Otium group new owner of ccfc (1 Viewer)

[skyblue_rich]

Just got an email saying that Otium entertainment group has replaced sky blue sport and leisure as the owners of Coventry city football club holdings, which include the club. The thing is that the only directors of Otium are tanned man, brody and onye inye. Whilst there were 6 directors of sky blue sport and leisure which included sisu funding group aswell as ranson's company.
Don't know what all this means, but 1 suggestion is that sisu have finally pulled out and now were are left with these 3 muppets.

 

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[SkyBlue_Bear83]

I have no idea what any of that means.

 

[6 Generations]

Just got an email saying that Otium entertainment group has replaced sky blue sport and leisure as the owners of Coventry city football club holdings, which include the club. The thing is that the only directors of Otium are tanned man, brody and onye inye. Whilst there were 6 directors of sky blue sport and leisure which included sisu funding group aswell as ranson's company.
Don't know what all this means, but 1 suggestion is that sisu have finally pulled out and now were are left with these 3 muppets.

Who sent you the e:mail?

 

[Clive Plattini]

Right, I'll start:

GET OTIUM OUT! GET OTIUM OUT! GET OTIUM OUT!

 

[oldskyblue58]

You dont have to own a company to be a director of that company

but who owns Otium ? I bet its still SISU funds.

Also because it is a group structure they could transfer out CCFC Holdings to Otium but keep the ownership of CCFC Ltd with SBS&L

There are inter company debts owed from CCFC H and CCFC Limited to SBS&L those dont just go away particularly as the SISU money was invested into SBS&L

the whole thing if true is as clear as mud!

 

[CUS Wyken]

The directors are Ken, Brody and The SISU man.

All is very suss.

 

[skyblue_rich]

I don't know what it means but I knew perhaps OSB would have an idea. Just strange why they go through all this effort

 

[Gray]

any chance of posting the email up? not received it yet

 

[SkyBlue_Bear83]

Does this make admin any more likely or no change?

 

[The Reverend Skyblue]

This sounds very shifty indeed. If someone can tell us why would SISU do this, what the benefits are, etc.OSB most likely when he looks into it may tell us but why go to these efforts, it can only be to shift some debt somewhere i think.

The Rev

 

[Donkey Hatstand]

http://tinyurl.com/co7hmlp

"Possible company to take City's debts.

Otium Entertainment Group Limited is being seen as one possible company which may have the debts of Coventry City transferred to it.

As mentioned on this site earlier, there are strong rumours suggesting that club owners SISU will transfer the trading debts of the Sky Blues to a recently set up company and then place that company into administration.

Otium, was set up on April 21st of this year, is based at the SISU's HQ in Hannover Square in London and its directors are Ken Dulieu, Leonard Brody, Onye Igwe and Adam Bradley, a licenced insolvency practioneer, specialising in corporate recovery and business turnaround."

 

[coundonskyblue]

Could this just be a way of avoiding revealing who are real owners are?

 

[Kiddo]

More likely to be setup to buy the 50% stake of the Ricoh! The rumours of debt purchasing are not only utterly ridiculous but if purchased at undervalue then would also be illegal. If they were purchased at value then it would make absolutely no sense!

 

[skyblue_rich]

Who sent you the e:mail?

Got sent if from a mate who is an accountant and has a database which sends emails saying if a company has changed etc

 

[ashbyjan]

Whatever the motives in setting up this company it certainly will not be to benefit the team on the pitch, the club, the supporters or the non SISU creditors. The only reason for any such action is to benefit SISU and their mystery investors - trust them? Hell will freeze over before I believe that they have the supporters or the clubs best interests at heart.

 

[Sub]

could this be the first step in the sale of the club or admin ?:thinking about::thinking about:

 

[coundonskyblue]

Shouldn't the Telegraph be investigating this sort of thing?

 

[6 Generations]

Shouldn't the Telegraph be investigating this sort of thing?

The Telegraph and indeed BBC Radio Coventry&Warwickshire do not appear to have any remaining working relationship with the club.

 

[Nonleagueherewecome]

What the hell is going on?!?

 

[oldskyblue58]

What he says /\

You know what would be interesting is if CT actually asked KD what this all means apparently they have article tomorrow
............. wont hold my breath either that they ask something pertinent or that they get a proper reply !!!

 

[Bennets Afro]

So is this for debt transfer and to put the new debt ridden company into admin or is it for ccfc to go into admit, but the debt still remains or is it the end of SISU osb????

