So if sisu have the money (1 Viewer)

AJB1983 · Aug 16, 2013

To keep owning us for years, why hasnt that money been invested in the team to prevent something such as relegation?
why are we in such a position that we have to lower the wage bill by selling our players time after time.
Total baloney. Why Are they here? Basically if they have the money how did they end up nearly in liquidation before the acl action?

It's such a shame but they've lost me...I can not support the stance the owners have taken and if that means I support them from home or only at away games, then so be it.

RegTheDonk · Aug 16, 2013

I suppose the fair play rules might dictate how much they can acutally now pay for players and wages - but you're right, if they had invested in previous seasons rather than cutting corners we might not be in this mess now.

RFC · Aug 16, 2013

I've said right from the outset, the owners will only go when they're good and ready!

As for filing accounts late it's common business practice as confirmed by FL.

"Mr Clarke also said the Football League would not fail any football club owners on its “fit and proper test” because of late filing of accounts, which he said was commonplace.

He said late filing of accounts could often be due to reasonable uncertainty about assets and liabilities before a company could be signed off as a going concern by auditors.".

skyblueiom · Aug 16, 2013

RFC said:
I've said right from the outset, the owners will only go when they're good and ready!

Dont agree - theyre stubborn for sure, but theyre driven by greed, and there is no way they can turnaround CCFC. We have to stay strong and stay united - money is their lifeblood, starve them of it and they will die.

DazzleTommyDazzle · Aug 16, 2013

RFC said:
As for filing accounts late it's common business practice as confirmed by FL.

"Mr Clarke also said the Football League would not fail any football club owners on its “fit and proper test” because of late filing of accounts, which he said was commonplace.

I think you're confusing Football League excuses with reality.

ccfclinney · Aug 16, 2013

Remember what sisu do, they buy companies when on the brink

Cut loses, gain income and then sell for a profit

If they achieve building a new stadium I would say they would be making money as would keep all revenues. Then maybe just maybe we might see some good activity on the pitch.

Even if you have a good amount of money you don't want to lose 5-10m every year! Especially when it's investors money .. Who would ??

DazzleTommyDazzle · Aug 16, 2013

RFC said:
As for filing accounts late it's common business practice as confirmed by FL.

"Mr Clarke also said the Football League would not fail any football club owners on its “fit and proper test” because of late filing of accounts, which he said was commonplace.

If that is an accurate quote, it raises some interesting (well to me anyway) questions.

We are currently in our third annual transfer embargo. Each embargo was imposed by the Football League because we were late in filing our accounts.

The Football League is hoping to sort out its clubs' finances by introducing the FFP rules. As I understand it, the penalty for breaching these rules is a transfer embargo.

So - it seems reasonable to conclude that:

1. The Football League see a transfer embargo as a serious penalty (ref FFP)
2. The Football League impose a transfer embargo for the late filing of accounts
3. The Football League believe that the late filing of accounts is "commonplace" and "could often be due to reasonable uncertainty about assets and liabilities before a company could be signed off as a going concern by auditors."

Seems a little odd to me......

Manchester_sky_blue · Aug 16, 2013

If it's truly a common occurrence to file accounts late then why does the league bother to impose transfer embargo's on those clubs that do? If it's not important then why punish clubs for it?

Also, I dont understand why we have an embargo placed on us for SISU failing to file accounts, surely its only the clubs accounts that matter to the league?

AJB1983 · Aug 16, 2013

Re the embargo's exactly. If its commonplace, why don't more clubs have then.
Commonplace to file them late every year? It's affected our ability to compete in the league.
Also the 'rolling embargo' seems a farce.
"You're under embargo due to unfiled accounts"
"We still haven't filed them, but have now bought the club using a 'vehicle' that didn't file accounts before either"
"Ok then, one in one out only...."

The Penguin · Aug 16, 2013

RFC said:
I've said right from the outset, the owners will only go when they're good and ready!

As for filing accounts late it's common business practice as confirmed by FL.

"Mr Clarke also said the Football League would not fail any football club owners on its “fit and proper test” because of late filing of accounts, which he said was commonplace.

He said late filing of accounts could often be due to reasonable uncertainty about assets and liabilities before a company could be signed off as a going concern by auditors.".

Oh, so because it's 'commonplace' then we should just roll over and accept it every season?

Sorry, I want Coventry City to be successful on the pitch, and constant transfer embargoes have done nothing to achieve that aim over the last three seasons. Look at the players we have allegedly been sniffing around (particularly at the start of last season) that have been lost because of an embargo our owners are responsible for.

I also echo the thoughts of others about Clarke's quote and the League's punishment of an embargo for late filing; the two are contradictory. If it's commonplace as Clarke claims, then the League should not be punishing anybody for 'common business practice'.

James Smith · Aug 16, 2013

RFC said:
I've said right from the outset, the owners will only go when they're good and ready!

As for filing accounts late it's common business practice as confirmed by FL.

So can I use that with HMRC in January when I'm running late with my self assesment tax forms?

Grendel · Aug 16, 2013

James Smith said:
So can I use that with HMRC in January when I'm running late with my self assesment tax forms?

No you get a £100 fine - that's your embargo

James Smith · Aug 16, 2013

Grendel said:
No you get a £100 fine - that's your embargo

Fair enough, I haven't managed to get that yet but it's been a close run thing on occasions.

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