Just to clarify something CCFC Ltd was formed 16/05/96. The original name was Clubon Limited which was changed to CCFC LTd 19/05/95 which was changed to Coventry City Football Club Limited 29/12/95.
The primary objective of the company at 31/05/95 was changed to "To acquire from its parent company, The Coventry City Football Club Limited, as a going concern the business of the playing activities of that company and to carry on such business under the name of Coventry City Football Club. "
To do that the share had to be, with league permission, held by CCFC Ltd not the original business The Coventry City Football Club Limited.
The Coventry City Football Club Limited. changed its name 16/02/96 to Coventry City Football Club Holdings Limited. By that time the trade was in the new company CCFC Ltd which by necessity would also need to be in possession of the golden share. My guess is that the SISU lawyers were relying on the fact that the trade was seperate to the share and clearly it can not be, you can not have any trade as a football club in premiership or League unless you have the share directly.
The issued share capital of CCFC Ltd is 100 at £1 each and has always been owned 100% by CCFC Holdings or under that company's previous name of The Coventry City Football Club Limited. CCFC Ltd was never owned directly by any fans shares
There are 55788 shares valued at £13947 issued in Coventry City Football Club Holdings (formerly known asThe Coventry City Football Club Limited ) and it is in this company that fans held shares
Sky Blue Sports & Leisure Ltd was formed by SISU as the holding company for their investment it was not the trading company nor did it manage the football trade. It purchased the shares in CCFC Holdings Limited 100%. The shares in SBS&L were originally owned by investors including 5 investment funds managed by SISU
The biggest part of £60m is actually owed to CCFC Holdings, then CCFC Holdings owe SBS&L who then owe SISU investors per the 2011 accounts plus apparently ARVO . In the 2011 accounts there is no evidence of any debt directly to ARVO by CCFC Ltd. There is however details of a charge by ARVO over all its assets. There is also a charge over all CCFC Holdings asset but again no debt to ARVO at 31/05/2011. The charges were placed on the companies after 31/05/11 however. There was a loan of £2m from ARVO to the group in the accounts of SBS&L Ltd as at 31/05/11
The debt actually taken over was £15m against which there were £7m assets also taken over and other adjustments. What SISU appear to have done is agree discounted payments with creditors at Feb 2008 and called that their investment (adjusted for the assets taken on) in SBS&L £9m. Then SBS&L bought the share capital of CCFC Holdings ( The Coventry City Football Club Limited) but the amounts discounted were never written down in the CCFC Ltd or CCFC Holdings Ltd accounts from what i can see. On top of the retained deficits now sits the money SISU have actually put in, taking us up to this reported £60m. The administrator should clarify this - and if he doesnt I hope it is challenged in court to get to the bottom of it