Telegraph Investigation into ARVO (1 Viewer)

WillieStanley · May 23, 2012

Telegraph today

Avro, Cayman Islands, Loans, Mortgages and the fear of death.

A follow up to BSB's email. Very interesting. Very bleak. I'm sure the link will be along later.

Brighton Sky Blue · May 23, 2012

Just e-mailed Turner again to thank him for following up on it-but also to be more on his toes in future!

Brighton Sky Blue · May 23, 2012

Debentures cover everything Jon-that's the whole point!

Danceswithhorses · May 23, 2012

Telegraph 'Special Investigation'...dont make me laugh

Brighton Sky Blue · May 23, 2012

Link: http://www.coventrytelegraph.net/co...-cayman-islands-link-revealed-92746-31025287/

Bit miffed at them claiming the story as their own findings!

Houchens Head · May 23, 2012

Should re-name that crap paper The Coventry Evening Bellylaugh.

oldskyblue58 · May 23, 2012

such a great piece of investigation that they cant even get the name right :facepalm: its ARVO not AVRO

Am annoyed they and CWR this morning claim it as their own investigation when the information was on here 4 weeks ago and when asked about it the CT chose to gloss over.

We even emailed them the questions to ask!!!!.

Good to see that Mr Guilfoyle backs up what we knew

Senior Vick from Alicante · May 23, 2012

Amature reporters who have gleaned their information from the financial discussions on this forum, the paper is a rag. We have been asking these numpties to investigate on our behalf for months. More seriously bsb it looks like the debenture is in place to enable SISU to keep hold of the club even through administration, sad times a head for every one me thinks.

skybluesam66 · May 23, 2012

500k funding gap - bollocks. Im sorry absolutely no way in gods earth we are losing that sort of money - Fisher is a complete buffoon who thinks we will believe anything

Sky Blues · May 23, 2012

I thought I read somewhere that they weren't losing that much a month any more. But if they are, we're not just screwed, but royally screwed. Glug glug glug. The sound of Sisu's "investment" going down the pan & taking our football club with it!

oldskyblue58 · May 23, 2012

Senior Vick from Alicante said:
. More seriously bsb it looks like the debenture is in place to enable SISU to keep hold of the club even through administration, sad times a head for every one me thinks.

That Senior Vick is exactly the purpose

Wrenstreetcarpark · May 23, 2012

Nothing with Sisu is straight. We are used to dealing with people who control the Club who are not straight but it used to be just dishonest, lying thieves and shites that you could understand, now it is "legal" but it doesn't change their nature, just which side of the line between being potentially criminal and not.

Brighton Sky Blue · May 23, 2012

Were it not for being e-mailed last week Turner would still be none the wiser; for that matter, nor would Cllr Mutton, CWR, or the majority of the Telegraph readership. They then took the credit for the proper digging done by people on this forum.

rob9872 · May 23, 2012

If we were losing £500k p/m when they first used the excuse two years back and have since cut everything they can in terms of playing staff wages and are still losingh the same value that tells me one of two things - either they are making up the numbers or their business model has a serious flaw!

rob9872 · May 23, 2012

* or I guess .... both!!!

Disorganised1 · May 23, 2012

They just thing they can tell us anything - and as for the front men they roll out........

Sky Blues · May 23, 2012

Spot on Rob.

oldskyblue58 · May 23, 2012

Name on the article is Les Reid not Turner though BSB - would seem the SISU set of values are rubbing off on the CT reporters or was it always the case ?

Otis · May 23, 2012

I got this reply from the CT last week.

'I'm on holiday until a week on Monday.

I suggest you try news reporter Martin Bagot who has been looking at the 'charge' issue.

Failing that, why don't you write to Tim Fisher at the Ricoh direct.

Give me a call a week on Monday and I'll run through a couple of things with you.'

I like the 'write to Tim Fisher' bit. As if he is going to give me the answer I am looking for! :jerkit:

procdoc · May 23, 2012

I put it to Jon Gaunt on twitter and he insists it's a non-story! Is that guy on SISU's pay roll now?!

rob9872 · May 23, 2012

I need to stop reading articles like this. All it does it makes me unnecessarily angry and upset

wingy · May 23, 2012

It also backs up the theory that the funding is not coming out of "The Funds " anymore and more likely one of Joys wealthy cohorts

oldskyblue58 · May 23, 2012

That Otis comes across as "go away little man you are not important its our story now ................"

clearly ct journalists are neither to be believed or trusted ........ just another facet of this whole sorry affair that has failed in its duty to the fans

kingharvest · May 23, 2012

Well, it is a bit of a non-story isn't it? Great digging by people on this site to find it out, but ultimately its SISU protecting any assets left in the company in case of liquidation.

