190557 Posted August 2, 2013 Author Report Share Posted August 2, 2013 Not the way I understand it. CCFC Ltd ( a subsidiary of Sisu) will be liquidated. The receiver will then sell the assets of the football club to Otuim Entertainment (another subsidiary of Sisu) who will play at Northampton whilst looking to build a new stadium in Coventry. Or have I got it wrong? Almost Correct. CCFC Ltd doesn't have any assets only liabilities. The assets were mysteriously transferred to CCFC Holdings Ltd prior to CCFC Ltd being put into administration leaving only liabilities in CCFC Ltd with no assets to pay them off. Now that the CVA has been rejected by the major external creditor, Arena Coventry Ltd, a full investigation of these companies can be carried out to see if any irregularities have taken place. The golden share does lie in CCFC Ltd and now this is going to be liquidated the Football League can award it to Otium Entertainment Ltd enabling the football club to play their home games at Northampton while searching for somewhere to build a new stadium. Brandon Stadium is still very much on their agenda. Quote Link to comment Share on other sites More sharing options...
TesarRacing Posted August 2, 2013 Report Share Posted August 2, 2013 Not the way I understand it. CCFC Ltd ( a subsidiary of Sisu) will be liquidated. The receiver will then sell the assets of the football club to Otuim Entertainment (another subsidiary of Sisu) who will play at Northampton whilst looking to build a new stadium in Coventry. Or have I got it wrong? That's how I see it too. Quote Link to comment Share on other sites More sharing options...
SCB Posted August 2, 2013 Report Share Posted August 2, 2013 How the hell can it possibly be fair that Sisu kleave a load of debts and then Sisu get the footbal club back without eh debts and "just" a shortfall of 15 points? Quote Link to comment Share on other sites More sharing options...
Woz01 Posted August 2, 2013 Report Share Posted August 2, 2013 How the hell can it possibly be fair that Sisu kleave a load of debts and then Sisu get the footbal club back without eh debts and "just" a shortfall of 15 points? The system is truely flawed. If SISU do build a new stadium this is what WILL happen. Sisu build a new stadium for CCFC using loans. The stadium will not be owned by CCFC but by SISU who will then rent out the stadium to CCFC. They will put all the debt accrued from the loans into the CCFC bank meaning putting the club and not themselves £30million + in debt therefore leaving the club in the exactly same position as we are now 1 Quote Link to comment Share on other sites More sharing options...
houdi Posted August 2, 2013 Report Share Posted August 2, 2013 Not the way I understand it. CCFC Ltd ( a subsidiary of Sisu) will be liquidated. The receiver will then sell the assets of the football club to Otuim Entertainment (another subsidiary of Sisu) who will play at Northampton whilst looking to build a new stadium in Coventry. Or have I got it wrong? Not quite. Basically a rental dispute between SISU and ACL owners of the Ricoh. ACL applied to put the club into administration.24 hours before that happened SISU put the club into administration themselves. By doing that SISU were able to appoint their own chosen administrator. However it turned there was virtually nothing in CCFC ltd, apart from the lease agreement, plus millions of debt loaded into the company, money owed too, yes you guessed it SISU. SISU then claimed the football club was actually CCFC Holdings were magically all the players registrations were now found. Thus the Golden Share had been in LTD, but the club were actually Holdings. Which is against FL rules, and is effectively having 3rd party ownership of the players. Thus the FL are complicit in this scandal, but are reluctant to answer questions on this. You can't look at the recent accounts of either LTD or Holdings, because SISU haven't filed them. However the last available accounts 2011? show that CCFC ltd had over 100 employees, and a turnover of over 10 million. Now apparently it is just a non-trading shell company. Has SISU been engaged in a huge asset stripping of the club, hard to prove at the moment, but certainly an awful lot of fans think so. Hopefully liquidation will involve a proper investigation, of whether the directors have acted in the best interests of the company. Most fans believe SISU only aim is to so distress ACL so much that they can pick up the Ricoh for virtually nothing. Hardly anybody believes they have any real intention of ever building a new stadium. Quote Link to comment Share on other sites More sharing options...
