It could of been us as sisu take coventry into administration

[Stevie61163]

breaking news on SS....................how close were we to having these clowns down at St Mary`s............how lucky are we that ML & NC had the foresight to take on our great club and improve it beyond recognition and bring it back to the premiership a much improved and ambitious club.

[Dibden Purlieu Saint]

breaking news on SS....................how close were we to having these clowns down at St Mary`s............how lucky are we that ML & NC had the foresight to take on our great club and improve it beyond recognition and bring it back to the premiership a much improved and ambitious club.

 

They were never actually interested in us, they used us a leverage in the Coventry deal.

[Stevie61163]

I must be getting old and senile but I thought that they were very much interested in us and that it was only a couple of days away from being a done deal.

then when it did fall through they turned their attention to CC

[hypochondriac]

I must be getting old and senile but I thought that they were very much interested in us and that it was only a couple of days away from being a done deal.

then when it did fall through they turned their attention to CC

 

You recall incorrectly.

[The Kraken]

"Could of".

 

*shakes head in a very disappointed fashion*

[Colinjb]

I hope this is their turning point. If this means SISU are finally kicked out of their club then an entire city will breathe a sigh of relief.

[Stevie61163]

I don't think so ................below is a report by the DE

 

LEON Crouch and Patrick Trant were the only Southampton Leisure Holdings PLC directors who did not vote in favour of SISU’s takeover plan back in the autumn of 2007.

 

From countless hours of meetings with potential investors stretching back to 2006, the London-based hedge fund remain the only company to ever table an official bid for Saints.

 

SISU’s plans were first discussed at a PLC board meeting at St Mary’s on October 19, 2007.

 

Directors had been sent a letter dated three days earlier which had been written by SISU managing director Onyechinaedu Igwe outlining their plans for Saints.

 

 

 

 

That letter is printed on pages 56-57.

 

The Daily Echo has obtained a copy of the PLC board meeting minutes for October 19.

 

The extracts below are the ones concerning the SISU proposal and subsequent discussions.

 

Present at the PLC board meeting were: Ken Dulieu (Chairman), Jim Hone, David Jones, Lee Hoos, Leon Crouch, Patrick Trant, Andy Oldknow.

 

Apologies: Keith Wiseman In attendance: Roger Clement, Seymour Pierce (Southampton Leisure Holdings’ financial advisors), Duncan Christison, Dickson Minto W.S. (a corporate law firm), Giuseppe Giusti, Dickson Minto W.S.

[hypochondriac]

It's widely accepted that sisu were never serious about taking over at saints. We were used as a cover for Coventry. It's ancient history.

[kpturner]

"Could of".

 

*shakes head in a very disappointed fashion*

 

Damn! You beat me to it

[Colinjb]

In a very SLH/SFC type of situation, their administration is not exactly straghtforward.

 

Statement on behalf of Coventry City Football Club (Holdings) Ltd

Coventry City Football Club Holdings can confirm that a non-operating subsidiary of the Club has today been placed into administration.

 

A spokesman for the Club said: “It is important to stress that the Football Club itself is not under threat.

 

“This is merely a property subsidiary which owns no material assets and has no employees, on or off the pitch.

 

“The Club can confirm that all staff wages, PAYE and all other creditor commitments will continue to be met as before by Coventry City Football Club Holdings.

 

“Unlike other instances of clubs being taken either wholly or partially into administration, there are no HMRC or VAT implications and the Football Club will continue to trade as normal without interruption.

 

“Our main objective now is to remain competitive on the pitch and give Steven Pressley and the playing staff our full backing and commitment.”

[CB Fry]

SaintRichmond on this forum went into so many CAPITAL LETTER strewn rages about what a disgrace it was that we didn't seal the SISU deal. Absolutely fuming he was.

 

Still, not like him to be wrong.

