Telegraph confirm bids... (1 Viewer)

@richh87

Member
http://www.coventrytelegraph.net/sp...-news/three-parties-confirm-bids-buy-4282808?

Three parties have confirmed they have officially bid to buy Coventry City out of administration.

Among them is what is believed to be an entity related to hedge fund Sisu, which owns Coventry City Football Club (Holdings) Limited, the company still running the club and Warwickshire-based quantity surveyor Michael Byng.

Holdings chief executive Tim Fisher told the Telegraph: “I can confirm a Holdings-related entity has submitted an indicative bid to the administrator Paul Appleton .”

Rail enthusiast Mr Byng, who is interested in attracting Asian investors for the club and Ricoh Arena, also confirmed he has lodged a formal bid.

Speaking to the Telegraph from Dubai, where he is meeting the Chinese financiers interested in buying the club, Ricoh Arena, and investing in the Coventry and Warwickshire region’s rail network, he said: “An indicative bid was submitted before the administrator’s deadline of Friday.”

He acknowledged an indicative bid was an expression of interest only at this stage, adding: “That’s all it can be at the moment. The situation regarding the football club is a complete and utter mess.

“So it’s been very difficult to persuade investors to stay interested. But we’ve done it. They are also very interested in our rail infrastructure plans.”

The Asian investors are interested in plans, revealed in last week’s Telegraph, to link the Coventry and Warwickshire rail network including a new Ricoh Arena station, to a combined HS2 and Birmingham Airport interchange station.

Speculative plans for a third airport runway next to the air and rail interchange have also now emerged.

A third bidder, as revealed weeks ago, is the party headed by suspended Sky Blues life-president Joe Elliott and ex-director Gary Hoffman, with potential investment from US property magnate Preston Haskell IV .

It follows Friday’s deadline set by administrator Paul Appleton, of David Rubin and Partners, for what he had called “indicative bids” to buy Coventry City Football Club Limited, the subsidiary company in administration.

A spokesman for Mr Appleton said the he was respecting the “confidential” nature of the process by refusing to reveal which parties had bid, or how many bidders there had been.

It is not therefore known if other individuals or parties submitted bids to meet Friday’s deadline.

There had been another five parties which had earlier approached Mr Appleton to express an interest. Some sources consider not all eight were serious bids.

It comes ahead of the administrator’s second meeting of creditors in London on Wednesday.

Frustrated fans hope by then Mr Appleton will be closer to concluding his investigations into which assets lie in the company in administration, and not Holdings.

Some sources involved with proceedings believe Mr Appleton is close to announcing who his preferred bidder or bidders are.

Insolvency law requires him to select the bid which is in the best interests of creditors. The creditors are mainly Sisu/Holdings and related firms which claim to be owed at least £45million.

The proceeds of a sale would go towards paying back at least some of the debts owed to creditors. If a takeover of CCFC Ltd is preferred by Mr Appleton, that party would have to hold talks with Sisu/Holdings, with Mr Fisher insisting the “club is not for sale”.

The Football League will ultimately decide which company it wants to transfer the crucial, currently suspended, golden share back to.

The golden share is essentially a licence to play in the Football League.

Fans’ groups including the Sky Blue Trust want a solution which prevents Holdings/Sisu’s plans to play outside the city – possibly at Walsall’s Banks’s stadium – while they seek to build a new stadium in the “Coventry area” in three years.

The saga follows a long-running legal dispute over stadium revenue, rent and ownership between Holdings/Sisu and Arena Coventry Limited, the part Coventry City Council owned company – directors and lawyers for which have said they favour new owners for the club.

The Football League has indicated there is no timescale this summer for it to rule on whether to allow Sisu/Holdings to go-ahead with its groundsharing plan in early August when the new season starts. In the meantime, the club is under a transfer embargo – unable to buy and sell players.

More than 12,000 people have signed a Telegraph petition calling for Sky Blues to remain in Coventry .

Many expect the saga will rumble on beyond rulings by the administrator and Football League, with further legal challenges in court over issues around the ownership of the club and its assets including the playing staff and the original resgistration of the golden share.
 

@richh87

Member
It may well be that I'm being thick, but the final paragraph is news to me! Why would the winning bidder have to hold talks with SISU?