SCB Posted August 2, 2013 Report Share Posted August 2, 2013 Don't the council own a large part of the stadium? So it's going to be a long time before they end up so financially screwed they have to sell it off to Sisu? I would imagine most people would prefer to pay an extra few £££ council tax than see Sisu get the stadium on the cheap. Wold certainly be my attitude. And this just shows up for my why councils should NOT build/own football stadiums. They become pretty useless if the football team buggers off. Why anyone other than a football club would want to own a football stadium I am not sure. As I've mentioned previously, a similar thing has happened on Newport with the County moving into the rugby stadium leaving the football stadium as a white elephant that the council planned to abandon unless someone else come forward for it. Quote Link to comment Share on other sites More sharing options...
Bessiebee Posted August 2, 2013 Report Share Posted August 2, 2013 How the hell can it possibly be fair that Sisu kleave a load of debts and then Sisu get the footbal club back without eh debts and "just" a shortfall of 15 points? The football league has a lot to answer for. If liquidation takes place I'm hoping that there will be a thorough investigation into the finances of the parasite that is SISU. Quote Link to comment Share on other sites More sharing options...
BADGER69 Posted August 3, 2013 Report Share Posted August 3, 2013 Sisu should be investigated by the police to see if any wrong doings have gone on They should on no account be given The Ricoh. They have taken a once great club to the edge of distruction. The Ricoh has many uses and could become the National speedway stadium. The location is right central It could also become the home of Cov Bees Give Sisu Brandon They wont get planing permision. Quote Link to comment Share on other sites More sharing options...
BANANAMAN Posted August 3, 2013 Report Share Posted August 3, 2013 The football league has a lot to answer for. If liquidation takes place I'm hoping that there will be a thorough investigation into the finances of the parasite that is SISU. EVERY CLUB should have REFUSED to let Coventry City use their ground , that would have sorted keeping the Sky Blues in the City .. SHAME ON YOU NORTHAMPTON FC .. Enjoy you couple of quid ..if you get it !! 1 Quote Link to comment Share on other sites More sharing options...
FranktonBee Posted August 4, 2013 Report Share Posted August 4, 2013 Don't the council own a large part of the stadium? So it's going to be a long time before they end up so financially screwed they have to sell it off to Sisu? I would imagine most people would prefer to pay an extra few £££ council tax than see Sisu get the stadium on the cheap. Wold certainly be my attitude. And this just shows up for my why councils should NOT build/own football stadiums. They become pretty useless if the football team buggers off. Why anyone other than a football club would want to own a football stadium I am not sure. As I've mentioned previously, a similar thing has happened on Newport with the County moving into the rugby stadium leaving the football stadium as a white elephant that the council planned to abandon unless someone else come forward for it. No. they shouldn't 'build' stadia as such. However, the City Council didn't 'build' it - they just dug CCFC out of the rubbishe when it all went wrong. And, it's not just a 'football stadium'. It's a casino, a concert arena, a concert hall, a rugby ground, a soccer ground, a hotel, a gym... and on and on. CCFC (or SISU) were just a tenant that reneged on its responsibilities. SISU out - NOPM! 'Rubbishe'. Ha! I said SHI TE! Quote Link to comment Share on other sites More sharing options...
houdi Posted August 6, 2013 Report Share Posted August 6, 2013 Latest update in this long running soap opera. Today the High Court have thrown out SISU's attempt to force a judicial review concerning Coventry City's Council commercial loan to Arena Coventry. He had pretty harsh words for SISU, linking their refusal to pay the rent and this legal challenge, as a pretty clear attempt to financially distress ACL. It is difficult to see how SISU can now legally threaten ACL, plus the judge has ordered SISU to pay the legal costs. Maybe now we will see how serious they are about financing and building a new stadium. Their options seem to be shrinking by the day, but Hedge Funds don't easily give up. Quote Link to comment Share on other sites More sharing options...
