sky sports now (1 Viewer)

Sub · Mar 25, 2013

reporting a bidder preston haskle IV the from the USA wants to buy the Higgs sent email needs to be agreed by council share and talking about CCFC talking about golden share still do not know who own it ACL saying the company who own golden share have gone into admin SKY sports sources saying they are correct and 10 point deduction would apply charity say want to sell best for club to own stadium aswell and ultimate goal for the american investor. since 2001 the company that has been put into admin own the golden share according to sky sports sources

Diehard Si · Mar 25, 2013

So they are just taking about current speculation and nothing new?

Sub · Mar 25, 2013

Diehard Si said:
So they are just taking about current speculation and nothing new?

just added a bit more info at the top si

mattylad · Mar 25, 2013

read a bit here http://www1.skysports.com/football/news/11095/8596315/

bamalamafizzfazz · Mar 25, 2013

Obviously been on this forum...

Diehard Si · Mar 25, 2013

If true that CCFC Limited has the share, could SISU now be in real trouble?

PH4 could in theory now buy CCFC Limited and therefore the football share out of admin. Ok, none of the players contracts in that company, but wouldn't they have to follow the share? Interesting development if true. Tomorrow could be a very intersting day.

Either way a 10 point deduction minumum is to be expected no matter what.

oldskyblue58 · Mar 25, 2013

If SISU have the share ownership wrong then the club could be in big trouble imo

The only defense it would seem to me is that SISU have in that case is that the two companies are inextricably linked so it doesnt matter which company has it. Of course that would also admit that the lease is inextricably linked to CCFCH also and give ACL grounds to put CCFCH in to administration too.

Doubt the FL would sanction the sale of the share to a third party unless they could
- pass fit and proper
- demonstrate they had funds
- demonstrate they had a deal to buy the players back
- demonstrate they had agreement on a ground to play in

Any deal for CCFC Ltd and its share has to negotiated through administrator and approved by creditors, unless approval is with held unreasonably

Do players contracts have to sit with the company that owns the share I would have thought so but it appears SISU are saying not. Again comes back to whether two companies are inextricably linked

Seems to me on the face of it that SISU have got themselves in a mess ................ but there may be some plan to this on their part that works, usually have some angle dont they

fernandopartridge · Mar 25, 2013

oldskyblue58 said:
If SISU have the share ownership wrong then the club could be in big trouble imo

The only defense it would seem to me is that SISU have in that case is that the two companies are inextricably linked so it doesnt matter which company has it. Of course that would also admit that the lease is inextricably linked to CCFCH also and give ACL grounds to put CCFCH in to administration too.

Doubt the FL would sanction the sale of the share to a third party unless they could
- pass fit and proper
- demonstrate they had funds
- demonstrate they had a deal to buy the players back
- demonstrate they had agreement on a ground to play in

Any deal for CCFC Ltd and its share has to negotiated through administrator and approved by creditors, unless approval is with held unreasonably

Do players contracts have to sit with the company that owns the share I would have thought so but it appears SISU are saying not. Again comes back to whether two companies are inextricably linked

Seems to me on the face of it that SISU have got themselves in a mess ................ but there may be some plan to this on their part that works, usually have some angle dont they

Who owns the player's contracts currently?

oldskyblue58 · Mar 25, 2013

well according to recent press releases from SISU/administrator it is CCFCH ............ but history says that the playing costs were always a liability of ccfc limited

fernandopartridge · Mar 25, 2013

oldskyblue58 said:
well according to recent press releases from SISU/administrator it is CCFCH ............ but history says that the playing costs were always a liability of ccfc limited

Where does ARVO fit in?

oldskyblue58 · Mar 25, 2013

Arvo has made "loans" to the group that are secured on all the assets of CCFC ltd and CCFCH. ARVO is a fund which SISU operate and work with. ARVO also owns 3 non voting shares in ccfch

Bluegloucester · Mar 25, 2013

oldskyblue58 said:
well according to recent press releases from SISU/administrator it is CCFCH ............ but history says that the playing costs were always a liability of ccfc limited

That is correct.

Skyblue4u · Mar 25, 2013

Christ, as things move on its becoming more rather than less complex

Hugh Jarse · Mar 25, 2013

Arvo has made "loans" to the group that are secured on all the assets of CCFC ltd and CCFCH. ARVO is a fund which SISU operate and work with. ARVO also owns 3 non voting shares in ccfch

Jesus H, no wonder our club is in deep shit. Sounds like classic Laurel and Hardy, "you gave it to me to give to her to give to him".

deanocity3 · Mar 25, 2013

why can't cov city ladies fc take the points deduction instead

Sky Blues · Mar 25, 2013

mattylad said:
read a bit here http://www1.skysports.com/football/news/11095/8596315/

Interesting line in that story:

"As soon as we have those the board will make a decision, but our job is to try and get Coventry through to the end of the season so the administrator has time to save the club on behalf of the fans."

On the one hand the League are saying they are still gathering the facts, but the second half of this quote suggests they think the administrator is in charge of the club. I.E. The club is Coventry City FC Ltd, not Coventry City FC (Holdings) Ltd.

Jack Griffin · Mar 25, 2013

Well spotted, but also there is a league rule that the club must have access to a ground for the full season, they flaunt that at their peril.

13.9 Subject to any dispensations granted by the Board, a Club shall either own its ground or have a legally enforceable agreement with its ground's owner for its use by the Club, expiring not earlier than the end of the current Season.

Wrightdog · Mar 25, 2013

Diehard Si said:
If true that CCFC Limited has the share, could SISU now be in real trouble?

PH4 could in theory now buy CCFC Limited and therefore the football share out of admin. Ok, none of the players contracts in that company, but wouldn't they have to follow the share? Interesting development if true. Tomorrow could be a very intersting day.

Either way a 10 point deduction minumum is to be expected no matter what.

SISU can keep the lot of them and we'll start again!

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