There's no way we're going to end this nightmare if they have to negotiate with those crooks.

http://www.coventrytelegraph.net/sp...-news/three-parties-confirm-bids-buy-4282808?
Some sources involved with proceedings believe Mr Appleton is close to announcing who his preferred bidder or bidders are.

Insolvency law requires him to select the bid which is in the best interests of creditors. The creditors are mainly Sisu/Holdings and related firms which claim to be owed at least £45million.

The proceeds of a sale would go towards paying back at least some of the debts owed to creditors. If a takeover of CCFC Ltd is preferred by Mr Appleton, that party would have to hold talks with Sisu/Holdings, with Mr Fisher insisting the “club is not for sale”.
 
the club is under a transfer embargo – unable to buy and sell players.

What a load of rubbish we can sell its adding to the squad we can't do. I think its now called the SISU system.
 

dongonzalos

Well-Known Member
Definitely Tim's rubbish is to get that price as high as possible.
If SISU win they will ask how much the second bidder put in.
Then they will approach the second and third highest bidders then ask then to match their own bid.

SISU do not want this club long term.
 

@richh87

Member
Definitely Tim's rubbish is to get that price as high as possible.
If SISU win they will ask how much the second bidder put in.
Then they will approach the second and third highest bidders then ask then to match their own bid.

SISU do not want this club long term.

Really hope so. Want them gone quickly and without legal challenges afterwards.
 

Bluegloucester

New Member
Definitely Tim's rubbish is to get that price as high as possible.
If SISU win they will ask how much the second bidder put in.
Then they will approach the second and third highest bidders then ask then to match their own bid.

SISU do not want this club long term.
I pray that you are correct.
 

fleebagfisher

New Member
It may well be that I'm being thick, but the final paragraph is news to me! Why would the winning bidder have to hold talks with SISU?

There's no way we're going to end this nightmare if they have to negotiate with those crooks.

crooks! they are the owners.
 

dongonzalos

Well-Known Member
The question is will the second and third highest baddest be prepared to pay for their over inflated debt. Probably not if they have sense.
 

dongonzalos

Well-Known Member
I would guess if they have sense they would offer to give SISU a third of their genuine debt say 10 million. Then offer them 10% of any future profit over the next 10 years.

Up to a maximum value of 30 million.

If SISU say no then leave it with them to enjoy the consequences of seeing through their bluff.

After two months of Walsall if the council don't come begging for them to come back to the Ricoh, they themselves will come back begging to the highest bidders.

We will lose another season but it would be worth it in the end.

I personally would rather the new owners keep the extra 50 million than give it to SISU to buy them out.
 

fleebagfisher

New Member
Sisu have played a blinder. The debt is going to be wiped out due to it being held by another company which will no doubt go bust. The other companies are the debt free companies. These companies hold the golden share and the assets. Hence sisu now buy back the company in administration and sell the companies to the highest bidder for pure profit. is it wrong for sisu to do that? No. In fact it is an essential part of business in these time. You have to agree this is what hedge funds do - profit is the only aim . . Thats what sisu do. We knew that when they bought the club . . We cant moan now. Anyway i think the bids will be in the 4 to 7 million pounds range.
 

VegetableSamosa

New Member
Am I the only one really hoping for this Chinese consortium to get it? Not just for the club, but if we get the third Birmingham runway and HS2 that would be a huge boost to the city and the region. We'll move away from the manufacturing ghost town we've become and get investment in the club. Hell, it might even be a stepping stone in overturning this recession and it'll all come down to our little Football club.
 

wingy

Well-Known Member
I wouldn't have a problem with any of that If It proves to be true ,but usually if something sounds to good to be true It Is
 

Flying Fokker

Well-Known Member
Sisu have played a blinder. The debt is going to be wiped out due to it being held by another company which will no doubt go bust. The other companies are the debt free companies. These companies hold the golden share and the assets. Hence sisu now buy back the company in administration and sell the companies to the highest bidder for pure profit. is it wrong for sisu to do that? No. In fact it is an essential part of business in these time. You have to agree this is what hedge funds do - profit is the only aim . . Thats what sisu do. We knew that when they bought the club . . We cant moan now. Anyway i think the bids will be in the 4 to 7 million pounds range.

