If they did I don't get that.
Surely if you put your own company into admin you can't then by it yourself?
Otherwise that would just be a way people could keep chopping off debts?
for once i can not find anything in your post to disagree with
If they did I don't get that.
Surely if you put your own company into admin you can't then buy it yourself?
Otherwise that would just be a way people could keep chopping off debts?
I will take that as a back hander.
We did have a common belief before that this squad was good enough to turn that start round and make the play off's.
I think we were right until Devine intervention hit.
Absolutely they can put a bid in to buy it just like anyone else - nothing to stop them at all - standard practice
I really hope that is wrong.
Crazy loophole
I agree but when you think about it the administrator should do his job and go for other interested parties rather than the owner who put the business in that mess.
Unless the administrator has a lot of future business at stake with the current owners.
If he does have to go with someone else. Thad fact they can bid will just disrupt the process. In attempts to up the price.
Wow
So if you build up debts, why do most companies not put themselves into admin then buy themselves back for half the debt?
True all though hopefully am administrator won't think like that
But if they (sisu) buy ccfc ltd back with the Golden Share are they essentially new owners of a football club currently in the Football League all be it perhaps with a different name. Will they have to pass the "fit and proper" persons test to own/run a football club in this country ?
That isn't exactly difficult is is.
This is the test if anyone wants to peruse it..
http://www.football-league.co.uk/regulations/20110629/appendix-4_2293633_2128219
I am not convinced SISU know what they have got themselves into at the minute as this was a forced administration all be it they took the initiative in the last few days to stop it being ACL's appointed one. They may well not understand the position they are now in and are still scrambling to gets heads above water.
SISU as we know have been unsuccesful in securing furter investment they may well have genuinely thought that they were the only show in town and would just be able to start again as the only offer on the table. Its not like SISU and the CCFC directors don't have a history of making mistakes now is it. If this were not the case I would have thought we would have had a response from them regards the american being at the game on Sat.
SISU's question is not do we put an offer in, its more how much do we want to spend to keep hold of what were owed and common sense would say its not much otherwise they could have just paid the rent.
I think the administrator's role is to get the best financial outcome. What others may think about as the morally or ethically right way to go doesn't really come into it.
Won't happen - his job is to make the most of what he's got to deal with, pure and simple. What went on in the past is outside his brief.That's what I'm saying he should look at say sisu have done badly and it's there fault for this in the first place so he should consider other options first
Has anybody ever failed that?
Won't happen - his job is to make the most of what he's got to deal with, pure and simple. What went on in the past is outside his brief.
Isn't this basically what Ken Bates did at Leeds?
I think what needs to be looked at is why Sisu would want to stay at the club? They will never get their money back so I can't understand what their plan is.
I am not an accountant so I may have this wrong but this is how it was explained to me by my brother in law who is an accountant. CCFC Ltd have at least two creditors, ACL and AVRO. 18 or so months ago the AVRO debt was made preferential which Fisher said at the time is common accounting practise. There is no reason why another SISU company cannot offer to take The AVRO credit in full and offer only a limited amount for the ACL credit e.g 1p in the £ (football debts have been paid lower than this!) thereby removing the ACL (and any other creditors) debt and simply transferring the SISU debt internally.
Happy to be told I am wrong but hat is my limited understanding!
PUSB
Lets just assume!
that Sisu were successful in a bid to buy the club out of Admin, the question that stands out to me, is where will they play their Home games,I hardly think it will be at the Ricoh, even if they payed the Back rent, I would imagine that ACL, have had enough of them, long since.
This raises the question of moving the Show out of Coventry and Re branding, Would this be worth while, would they be allowed to do it, would they get the backing of the fans, I personally cant see it getting the support, to make it viable,
Getting Back to the "Golden share" it can only have been in one of two places, it's hardly like looking for a needle in a hay stack, whats the hold up, is the administrator trying to buy time for Sisu, to pull another rabbit out of a very well used Hat.
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