 

[Wrenstreetcarpark]

Anything iggy Flop and tango man is up to is suspect. They must be trying to do something as they haven't got John Clark OBEse involved.

 

[spwaverley4916]

found this on company search;
Company Information Summary

Companies house status: Active

Registration Date: 21/04/2011
Registration Type: Private Limited with share capital
Registration Number: 07612487

This company has not yet filed a description of their activities.

comment on the last line - no change there then!!!!

 

[ccfcway]

anyone ever seen the film "casino", which was based on how the mob used to run vegas...

The licienec application takes years to approve, so instead of waiting to get them approved, every few years, people would cahnge their job titles in order to the bottom of the pile for an application.

People ran casinos in veags for 30 years without a licience...

Sound like how SISU are running our club...

Keep changing names of companies so no-one knows who they are !

 

[oldskyblue58]

i would have thought transfer debts then go bust would be part of a scheme aimed at defrauding creditors and illegal.

Without seeing the documents etc it is hard to tell what is going on. Need to know who owns Otium it doesnt have to be the directors named. Have checked at Company House and nothing useful

SBS&L Ltd owns (ed) the option on ACL
CCFC Holdings owns (ed) the training ground
CCFC owns the players

However because SBSL owns (ed) the other two outright they can transfer assets around the group and we wont know unless we see the accounts or KD comes clean or the Sh*t hits the fan

SBSL could "sell" CCFC H to Otium for say £1(sound familiar ?) as the company is heavily in the negative but could have transferred CCFC from CCFC H before then. Thereby taking the training ground out of the group. Or it could transfer all football operations (CCFC & CCFCH)to Otium group. They could transfer the training ground to SBSL and then move CCFCH & CCFC to Optium leaving no assets other than players in Otium group

It makes no sense to take everything away from SBSL because that is where SISU funds invested their money and would be left with nothing to sell to get their money back. SBSL still own the ACL option and they could take up the option to buy 50% of ACL which could be what they are doing that would put ownership and worth in that company away from the loss making football operation. Splitting the potential for stadium ownership from the football club operations could be the reason

It would also split any bid from say GH ....... leaving the football club as one bid and getting the stadium interest as another. SBSL would look a more viable business but surely the council wouldnt be fooled by something so blatant. Would make any potential new owner less interested ?. Assuming ACL successful then over time SBSL would get funds and those funds would repay the SISU fund loans (without the football club creating losses in the SBSL group)

Like I said it is difficult to tell what is going on and doubt KD will shed much light on it. There are a lot of things that could be going on and we wont know for a long time - not until we see the accounts

Sorry I cant be more help as yet - but am interested to see what KD actually says

 

[Kiddo]

Why would any debt transfer take place? Why would SISU put us in admin? Most of our debt is owed to them!

 

[Paxman II]

OSB sounds very deceitful to me and one which can get people into trouble should what you are angling at be anywhere near reality of course.

This should be clearly investigated. I smell a rat...

 

[oldskyblue58]

You know paxman i could read that first sentence wrongly :thinking about: ....... honest

 

[shmmeee]

Does anyone actually know how the stadium agreement is worded? Would be madness if it's as simple as breaking off the football club and still having it

 

[cloughie]

our best hope is that shitsu have sold the debt to optium and will register a good tax loss against porfits for shitsu capital and then optium go to the wall avoiding losses to CCFC in which ever form and then sell on a no debt business for a sizeable amount of money. Won't hold my breath that they will be so good to us unless it works for shitsu

 

[rob9872]

Good old Otium. I knew there was a takeover on the horizon

 

[blueflint]

odd and odder what are they all up to now

 

[sky blue john]

I think they should have called it opium, I want some of what Ken's on

 

[hackneyfox]

Sounds dodgy though.
It may help offload sisu debt but the football authorities would surely take a dim view of this.
Didn't Leeds get hit with an extra point deduction due to coming out of admin incorrectly, didn't break a legal law just a football one.
Luton were hit a number of years later for dodgy directors.

If you offload debt and make the club more attractive via admin then you'd have to hope you get the full points deduction this year.
Take admin -10, get relegated and then hit with a 16 point deduction and you'll have more problems but 1 division lower.

Chances on answers tomorrow?

Fuck all that you could trust I'd imagine.

Modern football, great ain't it.

 

[PWKH]

CCFC own the option.