Mark Labovitch re administration (1 Viewer)

[coundonskyblue]

'It is a matter of the law. If a company sees no possibility of avoiding insolvent liquidation it is legally compelled to go into administration.'

Interesting comments from him. Seems to indicate the club would go into administration rather than liquidation. Goes against a few 'facts' that have been posted on here.

 

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[Otis]

Yes indeed. Already been agreed that administration is simply not in Sisu's interest.

This surely moves the goalposts greatly doesn't it?

 

[Flying Fokker]

It's only the likes of Linnell et al that say administration is a waste of time for SISU.

 

[Regis87]

Is lavovitch the new sisu bullshit statement maker ?
Has any one seen or heard from Fisher since he " cleared his desk "

 

[Otis]

You misheard. He cleaned his desk after having to dispense with his maid service.

 

[Grendel]

'It is a matter of the law. If a company sees no possibility of avoiding insolvent liquidation it is legally compelled to go into administration.'

Interesting comments from him. Seems to indicate the club would go into administration rather than liquidation. Goes against a few 'facts' that have been posted on here.

Excellent news.

As ready illustrated since points reduction only one team has improved league status and three others retained league status.

Also they could end up buying the club back.

 

[skybluesam66]

Excellent news.

As ready illustrated since points reduction only one team has improved league status and three others retained league status.

Also they could end up buying the club back.

not quite true - without looking up via google etc . Southampton /qpr/swansea all been through admin and all in the premier league
leicester got promoted after admin, albeit falling back later
and i am sure there are more (even Nuneaton boro rose higher than they were pre admin)

so not sure where the stats come from

 

[ashbyjan]

There are two companies involved here CCFC Ltd and CCFC Holdings Ltd. The company they are talking of putting into admin is CCFC Ltd as this would break the Ricoh licence with ACL. The Football League golden share and apparently the players registrations are in CCFC Holdings and would be unaffected by the admin. So effectively SISU would still own and be in control of CCFC but be technically homeless and ACL would have a ground with no tenant and no way of getting any back rent. Well done to both sides - a ridiculous outcome. What happens next will be interesting and could well decide the future of CCFC.

 

[Flying Fokker]

Southampton. Leeds,Rotherham. Bound to be others. Or do you mean position in the league in the season they are in?

 

[coundonskyblue]

There are two companies involved here CCFC Ltd and CCFC Holdings Ltd. The company they are talking of putting into admin is CCFC Ltd as this would break the Ricoh licence with ACL. The Football League golden share and apparently the players registrations are in CCFC Holdings and would be unaffected by the admin. So effectively SISU would still own and be in control of CCFC but be technically homeless and ACL would have a ground with no tenant and no way of getting any back rent. Well done to both sides - a ridiculous outcome. What happens next will be interesting and could well decide the future of CCFC.

If this were to happen is worth noting that a 10 point deduction would still be applied, as its basically what Saints tried to get away with.

 

[Otis]

And if we have no ground then what?

As has been said before, the likes of Nene Park only hold 6,000. All we will be doing will be becoming a much smaller club and if we do have any degree of success we simply will not be able to accommodate all those wishing to attend.

 

[ashbyjan]

As we understand it yes the 10 points would still apply but believe me a 10 point deduction is the least of our worries. If you believe Labovitch he would tell you that SISU are ready for CCFC to groundshare with Walsall or Birmingham for 3 seasons whilst a developer builds them a new ground at somewhere like Brandon, new ground having retail and leisure facilities and they would get ground for very little. SISU would be prepared to fund loses over the three years whilst they wait for ground to be built. How many City fans are going to spend 3 years travelling to away games every week? Are SISU really going to fund huge losses for next 3 years? Can the Ricoh survive without CCFC? ACL seem convinced that it can, CCFC insist that it can't. Ricoh will either thrive as a pure events venue or turn into a massive cash drain on the City. Both sides are playing for very high stakes and its getting ridiculous.

Like the Trust has already stated and endorsed in Parliament yesterday arbitration is the only realistic way forward - the options do not bare thinking about,

 

[Otis]

If it were to be admin, anyone else thinking Sisu will wait until the play-offs are mathematically impossible just to be on the safe side?

