Transfer embargo again (1 Viewer)

Bennets Afro · Mar 2, 2012

@martinsmith1979: Transfer embargo for Coventry City due to not filing accounts on time. More to follow. #skyblues #pusb

shanethbcfc · Mar 2, 2012

We've got one at Blues too mate.

PVA · Mar 2, 2012

http://www.ccfc.co.uk/page/NewsDetail/0,,10269~2630428,00.html

Otis · Mar 2, 2012

Would this explain Thorn saying we wouldn't be getting anyone else in? Maybe he knew there was going to be an embargo.:thinking about:

DH - Sky Blue · Mar 2, 2012

"It's perfectly normal"

"It's far from ideal"

Bit of a contradiction?

Wrenstreetcarpark · Mar 2, 2012

"far from ideal" and "perfectly normal" sum up CCFC pretty well I reckon.

DH - Sky Blue · Mar 2, 2012

How about this:

Although (contrary to belief on here) CCFC never actually promised loan signings, it was clear the fans demanded some new faces and CCFC did say they would try their hardest in the search for some. This fell flat on it's arse possibly due to the fact that there genuinely were no options out there, or that CCFC had no intention in the first place and were appeasing fans with pretty words. Anyway, rather than come out and say 'we've stopped looking for loans' or 'no loans will be coming in' and prompting a fan backlash, the board deliberately stall on accounts submission to get us under a transfer embargo. They then dress this up with 'it's perfectly normal' 'don't worry' talk, while conveniently having an excuse to not get any loan signings in. Any arising late submission fees and penalties would be cheaper than the wages they'd have to pay for loan signings in the first place meaning they're actually paying less.

Conspiracy of the decade anyone?

crowsnest · Mar 2, 2012

The accounts have to be filed with the football league by 29th Feb.

Just because they are not at companies house does not mean there is a transfer embargo.

EDIT - just read the club statement - there is an embargo.

dongonzalos · Mar 2, 2012

Bennets Afro said:
@martinsmith1979: Transfer embargo for Coventry City due to not filing accounts on time. More to follow. #skyblues #pusb

we will not be doing any transfers anyway, so no change really. We will be selling players in the summer and thats is

valiant15 · Mar 2, 2012

Sisu wouldn't do a thing like that! If sisu told our fans the sky was green most of them would probably believe them. Anyway,what difference does a transfer embargo mean to us,we never buy anyone anyway.

Otis · Mar 2, 2012

crowsnest said:
The accounts have to be filed with the football league by 29th Feb.

Just because they are not at companies house does not mean there is a transfer embargo.

The club statement says there is a transfer embargo though.

sky_blue_up_north · Mar 2, 2012

Why are we worried about a transfer embargo we were never going to sign anyone...

crowsnest · Mar 2, 2012

So, Portsmouth, got no money - in administration - carry on signing players.

Dont file your accounts - transfer embargo.

Well done to the Football League!

Otis · Mar 2, 2012

Bit daft isn't it.

Fook up your accounts - sign players.

Be late filing your accounts - transfer embargo.

kg82 · Mar 2, 2012

Nobody has said they like SISU, most were standing up for themselves being called pathetic and spineless when people like you don't even know them. If you were a bit more articulate they may take some offence.

Regarding the transfer embargo, I said yesterday I thought I remembered there being some leeway to give the accounts in. That's just what I remembered and it looks like I was wrong - that wasn't sticking up for SISU by the way!

kg82 · Mar 2, 2012

Otis said:
Bit daft isn't it.

Fook up your accounts - sign players.

Be late filing your accounts - transfer embargo.

Yeah, it's ridiculous. They've got that Kelvin Etuhu on a month-to-month contract and just renewed it I saw as well as 1 or 2 emergency loans. It's only themselves they're hurting though, whatever money they do have will be gone very much sooner.

sky blue zam · Mar 2, 2012

Tim fisher is said to be trying to secure funding from the owners. I think i speak on behalf of the entire sky blue army when i say good luck with that. SISU OUT

aodea · Mar 2, 2012

Just a joke of a situation to be in. Cov were not going to sign anyone but why on earth can accounts not be submitted on time. Saying that they are discussing ot with the owners is not acceptable they knew this deadline was coming!