But will SISU put the high bid in and carry the debt forward? 4-7 million seems a bit steep for a third tier club without any assets.
 

Flying Fokker

Well-Known Member
Am I the only one really hoping for this Chinese consortium to get it? Not just for the club, but if we get the third Birmingham runway and HS2 that would be a huge boost to the city and the region. We'll move away from the manufacturing ghost town we've become and get investment in the club. Hell, it might even be a stepping stone in overturning this recession and it'll all come down to our little Football club.

No, I'm sure those who voted for them on the poll agree with you on some of those points.
 

Otis

Well-Known Member
http://www.coventrytelegraph.net/sp...-news/three-parties-confirm-bids-buy-4282808?

Three parties have confirmed they have officially bid to buy Coventry City out of administration.

Among them is what is believed to be an entity related to hedge fund Sisu, which owns Coventry City Football Club (Holdings) Limited, the company still running the club and Warwickshire-based quantity surveyor Michael Byng.

Holdings chief executive Tim Fisher told the Telegraph: “I can confirm a Holdings-related entity has submitted an indicative bid to the administrator Paul Appleton .”

Rail enthusiast Mr Byng, who is interested in attracting Asian investors for the club and Ricoh Arena, also confirmed he has lodged a formal bid.

Speaking to the Telegraph from Dubai, where he is meeting the Chinese financiers interested in buying the club, Ricoh Arena, and investing in the Coventry and Warwickshire region’s rail network, he said: “An indicative bid was submitted before the administrator’s deadline of Friday.”

He acknowledged an indicative bid was an expression of interest only at this stage, adding: “That’s all it can be at the moment. The situation regarding the football club is a complete and utter mess.

“So it’s been very difficult to persuade investors to stay interested. But we’ve done it. They are also very interested in our rail infrastructure plans.”

The Asian investors are interested in plans, revealed in last week’s Telegraph, to link the Coventry and Warwickshire rail network including a new Ricoh Arena station, to a combined HS2 and Birmingham Airport interchange station.

Speculative plans for a third airport runway next to the air and rail interchange have also now emerged.

A third bidder, as revealed weeks ago, is the party headed by suspended Sky Blues life-president Joe Elliott and ex-director Gary Hoffman, with potential investment from US property magnate Preston Haskell IV .

It follows Friday’s deadline set by administrator Paul Appleton, of David Rubin and Partners, for what he had called “indicative bids” to buy Coventry City Football Club Limited, the subsidiary company in administration.

A spokesman for Mr Appleton said the he was respecting the “confidential” nature of the process by refusing to reveal which parties had bid, or how many bidders there had been.

It is not therefore known if other individuals or parties submitted bids to meet Friday’s deadline.

There had been another five parties which had earlier approached Mr Appleton to express an interest. Some sources consider not all eight were serious bids.

It comes ahead of the administrator’s second meeting of creditors in London on Wednesday.

Frustrated fans hope by then Mr Appleton will be closer to concluding his investigations into which assets lie in the company in administration, and not Holdings.

Some sources involved with proceedings believe Mr Appleton is close to announcing who his preferred bidder or bidders are.

Insolvency law requires him to select the bid which is in the best interests of creditors. The creditors are mainly Sisu/Holdings and related firms which claim to be owed at least £45million.

The proceeds of a sale would go towards paying back at least some of the debts owed to creditors. If a takeover of CCFC Ltd is preferred by Mr Appleton, that party would have to hold talks with Sisu/Holdings, with Mr Fisher insisting the “club is not for sale”.

The Football League will ultimately decide which company it wants to transfer the crucial, currently suspended, golden share back to.

The golden share is essentially a licence to play in the Football League.

Fans’ groups including the Sky Blue Trust want a solution which prevents Holdings/Sisu’s plans to play outside the city – possibly at Walsall’s Banks’s stadium – while they seek to build a new stadium in the “Coventry area” in three years.

The saga follows a long-running legal dispute over stadium revenue, rent and ownership between Holdings/Sisu and Arena Coventry Limited, the part Coventry City Council owned company – directors and lawyers for which have said they favour new owners for the club.

