and the main topic was administration NOT liquidation
they are almost certain admin is happening over the summer , so starting next season with 10 points
blessing in disguise ?
Brilliant - a 10 point headstart will certainly help
fresh start tho ?
Was any time frame mentioned on the possibilty of this?
a few that know me on here knows my source , that all staff were present at the ricoh and a risk assessment of the club was announced and administration was mentioned
upto you to believe or not , im sure it will suffice to the Coventry telegraph soon
OSB, you may be able to comment on this, being a CE.
Given the current 'layering' of ownership of the club, ie CCFC Holdings all the way up to the company in the Caymen Islands...if the football club was put into admin, with the monies 'loaned' by the parent holding company, would that not mean they are creditors, and entitled to register a claim (with the administrators) against the club? Does this, as the major creditor, give them first call on any funds that the administrator can collate? I suspect that they do not stand to lose all of their 'investment', as many seem to think we can walk away with admin and no debts.yes i believe it would and that is why SBS&L has a charge over all the assets of the club
Given the fact that we have no filed accounts for this last fiscal year, could the 'board' have been siphoning off cash (from season ticket advances, player sales, non-payment of rent, etc) and repaying some of the debt, without us knowing? It might explain why the operating costs don't seem to balance with what we would expect (re your post a couple of weeks ago). Then, if the club is put into admin, they can also retrieve some more of the 'loans', via due process, as a 'creditor'. would love to be able to say yes or no BSB but i just dont have the info ..... all i can say is yes it is possible
There is a belief on here, that if the club goes into admin, then the £30M (or whatever) debt to SISU is wiped clean.....but I do not think this will be the case. I suspect this is what they have been positioning for, with the 'restructuring' of the club's ownership. again I think you could be right but cant say for sure. I think some fans think at face value when looking at our finances and that is not always the case at CCFC if ever. But restructuring to me in terms of SISU says to me they will safeguard the assets they have and cut out the debts and deadwood companies..... could be about to get a lot worse and SISU could still be here. People forget that SISU specialise in propering from loss making companies and you dont make a success of that without being clever or ruthless
Just a thought.......:thinking about:
Is your name Kev Monks or is he just your mate?
http://www.coventrycity-mad.co.uk/news/tmnw/city_staff_called_in_to_a_meeting_741528/index.shtml
a few that know me on here knows my source , that all staff were present at the ricoh and a risk assessment of the club was announced and administration was mentioned
upto you to believe or not , im sure it will suffice to the Coventry telegraph soon
no idea , all i was told that all staff had to attend this meeting and a risk assessment of adminstration was on the agenda
Is your name Kev Monks or is he just your mate?
http://www.coventrycity-mad.co.uk/news/tmnw/city_staff_called_in_to_a_meeting_741528/index.shtml
Yes, but nowhere is the word 'administration' mentioned.
Anyway, it would be prudent to do a risk assessment now the club faces much lower income the next season. A risk assessment usually operates with scenarios, and I am sure one or two scenario would lead to running out of cash and going into administration. The aim is to isolate those scenarios and make sure we don't end up there.
The "news" of the staff meeting was in the Cov Telegraph this morning, tagged on the end of the article on Barber which is where CovMad got their info from and published it 3 hours later.
"Meanwhile City’s staff, including personnel from Ryton and the Academy, were summoned to the Ricoh yesterday afternoon for a meeting with club chiefs to spell out the immediate way forward in light of the Sky Blues relegation to League One."
Thought so, I just couldn't find the evidence. I wonder why they did it at the Ricoh though? As they don't own the place they would've had to have paid for a room to hold the meeting in. One would've imagined they would have been better holding it at Ryton.
Thought so, I just couldn't find the evidence. I wonder why they did it at the Ricoh though? As they don't own the place they would've had to have paid for a room to hold the meeting in. One would've imagined they would have been better holding it at Ryton.
Sorry, but which one is it? Risk assessment of the club ... or .... risk assessment of administration?
They still have staff working at the Ricoh and they rent offices there. The CCFC board room is infact at the Ricoh.
OSB, you may be able to comment on this, being a CE.
Given the current 'layering' of ownership of the club, ie CCFC Holdings all the way up to the company in the Caymen Islands...if the football club was put into admin, with the monies 'loaned' by the parent holding company, would that not mean they are creditors, and entitled to register a claim (with the administrators) against the club? Does this, as the major creditor, give them first call on any funds that the administrator can collate? I suspect that they do not stand to lose all of their 'investment', as many seem to think we can walk away with admin and no debts.
Given the fact that we have no filed accounts for this last fiscal year, could the 'board' have been siphoning off cash (from season ticket advances, player sales, non-payment of rent, etc) and repaying some of the debt, without us knowing? It might explain why the operating costs don't seem to balance with what we would expect (re your post a couple of weeks ago). Then, if the club is put into admin, they can also retrieve some more of the 'loans', via due process, as a 'creditor'.
There is a belief on here, that if the club goes into admin, then the £30M (or whatever) debt to SISU is wiped clean.....but I do not think this will be the case. I suspect this is what they have been positioning for, with the 'restructuring' of the club's ownership.
Just a thought.......:thinking about:
Sorry, but I thought they cleared out earlier in the season just before the Bailiffs came in. The offices that were CCFC down by the players entrance are now closed. I'm pretty sure that CCFC do not hold office at the Ricoh anymore.
Daniel gidney has confirmed that ccfc and acl share offices
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?