This is pretty serious though. Unless SISU can secure half the ground/reduction in rent, then the club is going to die. The only other way it survives is if they can attract investment or a buyer. So far they haven't been able to do that.

They took out the debenture in March, when ACL/council and everyone else was saying the ricoh doesn't need the football club, so i don't blame SISU for thinking "oh shit, if they won't sell, and we can't find a credible buyer, then we'll have to wrap it up otherwise we'll keep losing money". Now in recent weeks, clearly the council have realised that the football club is important and critical to the city and the arena, and as such seem to be trying to ensure that he club survives. The only way they have said they'll agree to that is if SISU commit to re-investing revenue from the Ricoh into the club. Hence the assessment of business plans, etc. They want assurances before they agree.

kingharvest · May 23, 2012

Can anyone post comments? We should bombard them with comments on the article and tweets to the people involved that Old Sky Blue and others should be credited. They really piss me off at the telegraph.

Brighton Sky Blue · May 23, 2012

oldskyblue58 said:
Name on the article is Les Reid not Turner though BSB - would seem the SISU set of values are rubbing off on the CT reporters or was it always the case ?

I can only assume they were rubbing their hands in delight at an expose they could pass off as their own discovery. Maybe Reid needs it more than Turner.

kingharvest · May 23, 2012

Just tweeted Read to ask why no mention of SBT anywhere in the article.

Brighton Sky Blue · May 23, 2012

oldskyblue58 said:
That Otis comes across as "go away little man you are not important its our story now ................"

clearly ct journalists are neither to be believed or trusted ........ just another facet of this whole sorry affair that has failed in its duty to the fans

I'm pleased that it's *finally* come into the public eye-but I'm seriously frustrated that there's no acknowledgement of their sources for the information in the first place. OSB, I think we need to start our own rival paper

Sky Blues · May 23, 2012

The CT do sort of credit SBT obliquely " Mr Fisher last week played down the debenture with Arvo – concern over which had been raised by some Coventry City fans on fans’ websites – "
They'll be claiming it as the first official news outlet to report it. We have OSB & others to break news to us though! Good work guys, even if it is just more depressing news you're bringing us.

oldskyblue58 · May 23, 2012

Clearly SISU have a detailed plan to what they are doing .........

Days before they withhold the rent for April they take out a charge in favour of ARVO an entity they have used before. The effect in part is to render taking recovery action pretty pointless because there are no assets available. The only course would be to take action to wind up the company ..... and SISU can say it wasnt me guv it was those nasty ACL people!

As for ARVO putting all the funds in as per TF ........... well it used to be the four funds that bought in.... then it was Sconset that owned those funds ..... now we are apparently in debt to ARVO .......... if they are putting in £500k pm then their charge does not cover their debt (the assets charged are simply not worth that much - except the land at Leamington and trademarks) say 3 months worth and they are unsecured lending. Do we really belive given all the budget talk etc that ARVO or SISU are making £500k pm available unsecured with no real prospect of recovery ........... errr NO

But still prople claiming great investigation are not asking the questions

Sky Blues · May 23, 2012

Forgive me OSB, this means?.... That CCFC is about to be trading insolvently? That you think they won't invest another penny when the three months is up? Or that CCFC ans Sisu are already effectively doing both & the question is why is Sisu continuing to put money into a seemingly bottomless pit?

kingharvest · May 23, 2012

Their last throw of the dice is to own half the ground. If that doesn't happen then its apocalypse now....i think

kingharvest · May 23, 2012

@CovTel_CCFC @CovTelEd No mention in the article about ARVO that the Sky Blue Talk forum had to TELL the telegraph about any of this. Why?

From: @CovTelEd: Because that's not strictly true. @Lesreidpolitics has been working on this investigation for some time.

@CovTelEd @Lesreidpolitics Thats not how it sounded last week. Either way, you really must ask better questions. I suggest contacting....certain members of that forum who know what they're talking about. It can only help the cause

From: @CovTelEd: We know what we're doing. Thanks.

Cock.

oldskyblue58 · May 23, 2012

pretty much the second SB ...... my guess is that in some way ARVO already were owed money at 19/03/12 which is how they got the charge...... so when that debt hits say £1.5m then any further money put in is unsecured. Given that SISU are saying they wont put money in unless they get an interest in ACL then how are we paying the bills ? Can we believe either that we are losing £500k every month still or that SISU are putting that much in to CCFC ? - i dont

Sky Blues · May 23, 2012

Thanks OSB. Given the "60 days", it doesn't look good for CCFC - though I too struggle to fathom how we're losing £500k per month still given the cut backs.

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