CCFC Appoint Restructing Experts (1 Viewer)

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torchomatic

torchomatic

Well-Known Member
Struggling CCFC have appointed restructuring experts From Cooper Parry to advise it on its options in the face of a financial crisis. The appointment of Cooper Parry comes after CCFC managing director Tim Fisher promised fans earlier this month that the club would not fall into liquidation. CCFC has until Boxing Day to either pay £1.2M in unpaid rent or face a winding up order. The cash strapped League 1 football club which was a founder member of the Premier League in 1992 owe back rent to the Alan Higgs charity and Coventry City Council, who are joint owners of its Ricoh Arena home stadium.

Coventry City Football Club is supposed to pay £1.3M rent a year to the duo but says this is unaffordable given that its finances took a huge hit when it was relegated to English football's third tier last season.

The club has rejected a compromise proposal that it pays rent of £400K per annum and split food and drink sales with its landlords as unacceptable.

Tyrone Courtman head of Cooper Parry Restructuring team said "We are helping Coventry's board to explore its options in the event that a deal cannot be reached with the landlords.

Hedge fund SISU Capital, the owner of CCFC is looking to move the club away from the Ricoh to cut its costs.
 
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B

Brighton Sky Blue

Well-Known Member
torchomatic said:
Struggling CCFC have appointed restructuring experts From Cooper Parry to advise it on its options in the face of a financial crisis. The appointment of Cooper Parry comes after CCFC managing director Tim Fisher promised fans earlier this month that the club would not fall into liquidation. CCFC has until Boxing Day to either pay £1.2M in unpaid rent or face a winding up order. The cash strapped League 1 football club which was a founder member of the Premier League in 1992 owe back rent to the Alan Higgs charity and Coventry City Council, who are joint owners of its Ricoh Arena home stadium.

Coventry City Football Club is supposed to pay £1.3M rent a year to the duo but says this is unaffordable given that its finances took a huge hit when it was relegated to English football's third tier last season.

The club has rejected a compromise proposal that it pays rent of £400K per annum and split food and drink sales with its landlords as unacceptable.

Tyrone Courtman head of Cooper Parry Restructuring team said "We are helping Coventry's board to explore its options in the event that a deal cannot be reached with the landlords.

Hedge fund SISU Capital, the owner of CCFC is looking to move the club away from the Ricoh to cut its costs.
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All geared towards making big bad ACL look like the ones responsible for the club's demise when in actual fact they have offered significant concessions. Can't have been SISU's fault that revenue has plummeted can it? Stop playing roulette with the club's future Tim and accept the generous offer on the table.
 
coundonskyblue

coundonskyblue

New Member
torchomatic said:
Struggling CCFC have appointed restructuring experts From Cooper Parry to advise it on its options in the face of a financial crisis. The appointment of Cooper Parry comes after CCFC managing director Tim Fisher promised fans earlier this month that the club would not fall into liquidation. CCFC has until Boxing Day to either pay £1.2M in unpaid rent or face a winding up order. The cash strapped League 1 football club which was a founder member of the Premier League in 1992 owe back rent to the Alan Higgs charity and Coventry City Council, who are joint owners of its Ricoh Arena home stadium.

Coventry City Football Club is supposed to pay £1.3M rent a year to the duo but says this is unaffordable given that its finances took a huge hit when it was relegated to English football's third tier last season.

The club has rejected a compromise proposal that it pays rent of £400K per annum and split food and drink sales with its landlords as unacceptable.

Tyrone Courtman head of Cooper Parry Restructuring team said "We are helping Coventry's board to explore its options in the event that a deal cannot be reached with the landlords.

Hedge fund SISU Capital, the owner of CCFC is looking to move the club away from the Ricoh to cut its costs.
Click to expand...

Where did you copy this from?

The only reason I ask is because I wish whoever wrote it would get their facts right. The back rent is owed to ACL not the Council or Higgs trust, when the facts are distorted like that it makes the whole situation seem more confusing.
 
V

valiant15

New Member
And how much are these restructuring experts costing? I thought sisu were supposed to be restructuring experts?
 
B

Brighton Sky Blue

Well-Known Member
sw88 said:
I was wondering the same! We're just adding to our financial problems by recruiting more 'experts'
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I thought Tim had it all covered though? Threaten a ground share that's never going to happen, keep withholding rent, refuse £800k reductions, and get a juicy winding up petition from ACL.
 
torchomatic

torchomatic

Well-Known Member
Today's Sunday Express. Word for word. Take it up with them.

coundonskyblue said:
Where did you copy this from?

