ACL will have enough votes to reject deal at creditors meeting (1 Viewer)

AFCCOVENTRY · Jun 27, 2013

This is the latest news coming out...

Evo1883 · Jun 27, 2013

and still us long suffering fans cant buy a shirt or ticket yet lol, its all just a barrel of laughs in the world of ccfc

Nick · Jun 27, 2013

So even though we have been bought out, we can't come out of admin?

Won't this bugger us up further?

Grendel · Jun 27, 2013

AFCCOVENTRY said:
This is the latest news coming out...

From where? The report has them as a minor creditor.

AFCCOVENTRY · Jun 27, 2013

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...

AFCCOVENTRY · Jun 27, 2013

"I am told Ricoh bosses do have enough voting 'power' to stop the club coming out of administration."

Darryl Murphy

AFCCOVENTRY · Jun 27, 2013

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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Evo1883 · Jun 27, 2013

AFCCOVENTRY said:
"I am told Ricoh bosses do have enough voting 'power' to stop the club coming out of administration."

Darryl Murphy

oh dear , shits about to get real

SonOfSnoz · Jun 27, 2013

The clue was in the statement:
"CCFC cannot stay in admin beyond season 2014/15.
Expect this to roll on till then & who knows what will follow?
Only the FL can solve this now!
Who will pay FL the most, ACL or Sisu?
That's the seventy odd million dollar question!

Paxman II · Jun 27, 2013

I recall Appleton saying ACL were paid in full?

I believe this is hanky panky and if at all true then I would seriously consider what ACL (aka: the council) have for brains?

bigfatronssba · Jun 27, 2013

Is this the "unconnected creditors" rule coming into force?

Hopefully this will hold up Fishers "plans" for a while.

Evo1883 · Jun 27, 2013

seriously though ,does nobody ever stop and think that there are FANS involved with this club and all they are doing is tormenting them

SonOfSnoz · Jun 27, 2013

Hope Acl & Sisu hurry up & agree to a deal soon & stop playing childish games.......there's a new season soon to begin!

OyJimmy · Jun 27, 2013

If this is true it expains why Preston Hacket IV wants to buy the Higgs share...

dongonzalos · Jun 27, 2013

Paxman II said:
I recall Appleton saying ACL were paid in full?

I believe this is hanky panky and if at all true then I would seriously consider what ACL (aka: the council) have for brains?

We're to be paid.........

stupot07 · Jun 27, 2013

dongonzalos said:
We're to be paid.........

Cool, do I need to tell them where I live or is the cheque already in the post?

ohitsaidwalker king power · Jun 27, 2013

CraigSBA said:
seriously though ,does nobody ever stop and think that there are FANS involved with this club and all they are doing is tormenting them

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.

true sky blue · Jun 27, 2013

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 · Jun 27, 2013

Could this lead to -15 points or is that something else?

AFCCOVENTRY · Jun 27, 2013

CCFC said:
Could this lead to -15 points or is that something else?

Nope........

SkyblueBazza · Jun 27, 2013

true sky blue said:
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

Can't see your lips

AFCCOVENTRY · Jun 27, 2013

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...

Broken Hearted Sky Blue · Jun 27, 2013

SkyblueBazza said:
Can't see your lips

Beat me to it

SkyblueBazza · Jun 27, 2013

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 · Jun 27, 2013

Broken Hearted Sky Blue said:
Beat me to it

Beat you, to him looking at someone's lips?
You dirty bastard.

bigfatronssba · Jun 27, 2013

SkyblueBazza said:
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...?

He's been right on most things so far.

wingy · Jun 27, 2013

AFCCOVENTRY said:
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...

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 · Jun 27, 2013

AFCCOVENTRY said:
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...

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.

Godiva · Jun 27, 2013

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?

letsallsingtogether · Jun 27, 2013

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

Grendel said:
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.

SkyblueBazza · Jun 27, 2013

bigfatronssba said:
He's been right on most things so far.

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 · Jun 27, 2013

AFCCOVENTRY said:
Nope........

Your wrong hopelessly wrong.

bigfatronssba · Jun 27, 2013

SkyblueBazza said:
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.

I don't know stats! Just that he doesn't tend to make stuff up, I.e letters from the football league.

AFCCOVENTRY · Jun 27, 2013

Grendel said:
Your wrong hopelessly wrong.

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 · Jun 27, 2013

Grendel said:
Your wrong hopelessly wrong.

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.

ACL will have enough votes to reject deal at creditors meeting (1 Viewer)

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