The Football League has indicated there is no timescale this summer for it to rule on whether to allow Sisu/Holdings to go-ahead with its groundsharing plan in early August when the new season starts. In the meantime, the club is under a transfer embargo – unable to buy and sell players.

More than 12,000 people have signed a Telegraph petition calling for Sky Blues to remain in Coventry .

Many expect the saga will rumble on beyond rulings by the administrator and Football League, with further legal challenges in court over issues around the ownership of the club and its assets including the playing staff and the original resgistration of the golden share.


Holdings chief executive Tim Fisher told the Telegraph: “I can confirm a Holdings-related entity has submitted an indicative bid to the administrator Paul Appleton .”


A Holdings related entity? Isn't CCFC Ltd a Holdings related entity?

Just sounds like another company name Sisu have conjured up so they can switch and swap and move money around doesn't it.

Why is it not just Holdings that have bid? Why a Holdings related entity?
 

torchomatic

Well-Known Member
No, I voted for them on the poll too. I'd just prefer them to PH4 as the JE connection puts me off his bid. Byng seems to have more money and a plan for the regeneration of the area which will tick all the right boxes in the Dark Kingdom (Council Offices). But, I suppose it doesn't really matter as long as one of them does.

Am I the only one really hoping for this Chinese consortium to get it? Not just for the club, but if we get the third Birmingham runway and HS2 that would be a huge boost to the city and the region. We'll move away from the manufacturing ghost town we've become and get investment in the club. Hell, it might even be a stepping stone in overturning this recession and it'll all come down to our little Football club.
 

SkyblueBazza

Well-Known Member
Holdings chief executive Tim Fisher told the Telegraph: “I can confirm a Holdings-related entity has submitted an indicative bid to the administrator Paul Appleton .”


A Holdings related entity? Isn't CCFC Ltd a Holdings related entity?

Just sounds like another company name Sisu have conjured up so they can switch and swap and move money around doesn't it.

Why is it not just Holdings that have bid? Why a Holdings related entity?

Perhaps their indicative bid is designed to reunite all club related assets & administrative processes under one banner...& then they can re-open ACL debate again. Maybe with...or without, a certain TF at the helm.
 

stupot07

Well-Known Member
I would guess if they have sense they would offer to give SISU a third of their genuine debt say 10 million. Then offer them 10% of any future profit over the next 10 years.

Up to a maximum value of 30 million.


If SISU say no then leave it with them to enjoy the consequences of seeing through their bluff.

After two months of Walsall if the council don't come begging for them to come back to the Ricoh, they themselves will come back begging to the highest bidders.

We will lose another season but it would be worth it in the end.

I personally would rather the new owners keep the extra 50 million than give it to SISU to buy them out.

Are you expecting the football club to make at least £300m profit in the next 10 years?
 

Godiva

Well-Known Member
A Holdings related entity? Isn't CCFC Ltd a Holdings related entity?

Just sounds like another company name Sisu have conjured up so they can switch and swap and move money around doesn't it.

Why is it not just Holdings that have bid? Why a Holdings related entity?

With the indicative bid the bidder has to show abillity to pay. The bid from sisu could be £10m to ARVO plus £650k to ACL and finally £600k to the administrators.
Holdings don't have that kind of money, so it could be SBS&L, sisu or ARVO that have put in the bid.
 

Godiva

Well-Known Member
Am I the only one really hoping for this Chinese consortium to get it? Not just for the club, but if we get the third Birmingham runway and HS2 that would be a huge boost to the city and the region. We'll move away from the manufacturing ghost town we've become and get investment in the club. Hell, it might even be a stepping stone in overturning this recession and it'll all come down to our little Football club.

The infrastructure development can/will happen whether the consortium buys the club or not.
 

AFCCOVENTRY

Well-Known Member
The administrator won't care about who will build new hotels or new railways.

Whoever pays the most to clear debts will win.

Unfortunately that is more than likely to be Sisu.
 

dongonzalos

Well-Known Member
Are you expecting the football club to make at least £300m profit in the next 10 years?

On the freak chance that over the ten years they somehow get complete ownership of the whole package get it into the prem and sell it on.

Plus inflation over 10 years

200 million (20 million)

As you have already given them 10 million.

