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Part of Coventry City facing liquidation

Jimmy_D

By Jimmy_D
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Jimmy_D

Jimmy_D

Posted
  • Author
Posted
WTF.

 

How the feck can the Skates survive and Cov be liquidated? WTF. WTF.

 

When it ultimately came down to it, Chanrai backed down.

 

Looks like the owners of their ground didn't.

Gorgiesaint

Gorgiesaint

Posted
Posted

What needs to be asked now is how a company can go into liquidation so soon after the administrator has taken a decision to sell the club out of administration. Surely someone needs to question the administrator because he surely cannot have made the best decision on behalf of the creditors otherwise he would have liquidated them previously. Hopefully this will put a stop to the dubious practice of selling to the same people who took the club into administration - as Otium who bought the company are basically SISU in a different name.

Crab Lungs

Crab Lungs

Posted
Posted
Below the Coventry liquidated headline on the BBC:

 

 

  • 1115:


    FOOTBALL - DONE DEALLeague Two Portsmouth complete the signing of defender Bondz N'Gala,reports The News.
    The 23-year-old former West Ham trainee arrives at Fratton Park on an initial month's contract and goes straight into the squad for the opening game of the season at home to Oxford United on Saturday.
     
     
     

 

Sickening.

Smirking_Saint

Smirking_Saint

Posted
Posted
WTF.

 

How the feck can the Skates survive and Cov be liquidated? WTF. WTF.

 

The footballing authorities seem to show a large deal of tolerance to pompey without affording any to what I can see any other team. That in itself is sickening considering the levels of contempt that occured along pompeys journey towards creditors

Saint_clark

Saint_clark

Posted
Posted
They will still have a team next season, they will have a large points deduction.

 

How does that work then, when other teams have been liquidated and had to start from nothing?

Matthew Le God

Matthew Le God

Posted
Posted
They will still have a team next season, they will have a large points deduction.

 

How does that work then, when other teams have been liquidated and had to start from nothing?

 

That's not liquidation then.

 

The BBC say...

 

The Sky Blues are still expected to begin their League One season at Crawley on Saturday.

 

However, the club faces being deducted a minimum of 15 points by the Football League.

 

http://www.bbc.co.uk/sport/0/football/23548760

bridge too far

bridge too far

Posted
Posted (edited)
They will still have a team next season, they will have a large points deduction.

 

BBC says they'll be dismissed from the Football League

 

Edit

 

BBC speaking with forked tongue! Surely no company can continue to operate if it's liquidated? BBC now saying FL 'could' expel them from the league. Owners saying 'only part of the club is liquidated' - sounds familiar.

Edited by bridge too far
Jimmy_D

Jimmy_D

Posted
  • Author
Posted

OK, it looks like the company that holds the golden share is being liquidated, but the company that holds all the assets they still have (basically the players and IP) is still there.

 

It's possible that the Football League will transfer their golden share to this other company with a hefty (30 points?) deduction next season.

Lets B Avenue

Lets B Avenue

Posted
Posted

Coventry City Ltd liquidated. Coventry City Holdings Ltd still exist. The CVA was rejected by6 the owners of the Ricoh Stadium who are owed a ton of rent.

 

Northampton it is and with a 15 point deduction likely.

itchen_dan

itchen_dan

Posted
Posted

Proposed CVA rejected by ACL

 

Coventry City Football Club Ltd likely to be liquidated following rejection of administrator's CVA proposal

 

It is with great regret that a proposed Company Voluntary Agreement (CVA) has been rejected by Arena Coventry Limited (ACL).

 

It means CCFC Ltd is likely to be put into liquidation which is expected to result in a points penalty for the club going into the new season.

 

The football club and the Alan Higgs Centre Trust accepted the administrator’s CVA, but the City Council, through ACL, have chosen to reject it – leading to possible liquidation and the risk of a 15-point deduction.

 

The club will hold urgent meetings with the Football League this afternoon to go through the next steps for the football club.

