Grendel
Well-Known Member
They would not refuse a short term deal
If we extended that to the club;'s owners it's not necessarily as nonsensical, mind you.
That's an entirely different matter though @Grendel, isn't it? So did the Council "force" the sale of CCFC to SISU or not? I say, not. Blame the Council for whatever you like, but they didn't force the sale of CCFC to SISU. As you said, they were the 'most appropriate' party.
I'm fairly sure control of the process lay with the Co-op bank anyway. They'd lost patience, wanted to call it in, and had reached favourable terms with SISU for repayment. So it was either that, or admin.
Elliott, Robinson et al in their wisdom preferred SISU to admin. Again, I can only assume the terms were beneficial to creditors (which was Robinson really, with a bit of McGinnity) compared to the alternative. Someone wiser than me could explain why SISU never went for clubs in admin (our current MEP Rupert Lowe preferred admin to SISU, after all!)
I have to say that even though I don't like the weird clique orca surrounds himself with on Twitter, he's spot on. It is time to see a long term plan and then some actual plans for a new stadium in Coventry.
Sent from my ELE-L29 using Tapatalk
Most appropriate is highly dependent on what viewpoint you're looking from. Most appropriate for the council can be, and in this case was, very different to the best option for the club.So SISU was the most appropriate bidder. Best of a bad bunch. Blaming the Council for CCFC being sold to the 'most appropriate' bidder seems a bit of a stretch. We are where we are, and what they've done since then has been catastrophic.
That doesn't actually answer why SISU actively avoided clubs in administration.If the club had gone into administration then the administrators would have controlled the process and determined the best bidder - which would not have been in the interests of most impacted parties - ACL would have gone under while the process played out as its revenue streams were not sufficient to sustain the loan payment
It’s inconceivable that any other prospective buyer would have paid the obscene rent, would have wanted access to match revenue at worse and probably would have wanted control of ACL with no dumb strings attached
That doesn't actually answer why SISU actively avoided clubs in administration.
It was ultimately the Co-op bank who wrenched control from Robinson, and pushed the process on.
They did. They were about to call in their debt and the choice was either administration or SISU. The bank preferred SISU, Robinson preferred SISU. Therefore it was advantageous for the club to push SISU.Well it does answer it and the co-op bank had no ability to push the process on - people weren’t surrendering shares to help the co op bank out
They did. They were about to call in their debt and the choice was either administration or SISU. The bank preferred SISU, Robinson preferred SISU. Therefore it was advantageous for the club to push SISU.
So why didn't SISU go for Southampton when they went into administration? I must have missed that answer!
They did. They were about to call in their debt and the choice was either administration or SISU. The bank preferred SISU, Robinson preferred SISU. Therefore it was advantageous for the club to push SISU.
So why didn't SISU go for Southampton when they went into administration? I must have missed that answer!
As recently as December the trust were the only supporters group to refuse to sign the clubs statement that we should remain playing at the Ricoh during the current season and beyond and that no deal to stay at the stadium would be catastrophic.The engagement is a 2 way thing though, the trust essentially cut themselves off from the club. They have gone along to the supporters forum meetings with other groups but engagement between trust and club hasn't been good enough from either side.
Don't know why some people believe SISU wanted to buy a football club. Its clear that Ranson was driving it, to SISU it was no different to any other investment, put x in get y out.Ranson clearly got sisu interested and in the end Ranson wanted a tool to trouser money from a football club
Yep, then all the good work will be undone and the house may we’ll come tumbling down.My worry is that if whatever assurances Robins was given don't start to come to fruition he'll walk.
Don't know why some people believe SISU wanted to buy a football club. Its clear that Ranson was driving it, to SISU it was no different to any other investment, put x in get y out.
They didn't pay the slightest bit of attention to what was happening at the club until Ranson made a spectacular mess of it. The idea that people throw around, that SISU only bought the club to get the stadium, is crazy.
They'd have got something. As it happened the SISU deal offered them more than something - that was attractive.They couldn’t call in the debt it would never have been paid
Don't know why some people believe SISU wanted to buy a football club. Its clear that Ranson was driving it, to SISU it was no different to any other investment, put x in get y out.
They didn't pay the slightest bit of attention to what was happening at the club until Ranson made a spectacular mess of it. The idea that people throw around, that SISU only bought the club to get the stadium, is crazy.
Was also responsible in part for Leeds' disasters.Then he does a dodgy loan scheme with Ridsdale at Cardiff and gets investigated by the FA
Yep think that’s absolutely clearMost appropriate bidder in Coventry
Least appropriate in Swansea, Nottingham, Ipswich, Hull and Doncaster
The council in selling out to a London franchise made the biggest catastrophic decision regarding this clubs long term stability
They'd have got something. As it happened the SISU deal offered them more than something - that was attractive.
It's not just the debt that's sat there, it's also that the former board had shown irresponsibility - as an example, once the Malky McKay deal fell through the bank took the money that was needed to service the debt they already had, stop it growing! There was actually no money there to even buy a player, the Stern John cash should have gone to the bank too.
Frankly the Co-op had lost any patience with them, and wanted out. They'd put up with the 'internal administration' McGinnity ran as a hope of getting things back but, funnily ernough, the board at the time couldn't even do that well. Robinson's Operation Premiership was a desperate throw of the dice that failed. The SISU deal was preferable to administration for the Co-op, but administration was preferable to the Status Quo.
Yup. From their perspective, they came out quite well with us, I think!The Co-op bank was also heavily involved with too many football clubs who were carrying large debt and were getting the jitters over their own mismanagement.
SISU paid £1m for the option on the Higgs shares.
No they didn't. The charity never received anything from sisu. The £1m was a paper figure in the sbs&l accounts only
Then Gilbert got it wrong too.
Sisu because of the off balance sheet way things put in a valuation of £1m the other side of which was an increase in the debt to sisu investors. The £1m was subsequently written down as a loss to the club.
Manufactured
IMO when Ranson realised the came was up and tried to resign, around the time he had to sell Dann and Fox, SISU should have got out. At that point there was still something to sell and while they might not have got everything back they could have got out without too much damage.I agree the stadium wasnt their plan A that was a quick return to the Premier League.
Once that was messed up alternatives to recoup their money and the real mess of stratergies started.
"Intimate" as in the old News of the World euphemism for sex?So Neil now has the classic line that I am intimate with Sisu
Geoffrey Robinson wasnt even involved when the £1m was created, 2008 sbs&l group accounts. It was written down in 2010 sbs&l accounts. How would he know.
Never been tempted to read Gilbert's book.
"Intimate" as in the old News of the World euphemism for sex?
Fill your boots, G!It’s gone from sisu to Joy now so yes it’s sex
You guys still at it !!
Ive just arrived in Bolton
There is a game on today, you know
PUSB
Yes I’m slouched in my arm chair with the radio and several cans of beer - think Neil’s already had a barrel to be fair he’s off on it
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?