[JackFrost]

I seem to recall Crouch, Wilde and Lowe were all opposed to them anyway

[JackFrost]

SaintRichmond on this forum went into so many CAPITAL LETTER strewn rages about what a disgrace it was that we didn't seal the SISU deal. Absolutely fuming he was.

 

Still, not like him to be wrong.

 

I think RICHARD CHORLEY had a few of those around that time as well

[aintforever]

I's a good job we didn't get brought by SISU otherwise we might have ended up in administration... ...oh wait, we did.

[Colinjb]

I's a good job we didn't get brought by SISU otherwise we might have ended up in administration... ...oh wait, we did.

 

At least for us it happened relatively quickly. Coventry City has been dragging on painfully slowly and needlessly.

[ART]

It's widely accepted that sisu were never serious about taking over at saints. We were used as a cover for Coventry. It's ancient history.

Would you kindly provide concrete information to back up your "widely accepted" claim. If my memory serves me right, the cover for the Coventry deal story was a save face story put out by those who fell treacherously close to selling the club down the river. You may be able to clarify this

[farawaysaint]

At least for us it happened relatively quickly. Coventry City has been dragging on painfully slowly and needlessly.

 

They're attempting the same trick we played to try and avoid the points deduction in saying the holding company and not the sub is bust. It won't end well, their holding co is a shell company and we set a precedent; I feel bad for their fans having been through that.

[aintforever]

At least for us it happened relatively quickly. Coventry City has been dragging on painfully slowly and needlessly.

 

Yeah, in hindsight it was a close shave but we might have avoided going into admin if they had taken us over.

 

I'm pretty sure if we were offered SISU or admin at the time we would pretty much all have taken SISU. We had no way of knowing a billionaire was going to buy us, we could have come out of admin owned by some one worse.

[Colinjb]

Yeah, in hindsight it was a close shave but we might have avoided going into admin if they had taken us over.

 

I'm pretty sure if we were offered SISU or admin at the time we would pretty much all have taken SISU. We had no way of knowing a billionaire was going to buy us, we could have come out of admin owned by some one worse.

 

Coventry had that scenario back in December 2007. They gladly took it. At least at the time we seemed to be in a reasonably ok state.

[Matthew Le God]

They're attempting the same trick we played to try and avoid the points deduction in saying the holding company and not the sub is bust. It won't end well, their holding co is a shell company and we set a precedent; I feel bad for their fans having been through that.

 

Saints didn't try using a "trick", Southampton's holding company was set up 7 years before the Football League's rules on points deductions for insolvency events were written. You can't set out to use a trick for something that won't exist for 7 years into the future. The Football League left a loophole open which Southampton should have been left without a deduction, however the Football League acted as they wished.

 

- Legally Southampton football club has never been in admin and Mark Fry wasn't the administrator for the football club, nor did the football club need a CVA as it was never in admin.

- Pompey on the other hand had BOTH the holding company and football club legally in administration and they are planning to dilute a failed CVA with a new CVA.

Edited 21 March, 2013 by Matthew Le God

[The Kraken]

Saints didn't try using a "trick", Southampton's holding company was set up 7 years before the Football League's rules on points deductions for insolvency events were written. You can't set out to use a trick for something that won't exist for 7 years into the future. The Football League left a loophole open which Southampton should have been left without a deduction, however the Football League acted as they wished.

 

- Legally Southampton football club has never been in admin and Mark Fry wasn't the administrator for the football club, nor did the football club need a CVA as it was never in admin.

- Pompey on the other hand had BOTH the holding company and football club legally in administration.

 

Is there any chance you can stop being such a pedantic arse, and just join in a discussion without having to correct people non stop?

[Matthew Le God]

Is there any chance you can stop being such a pedantic arse, and just join in a discussion without having to correct people non stop?

 

Discussing a statement a previous poster made in a thread is joining in a discussion isn't it?

[The Kraken]

Discussing a statement a previous poster made in a thread is joining in a discussion isn't it?

 

Yes MLG, yes it is. You carry on, son.

