Could it be that while they own the club they haven't technically lost the money, it's still sat on a balance sheet somewhere as a debt owed or as an asset (the equity swap?). If, at the point they leave, that is when it all comes crashing down and they have to admit to their investors they have lost the money that would give them incentive to stay.
They say the club is close to running at break even, if that's right then they can hang around for years without putting another penny in hoping a fan wins Euro Millions and buys the club off them.
It shouldnt be if accounting (eg FRS102) and investment principles have been applied properly. Those principles require the "investment" or loans to be shown at fair value and for that assessment to be carried out each year. Fair value being an assessment of what they are really worth. It surely has got to be very hard to argue that the loans, let alone the shares, are capable of being repaid in full ......I would think so the fair value is a lot lower than the 38m loans included. Same applies to the shares in issue
The preference shares, the accounting rules I believe say, they should be shown as liabilities not equity based on what has been disclosed - there is no repayment date and the income is not discretionary. That would put an entirely different slant on the Otium and SBS&L balance sheets. There may be good reason why this is not the case that have not been disclosed however
Just my opinion but I think there has been a bit of moving paper around so that the cracks are covered up and I do not believe it is being done to benefit CCFC (again just an opinion)
other things .......
Are they clever people of course they are and they make use of some advisors with extremely good reputations. The angle fans come from is from their interest and love for the club. That's entirely different to being a London based hedge or private equity fund using other peoples money to earn an expensive crust. A SISU speciality is dealing in debt as I understand it - well take a look at the football club balance sheets
Originally they came in expecting to take a gamble and bounce in to the Premiership. The financing was done off balance sheet and it looks like it only cost them shy of £3m to come in. Then they found out what a shambles it was and those heading it up didn't deal with the real issues (a) acquiring an interest in the Ricoh and (b) living within means. That meant they bled money and CCFC racked up the losses. Fisher etc then replaced the likes of Igwy and Dulieu and started to look for a way out whilst slashing costs to match income better. The way out was to be a delinquent tenant and to pressure the owners of ACL to sell the Ricoh to them at knock down prices - as the judge indicated in the first JR case. That hasn't worked but the bi-product of their actions has been relegation to L1 where we have struggled and, despite "clever" paper shifting, a toxic ownership of CCFC through Otium.
Where do they take from here. Well they parked the original 28m loans about 2 or 3 years ago, the individual funds have probably accounted for the losses already and there may have been other paper shifting in the back ground that eases the pain. The only recent source of funding has been ARVO and that now seems to be being drawn to a close so that the club "stands on its own two feet" It leaves Otium with a large annual interest bill that is difficult to pay over because the cash flow doesn't allow it so it is charged and rolled up creating even more debt. So that debt is parked also in the hope that one day they make profits and can draw it down in actual payments not worthless pieces of paper. Other than the court cases there isn't anywhere to go with it that I can see. Having parked the funding then, bar some slice of luck, they have basically parked the club also
Which is worrying both in terms of the future with or without SISU. If they stay where does the money to invest in the squad and challenge at the top of L1 let alone Championship come from? What happens if income drops further and fans are further alienated? If they cut and run there who comes in?, would anyone come in?, could the fans help/invest in that?
SISU of course make their money out of restructuring companies and debt.......
CCFC has always been a tool in a means to an ends (an ends that has shifted as events unfurled), something to be kicked about but not cared for...... I really do not see why any fan thinks that the owners care or have an affinity for the club say like Whelan at Wigan, there is just no evidence of it from where I am sitting
All just my opinion of course
