The Golden Share... (4 Viewers)

Voice_of_Reason · Apr 23, 2013

The Golden Share is the licence the Football League issued to Coventry City Football Club Limited. The only question is now is if it is legal to transfer the licence to another Limited Company without the written agreement of the Football League. Surely Mr Appleton could have found out within hours. IF NOT, WHY NOT ?

The Penguin · Apr 23, 2013

Didn't someone on here find the Football League rules that state that the share cannot be transferred without express consent of the Football League?

At any rate, if someone knew the answer to this question, we probably wouldn't still be in this mess!

Bluegloucester · Apr 23, 2013

We do know the answer, it's at CCFC Ltd. This has been confirmed by the Football League.

The Penguin · Apr 23, 2013

Bluegloucester said:
We do know the answer, it's at CCFC Ltd. This has been confirmed by the Football League.

True.

Unfortunately, it seems that our friends at CCFC (Holdings) do not agree!

Bluegloucester · Apr 23, 2013

The Penguin said:
True.

Unfortunately, it seems that our friends at CCFC (Holdings) do not agree!

No friends at CCFC H

lordsummerisle · Apr 23, 2013

Why has nobody mentioned this "Golden Share" thing before on here?

It sounds important, thank God somebody has finally brought it out into the public domain.

rupert_bear · Apr 23, 2013

The answer may be known but the administrator doesn't report back until 19th of May We will have to be patient

skyblue2k · Apr 23, 2013

Administrator has to report back by 16th may at the latest, if all information together now. There is no reason other than contacting court to agree date

skyblue2k · Apr 23, 2013

Wish it could be sorted sooner

theferret · Apr 23, 2013

Voice_of_Reason said:
The Golden Share is the licence the Football League issued to Coventry City Football Club Limited. The only question is now is if it is legal to transfer the licence to another Limited Company without the written agreement of the Football League. Surely Mr Appleton could have found out within hours. IF NOT, WHY NOT ?

The original league share was issued to CCFC Holdings Ltd (then known as The Coventry City Football Club Ltd), ie it was never with CCFC Ltd. If it is now with CCFC Ltd (which didn't exist before 1995), when did that happen? Perhaps following relegation back into the football league? Nobody seems to know.

Bluegloucester · Apr 23, 2013

theferret said:
The original league share was issued to CCFC Holdings Ltd (then known as The Coventry City Football Club Ltd), ie it was never with CCFC Ltd. If it is now with CCFC Ltd (which didn't exist before 1995), when did that happen? Perhaps following relegation back into the football league? Nobody seems to know.

The football contracts share, player registrations etc were transferred to the new CCFC Ltd in 1996.

wingy · Apr 23, 2013

MR Bob Ainsworth is meeting the FL tomorrow ,maybe we will be further enlightened afterwards.:thinking about:

skybluegod · Apr 23, 2013

The football league own it ATM but they need to find out where it has been. If it has been transferred illegally without consent of the football league then that will fuck them up with the administrator and the FL

Tank Top · Apr 24, 2013

Strange Scenario this one.
Sisu are saying the golden share is registered with "Holdings", but the football league, are saying that they have no Knowledge of it being in "Holdings"and as far as they are concerned it is registered with "LTD" who are in Administration, if the league are right in their version of things, then Sisu cannot lawfully look for a new ground for next seasons fixtures because they have not got the licence to play in Football League matches.
This difference of opinion, holds the key to the whole situation, why wasn't it the administrators first Task to locate the whereabouts of the Golden Share, so preventing this Farcical Mexican stand off from lumbering on.
Tankie...Bedworth..

skyblue2k · Apr 24, 2013

Tankie, that is exactly what I am wondering. The silence from the football league is disgusting. If as they told acl it is in limited, the administrator should be running the club. Why are the telegraph and radio, even local tv not querying what is going on?

Brighton Sky Blue · Apr 24, 2013

It can't be hard just to straight up ask them where it is.

The Prefect · Apr 24, 2013

Tank Top said:
Strange Scenario this one.
Sisu are saying the golden share is registered with "Holdings", but the football league, are saying that they have no Knowledge of it being in "Holdings"and as far as they are concerned it is registered with "LTD" who are in Administration, if the league are right in their version of things, then Sisu cannot lawfully look for a new ground for next seasons fixtures because they have not got the licence to play in Football League matches.
This difference of opinion, holds the key to the whole situation, why wasn't it the administrators first Task to locate the whereabouts of the Golden Share, so preventing this Farcical Mexican stand off from lumbering on.
Tankie...Bedworth..

The Football League is a 'closed company' where shares are only transferred with the consent of the Football League's directors.

Their statement and 10 point deduction is conclusive evidence that their share is in Coventry City Football Club Ltd. The administrator has confirmed that he understands that the share is in CCFC Ltd but said that the solicitors for 'Holdings' had made a claim on the asset. There has been no transfer to Holdings - if there had been the 10 point deduction would not have happened.

It is worth remembering that the only people stating that the Football League share is in Holdings is SISU - because they want to continue as the football club while walking away from their liabilities to ACL and a few others.

As things stand Coventry City Football Club (Holdings) Ltd are unable to continue as a football club as they don't own the share. They're creating a lot of 'noise' at the moment with legal actions against ACL etc and their constant statements that they are the football club. They're running scared as they can't continue in the Football League as things are and they will continue to muddy the waters with constant legal actions to delay things long enough for them to start next season (thus confirming their claim to be the football club).