Very very very unlikely but to put things properly in place now when you are in a position of strength, then it is better to cover your bottom with the most unrealistic scenario than get caught out.
 

dongonzalos

Well-Known Member
No, I voted for them on the poll too. I'd just prefer them to PH4 as the JE connection puts me off his bid. Byng seems to have more money and a plan for the regeneration of the area which will tick all the right boxes in the Dark Kingdom (Council Offices). But, I suppose it doesn't really matter as long as one of them does.

What is it that makes you think Bing has more money. You may be right, I personally have no idea who he is fronting for?
 

torchomatic

Well-Known Member
I don't I said he "seems" to have more money in the interviews that he's given. And no, you're right, we don't know who he is working on behalf. Not yet, anyway. But as I said earlier, my main concern with the PH4 bid is the heavy involvement of JE - if he was just a consultant who would not be involved after any takeover then I'd be a lot more relaxed about it.

However, ultimately I'd be happier with either of them than with SISU.
 

dongonzalos

Well-Known Member
I don't I said he "seems" to have more money in the interviews that he's given. And no, you're right, we don't know who he is working on behalf. Not yet, anyway. But as I said earlier, my main concern with the PH4 bid is the heavy involvement of JE - if he was just a consultant who would not be involved after any takeover then I'd be a lot more relaxed about it.

However, ultimately I'd be happier with either of them than with SISU.

JE, will become chairman if Mr Haskell wins.

Do you not think he is fit for this role?
 

stupot07

Well-Known Member
JE, will become chairman if Mr Haskell wins.

Do you not think he is fit for this role?

We don't know, this is exactly why we need to understand the history of how we got into the position we're in now, especially what happened pre-sisu, and what was Elliott's role in those decisions.
 

dongonzalos

Well-Known Member
The administrator won't care about who will build new hotels or new railways.

Whoever pays the most to clear debts will win.

Unfortunately that is more than likely to be Sisu.

Unfortunately that seems to be case his priority is money back to the creditors, not the long term future of our club.

However it would suit the main creditor to lose the bid and get as much money back as possible whilst losing the bid. Then have the administrator advising the bid winner that they have to do a deal with Holdings. So they drive the price of that up as well.

Which is still what I think their game is.

There is no way on hells earth they see that new stadium plan as realistic, viable or a route they want to take.

This is a make as much as we can out of a bad scenario.
 

torchomatic

Well-Known Member
We don't know. He's never done it before and I'm concerned about this past involvement with Richardson and SISU, both of which didn't turn out too well. Also, I don't necessarily think that having a City fan as a Chairman is a good thing.

On occasions we may want a more business-like view not clouded with sentiment. But then again, he maybe a great Chairman so we will have to wait and see what happens, I guess.

All conjecture at the moment anyway.

JE, will become chairman if Mr Haskell wins.

Do you not think he is fit for this role?
 

fernandopartridge

Well-Known Member
It may well be that I'm being thick, but the final paragraph is news to me! Why would the winning bidder have to hold talks with SISU?

There's no way we're going to end this nightmare if they have to negotiate with those crooks.

I've said this all along. SISU hold all the cards still.

You lot on here with all the "Bye bye SISU" shite.
 

ajsccfc

Well-Known Member
I guess we'll never hear of the other interested parties now. Was it eight mooted at one point? If one wasn't Alki David I'm disappointed.
 

dongonzalos

Well-Known Member
We don't know. He's never done it before and I'm concerned about this past involvement with Richardson and SISU, both of which didn't turn out too well. Also, I don't necessarily think that having a City fan as a Chairman is a good thing.

On occasions we may want a more business-like view not clouded with sentiment. But then again, he maybe a great Chairman so we will have to wait and see what happens, I guess.

All conjecture at the moment anyway.

Yep I see your point he is very passionate.

Would be nice if he was joint chairman with someone detached from the supporting side so they can bounce off each other.
 

oldskyblue58

CCFC Finance Director
“I can confirm a Holdings-related entity has submitted an indicative bid to the administrator Paul Appleton .”

What does TF mean by that ?
 

torchomatic

Well-Known Member
SBS&L maybe?

“I can confirm a Holdings-related entity has submitted an indicative bid to the administrator Paul Appleton .”

What does TF mean by that ?
 

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