Are we getting our knickers in a twist over nothing? (1 Viewer)

[ashbyjan]

Just looking back over the media reports on the bid there is no direct statement from Hoffman saying a bid was in nor is there a direct quote from Dulieu, Clouting or anyone that they hadn't received a bid. Far be it from me to suggest that the CET is just making it up as it goes along but surely with their contacts they could get in touch with some of the chief protagonists for an update. When they say the "club" said is this Fred the gateman or Bobby the teaboy.

The whole thing has got stupid but it is becoming clear that SISU/Dulieu/Clouting or whoever do not want to deal with Hoffman.

 

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[SydneySkyBlue]

and this is why we must do our level best as supporters of the club to get them out. Hoffman is our only option - and arguably as good an option as we'll ever get.

 

[oldskyblue58]

wouldnt be the first time CT had created an article out of nothing.

Think some expected the deal and takeover to have been done by morning coffee !

we dont know GH is our only or best option only think he is. We dont know the offer or the backers. Most do know they want SISU out

 

[Sky Blue Sheepy]

Well my sources (again a lad from work and ICCoventry) tell me the situation is this: Hoffman has basically told SISU to provide proof of funds (i.e. where all this money they have 'invested' (as opposed to loans we have to pay back)) have come from. He will then pay off that investment.

 

[SydneySkyBlue]

I'm only basing it on his business reputation and the fact he's a City fan. You'd have to think you couldn't get a more trustworthy option for the club right now. To be honest, I think we're lucky we've got him. Who else would want to invest in the club at this point?

 

[SkyBlue_Bear83]

Coventry telegraph now reporting the bid has been received
http://www.coventrytelegraph.net/co...hoffman-s-formal-bid-for-club-92746-29288119/

 

[Sterling Archer]

Well my sources (again a lad from work and ICCoventry) tell me the situation is this: Hoffman has basically told SISU to provide proof of funds (i.e. where all this money they have 'invested' (as opposed to loans we have to pay back)) have come from. He will then pay off that investment.

Shouldn't Mr Hoffman know that considering he was on the board for the first 2 and half years of SISU's tenure?

 

[oldskyblue58]

Well my sources (again a lad from work and ICCoventry) tell me the situation is this: Hoffman has basically told SISU to provide proof of funds (i.e. where all this money they have 'invested' (as opposed to loans we have to pay back)) have come from. He will then pay off that investment.

pretty pointless question really - the accounts quite clearly show it is in loans. Only other source is the prozone sale which was internal to the group. GH would know that and have seen that when director

If he is saying that then I assume he is not going to repay the loans? In which case end of this bid.

Hope folk are aware that any money put into the club by GH is most likely to be in loans pretty much the same as SISU has done. Only way it becomes an investment in terms most would understand is if it was converted to shares in the club - likelyhood of that happening ?

Apart from SISU going and a cov fan bringing in new money to replace them I am not sure how much better off we will be or that we wont be back at the same point in 4 years time. Simply do not know enough about the bid to know differently, its not a criticism of GH. The club needs a radical rethink of its structure and i am not sure anyone has the nerve for it.

 

[SydneySkyBlue]

pretty pointless question really - the accounts quite clearly show it is in loans. Only other source is the prozone sale which was internal to the group. GH would know that and have seen that when director

If he is saying that then I assume he is not going to repay the loans? In which case end of this bid.

Hope folk are aware that any money put into the club by GH is most likely to be in loans pretty much the same as SISU has done. Only way it becomes an investment in terms most would understand is if it was converted to shares in the club - likelyhood of that happening ?

Apart from SISU going and a cov fan bringing in new money to replace them I am not sure how much better off we will be or that we wont be back at the same point in 4 years time. Simply do not know enough about the bid to know differently, its not a criticism of GH. The club needs a radical rethink of its structure and i am not sure anyone has the nerve for it.

If Hoff's investors ultimate aim is to acquire the stadium (which you'd have to assume otherwise why would they be interested?) would that not then give us a financial platform from which to build on?

Obviously primarily they'd take up the option but it couldn't be much further along the line that they complete the job. They'd be as aware of the situation as us.

 

[oldskyblue58]

most fans assume that money invested into a club is never coming back. Think most would agree that. so on that basis....

The whole group of companies should be reduced to one company - unless there is good reason to have three SBS&L owning CCFC Holdings owning CCFCLtd but cant think of many that cannot be overcome. Effectively the one company would be equal to what is now SBS&L. There is an arguement for a holding company and a subsidiary that deals with the playing side but go with just one company for now to keep it simple (ish).

SBS&L had a negative balance sheet (share capital plus accumulated losses) of £17.9m as at 31/05/10. If an investor puts in loans of £30m then that asset position doesnt improve even if just replacing loan with loan infact depending on what debts removed it could get worse. However put in the money say £30m to get rid of SISU, invest in squad etc and then turn that loan into shares that converts the balance sheet into a positive £12.1m. It locks the money into the company and assuming they shouldnt given history expect to get the money back leaves it there unless they sell the shares.

In the meantime we are classed as no longer in debt or debt ridden - couple that with having to live within our means ie no more big losses and the club is more attractive. The odd player sale would boost that profitability. Then when the stadium is gone after the business looks more viable and stronger - and that purchase more achievable.

A further advantage could be that some of the £30m shares could be sold to fans to give them an interest in the club (recoups some of the investment for new owners). Many would love to have a couple of shares in the club I am sure, would say a lot for the new owners connection to the fans too

Wont happen because no matter how it looks owners believe they can get all their money back. But that is one way of radically restructuring i would look at

 

[oldskyblue58]

sorry ashbyjan .... kind of took the thread off topic

 

[georgehudson]

are we getting our knickers in a hwist over nothing?

Good thoughts OSB and something to seriously consider; there are tens of thousands out there who would both meaningfully and realistically go with that idea.
Further, there are many more who are utterly naused by this 'hedge fund mob' who have 0% interest, emotionally, in OUR club .......................................PUSB