Another interesting article about the accounts (1 Viewer)
- Thread starter jas365
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SydneySkyBlue
Member
Just read that. An administrative breakdown of Fisher's claims and why he's talking out of his arse.
Great article.
Great article.
RichieGunns
New Member
Very interesting indeed.
A thought accured to me while I was reading this.
The say we're in £70 million of debt right? Well if you cut that figure in half it comes to £32.5 million.
That's pretty much what our debts were when SISU bought us as far as I remember.
Could it be that the other £32.5 million is (as some have already suggested) debt taken from other companies owned by SISU and simply transfered to CCFC LTD.
If you think about it, if SISU halfed their debts in order to get the company back through admin, or half them and then sold them, they'd be asking for that 32.5 million back as creditors.
So effectively, they get their entire investment back...yes they lose the other 32.5 million but in this case I don't think they'll be too bothered about it as long as they get the initial investment back from the Club...
A thought accured to me while I was reading this.
The say we're in £70 million of debt right? Well if you cut that figure in half it comes to £32.5 million.
That's pretty much what our debts were when SISU bought us as far as I remember.
Could it be that the other £32.5 million is (as some have already suggested) debt taken from other companies owned by SISU and simply transfered to CCFC LTD.
If you think about it, if SISU halfed their debts in order to get the company back through admin, or half them and then sold them, they'd be asking for that 32.5 million back as creditors.
So effectively, they get their entire investment back...yes they lose the other 32.5 million but in this case I don't think they'll be too bothered about it as long as they get the initial investment back from the Club...
SkyblueBazza
Well-Known Member
IMO some fact, some fiction, some interesting points & some interesting questions.
Bennets Afro
Well-Known Member
Or if they have messed up the accounts and ltd doesn't have the liabilities Sisu say, then acl could be the main creditor with the claim from the rest of the lease.
Bluegloucester
New Member
Just been picked by Cllr Maton on Twitter.
simple_simon
New Member
Send to Appleton
Voice_of_Reason
Well-Known Member
Voice_of_Reason
Well-Known Member
I wonder if Company House have read it ? Coventry City Football Club (Holdings) Limited. Registered Number 00094305
THIS POINT has already been made and is one of the dangers of a hedge funds with off shore interests.
Is it conceivable that this sort of creative accounting is used to by companies over which we have no jurisdiction?
It needs to be answered.
Voice_of_Reason
Well-Known Member
Mmmmmmmmmmmmmmm ... [email protected] might like to know about this ?
Mmmmmmmmmmmmmm... [email protected] might like to as well!
Diehard Si
New Member
Hmm as a qualified accountant and a financial controller for a company in the sports industry I find that article interesting, but heading off on fantasy a bit. It's a bit too waffly and I got bored towards the end. A lot seemed like opinion.
It does however raise some very good points. I think if it could be re written in a more professional manner it would be more presentable. Lose the sarcasm and you've got something that could basically show that what's coming out of TF's mouth might not be all its cracked up to be. A lot of us suspect it, but it would be good to have something to lay down that he can't walk away from.
It does however raise some very good points. I think if it could be re written in a more professional manner it would be more presentable. Lose the sarcasm and you've got something that could basically show that what's coming out of TF's mouth might not be all its cracked up to be. A lot of us suspect it, but it would be good to have something to lay down that he can't walk away from.
bigfatronssba
Well-Known Member
The whole point of the article was that it was written in laymans terms.
Its a Football blog, not a Financial report.
J
Jack Griffin
Guest
As a qualified accountant you are just the chap to summarise this information in the right way to present to Mr Appleton etc.
Florence1898
New Member
This is a wonderful piece of investigatory financial analysis, and its author needs great credit. This needs to be circulated a lot wider than sky blues talk, as the nationals and the football league should see this superb paper. This analysis is just to good to be lost, and the Administrator, the FSA and a few other authorities needs to review this work. Well done terrific
Delboycov
Active Member
Maybe 'Inside Track's' journalist boyfriend would be interested in picking this up? Then again he's probably far too busy working on his article that will show us all that SISU are really the victims in all this mess. Must be a very long article though as he seems to have been writing it for months! ;-)
cofastreecity
New Member
This is some piece of work, the alarm bells should be ringing at the football league and if the Administrator was really worth his salt he should be going to the courts and having the Directors investigated
Sky Blues
Active Member
The following exchange is from a conversation between Tim Fisher (TF) and Shane O'Connor (SOC) on the Coventry and Warwickshire Radio Breakfast Show at about 8.06am on May 30th.