Woz01 Posted August 6, 2013 Report Share Posted August 6, 2013 Latest update in this long running soap opera. Today the High Court have thrown out SISU's attempt to force a judicial review concerning Coventry City's Council commercial loan to Arena Coventry. He had pretty harsh words for SISU, linking their refusal to pay the rent and this legal challenge, as a pretty clear attempt to financially distress ACL. It is difficult to see how SISU can now legally threaten ACL, plus the judge has ordered SISU to pay the legal costs. Maybe now we will see how serious they are about financing and building a new stadium. Their options seem to be shrinking by the day, but Hedge Funds don't easily give up. This was SISU'S last hope of getting the Ricoh on the cheap. I would hope they will now realise they will never get to own the Ricoh and sell up asap. There is a couple of investors waiting in the wings to buy the club and the Higgs charity 50% share of the arena, there is light at the end of the tunnel but may take a while yet. Also the Ricoh is hosting a charity game, Ccfc legends v Midlands legends on Sun 11th Aug 2pm. Its the same date as ccfc first match at Northampton which apparently has sold only 500 tickets so far, Bristol City fans seem to be also boycotting by only selling 182 tickets as of yesterday. They are expecting over 10,000 to attend the Ricoh to show that we will not attend games at Northampton and raise a lot of money for charity! 2 Quote Link to comment Share on other sites More sharing options...
naffer Posted August 6, 2013 Report Share Posted August 6, 2013 Good old high court, the tragedy just limps along and along though doesn't it. I cannot fathom why sisu/otium are still hanging on to the wreck they are making of the sky blues ,why don't they just cut their considerable losses and naff off. Should run a book on the attendance at six fields looking like 1600 to me. but while this pantomime is being played out the risk to Brandon still exists although I do believe it must be some training academy set up that sisu are looking at. But then again if sispoo told you that tomorrow is Wednesday would you believe it? 1 Quote Link to comment Share on other sites More sharing options...
FranktonBee Posted August 6, 2013 Report Share Posted August 6, 2013 (edited) SISU have lost money for the last three years (from a high some years ago, before the 'crash', when they were virtually printing money). Now the legal profession seems to be getting the message, and SISU have been smacked hard, I really can't see any way that this mooted Brandon deal can ever go through - If it ever potentially existed in the first place, which I seriously doubt. And Naffer - I hope you're wrong. I'd love to see fewer that a thousand at Sixfields, and to rub it in wouldn't it be nice to see a huge turnout for the FPA Legends match at the Ricoh? We can dream Edited August 6, 2013 by FranktonBee 1 Quote Link to comment Share on other sites More sharing options...
Woz01 Posted August 8, 2013 Report Share Posted August 8, 2013 Rumoured to be over 1,000 tickets sold but its claimed it includes FREE tickets to kids in Northampton. Desperate to get a crowd in! Only 400 season tickets sold! Quote Link to comment Share on other sites More sharing options...
philfromcov Posted August 13, 2013 Report Share Posted August 13, 2013 buried in the telegraph today, an interview with tim fisher and the negotiations have stalled over brandon, and are now looking at somewhere near warwick university. Quote Link to comment Share on other sites More sharing options...
Dave Jones Posted August 13, 2013 Report Share Posted August 13, 2013 http://www.coventrytelegraph.net/news/coventry-news/coventry-city-owners-considering-land-5710823 Quote Link to comment Share on other sites More sharing options...
philfromcov Posted August 13, 2013 Report Share Posted August 13, 2013 http://www.coventryt...ng-land-5710823 it doesn't say the site but having a little knowledge of that area, there is a a field of westwood heath road, opposite the old telecoms college that the university owns... Quote Link to comment Share on other sites More sharing options...
Humphrey Appleby Posted August 13, 2013 Report Share Posted August 13, 2013 Why anyone other than a football club would want to own a football stadium I am not sure. The council may have had altruistic reasons to support a community facility, as football stadiums can be used for other things. Quote Link to comment Share on other sites More sharing options...
Midland Red Posted September 17, 2013 Report Share Posted September 17, 2013 Back in the local paper again http://www.coventrytelegraph.net/news/coventry-news/coventry-city-miss-eight-week-target-6039709 Quote Link to comment Share on other sites More sharing options...
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