40m and SISU would have to develop the area. These are not the actions of someone wanting to propel he club back to the Premier but those of someone (who ultimately control ACL) who want to make as much money as possible.

ACL Statement, Saturday 23 March (1 Viewer)

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