AFCCOVENTRY
Well-Known Member
This is the latest news coming out...
ACL will have enough votes to reject deal at creditors meeting (1 Viewer)
- Thread starter AFCCOVENTRY
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Grendel
Well-Known Member
From where? The report has them as a minor creditor.
AFCCOVENTRY
Well-Known Member
The whole reason acl said CCFC can play at Rioch for free while in admin is because they know they can still prevent Otium owning CCFC.
All makes sense now...
All makes sense now...
AFCCOVENTRY
Well-Known Member
"I am told Ricoh bosses do have enough voting 'power' to stop the club coming out of administration."
Darryl Murphy
Darryl Murphy
AFCCOVENTRY
Well-Known Member
The administrator for Coventry City has confirmed that the sale of the club has been completed, but its future is still uncertain.
SIsu, who have controlled it since 2007, were selected as the preferred bidder for the Sky Blues, which has got debts of around £70 million.
The Football League's role
The Football League now has to decide as to whether Sisu passes its 'fit and proper person test'.
By completing the purchase of the club, Sisu can press ahead with this process.
League bosses will ask for evidence and assurances that Coventry will not re-enter administration in the near future.
Sometimes this can happen quickly - when Port Vale went into administration the Football League were satisfied after a few meetings.
It can also drag on - in the case of Portsmouth for instance, the League demanded more information on a number of occasions.
Coming out of administration
I understand early next week, the administrator will call a creditors meeting, which will then happen around two weeks afterwards.
Those owed money by the club when it went into administration, (including ACL, the company which owns the Ricoh Arena), would then have to vote and agree on how much they will be paid by Sisu.
Those creditors would then have a further 28 days 'cooling off' period.
I am told Ricoh bosses do have enough voting 'power' to stop the club coming out of administration.
However, this would then mean they would not be paid the money they are owed.
Sorting out a stadium for next season
**
**As it stands, Coventry fans still do not know where the club is going to be playing next season.
The administration process has meant that the Sky Blues are no longer locked into a long-term rent deal with the Ricoh Arena.
Bosses at Sisu are insisting they cannot go back to the ground - and are planning on moving out of the city whilst they build a new stadium.
If Coventry can sort out a ground-share deal with another club by the start of the season - and show they are planning on eventually returning to the city - the Football League will not stand in their way.
The possibility remains that the club could still get back around the negotiating table and do an eleventh-hour deal to go back to the Ricoh Arena.
Whether that will happen, is still unclear.
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SIsu, who have controlled it since 2007, were selected as the preferred bidder for the Sky Blues, which has got debts of around £70 million.
The Football League's role
The Football League now has to decide as to whether Sisu passes its 'fit and proper person test'.
By completing the purchase of the club, Sisu can press ahead with this process.
League bosses will ask for evidence and assurances that Coventry will not re-enter administration in the near future.
Sometimes this can happen quickly - when Port Vale went into administration the Football League were satisfied after a few meetings.
It can also drag on - in the case of Portsmouth for instance, the League demanded more information on a number of occasions.
Coming out of administration
I understand early next week, the administrator will call a creditors meeting, which will then happen around two weeks afterwards.
Those owed money by the club when it went into administration, (including ACL, the company which owns the Ricoh Arena), would then have to vote and agree on how much they will be paid by Sisu.
Those creditors would then have a further 28 days 'cooling off' period.
I am told Ricoh bosses do have enough voting 'power' to stop the club coming out of administration.
However, this would then mean they would not be paid the money they are owed.
Sorting out a stadium for next season
**
**As it stands, Coventry fans still do not know where the club is going to be playing next season.
The administration process has meant that the Sky Blues are no longer locked into a long-term rent deal with the Ricoh Arena.
Bosses at Sisu are insisting they cannot go back to the ground - and are planning on moving out of the city whilst they build a new stadium.
If Coventry can sort out a ground-share deal with another club by the start of the season - and show they are planning on eventually returning to the city - the Football League will not stand in their way.
The possibility remains that the club could still get back around the negotiating table and do an eleventh-hour deal to go back to the Ricoh Arena.
Whether that will happen, is still unclear.
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Evo1883
Well-Known Member
oh dear , shits about to get real
bigfatronssba
Well-Known Member
Is this the "unconnected creditors" rule coming into force?
Hopefully this will hold up Fishers "plans" for a while.