Under Weststand

Under Weststand

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Posted

Shocking really the administrator should be firmly in the firing line now. It was a ridiculous decision to allow Otium/SISU to take over again when they new that Otium's plans involved moving out of the Ricoh! Why would he then expect the owners of the Ricoh & main creditor to then vote in favour of a CVA crazy.

Can't the club can still come out of administration without a CVA but with a heavy point penalty 15-pts. Plus a transfer embargo. Sad times indeed.

Viking Warrior

Viking Warrior

Posted
Posted

Thats really Sad. My mate will be gutted he a true coventry fan.

 

He owes me a fortune . We made a bet years ago that if saints finished above coventry he would give me a fiver each season and vice versa. I have only ever given him a fiver once, We have a mounted a fiver as a trophy . I have had it for the last 13 yeaRS, Semms I will keep it for a good few years to come

Viking Warrior

Viking Warrior

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How did the cheating skates get away with it and coventry find themselves well and truly shafted . Im glad we did not get taken over by that hedge fund group, It could well have been us

 

Thank You Markus

trousers

trousers

Posted
Posted (edited)
How did the cheating skates get away with it and coventry find themselves well and truly shafted.

 

Easy. Coventry's creditors appear to have some balls whereas Pompey's were clueless mugs (twice)

Edited by trousers
toofarnorth

toofarnorth

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Posted

They need to sort out this mess where clubs are no longer clubs, but a conglomerate of different companies. Truth is half of Coventry has been liquidated.

 

Other half will carry on.

ericofarabia

ericofarabia

Posted
Posted
Coventry City Ltd liquidated. Coventry City Holdings Ltd still exist. The CVA was rejected by6 the owners of the Ricoh Stadium who are owed a ton of rent.

Northampton it is and with a 15 point deduction likely.

 

Coventry County Council will be livid at losing out on an annual 300 million quids worth of business and trade on matchdays to Northampton!!

Saint86

Saint86

Posted
Posted
How did the cheating skates get away with it and coventry find themselves well and truly shafted . Im glad we did not get taken over by that hedge fund group, It could well have been us

 

Thank You Markus and Cortese

 

Fixed it for you... otherwise, well said!

ericofarabia

ericofarabia

Posted
Posted
Oh well, Coventry's loss is Northampton's gain. How much do we bring to town, out of interest? I know I spend the lesser part of bugger-all

 

The 300 million quote was a tongue in cheek jibe at Skatesmuff! Can't remember if it was the club or the council / Penny Morepiesplease, that come up with that figure in attempt to show how much revenue the club brought into the city per year!! Of course all totally unrealistic, but when has reality ever been a feature down that way!!

 

And of course also glossing over how much they robbed from businesses, tax payers and the council at the same time.

buctootim

buctootim

Posted
Posted
Oh well, Coventry's loss is Northampton's gain. How much do we bring to town, out of interest? I know I spend the lesser part of bugger-all

 

My first instinct is the same as yours, but when I think about it it does mount up. Largely it depends on how you do the maths though, how much is attributable to the football.

 

I live about 70 miles away so when I go to games will also often make a weekend of it, drink in pub, go out for a meal, see family, shop in John Lewis (not one in Brighton) maybe stay in a hotel. If there wasn't a game on I might do it all in a day and return home at night or might still behave the same. Stats can prove want you want them to.

ottery st mary

ottery st mary

Posted
Posted
Are situation has f**ck all to do with it, Its a sad day for Coventry and there supporters, lets hope they can come out of this with a team to support

 

 

Pompey situation has everything to do with it:rolleyes:

 

Coventry got truly Fluuuuucked:(

 

Pompey have truly Fluuuuuucked everyone else and continue to do so..:blush:

Saint137

Saint137

Posted
Posted

So got off lighter than Pompey then ;) Sad day for Cov fans but at least they still live, although League 2 beckons now. Worked with a die-hard Cov fan, he used to go to every game home and away despite being based in Reading. Wonder if there are further deductions to come.

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