[Leicestersaint]

breaking news on SS....................how close were we to having these clowns down at St Mary`s............how lucky are we that ML & NC had the foresight to take on our great club and improve it beyond recognition and bring it back to the premiership a much improved and ambitious club.

 

I agree with this.

[Colinjb]

Discussing a statement a previous poster made in a thread is joining in a discussion isn't it?

 

There is a subtle yet important distinction between discussion and dissection.

[Saint-Armstrong]

It worked out in the end for us eh? They'll be fine if they get people at the helm who are even half as good as these two....

 

[Doctoroncall]

Coventry had that scenario back in December 2007. They gladly took it. At least at the time we seemed to be in a reasonably ok state.

 

One big difference between Saints and Cov is the ownership of the ground. SISU royally messed up there.

[aintforever]

It worked out in the end for us eh? They'll be fine if they get people at the helm who are even half as good as these two....

 

 

And to think, many of the 'experts' on here made out administration was like the end of the world.

 

Fact is going into admin and blowing off your debt can be a fantastic move. Good luck to coventry, they are a decent club with a great stadium, they will be OK.

[Matthew Le God]

And to think, many of the 'experts' on here made out administration was like the end of the world.

 

Fact is going into admin and blowing off your debt can be a fantastic move. Good luck to coventry, they are a decent club with a great stadium, they will be OK.

 

Their big problem is they don't own it, where as Southampton whilst in admin had St Mary's, Staplewood training ground, the academy and Jackson's farm making them more attractive for an owner like Liebherr.

[The Kraken]

And to think, many of the 'experts' on here made out administration was like the end of the world.

 

Fact is going into admin and blowing off your debt can be a fantastic move. Good luck to coventry, they are a decent club with a great stadium, they will be OK.

 

It can also be a terrible move too. You sound like the posters at the time who were praying for administration while neglecting to think about the consequences, that we could have ended up with a bunch of skint chancers. We ended up getting really, really lucky with our owners; the Fialka debacle shows us what could have happened. Leeds fans won't tell you too many good stories about how administration has worked out for them, neither will plenty of other clubs, its a massive gamble.

[September Saint]

It's widely accepted that sisu were never serious about taking over at saints. We were used as a cover for Coventry. It's ancient history.

 

Only SISU could know.

I suppose the choice of SISU or administration is rather like that joke "Death or Umbongo"

[aintforever]

Their big problem is they don't own it.

 

But whoever buys the club should be able to get it for a decent price. Without the football club the stadium is just a useless pile of concrete. As in most admins they will be days/hours from liquidation then someone will buy the club and ground for snip.

[The Kraken]

But whoever buys the club should be able to get it for a decent price. Without the football club the stadium is just a useless pile of concrete. As in most admins they will be days/hours from liquidation then someone will buy the club and ground for snip.

 

The stadium isn't for sale. Its likely that any new owners will have to negotiate a tenancy agreement with the stadium owners; doubtful they'll sell it, as its part council owned and run.

[JPTCount]

i thought the biggest factor in this was down to the fact that coventry council/private companies own the stadium and the club cant/wont pay the fees, leaving both in a mess

 

this thread should be about how lowe saved us by not going in with the council on the stadium

[The Kraken]

i thought the biggest factor in this was down to the fact that coventry council/private companies own the stadium and the club cant/wont pay the fees, leaving both in a mess

 

this thread should be about how lowe saved us by not going in with the council on the stadium

 

Yep. Original rent was £1.2M per year; Ricoh owners have offered to reduce it to £400K, CCFC only want to pay £200K.

[Doctoroncall]

Yep. Original rent was £1.2M per year; Ricoh owners have offered to reduce it to £400K, CCFC only want to pay £200K.

 

Not only that but any sales on match day or concerts!

[Dark Munster]

Their big problem is they don't own it, where as Southampton whilst in admin had St Mary's, Staplewood training ground, the academy and Jackson's farm making them more attractive for an owner like Liebherr.

