SISU HAVE BID for CCFC ltd (3 Viewers)

covhead1 · Jun 8, 2013

SISU Capital Make Bid
SISU Capital have made an indicative bid for CCFC Ltd.
Tim Fisher, speaking at the Second Fans Forum at the Holiday Inn, confirmed that they had made a bid for CCFC Ltd to the Administrator before the bidding closed at 5pm today.
Mr Fisher, refused to say how much SISU had bid citing it being commercially sensitive but added: “We have to pull back the components of the football club and bring the club out of administration.”
You can hear the forum by clicking on http://www.bbc.co.uk/programmes/p01b1r1k

ampthill_sba · Jun 8, 2013

I assume that bids are 'sealed bids' and so if SISU in their arrogance go in too low, one of the other bidders could become the preferred...

The Penguin · Jun 8, 2013

But why bother, it's worthless!

jon92 · Jun 8, 2013

The Penguin said:
But why bother, it's worthless!

Wouldn't it give them full control of the club then

The Penguin · Jun 8, 2013

jon92 said:
Wouldn't it give them full control of the club then

They seem very keen to tell us they already have it now, Limited is, after all, merely a "non-trading property subsidiary". :facepalm:

Grendel · Jun 8, 2013

ampthill_sba said:
I assume that bids are 'sealed bids' and so if SISU in their arrogance go in too low, one of the other bidders could become the preferred...

I think we can safely say it will be by far the best bid. That was very obvious in the forum.

jon92 · Jun 8, 2013

The Penguin said:
They seem very keen to tell us they already have it now, Limited is, after all, merely a "non-trading property subsidiary". :facepalm:

They must want it for a reason

Samo · Jun 8, 2013

The Penguin said:
But why bother, it's worthless!

Yep, worthless. According to TF Holdings are the club, Holdings has the share, there is nothing in Ltd and it's business as usual. So... why on earth would they want to buy Ltd? I can smell the bullshit from here. Who the fuck do they think they are kidding?

singers_pore · Jun 8, 2013

I think we can safely say SISU's will be by far the worst bid although it will also be the highest due to the debts they have fabricated. A simple debt to equity swap will mean they remain in place in the short term. But they may well go back to one of the other bidders after the admin is finished. Clearly Fisher was lying when he said the club is not for sale. Everything is for sale at the right price.

rupert_bear · Jun 8, 2013

Talking to Stuart Linnell he thinks they are liely to succeed in their bid too.

SkyblueBazza · Jun 8, 2013

Didn't they already have full control of the club before they put CCFC Ltd into admin?
All they did not have was a clean slate because they owed lots to ACL for use of the Ricoh. Now they would have everything bar a place to play &, if one believes posters on this & other forums/media, about 3000 fans.

Samo · Jun 8, 2013

Grendel said:
I think we can safely say it will be by far the best bid. That was very obvious in the forum.

It will be the highest bid but maybe not the best. Creditors are not the Admin's only duty, he should be securing the best deal for the business moving forward.

jon92 · Jun 8, 2013

But now CCFC ltd is up for sale if another party brought it they wouldn't have full ownership and just own the other part

Grendel · Jun 8, 2013

Samo said:
It will be the highest bid but maybe not the best. Creditors are not the Admin's only duty, he should be securing the best deal for the business moving forward.

They will be offering to repay the main "creditor" in full. By Monday they will have total ownership. It would be a very brave administrator to say no.

Jack Griffin · Jun 8, 2013

The loyalty of the fans is the prime asset the club has & SISU have pretty much lost that asset.

quinn1971 · Jun 8, 2013

Grendel said:
They will be offering to repay the main "creditor" in full. By Monday they will have total ownership. It would be a very brave administrator to say no.

By Monday! !!!!!! That's quick . isn't there a creditors meeting on Friday?how would they work out how much would be owed to acl in outstanding rent.?

Samo · Jun 8, 2013

Grendel said:
They will be offering to repay the main "creditor" in full. By Monday they will have total ownership. It would be a very brave administrator to say no.

Yes it would... and I am hoping against what common sense tells me that there may be some another outcome. Who can say what may be going on in private?

Bill Glazier · Jun 8, 2013

Samo said:
It will be the highest bid but maybe not the best. Creditors are not the Admin's only duty, he should be securing the best deal for the business moving forward.

Well in that case we must make it crystal clear that none of us will give SISU a single penny more. No customers means no business moving forward.

Mary_Mungo_Midge · Jun 8, 2013

Grendel said:
They will be offering to repay the main "creditor" in full. By Monday they will have total ownership. It would be a very brave administrator to say no.

