Club did not pay JR costs according to chairman (1 Viewer)

[SimonGilbert]

Coventry City FC chairman Tim fisher says club did not bankroll Ricoh Arena legal battle:

http://www.coventrytelegraph.net/news/coventry-news/coventry-city-fc-chairman-tim-8801109

 

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[Sky Blue Pete]

Smoke and mirrors. Osb?

 

[dongonzalos]

Clear as can be for me now

 

[covcity4life]

 

[italiahorse]

Can someone explain why the club owners needed a £40M loan ?
Sounds to me that all the administration process did was transfer the debt from one company owning the club to another.
I thought that the debt was proportioned out to those that were owed money as a percentage based on what the club was bought for (the Otium bid ?) and effectively disappears.
I wouldn't trust Sisu as far as I could throw them on this.
IMHO we are just somewhere to dump their toxic debt from their other companies.

 

[John_Silletts_Nose]

£5.6M on overheads, etc - this sounds like there is some creative allocation of costs within here.

 

[torchomatic]

Probably not that far off what with wages, running costs, etc. Also, included the £471K to ACL.

£5.6M on overheads, etc - this sounds like there is some creative allocation of costs within here.

 

[Astute]

How could we bankroll anything when we are skint?

 

[Kingokings204]

If anyone believes that utter tripe I am shocked.

If we didn't bankroll it then sisu paid with their own investors money or whatever on fruitless legal battles?

Hmmmm don't think so. Whats the next joke Tim?

Wilson money Clarke money? Do me a favour!!!

 

[Noggin]

Probably not that far off what with wages, running costs, etc. Also, included the £471K to ACL.

the 5.6mill doesn't include wages, that was a seperate 4.6mill

 

[torchomatic]

Oh OK, Noggin. Thanks. I just presumed they were "overheads".

the 5.6mill doesn't include wages, that was a seperate 4.6mill

 

[Noggin]

Oh OK, Noggin. Thanks. I just presumed they were "overheads".

reasonable assumption as wages are overheads, not in this case though. it was a very poor answer from fisher. How is the 5.6million broken down, overheads, coaches, hotels and nandos lol

 

[torchomatic]

Now that Jordan Clarke has left then the Nandos bill will drop dramatically.

 

[Ashdown]

I can't even be bothered to read anymore of his lies. That guy and the bullshit that he puts out on behalf of his taskmasters has encouraged me to put my cash back in my pocket on a number of occasions when considering a day at the City, I can't be on my own. Until I can be convinced that, we are not just a dumping ground for inter company debt or a tax avoidance scam for the group then I'll just keep finding other stuff to do !

 

[kmj5000]

Tim, do you remember at the fans forums 2 years ago, the ones that went out live on CWR, you dismissed the club accounts filed at Companies House as being "in a mess" (the ones you signed off as the CEO as being "true and fair"?

i sense that nothing's changed eh Tim?

 

[John_Silletts_Nose]

Oh OK, Noggin. Thanks. I just presumed they were "overheads".

We can all be quick to comment and can be wrong, I have done the same in the past regarding management fees and OSB58 corrected me.

The £5.6M is a large amount and dismissed very casually by Fisher.

 

[shmmeee]

Also, to be a pedant, the "cost" of the legal battle for the Ricoh includes anything related to Northampton and the continuing hit on fan relations.

We'll be paying financially for it for years.

 

[Jack Griffin]

Coventry City FC chairman Tim fisher says club did not bankroll Ricoh Arena legal battle:

http://www.coventrytelegraph.net/news/coventry-news/coventry-city-fc-chairman-tim-8801109

This is utter nonsense, the club is Sky Blue Sports and Leisure of which Otium is just a subsidiary. You can't claim the club is only Otium.

 

[shmmeee]

This is utter nonsense, the club is Sky Blue Sports and Leisure of which Otium is just a subsidiary. You can't claim the club is only Otium.

I thought Otium held the GS?

 

[Jack Griffin]

I thought Otium held the GS?

It does, but SBS&L/Lenoard Brody own 90.1% of Otium and ARVO own 9.9%. As far as the UK is concerned the debt is all in SBS&L ultimately.


You can't tell me SBS&L will happily let Otium off the hook for all debts & potentially give any new owners a stadium in the deal.

 

[Jonty1]

It does, but SBS&L/Lenoard Brody own 90.1% of Otium and ARVO own 9.9%. As far as the UK is concerned the debt is all in SBS&L ultimately.


You can't tell me SBS&L will happily let Otium off the hook for all debts & potentially give any new owners a stadium in the deal.

SBSL own the shares-there is no debt between Otium and SBSL. SBSL can't enfotce anything-they have to wait on a return on their shares. With a massive deficit on P&L reserve in Otium and the A Prefs ranking in preference, they will be waiting a long time to get a return.

 

[Sky Blue Harry H]

the 5.6mill doesn't include wages, that was a seperate 4.6mill

Well dodgy explanation of that cost - including hotel stopovers (23-30 away games, quite a few of of which will be Walsall, Chesterfield, MK Dons etc, so they will have travelled on the day, and when they do book, I'd expect a hefty discount). It is the admin overheads etc bit that needs a bit more of a dig into imho. But they won't want to tell us.

 

[Ian1779]

What are player insurance costs in this day and age? Can't imagine that's cheap....

 

[DaleM]

What are player insurance costs in this day and age? Can't imagine that's cheap....

Well there's £2.99 accounted for

 

[Ian1779]

Well there's £2.99 accounted for

If only it was performance based...

 

[Skyblueweeman]

Well dodgy explanation of that cost - including hotel stopovers (23-30 away games, quite a few of of which will be Walsall, Chesterfield, MK Dons etc, so they will have travelled on the day, and when they do book, I'd expect a hefty discount). It is the admin overheads etc bit that needs a bit more of a dig into imho. But they won't want to tell us.

Why would you expect a discount?

 

[skybluetony176]

What are player insurance costs in this day and age? Can't imagine that's cheap....

Cheaper than the legal bills. Probably have a far far better chance of getting a return than the JR too.

 

[Bill Glazier]

He's probably telling the truth! He's just confirming CCFC would never have benefitted from SISU owning the Ricoh. We'd still have been tenants, just as we will be if Fisher ever builds the fantasy ground.

 

[will am i]

I assume Simon Gilbert and Les Reed will pursue Tim about this. A breakdown of these costs is required as the explanation doesn't look believable. I wont hold my breath though.

 

[Jonty1]

I assume Simon Gilbert and Les Reed will pursue Tim about this. A breakdown of these costs is required as the explanation doesn't look believable. I wont hold my breath though.

Otiums accounts show exceptional charges of £2.2m in relation to goodwill write offs for the acquisition of the Football club and £800k inter company write off. There is therefore £3m of exceptionals included in admin costs and the balance of £2.6m of overheads doesn't seem out of the way for this type of business.

 

[wingy]

Otiums accounts show exceptional charges of £2.2m in relation to goodwill write offs for the acquisition of the Football club and £800k inter company write off. There is therefore £3m of exceptionals included in admin costs and the balance of £2.6m of overheads doesn't seem out of the way for this type of business.

Yes but It seems we've had this level over two seasons

 

[will am i]

Otiums accounts show exceptional charges of £2.2m in relation to goodwill write offs for the acquisition of the Football club and £800k inter company write off. There is therefore £3m of exceptionals included in admin costs and the balance of £2.6m of overheads doesn't seem out of the way for this type of business.

Thanks but I'd rather Tim explained it.