But not to SISU, apparently, whose bid for Saints merely was a cover to get to the pot of gold ... Coventry.

[Golac's Cunning Stunts]

never mind all this ... when will those skate c-u-n-t-s get their minus ten eh?

[alpine_saint]

And to think, many of the 'experts' on here made out administration was like the end of the world.

 

Fact is going into admin and blowing off your debt can be a fantastic move. Good luck to coventry, they are a decent club with a great stadium, they will be OK.

 

Do you recall the huge amount of abuse that those of us who said otherwise received ???

 

I lost money as a shareholder of SLH. Only time in my life I have been delighted by losing money.

[VectisSaint]

"Could of".

 

*shakes head in a very disappointed fashion*

Is there any chance you can stop being such a pedantic arse, and just join in a discussion without having to correct people non stop?

[The Kraken]

Is there any chance you can stop being such a pedantic arse, and just join in a discussion without having to correct people non stop?

 

You're such a wheeze as ever, Vectis.

[aintforever]

The stadium isn't for sale. Its likely that any new owners will have to negotiate a tenancy agreement with the stadium owners; doubtful they'll sell it, as its part council owned and run.

 

I wouldn't be surprised if a deal is done to buy the stadium as well. I doubt buying the club just to be tenants would be a very attractive to any buyer. The stadium owners might be forced into a position where it's best just to sell.

[The Kraken]

I wouldn't be surprised if a deal is done to buy the stadium as well. I doubt buying the club just to be tenants would be a very attractive to any buyer. The stadium owners might be forced into a position where it's best just to sell.

 

I'd be very surprised. It isn't just a stadium; there is the concert venue, exhibition centre, a shopping centre, leisure centre, hotel, casino, bars, cafes and shops. All owned by the council and a charitable trust, who also both run it. The council have a plan to encourage redevelopment with the whole Ricoh site, the stadium is a part of it and I don't see that they'll just sell it off on the cheap. It may not be as attractive to buy the club without owning the ground; that perhaps may not even be a choice.

[hypochondriac]

Would you kindly provide concrete information to back up your "widely accepted" claim. If my memory serves me right, the cover for the Coventry deal story was a save face story put out by those who fell treacherously close to selling the club down the river. You may be able to clarify this

 

Ok Art. If you say so.

[derry]

I'm not sure of the exact position but the company put into administration is either a subsidiary of SISU or of the Football Club so is not the Holding Co as SLH was with us. It appears that the court hearing re administration today is an application by the stadium owners (Council/DR's Charity?) against the FC for £1.3m outstanding rent. If that is successful it will be the FC in administration, whilst the company SISU have already put into administration has no assets or employees and is a subsidiary. (Does it rent the stadium?)

[UpweySaint]

Ok this is confusing, a company that is essentially coventry's front for renting the stadium is in administration, surely the company that runs the company, ie the football club/sisu should be placed in admin? Reminds me of our whole "holding company" situation where our football club was never actually in debt yet mawhinney still f***ed us over!

[trousers]

http://www.coventrytelegraph.net/news/coventry-news/sale-coventry-city-fc-ltd-4727067

[Dig Dig]

At the end of the day, Coventry might be going through a hard time but at least they don't charge their fans for parking and have remained true to their sky blue identity. I know who I would rather be right now regardless of the riches of the EPL.

[Colinjb]

http://www.coventrytelegraph.net/news/coventry-news/sale-coventry-city-fc-ltd-4727067

 

Truly scandalous that they can be repurchased by the same people who utterly ruined them in the first place.

 

It really should be time for an AFC Coventry City.

[Saint Charlie]

At the end of the day, Coventry might be going through a hard time but at least they don't charge their fans for parking and have remained true to their sky blue identity. I know who I would rather be right now regardless of the riches of the EPL.

 

Thats a bit shortsighted pal, they might not have a club to support.

 

Have to say though, SISU always gave Coventry fans ample notice of the pre season training schedule for their foreign training camps. These kind of behaviours have gone out the game at the top level.