I think the Football League have their number - there seems to be an element of panic in the ranks at SISU which is evidenced by their constant statements and their actions.

oldskyblue58 · Apr 24, 2013

Could the following happen

SISU make offer to administrator to purchase CCFC Ltd of administration now. There are no other buyers and because of the legal action regarding CCC and ACL recently started other buyers put off because shares in ACL (stadium ownership said to be essential) tainted by the action and its possible results. PA accepts the offer that pays creditors a few pennies in the pound. ACL is out voted and deal goes through.

SISU/CCFC and FL come to agreement that both sides had made clerical errors based on "misunderstandings" by both.

SISU agree with FL to transfer CCFC H down into CCFC Ltd to reunite shares and contracts in return for a modest further penalty. That means the share is never transferred. The club is then in one company and out of admin.

There is no contract at Ricoh. ACL are left with the legal costs, a bad debt, no income from the club, reduced footfall, sponsors not easy to find and repair work to be done to the pitch to actually attract any one. All of which puts pressure on ACL finances

Add to that ACL & CCC are then locked in to expensive legal argument for possibly years regarding the EU competition law. That means probably no sale of ACL shares (deemed essential for any deal for the club), pressure on cash flow, unable to develop or improve facilities, doubts in minds of customers, etc..............

At some point ACL run out of funds ..................

does that sound like a plan ? :thinking about:

Bennets Afro · Apr 24, 2013

Can PA accept an offer from SISU without considering other bids/ interest that have mean made know to PA from Haskell and co?

Tank Top · Apr 24, 2013

OSB
Brilliant as ever, but your Idea's scare me to death, and the thought that we could be subjected to another five years of the same, has me reaching for my medication, the thought that the pending takeover may be derailed by an owner who is not interested in football would be a cruel blow to our magnificent fans

cloughie · Apr 24, 2013

A truely frightnening scenario by OSB.

Yet at the beginning when the FL and FA confirmed that the share was with Ltd the words that came from either appleton or Holdings was that holdings believed that they had a CLAIM on the share, which suggests that they didn't actually have it.

sky blue john · Apr 24, 2013

lets just hope that this gets thrown out of court at the first hurdle else yes osb this could happen.
Sisu seem to want this to drag out as long as possible so they can add more debt likely.
I think the only way to get them out quicker is to starve their cashflow.

ccfcdale · Apr 24, 2013

So if its at ccfc ltd and the players are playing through ccfc Holdings ltd what does this mean?

cloughie · Apr 24, 2013

ccfcdale said:
So if its at ccfc ltd and the players are playing through ccfc Holdings ltd what does this mean?

Could posssibly mean that someone may deem them as one and the same company which has other implications or if not huldings have no right to play in the FL

RPHunt · Apr 24, 2013

Unfortunately OSB, it does sound like a plan.

We desparately need the Football League to find some moral backbone and refuse to have anything to do with CCFC while SISU have any involvement.

RichieGunns · Apr 24, 2013

I hope they deam LTD and Holdings to be the same company.

It does us no good to be split like this.

And I think SISU will be gone quicker if the whole club ends up in Administrationr ather than one half of it!

I mean look at it this way, They've been trying to negotiate a new deal with ACL through holdings, going on as if they aren't in admin.

If both LTD & Holdings are in admin, then SISU can't do that. If they continued to try and operate it this way, they could be deemed to be doing this illegally!

SISU are digging themselves a very large and deep hole they wont be able to get out of!

skyblue2k · Apr 24, 2013

Surely if ccfc limited is the golden share, then that is the football club. Which the administrator should be running, ccfc holdings is just a company and not a football club! So sisu have no rights to look for a new ground or negotiate for ccfc limited? Surely they have lost all rights with regards to players and everything else as well.

Mary_Mungo_Midge · Apr 24, 2013

I hate to think through OSB58's analysis above. Sends a shudder down my spine.

If the Golden Share is found to be registered with CCFC Limited, and the player registrations are with CCFC Holdings; could the club (effectively CCFC Limited, if that's where the share lies) by charged with fielding ineligible players?

The punishment for which can be exclusion from 'the competition'?!?

Moff · Apr 24, 2013

Mary_Mungo_Midge said:
I hate to think through OSB58's analysis above. Sends a shudder down my spine.

If the Golden Share is found to be registered with CCFC Limited, and the player registrations are with CCFC Holdings; could the club (effectively CCFC Limited, if that's where the share lies) by charged with fielding ineligible players?

The punishment for which can be exclusion from 'the competition'?!?

Please stop thinking out loud...it can produce scary scenarios!

Ashdown1 · Apr 24, 2013

But why oh why if running CCFC is such a loss maker would SISU apparently try everything to hold onto the club. Anything to do with huge administration charges lodged against the club???

James Smith · Apr 24, 2013

Mary_Mungo_Midge said:
I hate to think through OSB58's analysis above. Sends a shudder down my spine.

If the Golden Share is found to be registered with CCFC Limited, and the player registrations are with CCFC Holdings; could the club (effectively CCFC Limited, if that's where the share lies) by charged with fielding ineligible players?

The punishment for which can be exclusion from 'the competition'?!?

It has been found, in Ltd.

Flying Fokker · Apr 24, 2013

lordsummerisle said:
Why has nobody mentioned this "Golden Share" thing before on here?

It sounds important, thank God somebody has finally brought it out into the public domain.

davebart · Apr 24, 2013

there is nothing on the BBC web site

Mary_Mungo_Midge · Apr 24, 2013

James Smith said:
It has been found, in Ltd.

As that 'club' has no players registered, could the 'fielding ineligible players' charge not be applied then?

Flying Fokker · Apr 24, 2013

FL to take SISU to court? Let go SISU before it gets worse for you and your directors. The authorities will want a word with you soon. :wave:

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