Cov Arrears

[bocadillo]

From what I am aware, Cov have little choice but to follow this course of action

I still don't understand their refusal to accept the offer to play at the Ricoh for free this season - and despite BM suggesting that the offer was only for the period they are in administration, I can't find anything to back him up on this point.

 

[Richie]

The spokesperson for SISU has hinted strongly of liquidating the club if the Arena Company don't accept CVA. Bad times for Cov fans.

 

[Mawsley]

I still don't understand their refusal to accept the offer to play at the Ricoh for free this season - and despite BM suggesting that the offer was only for the period they are in administration, I can't find anything to back him up on this point.

Can't point you to anything substantiating it, but there's talk of the free period being a delayed payment term with the return to an unacceptably high rental afterwards.

While Kettering were locked into the unreasonable contract at Nene Park the supporters ripped themselves into two clubs based around the argument that they should leave and rip it up, or not. Those refusing to protest and choosing to stay won the day which is why KTFC is now a joke club playing on a Sunday league pitch without any facilities outside the town.

Not arguing with BM, I don't doubt the numbers will drop in the short-term but given a bit of success on the pitch they'll come back. Fickle bastards, footy fans.

 

[bocadillo]

The spokesperson for SISU has hinted strongly of liquidating the club if the Arena Company don't accept CVA. Bad times for Cov fans.

I thought SISU had sold out. Or is Otium the same thing as SISU? And if it is, why did Otium buy the club from SISU?

What is the future for ACL if they don't come to an agreement with whichever it is of SISU and Otium that owns the football club?

Is the FA fiddling while SISU/Otium/ACL finish the job that Hitler started?

 

[Richie]

SISU is Otium. Same people in charge. The golden share needed to play in the football league was registered with one arm of the company, whereas the players contracts were registered with a separate arm. SISU appointed their own administrator, and because the majority of the debt is owed to themselves, they could offer way more than anybody else, hence the administrator favouring them.

From what I can gather, SISU are trying to completely destabilise the Arena Company so they can get hold of it for a steal. The casino company are already threatening to leave if Cov do play their games in Northampton, and the catering firm Compass paid something like £40 million for the catering at the Ricoh for the next 50 years, I doubt they will be too happy either.

 

[bocadillo]

SISU is Otium. Same people in charge. The golden share needed to play in the football league was registered with one arm of the company, whereas the players contracts were registered with a separate arm. SISU appointed their own administrator, and because the majority of the debt is owed to themselves, they could offer way more than anybody else, hence the administrator favouring them.

From what I can gather, SISU are trying to completely destabilise the Arena Company so they can get hold of it for a steal. The casino company are already threatening to leave if Cov do play their games in Northampton, and the catering firm Compass paid something like £40 million for the catering at the Ricoh for the next 50 years, I doubt they will be too happy either.

Thanks. It's all (a little) clearer now.

 

[M17TT C]

The confusing thing is that (Holdings] Ltd still seem to own or control some aspects of the club and Otium have bought whatever CCFC Ltd owned or controlled.

Surely you can't have two companies owning one club even if it is pretty much the same company under a different guise?

EDIT - what Richie said!

 

[Richie]

I think Southampton tried a similar thing a few years ago, and were deducted points for doing so. SISU placed huge debt upon themselves to prevent a hostile takeover; which would have happened had they not taken this action. The council and ACL now have a huge call to make, because if they don't accept the CVA, there will be an automatic 15pts deduction, and SISU threatening to liquidate.

 

[Lako42]

A catering company paid £40m for a 50 year deal? that is quite hilarious considering the fragile financial state of clubs outside the top tier of English football.

Whoever brokered that deal needs an examination.

 

[Motown Fox]

PS Anyone see the Ricoh on the TV last night, together with other parts of Coventry, as part of that "Love & Marriage" programme on ITV.

 

[Blue Maniac]

http://www.coventrytelegraph.net/news/coventry-news/ricoh-arena-sue-northampton-town-5074046

 

[fitz]

http://www.coventrytelegraph.net/news/coventry-news/ricoh-arena-sue-northampton-town-5074046

Surely the breach of contract is by Cov. Can't see what Northampton have done?

 

[Blue Maniac]

Surely the breach of contract is by Cov. Can't see what Northampton have done?

Clearly ACL think Cardoza has been hanging around Coventry with a bag of sweets to entice SISU into the back of his van. I don't know how valid ACL's contract is anyway now the club is in administration.

 

[Mawsley]

Poundstretcher's lawyers are threatening court action because they have discovered I got my wife's anniversary present from Poundland.

 

[fitz]

Clearly ACL think Cardoza has been hanging around Coventry with a bag of sweets to entice SISU into the back of his van. I don't know how valid ACL's contract is anyway now the club is in administration.

The terms of the lease should remain as they were, unless this has been renegotiated as part of the CVA. In my mind the only party responsible for breaking terms of the lease are Cov, and they've been doing that for a hell of a long time. There's no law against touting a property as a potential resite, happens all the time.

 

[Mawsley]

 

[Blue Maniac]

****ing hell.

 

[Mawsley]

You have to wonder. You really do.

 

[pork pie fox]

:icon_lol:

 

[fitz]