Sub · Mar 2, 2012

the club just lurches from one cluster fuck to another SISU are really to blame for the whole situation and this situation was made worse by orange ken and all the other bunch of clowns brought into get there cut off the dead carcuss called CCFC:jerkit::jerkit::jerkit::jerkit: how the fuck can fisher say we are asking the owners for funding? they own us and did not want to sell us so who else should fund us apart from the owners !!! just unbelivable!!!!:facepalm::facepalm::facepalm:

Jack Griffin · Mar 2, 2012

DH - Sky Blue said:
"It's perfectly normal"

No it isn't.

ajsccfc · Mar 2, 2012

Coventry being placed under a transfer embargo is a little like Carl Baker being banned from playing for England.

hutch1972 · Mar 2, 2012

jon92 said:
Not the end of the world doubt we would sign anyone anyway

Your right Jon,
Maybe its a deliberate ploy not to file the accounts, after all there cannot be a better excuse for no loan signings than an embargo !

skybluereeve · Mar 2, 2012

Fisher came out this week and we are still looking at foward players if the right on comes up? He must have known? Joke club

mememe · Mar 2, 2012

your all missing the real the really important message within tim fishers statement... he is saying they can not secure funding from the owners. they can not agree ... negotiating .... we are in more debt than Portsmouth were, if SISU refuse to fund us for the season next, we will without doubt file for administration in the next 7 days. this is not about signing players, as soon as the accounts go in the embargo is lifted.

There is a saying in business: 'when they say dont panic .... its time to panic', now what was the tim fisher stating : 'no cause for concern'

Senior Vick from Alicante · Mar 2, 2012

Could be a good thing boys, not for the club but it may mean progress on the ownership front. Why go to the trouble and cost of prepairing a funding plan next year when you dont plan being the owner?

mememe · Mar 2, 2012

wishful thinking there Vick?

@richh87 · Mar 2, 2012

mememe said:
your all missing the real the really important message within tim fishers statement... he is saying they can not secure funding from the owners. they can not agree ... negotiating .... we are in more debt than Portsmouth were, if SISU refuse to fund us for the season next, we will without doubt file for administration in the next 7 days. this is not about signing players, as soon as the accounts go in the embargo is lifted.

There is a saying in business: 'when they say dont panic .... its time to panic', now what was the tim fisher stating : 'no cause for concern'

There's nowhere as much debt as Portsmouth mate. There's is something like 135mil.

DH - Sky Blue · Mar 2, 2012

DH - Sky Blue said:
"It's perfectly normal"

Jack Griffin said:
No it isn't.

On the off chance that you thought that was my opinion, it was actually a quote from the article, hence the use of speech marks.

Nonleagueherewecome · Mar 2, 2012

DH - Sky Blue said:
How about this:

Although (contrary to belief on here) CCFC never actually promised loan signings, it was clear the fans demanded some new faces and CCFC did say they would try their hardest in the search for some. This fell flat on it's arse possibly due to the fact that there genuinely were no options out there, or that CCFC had no intention in the first place and were appeasing fans with pretty words. Anyway, rather than come out and say 'we've stopped looking for loans' or 'no loans will be coming in' and prompting a fan backlash, the board deliberately stall on accounts submission to get us under a transfer embargo. They then dress this up with 'it's perfectly normal' 'don't worry' talk, while conveniently having an excuse to not get any loan signings in. Any arising late submission fees and penalties would be cheaper than the wages they'd have to pay for loan signings in the first place meaning they're actually paying less.

Conspiracy of the decade anyone?

Good conspiracy theory!

Whevever SISU placemen say anything like "it's perfectly normal", it reminds me of when the Sadam Hussein character in South Park says "Relax, chill out..here, smoke some of this!"

Paxman II · Mar 2, 2012

If you were in the through's of negotiating with Hoffman as has been stated?...then SISU would surely hold off funding budget talks for next season until the outcome of Hoffman's bid process surely?

Mr Fisher declaring they are talking about next season's budget money just smacks of gross indecency towards the supporters of our football club.

I would also state that this is a time where Hoffman should be able to make his own statement and not allow for these SISU puppets to dictate the publicly perceived view of CCFC as this is detrimental to Hoffman and risk losing his grass roots support himself unless he speaks out?

