Discussion in 'Coventry City General Chat' started by Newsbot, Jun 13, 2019.
Watch on Youtube....
Interesting, thought we might get something like this. Ironically though it discredits SISU's own claims about the club's debt levels.
or maybe what happened after he left.......
Yes, i thought it was going to go the way it is, the way this is leading (and it's what I have felt and expressed on here many times) is that the way the Higgs Share of the ground was obtained from the club was a fucking disgrace.
So from where did the figure of £60M come? I'm sure thet OSB58 could post the relevant accounts and explain them.
Year ending 2001 debt was about £40m, of which £15m approx was owed to banks although Robinson's company Craigavon had offered a PCG for it i think secured against the club's assets. I think this loan was eventually purchased by Robinson but remained on the club's books.
5% debenture loan for buying players of £2.5m, this is the Higgs loan to the club which somehow translated into the charity getting the Arena share, it shows again the following year. I can't be bothered looking any further.
Richardson left January 2002.
CCFC Holdings year end 31 May. Total levels of liabilities (from all sources ie Bank, Directors, other lenders, creditors & accruals)were
Richardson focusses on bank debt but that is not the total of liabilities - all of which needed to be paid. Bank indebtedness was over £10m
The 2000 and 2001 figures increased due to the amounts spent on the stadium project. By the time the joint venture with CCC May 2002 was taken up there was £13.6m owing. The project at that time had a balance sheet value of £18.4m. The difference between the two figures is what was taken as invested in the joint venture £4.8m
On his logic then CCFC is currently debt or liability free because they owe the owners not a bank!
Richardson came in as director 09/11/1991
CCFC H in the 1992 accounts had a balance sheet of +1,592,426 with total liabilities (from all sources) of 3,887,606
He left 30/01/2002 CCFC H group had accumulated to 31/05/2002 a negative balance sheet of £14,282,254 and total liabilities of £37,537,125 under his leadership. The seeds of the stadium problem had been sown.
To be fair the nature of the football industry had changed a lot in that time, but it is hardly a glowing report
Interesting to look at how wages go up in football, even pre Premier League they were rising very steadily indeed.
Nature of the club's finances at the time were such that they couldn't raise the necessary funds from the banks and so began the road to where we are now.
Percentage of total wages to turnover for CCFC
2002 111% (year after relegation income dropped from 23.9m to 16.4m wages total from 19.3m to 18.3m)
At the time though he could have course put the club into administration and be debt free with zero penalties
Didnt Tim fisher say exactly that ?
It’s not real debt was what he said IIRC. Probably not real interest either.
Real debt if they expect it to be repaid at some stage.
Don't think they're going to be writing it off like other shareholders/owners of clubs have done in the past.
Even the debt converted to equity wasn't money they had put in was it?
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