City under transfer embargo (1 Viewer)

ccfcjdee · Mar 25, 2011

has anyone been this fucked before, at least when other teams have gone into admin they owned their own stadium, no one could potentially make money from us.

mattylad · Mar 25, 2011

Monkeyface said:
So what is the situation with Sisu? I'm sure I read that we can't go into admin whilst they still own us, due to them still being in buisness. And if they were to pull the plug it would be liquidation not admin.
Sorry but I really don't understand it all, and I'm not going to pretend to either.

sisu are a multi branch organisation and although we say we are owned by them it's actually ran through sky blue holdings as a middle man business and that is where the debt sits and they could put that into administration yes

derbyskyblue · Mar 25, 2011

Ive no doubt sisu could put us into admin and still protect themselves. These people are very adapt at what they do.

Monkeyface · Mar 25, 2011

Cheers Matty, although that's not really what I wanted to read!

rob9872 · Mar 25, 2011

The Mirror usually get stories regarding City because the Telegraph is part of the Trinity Mirror Group so they use us for the local news. ANything that is in the Mirror usually hits the CET website within 24 hours.

Missing paymnets is one reason another are things like accounts not filed at companies house and ours are currently ywo weeks overdue. I'm sur ethey would have these signed off and diarised, or you would hope nothing more than a simple admin oversight - especially as they relate to the last financial year and not this one when things were not as 'sticky' as they are now.

An embargo at the moment outside the windows is meaningless as nobody can transfer players, but what it does mean as I understand it, is that we also can't offer any new contracts. So for those who thought there was a slim possibility that Marlon or Westy would resign, then if true means that spark has been extibguished.

Certainly worrying times and would explain the goings on with RR, the board and the information flow that is even slower than normal, not to mention the dealinhs in allowing plaers to leave, loaning out/selling CT and not even bringing in an emergency keeper.

rob9872 · Mar 25, 2011

Have SISU actually put a penny into us really? Is it not that the debt is owned by this other company and they can walk away? If I'm honest I still don't really understand about this hedge fund and what level of liability they have. Clearly they had a plan that was revised after the recession and ultimately torn up when they realised they couldn't make it work, but I have no idea how we are £50m in debt. I accept we're supposedly losing £4m per season but we were told we were debt free after they arrived three years ago so 3x£4m = £12m and the acquired the shares (that were worthless) for next to if not nothing at all. They cleared the bank debt but really have just shifted the debt to aholding company that they will fold. I have to be honest and say that I just can't get my head around it all.

ccfcjdee · Mar 25, 2011

rob9872 said:
I have to be honest and say that I just can't get my head around it all.

as fans we shouldn't have to worry about it. We are the victims here and this club has been ran incredibly badly since the mid 90's.

I am really worried.

skyblu3sk · Mar 25, 2011

The club really need to start shelling out statements on this. The lack of information is just shocking at times. Tell us whats going on we aren't mushrooms!

sternslovchild · Mar 25, 2011

skyblu3sk said:
The club really need to start shelling out statements on this. The lack of information is just shocking at times. Tell us whats going on we aren't mushrooms!

I am, I'm a fun guy!

skyblu3sk · Mar 25, 2011

sternslovchild said:
I am, I'm a fun guy!

Ba boomm tchhhhhhhhh

sternslovchild · Mar 25, 2011

Transfer embargo.
But the transfer window is shut and the loan window closed.
So, that erm means..?

With x being sweet fa

Covstu · Mar 25, 2011

The last time was due to the fact that we still owed money on key deals so we could not do anything until that balance had been restored. Its amazing how clubs like Cardiff get away with it! This is just another example of how much we are in the poo!

matesx · Mar 25, 2011

i believe we have missed payment on Juke's transfer

SkyBlueMania · Mar 25, 2011

i thought a transfer embargo only stopped players from coming in? why would you prevent a club with debt from making money by clearing the wage bill?

sb7jon · Mar 25, 2011

I guess the irony is that we were never going to do any business anyway. Like banning a fat kid from eating salad! Fudging pointless.

covkid69 · Mar 25, 2011

the most annoying thing about the whole farce is the fact that this embargo has probably been in place for ages and the reason why we never got any loans in....sisu once again keeping us in the dark....really has got to the point that sisu need to do one and get out of our club.....put us into admin coz we are going to end up there anyway....league one football next season once we get hit with the 10 point deduction...very angry and totally pissed off !!!!!!!!!!!!!!!!!!!!!!!!!!

baggers · Mar 25, 2011

I swear ever since I joined this site, the news/rumours coming out of the club keep getting progressively worse ... bad timing? This has just been a dark, dark month, I'm really hoping that it gets better. Has any Cov fan ever felt lower then they feel now?

skyblu3sk · Mar 25, 2011

baggers said:
I swear ever since I joined this site, the news/rumours coming out of the club keep getting progressively worse ... bad timing? This has just been a dark, dark month, I'm really hoping that it gets better. Has any Cov fan ever felt lower then they feel now?

About 40 mins before the Admin deadline when sisu came in...That is all

GaryPendrysEyes · Mar 25, 2011

It's looking like things are gonna go bang and soon. They have to issue a statement today. For instance I would guess the players may get worried about getting paid-- and we cant have the poor darlings getting all stressed about that, can we?

fellatio_Martinez · Mar 25, 2011

It's all bullshit.

SISU can afford to pump more money in, an awful lot more in fact. But they just don't want to. They shouldn't be allowed to file for administration, they got us into this mess they should get us out.

Buy the stadium and watch the money flow in you mugs.

skyblu3sk · Mar 25, 2011

fellatio_Martinez said:
It's all bullshit.

SISU can afford to pump more money in, an awful lot more in fact. But they just don't want to. They shouldn't be allowed to file for administration, they got us into this mess they should get us out.

Buy the stadium and watch the money flow in you mugs.

Would help us make it feel more like home we could make our own decisions as a club rather than consulting ever person in Coventry to see if we are allowed to but a sign up!

sotv1987 · Mar 25, 2011

I don't know about you guys, but i have never been so bewildered about my club in all the years i have been supporting them, i used to love hitting this site before i started work in the morning, now i absolutely shit myself about what i'm going to get pissed off about each day, this is one of the darkest moments since i've supported my beloved club, i still fear there's worst to come, hope i'm wrong!!! SKY BLUE FOREVER, REGARDLESS!!!!!!!!!!!!!!!

sky_blue_up_north · Mar 25, 2011

Got no money to buy anyone, so what difference does it make

Disorganised1 · Mar 25, 2011

The ban is because the club have failed to forward their accounts to the FA, its a standard measure. Accounts have to filed with the league within 24 hours of their being filed at company house. IOurs were due 28/02/11 and have not been received ~ thus transfer embargo.

City under transfer embargo (1 Viewer)

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