TF: What I can do is get on with the business of running Holdings, which is the football club. And we continue to do that on a day-to-day basis. You know the world doesn't stop at the football club while we wait for lawyers and insolvency practitioners to go around in ever decreasing circles.
SOC: No, the world doesn't stop, but your season might not start - doesn't that bother you?
TF: Why wouldn't the season start Shane?
SOC: If the Football League say that you can't play?
TF: Why would the Football League say that we can't play?
SOC: Because they might say that you don't have an entitlement to play in the Football League because you put that company into administration and at the moment they're saying that is where the club is.
TF: Well, that's an interesting point to take because under company law, insolvency law, the Enterprise Act, then Holdings holds the beneficial interest of the football club. That's where all the contracts are and were, and that's where all the bank accounts are and were, and that's where all the Football League monies come into and go out of, all the transfers go into and out of. So, explain to me why that isn't a football club?
http://www.bbc.co.uk/programmes/p018sywp Interview starts at about 1 hour 6 minutes in.
TF: What I can do is get on with the business of running Holdings, which is the football club. And we continue to do that on a day-to-day basis. You know the world doesn't stop at the football club while we wait for lawyers and insolvency practitioners to go around in ever decreasing circles.
SOC: No, the world doesn't stop, but your season might not start - doesn't that bother you?
TF: Why wouldn't the season start Shane?
SOC: If the Football League say that you can't play?
TF: Why would the Football League say that we can't play?
SOC: Because they might say that you don't have an entitlement to play in the Football League because you put that company into administration and at the moment they're saying that is where the club is.
TF: Well, that's an interesting point to take because under company law, insolvency law, the Enterprise Act, then Holdings holds the beneficial interest of the football club. That's where all the contracts are and were, and that's where all the bank accounts are and were, and that's where all the Football League monies come into and go out of, all the transfers go into and out of. So, explain to me why that isn't a football club?
http://www.bbc.co.uk/programmes/p018sywp Interview starts at about 1 hour 6 minutes in.
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Jim
Well-Known Member
That isn't the football club because the audited statutory accounts you signed off in May 2012 say that the football club is Limited......
Other than that minor point.....
cofastreecity
New Member
Mr Fisher actually signed off the 2010/11 accounts on the 19 June 2012 then on the 20 June 2012 the football club came out of embargo, ironically once , strange that the players and registrations were in embargo but there were no players in the very entity in embargo, Coventry City Football Club Limited. Mr Fisher really does need some serious investigation
Bluegloucester
New Member
This needa to be sent to Nick Craig at the Football League. I can't do it.
Bluegloucester
New Member
This needs to be sent to Nick Craig at the Football League. I can't do it.
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Bluegloucester
New Member
Sorry for duplicating!
Florence1898
New Member
From what I understand it has
Bluegloucester
New Member
It needs to go to him specifically.
hutch1972
Well-Known Member
<a href="http://www.thefreelibrary.com/Sky+Blues+record+massive+pounds+8.5m+loss.-a0197339686">Sky Blues record massive pounds 8.5m loss.</a>
Some interesting old news stories on the free library . Some good articles from before the stadium opened.
I never realised we actually sold our half share in "2003" way before it was even finished.
Some interesting old news stories on the free library . Some good articles from before the stadium opened.
I never realised we actually sold our half share in "2003" way before it was even finished.
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Sky Blues
Active Member
If we're going back to old articles, Tim Fisher's comment on the difference between CCFC Ltd and CCFC (Holdings) Ltd are interesting in this article:
http://www.coventrytelegraph.net/sport/football/football-news/who-owns-coventry-city-fc-3031846
Coventry City Football Club (Holdings) Limited (“CCFC Holdings”) and Coventry City Football Club Limited.
