What earlier post?[/QUOT
This from a few months back
@mbpcworldwide: Reviewing our position now the accounts posted. Wasps' position also exposed. For now please support CCFC and its new Manager.
What earlier post?[/QUOT
This from a few months back
@mbpcworldwide: Reviewing our position now the accounts posted. Wasps' position also exposed. For now please support CCFC and its new Manager.
Cheers.......
Who was the other guy who wanted the fans to give him loads of money to buy the club? I thought it was a wind up. He posted a video on YouTube being genuinely serious
Oh good, this is getting better and better. Why can we never have nice things?
Before you know it we'll all be meeting Dhinsa for breakfast.
Taking the tweet at face value you would have to ask what the events are that are unfolding? or is it just SW leaving? Not sure him going is causing any particular panic - CCFC fans have become used to sharp bends in the road
Really do not see Wasps selling all or any of their interest in the Ricoh. Infact it would be harder to do now than it was before because of the details of the bond issue. I don't think Wasps have any interest in selling anything.
As for buying CCFC - there is no value to it. What few assets SBS&L group have are all charged to ARVO, massive debt, no security of tenure, no value in the squad we own and a company structure that blocks outside interest. Yes they have played better in the last three months and are high up in an average at best league. But that's about it. Without considerable investment from any potential investors (which basically be would be unsecured and totally at risk) then the future is difficult even if we get promoted
Why would Wasps increase the risk to themselves or the bondholders by buying basically huge debt? For the next couple of years CCFC cant go anywhere else to play in reality - a move away from the Ricoh could possibly terminally damage the club. Why would Wasps take their eye off their core business to turn round a debt laden football club? Yes CCFC are currently averaging good crowds but what are those crowds contributing to Wasps financially day to day match by match - in the scheme of things it isn't a massive amount (ticket income goes to CCFC direct)
Also if Mr Byng is acting for investors seeking to invest in midlands football I would assume he is also looking at clubs like Villa, WBA, Wolves, Birmingham who are all up for sale and are arguably better risks. Surely he has to give these supposed money men best advice and consider what would be in their best interests.
I think we all know why SISU hold the investment in CCFC and it has nothing to do with football imo
Personally I just wish Mr Byng would stay out of it, I have so far seen nothing from him that makes me believe in him.
Just my opinion
Don't separate the assets from the liabilities
If someone took over CCFC as it stands then they might pay £1 for the ordinary share capital (ownership)because the overall company has no value to it at all.
In fact the balance sheet value in the accounts of Otium is minus £70m+. Included in that figure there are preference shares issued too that give rights to ARVO and SBS&L (but are not ownership shares) - effectively £64m of debt
In buying the ordinary shares then the purchaser takes over the assets of the company but more importantly the liabilities & preference shares. They don't actually pay up font for the debt but take on going responsibility for servicing the debt. The creditors providing the loans etc might agree to discount those liabilities in the deal but I don't see any way that it would make the balance sheet positive.
Otium is basically worthless, and loaded with liability that makes outside interest very difficult
You're forgetting one thing though OSB. It's not real debt
Maybe about half of It, the rest was historical or wasted through their own failings.
Very odd how It's remained attached through an Insolvency though.
Maybe about half of It, the rest was historical or wasted through their own failings.
Very odd how It's remained attached through an Insolvency though.
I thought the price paid for the club after insolvency finances all the creditors and the debt is effectively zeroed.
Have Sisu who were owed the money by the club just wangled it back onto the club ?
What was the point otherwise of going into administration ?
It wouldn't be that surprising if Byng finances a takeover and becomes the new CEO
The only thing I can see that crank taking over and becoming CEO of is a window cleaning round.
Why isn't it real debt.?
Didn't they pay the wages with real money?
There is something very odd about him and his relationship with the club.
There is something very odd about him and his relationship with the club.
It wouldn't be that surprising if Byng finances a takeover and becomes the new CEO
So was Byng aware of this new appointment as CEO?
If he was you would have to ask why he should be ahead of the announcement
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