Never understand this blind antagonism towards Kev - all he has done is report on the rumour that was doing the rounds on GMK, here and at the ground. He hasn't reported it as fact just said there's a rumour about admin. If the club had more supporters as dedicated and loyal as Kev we would be in a far better place.
"Still can't get my head round this administration thing"
please correct me if I'm wrong.
Is it not a fact, that in order to go into administration, there has to be creditors, who want their money back, we have been told on numerious occasions that the club doesn't have an overdraught, and all debts are in house, so who? can in fact, push us into administration, or are they really considering declaring the Club bankrupt, with not enough funds to cover the daily running of the club.
Am I correct, or have I missed something.
WArmest...Tankie
How much cash was put into our club by the SISU investors? How much in loans has been invested in our club? If the cash invested was small to the amount loaned then admin could happen as they would not lose the full amount. Maybe they can't raise any more loans and the investors are not willing to invest any more cash. Their income is well down as the crowds are much lower than needed. If there is not enough cash to pay the bills then we are insolvent.
I've now heard it from a friend of mine who gets pretty good info. She didn't say it was tomorrow, just said it's probably coming.
But it just doesn't add up. Unless SISU have done a dodgy scheme involving Otium that will be bordering on the criminal.
Surely you've just answered your own question NLHWC.
Vandals is the word i use NLHWC.
Don't think they give a sh*T about where we end up or SHOULD i SAY DOWN as long as they get their few quid backIf they think they can sneakily get away with something that obviously dodgy when even us lot have worked it out then they're even more stupid than I thought. Hmm, didn't think that was possible. Of course, this is how sides end up with 25 point deductions for two seasons rather than just ten for one. They do realise that, do they? That these shenanigans could lead to a double-relegation? If this is some scheme to come out of it with their money, it will fuck the club beyond all salvation. Ask Luton fans.
I've now heard it from a friend of mine who gets pretty good info. She didn't say it was tomorrow, just said it's probably coming.
At some point in the future we will win something (heard it from a friend who is in the know)
They keep saying they put money in, but I don't believe they put much 'real' money in.
They have added debts to the accounts, when they took over they did a deal with the Co-Op bank & Robinson which involved GR & Co-op writing a lot of debt off.
Some money came from Ray Ranson, for his stake, about £4M, otherwise I think most of the 'investment' comes out of normal club turnover & some from rich people who bought into SISU.
Brody must have put money in to buy out Ransons 15% share, so I think he has money at stake.
Now they have run up a debt of similar size to the one the club had when they took over.
I bet when they go into Admin (they will one day) that they owe ACL, Harry Shaw and various other creditors, they won't pay them 100% of the debt, maybe 10-20%.
I read OSB/Godiva FAQs again.. by May 2011 £24M was owed by CCFC to SISU, £13M was owed to other creditors.
When they did the takeover from GR/Co-Op the debt was written down to £8M, the SISU debt is loans, but like I say I don't know how 'real' this money is, they have been loading £11M plus debts on the club to SISU.
But basically I think they've gone another £5-8M in debt over 4 years, the rest is what SISU want to take to get out, they probably accept they will not get it all now.
The next accounts are end Feb 2012, for the last accounts to be signed of SISU had to undertake to fund club for next year, they'll have to do similar for next accounts or pull the plug.
That sort of says Admin would happen only after Feburary, unless they have an excuse like - "we were going to sell Clingan to finance rest of year, but he is staying put & we can't get money anywhere else!"
5 minutes left now, then. I can see my life of watching CCFC flash before my eyes...aargh, Ally Pickering and David Rennie, make it stop!It's the big countdown to administration (apparently). We have less than two hours to go, will we still have a club at 10 this morning?
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