"For historical reasons there were two companies in existence before SISU’s acquisition. SISU has not changed this structure.
In day-to-day activities there is little distinction between the two companies.
However each is a company in its own right and therefore has a separate board of directors and files its own annual accounts.
Because of the historical set-up and arrangements between the two companies, there are often transactions between the two companies creating creditor or debtor balance in each company’s accounts."
Clearly, one is non-trading eh?
http://www.coventrytelegraph.net/sport/football/football-news/who-owns-coventry-city-fc-3031846
Coventry City Football Club (Holdings) Limited (“CCFC Holdings”) and Coventry City Football Club Limited.
"For historical reasons there were two companies in existence before SISU’s acquisition. SISU has not changed this structure.
In day-to-day activities there is little distinction between the two companies.
However each is a company in its own right and therefore has a separate board of directors and files its own annual accounts.
Because of the historical set-up and arrangements between the two companies, there are often transactions between the two companies creating creditor or debtor balance in each company’s accounts."
Clearly, one is non-trading eh?
win9nut
Well-Known Member
I want to know why I've been receiving emails from a non-trading property subsidiary of CCFC holdings Ltd... On the bottom of every email received every Friday it says...
"You received this email as a registered subscriber of Coventry City FC (Coventry City Football Club Limited, registered in England and Wales, Company number 3056875, of Ricoh Arena, Phoenix Way, Foleshill, Coventry CV6 6GE). If you do not wish to receive emails of this nature, you can unsubscribe here. "
The email never told me the latest news around the tenancy agreement or other property issues (I have to come on this website to find that out). It was always news about Coventry City Football Club, and purported to be the "Coventry City Official Weekly Newsletter"
If TF is to be believed I guess this is an oversight and the word Holdings should appear in that sentence somewhere?
"You received this email as a registered subscriber of Coventry City FC (Coventry City Football Club Limited, registered in England and Wales, Company number 3056875, of Ricoh Arena, Phoenix Way, Foleshill, Coventry CV6 6GE). If you do not wish to receive emails of this nature, you can unsubscribe here. "
The email never told me the latest news around the tenancy agreement or other property issues (I have to come on this website to find that out). It was always news about Coventry City Football Club, and purported to be the "Coventry City Official Weekly Newsletter"
If TF is to be believed I guess this is an oversight and the word Holdings should appear in that sentence somewhere?
cofastreecity
New Member
The full statement from Coventry City Football Club (Holdings) Limited on 21 March 2013 reads, "It is important to stress the football club itself is not under threat", "This is merely a property subsidary which owns no material assets and no employees, on or off the pitch". Given there are only two Holdings Directors Mr T Fisher and M Labovitch, one of whom signed off the accounts for Holdings and Limited, it seems strange that those very same people made this statement on 21 March 2013. This is clearly far from over, that's hope the Administrator exposes the truth.
Flying Fokker
Well-Known Member
Dear
Thank you for taking the time to write to Mr Appleton and for drawing his attention to the blog.
At the start of this process, Mr Appleton explained he would not be commenting on speculation in either the media or on social media.
Instead, he would release statements to the media as and when there was something definitive upon which to comment.
To that end, I'm afraid he is unable to comment on the aforementioned blog.
Thank you again
Kind regards
Paul McCarthy
Macca Media Limited
Thank you for taking the time to write to Mr Appleton and for drawing his attention to the blog.
At the start of this process, Mr Appleton explained he would not be commenting on speculation in either the media or on social media.
Instead, he would release statements to the media as and when there was something definitive upon which to comment.
To that end, I'm afraid he is unable to comment on the aforementioned blog.
Thank you again
Kind regards
Paul McCarthy
Macca Media Limited
James Smith
Well-Known Member
Fascinating read and disturbing at the same time.
Voice_of_Reason
Well-Known Member
Worry not -- the blog has been sent to "Investigations" at Company House for them to look into !
Voice_of_Reason
Well-Known Member
He can't ignore the contents now the blog has been been forwarded to Company House and they are now aware of it's contents. He has no choice now but to include these observations and findings in his report.