Hopefully this will hold up Fishers "plans" for a while.
dongonzalos
Well-Known Member
We're to be paid.........
stupot07
Well-Known Member
Cool, do I need to tell them where I live or is the cheque already in the post?
ohitsaidwalker king power
Well-Known Member
Sadly no is the answer- I can think of no other "business" whereby the customer is treated so appallingly and yet expected to maintain loyalty.. its a unique circumstance, they really don't deserve our allegiance and yet I know that in all probability my son and I will be there next season and beyond. I guess I'm guilty of allowing the owners to make a fool out of me...
ointlaugh:.. but all I see is the badge.
T
true sky blue
Guest
Acl are powerless. Read my lips: We will be playing in the ricoh from the first game of the season. Once these arsehole big fliers have stopped showing off their misplaced power. It will all be lovey dovey soon. Youll see!! Joint news conference by sisu and coventry city council/acl to be called in next 3 weeks! Read my lips
SkyBlue_Bear83
Well-Known Member
Could this lead to -15 points or is that something else?
AFCCOVENTRY
Well-Known Member
Nope........
SkyblueBazza
Well-Known Member
Can't see your lips
AFCCOVENTRY
Well-Known Member
At the moment.... ACL can now veto a deal at the creditors vote
Football league can decide not to award the golden share to Otium/Sisu
It ain't over...
Football league can decide not to award the golden share to Otium/Sisu
It ain't over...
Broken Hearted Sky Blue
Well-Known Member
Beat me to it
SkyblueBazza
Well-Known Member
What qualifies Darryl Murphy &/or his rumour/speculation over & above previous posters assertions that their mom knows a bloke at the supermarket, whose brother works in the club shop (RIP) & he reckons...?
hill83
Well-Known Member
bigfatronssba
Well-Known Member
He's been right on most things so far.
If It Is futile and I'm not saying It Is ,this news carries about he same weight as Chad Roberts tweet and I'm not knocking a young lad who got 5000 people to sign a petition in 4 hrs.
However , ACL have to be careful here ,as the PR Is In the Bag for SISU if the Club take a points hit ,massive gamble ,but I personally wouldn't hold that against them.
Unfortunately the media appears to be focusing on a Headline and not the Story ,huge Pr effort ,I wonder why?
Grendel
Well-Known Member
No what they can do if the minimum creditor role of 75% doesn't apply (why it doesn't I do not know) they can force the club out of admin involuntarily which would get the club a 15 point penalty for next season.
So lets see how much ACL value the community asset.
This is the end game.
Finally.
It is now up to ACL to decide if they will fight the administrators decision and refuse the CVA and thereby make sure the club starts the new season at -15 points.
Alternatively they can try to negotiate a three year lease with sisu and make sure the club stays at the Ricoh to the benefit of the fans, all businesses at the Ricoh and ACL themself.
Refusing to sign the CVA will lead to liquidation of limited - but not the club. Otium will still take over Holdings activities and become 'the club' - and will receive the golden share.
So ACL, what's it gonna be?
Finally.
It is now up to ACL to decide if they will fight the administrators decision and refuse the CVA and thereby make sure the club starts the new season at -15 points.
Alternatively they can try to negotiate a three year lease with sisu and make sure the club stays at the Ricoh to the benefit of the fans, all businesses at the Ricoh and ACL themself.
Refusing to sign the CVA will lead to liquidation of limited - but not the club. Otium will still take over Holdings activities and become 'the club' - and will receive the golden share.
So ACL, what's it gonna be?
letsallsingtogether
Well-Known Member
Don't really think it matters we have a weaker team then last year will be lucky to stay up without the 15 point deducted any way not a community asset to Coventry if we play else where
SkyblueBazza
Well-Known Member
51% success rate? 60%? 80%? 95%??? What?
I'm not having a go at the guy, just sick & tired, disillusioned & skeptical about anything & everything Coventry City FC...in fact football in general...at present.
Grendel
Well-Known Member
Your wrong hopelessly wrong.
bigfatronssba
Well-Known Member
I don't know stats! Just that he doesn't tend to make stuff up, I.e letters from the football league.
AFCCOVENTRY
Well-Known Member
You get -15pts for a second time in admin
If this deal isn't ratified by the creditors voting or then the league nothing changes.
bigfatronssba
Well-Known Member
Why are you so aggressive in your replies?
If you disagree with a point, politely say, I disagree and here is why, then put your point forward.
You will find you will get a lot more respect on this board if you stop talking to people like crap just because you disagree with them.
