Coventry Owner Climbs Back Into The Black (3 Viewers)

torchomatic · Aug 22, 2013

http://www.express.co.uk/finance/city/422971/Coventry-owner-climbs-into-black

shmmeee · Aug 22, 2013

Interesting. On its face would suggest the bad publicity is effecting them as the profit is due to cost cutting, they have lost income because of investors having pulled out. Of course it's all speculation as to why they left.

skybluetony176 · Aug 22, 2013

if i hadn't paid 1.2million in rent I'd be in the black too

ESB · Aug 22, 2013

I like the part about investors with drawing funds, they may not be a cash rich as some are suggesting.

CarpyCov84 · Aug 22, 2013

Haha investors withdrawing funds...

I like this bit

skybluebal · Aug 22, 2013

The article also says they were evicted. I wonder who gave them the update - Joy perhaps? still spinning!!

Covstu · Aug 22, 2013

well they look legit then, here have my money. I am off to sixfields!!

Bassman · Aug 22, 2013

It makes Greg Clarke's claims around SISU's plan for funding the club and new stadium seem a little strange...

Broken Hearted Sky Blue · Aug 22, 2013

Bassman said:
It makes Greg Clarke's claims around SISU's plan for funding the club and new stadium seem a little strange...

Broken Hearted Sky Blue · Aug 22, 2013

Bassman said:
It makes Greg Clarke's claims around SISU's plan for funding the club and new stadium seem a little strange...

Godiva · Aug 22, 2013

Sisu doesn't own us - a multitude of funds does. The funds are managed by sisu.

shmmeee · Aug 22, 2013

Godiva said:
Sisu doesn't own us - a multitude of funds does. The funds are managed by sisu.

Did you read the article? It states that Sisus income is down due to investors pulling money from the funds. Not a huge leap to assume its down to their highest profile investment going tits up.

kmj5000 · Aug 22, 2013

A turnover of just £1.7m? That's peanuts!

Godiva · Aug 22, 2013

shmmeee said:
Did you read the article? It states that Sisus income is down due to investors pulling money from the funds. Not a huge leap to assume its down to their highest profile investment going tits up.

It's old news ... OSB has already explained it in another thread.

Godiva · Aug 22, 2013

Godiva said:
It's old news ... OSB has already explained it in another thread.

Here: http://www.skybluestalk.co.uk/threads/35811-SISU-Capital-Ltd-accounts-2013

deanocity3 · Aug 22, 2013

Coventry Owner Climbs Back Into The Black........ hole where she came from

Cheshire Sky Blue · Aug 22, 2013

kmj5000 said:
A turnover of just £1.7m? That's peanuts!

khj5000. You are so right. There are local businesses in Coventry that could challenge that figure easily. These guys are heavy handed in method and approach but lightweights in the world of commerce. Joy me ol bird, some women spend that on a boob and face lift!!

shmmeee · Aug 22, 2013

Godiva said:
Here: http://www.skybluestalk.co.uk/threads/35811-SISU-Capital-Ltd-accounts-2013

Thanks. My comment wasn't meant to sound as confrontational as it did. I know you know your stuff with this stuff.

Edit: interesting that OSB makes the exact opposite claim about investors to the article author. GEEK FIGHT!

Jack Griffin · Aug 22, 2013

Ha ha, £96K profit, a single person operating alone as a s/w contractor could make that in a year/18months..

The real headline is SISU profits still depressed from high of £18M!

And this sentence is most significant!

The accounts show that turnover fell 19.9 per cent to £1.7 million, due to investors pulling their money out if its funds.

PS the express copy proofing is shite, I spotted the mistake in above sentence immediately!

oldskyblue58 · Aug 23, 2013

Put a summary up on another thread

http://www.skybluestalk.co.uk/threads/35811-SISU-Capital-Ltd-accounts-2013

couple of comments though.

Yes the income is down but this sort of business can often be cyclical in nature but equally we do not know whether investors fund have been redeemed and say put in to ARVO or some other entity. This is a snap shot only of the SISU Capital Ltd part of the business run by Seppala

As pointed out above CCFC were never evicted from the Ricoh.

Assets under management at the end of the year had risen in value so that would imply a better 2014 financial report

SISU act as agents for their investors as such the not paying of the CCFC rent for example forms no part of the SISU Capital accounts.

The article fails to mention the charge on profits from minority interests that reduces the profit from £96K to a loss of £10k - down from a loss 2012 of £162k

This is only part of the web that Seppala controls therefore in reality when looked at in isolation does not tell us a lot

the CCFC H Group had 6m net assets in 2001 yes there were 60m gross debts but they had more assets. In 2007 gross debts of 51m when SISU took over of which over 35m was eventually written off net debt was written down to £8.6m

Bottom line is however these results have very little relevance to CCFC ...... it is what we cant see that is more relevant

jesus-wept · Aug 23, 2013

Doesn't alter our problem and that is our football team which alone isn't worth a bean basically is owned by sisu/otium/others ? We want them to sell, they know that, there are apparent interested parties, they know that too. So they are playing hardball for the best deal, no surprise there. SISU know that the team connected with the Ricoh is the value. Fisher keeps saying the club (team) isn't for sale, it is but I think sisu want the value of the team and Ricoh. Sooner rather than later one of the so called interested parties Heskell of Byng have to come to the trough or piss off altogether frankly.

DaleM · Aug 23, 2013

Don't worry lads. When I win the Euros tonight I will buy the lot ;-)

jan87 · Aug 23, 2013

Something to do with not paying the rent maybe!!!!!!!!!!!!!!!!!:facepalm:

Warwickhunt · Aug 23, 2013

torchomatic said:
http://www.express.co.uk/finance/city/422971/Coventry-owner-climbs-into-black

we have got enough money to buy a new conference player then!

SkyBlueBlood · Aug 23, 2013

esb said:
i like the part about investors with drawing funds, they may not be a cash rich as some are suggesting.

nopm

SkyBlueBlood · Aug 23, 2013

How can they claim to have a turnover of £1.7 million when they are charging CCFC an admin fee of over £2 million a year?

Godiva · Aug 23, 2013

SkyBlueBlood said:
How can they claim to have a turnover of £1.7 million when they are charging CCFC an admin fee of over £2 million a year?

Are they really?
Or are the administration fees a way to distribute cost between Holdings and Limited?

Usually hedge funds get paid by the investing funds ... not the company they administrate.

GaryPendrysEyes · Aug 23, 2013

torchomatic said:
http://www.express.co.uk/finance/city/422971/Coventry-owner-climbs-into-black

You missed the kisses at the end. Xxx

longjohnskyblue · Aug 23, 2013

Its so obvious now why they need to keep hold of CCFC - they are using it as a sink hole for their bad debts! Lost money on an investment? no probs just say you made a loss on the sale of a player - that way a loss will appear on the clubs books rather than on the hedge fund, the hedge fund looks tickety boo and people will pour money into it!

Thing is though if their profits are £100k, how are they going to afford this mythical ground? Even if it's £30 million (which it won't be), @£100k/year, it would take 300 years to get the money together. Of course they could mortgage the profits of the team for the next 5-10 years, but it would assume they make it into the premiership! Oh wait, that would mean investing in the team. And how can they do that under FFP?

My guess is the FFP will be ignored by any club with ambition.

longjohnskyblue · Aug 23, 2013

SkyBlueBlood said:
How can they claim to have a turnover of £1.7 million when they are charging CCFC an admin fee of over £2 million a year?

It's called telling fibs!

Coventry Owner Climbs Back Into The Black (3 Viewers)

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