I'm tired of being treated like a mug by all sides.

Nonleagueherewecome · Mar 2, 2012

hutch1972 said:
Your right Jon,
Maybe its a deliberate ploy not to file the accounts, after all there cannot be a better excuse for no loan signings than an embargo !

See the post I quote above for a much more intricate version of that conspiracy!

mememe · Mar 2, 2012

@richh87 said:
There's nowhere as much debt as Portsmouth mate. There's is something like 135mil.

dont think so mate:::

Portsmouth have been docked 10 points after entering administration for a second time in two years, as a means of avoiding liquidation. Debts of £4m had made the club's predicament so dire they were threatened with having the gas and electric supplies cut off. Pompey had even been unable to afford to travel to Barnsley for Saturday's Championship game until £2m in their accounts was unfrozen after administration was granted. The Guardian

coventry city

Creditors Falling Due within 1 Year - £10,694,710
Creditors Falling Due after 1 year - £24,102,589
TOTAL DEBT - £34,797,299
Debtors - £ 2,382,545
NET DEBT - £32,414,754

you can add onto that this years total losses which will be transfered to debt, of what another 10 to 15 million??

we are about 45 million in debt. making portsmouth look like a local chip shop going out of business

mememe · Mar 2, 2012

and dont forget sisu have paid the debts and loaned the money to the club ... so they can sell the club to any potential buyer, then recover the loan from the new owner.

oldskyblue58 · Mar 2, 2012

Actually the biggest problem for Portsmouth is not the size of the debt on the balance sheet it is the lack of cash to pay day to day expenses. Any assets they have are secured by charges to the likes of Chanrai and Gaydermac so they cannot mortgage those - even if they could then who would lend to a business locked into expensive player contracts which create huge losses and increase debt rapidly. The debts of Portsmouth are not being paid as they fall due

Think you under estimate the debts for Portsmouth mememe - they owe Chanrai £17m & Gaydermac at least £2.2m and they owe the 20p in the pound on the CVA from the old company. They are also locked into expensive player contracts which will no doubt have large termination payments. The player contracts are not being paid in full and PAYE is accrueing so that adds even more debt.

The figures you quote for CCFC are the group ones for SBS&L which is the right company (imo) but they are for 2009. Net debt on your basis for 2010 was £32.8m but since that time SBS&L sold Prozone for apparently £7m plus, and has cut the losses. The key difference is that the debts of the group are being paid as they fall due - because apparently SISU pick up any cash shortfall and add it to their loan - and as yet have not asked for it back

As for SISU selling to a buyer - then the main stumbling block with GH is how much of the loan they get back (there is no actual worth to the business) They will have to discount the loan in some way if they hope to sell the group on.

Think i would rather be CCFC than Pompey right now

chiefdave · Mar 2, 2012

mememe said:
dont think so mate:::

Portsmouth have been docked 10 points after entering administration for a second time in two years, as a means of avoiding liquidation. Debts of £4m had made the club's predicament so dire they were threatened with having the gas and electric supplies cut off. Pompey had even been unable to afford to travel to Barnsley for Saturday's Championship game until £2m in their accounts was unfrozen after administration was granted. The Guardian

coventry city

Creditors Falling Due within 1 Year - £10,694,710
Creditors Falling Due after 1 year - £24,102,589
TOTAL DEBT - £34,797,299
Debtors - £ 2,382,545
NET DEBT - £32,414,754

you can add onto that this years total losses which will be transfered to debt, of what another 10 to 15 million??

we are about 45 million in debt. making portsmouth look like a local chip shop going out of business

the travel bit isn't quite right. for some reason Pompey fly to every game, they had to take a coach to Barnsley as it was cheaper than flying.

Do they not also have a problem that their income including parachute payments is already alloted to various people under the last CVA? Think they have also got problems with ground ownership as this was used as security.

It's a house of cards and where they've been overpaying players and signing players they can't afford it's generated a big tax bill pretty quickly that they can't pay, it's HMRC going after this money rather than lettting it build up as it did last time that started the process that's led them to where they are.

As we supposedly owe pretty much everything to SISU even if they are planning to leave the club it makes little sense for them to put us in to administration. They will be facing either funding the club for a further year or accepting an offer that will most likley involve writing off some of what they are owed.

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