oldskyblue58
CCFC Finance Director
Just a few thoughts really no particular order
- The recent newspaper and club announcements have changed nothing. The situation is that currently CCFC have no way of paying their liabilities as they fall due.... rent is but one of those liabilities. Important expression that because it is a definition of insolvency, and the directors (not the shareholders, not the fund holders or fund managers) have to give very serious consideration to administration or liquidation or face personal liability for wrongful trading.
- I absolutely agree that it is a positive that talks are taking place. However if the council are saying rent has to stay at £1.2m in current circumstances then there is no point to them. I would have thought the shareholders in ACL realise this but want to know what plan SISU have for CCFC going forward (a plan with warts and all) - not at all unreasonable as it will affect, perhaps significantly, the company they own and their own debt repayments
- I absolutely agree that it is a positive that SISU want to finally engage in talks with stakeholders at the Ricoh - should have happened literally years ago. BUT there is no talks or discussions or negotiations if all SISU are saying is we want the income streams at the Ricoh and ACL has to give them to us or we liquidate the club. That is not discussion in any shape or form. The income streams have a value - apparently have great value to CCFC if their future depends on it - what are SISU offering in payment for the value
- I agree we need to look forward not keep raking up the past. It is however very difficult to just focus on the future when we are not given even the present facts. Raking over the coals is what is left for many fans.
- Yes there should be greater links to the fans and greater fan involvement in the ownership. A little more than a throw away line at the end of a pre-prepared interview is needed. How when and why, are questions i want answered. If it is just a way to spread the risk for SISU and not actually fund the team then i suspect few will be interested
- Yes if CCFC goes into admin, but more likely liquidation imo, then there is a loss of income & value to the stadium but would it mean there was no football team probably not. It would clear the decks for a restart ..... a restart that is probably an easier problem to solve than retaining the present debt. You might find that Council Charity ACL are far more supportive in terms of initial costs depending on the owners. You might find a good level of support for a restart amongst the fans that would boost the initial finances.
- you might say that if admin or liquidation take place then SISU are in control or even some new owner. BUT ACL operate the stadium and any new company would need to be vetted by ACL to see if they are a suitably funded tenant. Any new club would require a ground to be registered with the league, in a sense ACL would control that if it were to be a Coventry team. ACL would also control the lease and its terms that could allow for a new club starting. A team starting elsewhere say ground sharing at Birmingham is not a Coventry team it is just a new frachise
- ACL will at some point have to take some action
- these talks are not really about the rent ..... it is all about SISU getting their hands on the income streams at no cost and then having an exit strategy that maximises the return on the loans their investors made.
- If the owners were so taken by the value of the opportunity they have at CCFC then why not convert the loans to shares. I bet they wont. Why not be ready with signed off accounts and budgets. These are hard nosed money people. The £ sign is their driving factor. I dont have a problem with that, I dont have a problem with them wanting a return, I dont have a problem with them driving costs down so we break even - but do not dress it up as a love for the club and its fans, there is little evidence of that and comes across as arrogant insincere and dismissive
Yes look forward, yes deal with what is but take it all at face value I do not think so. Surely by now we have learned to take in face value, process it and think, before asking why?
It is brinksmanship ...... hold your nerve
just my opinions
ps I think the whole SISU charm campaign has an obvious and a more obscure agenda. Obvious is the one where SISU are seen trying to cut costs, increasing income, fighting for the club. The less obvious one is that whilst SISU are seen to be fighting for the club they are backing ACL, Council, Charity into a corner and if it goes bust it will be seen by many that they not SISU/CCFC took the club down financially.... perhaps important for how SISU want the fans to see it but certainly important as to how they want their investors to see it - they afterall stand to lose nearly £40m apparently ...... all about the money every time!
- The recent newspaper and club announcements have changed nothing. The situation is that currently CCFC have no way of paying their liabilities as they fall due.... rent is but one of those liabilities. Important expression that because it is a definition of insolvency, and the directors (not the shareholders, not the fund holders or fund managers) have to give very serious consideration to administration or liquidation or face personal liability for wrongful trading.
- I absolutely agree that it is a positive that talks are taking place. However if the council are saying rent has to stay at £1.2m in current circumstances then there is no point to them. I would have thought the shareholders in ACL realise this but want to know what plan SISU have for CCFC going forward (a plan with warts and all) - not at all unreasonable as it will affect, perhaps significantly, the company they own and their own debt repayments
- I absolutely agree that it is a positive that SISU want to finally engage in talks with stakeholders at the Ricoh - should have happened literally years ago. BUT there is no talks or discussions or negotiations if all SISU are saying is we want the income streams at the Ricoh and ACL has to give them to us or we liquidate the club. That is not discussion in any shape or form. The income streams have a value - apparently have great value to CCFC if their future depends on it - what are SISU offering in payment for the value
- I agree we need to look forward not keep raking up the past. It is however very difficult to just focus on the future when we are not given even the present facts. Raking over the coals is what is left for many fans.
- Yes there should be greater links to the fans and greater fan involvement in the ownership. A little more than a throw away line at the end of a pre-prepared interview is needed. How when and why, are questions i want answered. If it is just a way to spread the risk for SISU and not actually fund the team then i suspect few will be interested
- Yes if CCFC goes into admin, but more likely liquidation imo, then there is a loss of income & value to the stadium but would it mean there was no football team probably not. It would clear the decks for a restart ..... a restart that is probably an easier problem to solve than retaining the present debt. You might find that Council Charity ACL are far more supportive in terms of initial costs depending on the owners. You might find a good level of support for a restart amongst the fans that would boost the initial finances.
- you might say that if admin or liquidation take place then SISU are in control or even some new owner. BUT ACL operate the stadium and any new company would need to be vetted by ACL to see if they are a suitably funded tenant. Any new club would require a ground to be registered with the league, in a sense ACL would control that if it were to be a Coventry team. ACL would also control the lease and its terms that could allow for a new club starting. A team starting elsewhere say ground sharing at Birmingham is not a Coventry team it is just a new frachise
- ACL will at some point have to take some action
- these talks are not really about the rent ..... it is all about SISU getting their hands on the income streams at no cost and then having an exit strategy that maximises the return on the loans their investors made.
- If the owners were so taken by the value of the opportunity they have at CCFC then why not convert the loans to shares. I bet they wont. Why not be ready with signed off accounts and budgets. These are hard nosed money people. The £ sign is their driving factor. I dont have a problem with that, I dont have a problem with them wanting a return, I dont have a problem with them driving costs down so we break even - but do not dress it up as a love for the club and its fans, there is little evidence of that and comes across as arrogant insincere and dismissive
Yes look forward, yes deal with what is but take it all at face value I do not think so. Surely by now we have learned to take in face value, process it and think, before asking why?
It is brinksmanship ...... hold your nerve
just my opinions
ps I think the whole SISU charm campaign has an obvious and a more obscure agenda. Obvious is the one where SISU are seen trying to cut costs, increasing income, fighting for the club. The less obvious one is that whilst SISU are seen to be fighting for the club they are backing ACL, Council, Charity into a corner and if it goes bust it will be seen by many that they not SISU/CCFC took the club down financially.... perhaps important for how SISU want the fans to see it but certainly important as to how they want their investors to see it - they afterall stand to lose nearly £40m apparently ...... all about the money every time!
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