The only reason I ask is because I wish whoever wrote it would get their facts right. The back rent is owed to ACL not the Council or Higgs trust, when the facts are distorted like that it makes the whole situation seem more confusing.
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BackRoomRummermill

BackRoomRummermill

Well-Known Member
Make no mistake this is very bad news.............. 10 points off here we come unless this is sorted V quickly I am afraid to say and before you say Bollox ..............think, breathe and then type
 
G

ggrady

New Member
This is terrible news. They wouldn't waste money on this unless they thought they will not reach a deal. Worrying now
 
B

Bluegloucester

New Member
I think we may have to live with the 10 point penalty, the owners are not prepared to put more money in and are pursuing an exit strategy. The brinkmanship between Fisher and ACL has backfired on our club.
 
W

wingy

Well-Known Member
A difference over £200k. is not the tipping point .why in the public domain ,ACLs difficulties only emerged after TF publicised the matter .Embargo here we come ,I'm fairly confident it will come about that we have been Breaking FFP in some way ,Possibly over the rent element of our expenditure,maybe thats why TF has been so intransigent.
 
Paxman II

Paxman II

Well-Known Member
This is just adding weight to their preposterous argument over the rent.
Anyone who beleives they could not agree to the latest rent offering may just as well pack up and go then.
Fact is they will chip away to the final hour. They have better tactics than the team!
At the same time it is difficult to believe this story in full.
 
Grendel

Grendel

Well-Known Member
Why do people conclude this news co-incides with administration? I don't follow the link.
 
Grendel

Grendel

Well-Known Member
Bluegloucester said:
It's Cooper Parry's speciality
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Is it non more likely that we are heading into a transfer embargo as we have broken FPP rules and they are looking at alternate options?

Even more likely isn't this just brinkmanship as part of the rent row?
 
G

Godiva

Well-Known Member
wingy said:
A difference over £200k. is not the tipping point .why in the public domain ,ACLs difficulties only emerged after TF publicised the matter .Embargo here we come ,I'm fairly confident it will come about that we have been Breaking FFP in some way ,Possibly over the rent element of our expenditure,maybe thats why TF has been so intransigent.
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I don't think it's the different in £200k/yr ... more that the club is out of money and is not able to pay the arreas.
Now both parties are being 'helped' by reconstruction experts ... they are in effect destrying each down.
Some sort of impartial arbitration would be nice.
 
W

wingy

Well-Known Member
Tyrone Courtman head of Cooper Parry Restructuring team said "We are helping Coventry's board to explore its options in the event that a deal cannot be reached with the landlords

These appear to be the key words ,so what are the options?:thinking about:
 
W

wingy

Well-Known Member
Of course it could be all sorts ,but it hard to take seriously given the Sale of say Christie to the oft muted Stoke or Newcastle,or Murphy to Brum if Butland goes to Liverpool ,would provide an interim solution,so is it not that simple?
 
B

Bluegloucester

New Member
wingy said:
Of course it could be all sorts ,but it hard to take seriously given the Sale of say Christie to the oft muted Stoke or Newcastle,or Murphy to Brum if Butland goes to Liverpool ,would provide an interim solution,so is it not that simple?
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The cash shortfall is immediate, not January. Things could move very quickly. There are not many assets in CCFC. Sisu is trying to protect what little it can. Any loan extentions may be in jeopardy as it would be seen as trading while insolvent.
 
sky blue john

sky blue john

Well-Known Member
What a dick head fisher is trying to make out that ACL are in trouble, when all along its Sisu in financial trouble.
In terms of the rent row none of us can really side either way because we dont have all the facts. untill its laid out in black and white what ccfc get for the rent and what it actually costs ACL to provide this service.
 
Mucca Mad Boys

Mucca Mad Boys

Well-Known Member
wingy said:
Of course it could be all sorts ,but it hard to take seriously given the Sale of say Christie to the oft muted Stoke or Newcastle,or Murphy to Brum if Butland goes to Liverpool ,would provide an interim solution,so is it not that simple?
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Where you hear/see/ them rumours?
 
B

Brighton Sky Blue

Well-Known Member
wingy said:
Just chat I hear at the ground SBT,could be fact or fiction but generally from people who commentate from the periphories at the club.
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Bit early for Christie to be moving to the PL isn't it though? Then again-Bigi's got himself into the Newcastle first team squad pretty quick.
 
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