Alas, I fear for the second time this morning, you are correct. Your timing might be a touch ambitious, but I agree with your prognosis

Grendel · Jun 8, 2013

Mary_Mungo_Midge said:
Alas, I fear for the second time this morning, you are correct. Your timing might be a touch ambitious, but I agree with your prognosis

It may not be Monday but fisher let that cat out the bag last night. He is enjoying the game whatever the game is.

rupert_bear · Jun 8, 2013

Grendel said:
It may not be Monday but fisher let that cat out the bag last night. He is enjoying the game whatever the game is.

You may be correct about the administator, but another thing he has to consider is the business going forward in these cases the highest bidder isn't always successful. The issue of the Golden Share is important and could influence any decision because without it the business cannot go forward, whether past issues such as not doing the accounts on time year on year and the general running of the business, debt etc. has a bearing who knows and of course the where do we play situation and with that the 10 year guarantee the Football League demand as to where we play. Looking from the outside in i would say sisu have a bit to do to succeed

Grendel · Jun 8, 2013

rupert_bear said:
You may be correct about the administator, but another thing he has to consider is the business going forward in these cases the highest bidder isn't always successful. The issue of the Golden Share is important and could influence any decision because without it the business cannot go forward, whether past issues such as not doing the accounts on time year on year and the general running of the business, debt etc. has a bearing who knows and of course the where do we play situation and with that the 10 year guarantee the Football League demand as to where we play. Looking from the outside in i would say sisu have a bit to do to succeed

The football league I am sure will be advising the administrator that they have approved sisu's plans going forward. It's a done deal.

rupert_bear · Jun 8, 2013

Grendel said:
The football league I am sure will be advising the administrator that they have approved sisu's plans going forward. It's a done deal.

And the ground is..... ?

quinn1971 · Jun 8, 2013

Grendel said:
The football league I am sure will be advising the administrator that they have approved sisu's plans going forward. It's a done deal.

If that's the case...which I dont think it will be..The administration rules will have to be changed.So a club can run up millions in debts.walk out on rent agreements. Move football clubs from their homes and all they'll get is -10 pts and a slap on the wrist.

Samo · Jun 8, 2013

quinn1971 said:
If that's the case...which I dont think it will be..The administration rules will have to be changed.So a club can run up millions in debts.walk out on rent agreements. Move football clubs from their homes and all they'll get is -10 pts and a slap on the wrist.

And the liscence to do it all again!

quinn1971 · Jun 8, 2013

Samo said:
And the liscence to do it all again!

Exactly..The beautiful game ?????not anymore.

dadgad · Jun 8, 2013

Bill Glazier said:
Well in that case we must make it crystal clear that none of us will give SISU a single penny more. No customers means no business moving forward.

Precisely.

grego_gee · Jun 8, 2013

99% of the successful bid will be paid to SISU!
My guess is they will put in a bid that will act like a reserved price!
It will cost them only 1% of whatever they bid - it does not cost them anything to pay themselves the rest!
I would guess they will bid over the £45m they have put in themselves plus a small fraction of the remaining inherited debt.
Somewhere round £50m, 1% would go to ACL 500k
If anyone bids more they would have already paid £50m to SISU and still need to negotiate for the assets in holdings.
I doubt if any other bidders would have bid without already having negotiated with SISU for holdings.

imp:

Grendel · Jun 8, 2013

quinn1971 said:
If that's the case...which I dont think it will be..The administration rules will have to be changed.So a club can run up millions in debts.walk out on rent agreements. Move football clubs from their homes and all they'll get is -10 pts and a slap on the wrist.

The league will want fixtures fulfilled. Sisu are fit and proper owners as they give them no trouble in that regard. Please don't be naive. Ronnie Biggs would pass the fit and proper test.

Samo · Jun 8, 2013

Grendel said:
The league will want fixtures fulfilled. Sisu are fit and proper owners as they give them no trouble in that regard. Please don't be naive. Ronnie Biggs would pass the fit and proper test.

No trouble in that regard? As we stand they cannot tell the FL where we will be playing come August. Or, more importantly, in 3 years time.

quinn1971 · Jun 8, 2013

Grendel said:
The league will want fixtures fulfilled. Sisu are fit and proper owners as they give them no trouble in that regard. Please don't be naive. Ronnie Biggs would pass the fit and proper test.

It's not being naive....there's alot more going on than you understand. ..it won't be that simple.

James Smith · Jun 8, 2013

The Penguin said:
But why bother, it's worthless!

Ah like the Ricoh itself!

rupert_bear · Jun 8, 2013

Grendel you haven't answered my very simple question. The ground is... ?

Chipfat · Jun 8, 2013

Sisu have this wrapped up so certain people on here will happily celebrate that the same people that have ran this club so poorly have the chance again..Me i'm out, if these people are given control don't believe them don't trust them and certainly don't care for them or the desire to take the club out of the city...

rupert_bear · Jun 8, 2013

Trust me this is a long way from a done deal for sisu, lots of hurdles to jump, time deadlines etc. for them, they may do it but equally they may not.

SISU HAVE BID for CCFC ltd (3 Viewers)

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