Obviously if we did make the play-offs it would be a real money spinner and a full Ricoh.

 

[Sky Blue Pete]

If it were to be admin, anyway else thinking Sisu will wait until the play-offs are mathematically impossible just to be on the safe side?

Obviously if we did make the play-offs it would be a real money spinner and a full Ricoh.

I'm thinking 14th is on Otis

 

[Grendel]

not quite true - without looking up via google etc . Southampton /qpr/swansea all been through admin and all in the premier league
leicester got promoted after admin, albeit falling back later
and i am sure there are more (even Nuneaton boro rose higher than they were pre admin)

so not sure where the stats come from

Read my post again and then come back to me. Clue - it applies to 2004 onwards.

 

[hill83]

This is me being selfish, but right now I don't care. If we end up leaving the Ricoh I couldn't care less if the place fails.
I wouldn't go anywhere near the place if we didn't play there. And the beer in the casino smells like sewage.

 

[ashbyjan]

Nothing to do with play offs - legally with the negotiations officially called off CCFC Ltd is trading insolvently and therefore Directors have to put it into admin or will be personally liable

 

[Steve.B50]

We should just play all our Ames away, we will win more.

 

[Steve.B50]

We should play all our Games away, we will win more often.

 

[Grendel]

Southampton. Leeds,Rotherham. Bound to be others. Or do you mean position in the league in the season they are in?

Iran league in at time of administration.

 

[headinaviceboy]

Nene Park is not an option for next season. Peterborough are redeveoping their ground this summer and are going to play some games at Nene Park until their ground is finished.

 

[oldskyblue58]

Thing I do not get with that scenario of CCFCH being the business going forward is that essentially other than a break in the lease it is the same business going forward but in a different name. We all know that the current set up has massive debt and continues to make losses (in TF's own words we are only heading towards breakeven sometime in the future). The club would be homeless with, if you believe what Mr Ainsworth said, the owners having to give the Football League an undertaking to return to the city in a specified period. Income in that specified period is going to be severely restricted, that will affect FFP, costs will have to be cut (that might well include the academy), rent paid to another club etc ............... Just seems nuts to me

BTW it was announced at weekend that the Bees had agreed a 4.5 year extension to their lease so we wont be moving to Brandon

 

[Brighton Sky Blue]

Nothing to do with play offs - legally with the negotiations officially called off CCFC Ltd is trading insolvently and therefore Directors have to put it into admin or will be personally liable

Jan-what exactly is the sticking point? Surely it can't just be all about F+B, or is everyone really so stupid to jeapordise the club over such relatively small money?

 

[ashbyjan]

Never said it made sense OSB just reporting what Trust has been told - up to people to decide if they believe it or support it or think its madness. As already stated the only sane solution is for the respective parties to get back round the table with an arbitrator and sort the whole sorry mess out once and for all, for the good of all the supporters who are heartily sick of the whole sorry affair.

 

[duffer]

I'm with you on this, OSB. I don't think there's any possiblity that SISU would stick with the club in the long term by heading down an, Admin/ground share/rebuild path.

They've never been in this for the long haul - and that is a very long road indeed. It would take years just to get planning permission on a moderately sized stadium, and I'd have thought SISU's ability to get credit might be somewhat impaired in the meantime

I still see this as little more than a bull-headed negotiating ploy. I don't know where things will go now that the bluff has been called, but I doubt it will be a post-admin club run by SISU.

 

[ashbyjan]

Jan-what exactly is the sticking point? Surely it can't just be all about F+B, or is everyone really so stupid to jeapordise the club over such relatively small money?

In essence it is - that is the madness of it all. Dont want to pay any back rent, CCFC want 100% of car parking and f&B, they want break clauses in the agreement to be able to leave if they want and they want access to details of the deal council did on loan as they claim they need it for FSA reasons

 

[Brighton Sky Blue]

In essence it is - that is the madness of it all. Dont want to pay any back rent, CCFC want 100% of car parking and f&B, they want break clauses in the agreement to be able to leave if they want and they want access to details of the deal council did on loan as they claim they need it for FSA reasons

To raise the extra cash they could raise ticket prices by £1. On current crowds over a league season alone it would raise nearly £250k. Fans wouldn't know the difference.

 

[theferret]

In essence it is - that is the madness of it all. Dont want to pay any back rent, CCFC want 100% of car parking and f&B, they want break clauses in the agreement to be able to leave if they want and they want access to details of the deal council did on loan as they claim they need it for FSA reasons

Seems quite a reasonable position to me when you consider how important the football club is to the viability of the Arena. ACL could just concede to these requests and problem solved? If it is that simple, why aren't people calling on ACL to do exactly that?

Well, I suspect it has a lot to do with ego, politics and personal grudges. If the whole house of cards comes crashing down because ACL won't make what appear to be quite minor financial concessions then serious questions will have to be asked.

The truth is they don't want to work with SISU and as a result are happy to play Russian Roulette with the future of this great football club. Cocks.

 

[sky blue john]

There are two companies involved here CCFC Ltd and CCFC Holdings Ltd. The company they are talking of putting into admin is CCFC Ltd as this would break the Ricoh licence with ACL. The Football League golden share and apparently the players registrations are in CCFC Holdings and would be unaffected by the admin. So effectively SISU would still own and be in control of CCFC but be technically homeless and ACL would have a ground with no tenant and no way of getting any back rent. Well done to both sides - a ridiculous outcome. What happens next will be interesting and could well decide the future of CCFC.

So we can see now that sisu have planned for this for a long time now. Because of when they started moving things about and Arvo episodes.

 

[ashbyjan]

Both sides are as bad as each other - ACL believe they can survive without CCFC but would be happy for them to stay but on their terms CCFC believe they can have all the revenue etc and if not then move away, build a new stadium and ground share for 3 years. ACL dont want to work with SISU and SISU dont want to work with ACL - hardly the recipe for a harmonious future.

It all so pathetic and needs sorting - its become too personal, too many egos and too much animosity - needs a third party to come in and make them all see sense.

 

[Brighton Sky Blue]

Seems quite a reasonable position to me when you consider how important the football club is to the viability of the Arena. ACL could just concede to these requests and problem solved? If it is that simple, why aren't people calling on ACL to do exactly that?

Well, I suspect it has a lot to do with ego, politics and personal grudges. If the whole house of cards comes crashing down because ACL won't make what appear to be quite minor financial concessions then serious questions will have to be asked.

The truth is they don't want to work with SISU and as a result are happy to play Russian Roulette with the future of this great football club. Cocks.

ACL have offered their share of the F+B though ferret, which is 80%. The remaining 20% goes to a third party which ACL can't give away-but the club want that as well-it would amount to an extra £20k per year.

 

[ashbyjan]

So we can see now that sisu have planned for this for a long time now. Because of when they started moving things about and Arvo episodes.

Have no idea if golden share has always been in Holdings or if it has been moved there recently

 

[ashbyjan]

ACL have offered their share of the F+B though ferret, which is 80%. The remaining 20% goes to a third party which ACL can't give away-but the club want that as well-it would amount to an extra £20k per year.

What the club actually seem to want is not just 100% of the profit of IEC but the profit Compass make on supplying the goods to IEC - approx £200k. Are Compass likely to agree to that?

 

[RoboCCFC90]

There are two companies involved here CCFC Ltd and CCFC Holdings Ltd. The company they are talking of putting into admin is CCFC Ltd as this would break the Ricoh licence with ACL. The Football League golden share and apparently the players registrations are in CCFC Holdings and would be unaffected by the admin. So effectively SISU would still own and be in control of CCFC but be technically homeless and ACL would have a ground with no tenant and no way of getting any back rent. Well done to both sides - a ridiculous outcome. What happens next will be interesting and could well decide the future of CCFC.

Ashbyjan,

If as you have stated above SISU decide to put CCFC Ltd into Admin and break the Ricoh Licence with ACL, would this not give the club a full deck of cards to make new negotiations with and hold ACL a bit of a sticking point? Obviously CCFC would still be homeless but if they turned negotiations around quick enough couldn't they still be at the Ricoh next year?

 

[Mary_Mungo_Midge]

Iran league in at time of administration.

Blimey. The punishment for that's got to be more than a ten point deduction