artful
lancashire |
106 of 714
Mon 25th Mar 2013 8:32pm
Tomorrow is "D Day". The High Court will decide if SISU's or ACL's administrator is in charge. Just pray it's the one from ACL. |
Sport, Music and Leisure - Coventry City FC (The Bantams, Sky Blues) | |
Midland Red
|
107 of 714
Wed 27th Mar 2013 11:15am
£60,000,000 in debt! How? ![]() |
Sport, Music and Leisure - Coventry City FC (The Bantams, Sky Blues) | |
MisterD-Di
Sutton Coldfield |
108 of 714
Wed 27th Mar 2013 2:33pm
How can you trust these people at all? Tim Fisher said earlier in the season that there was NO debt. The film clip was on the lunchtime news. So either the club has been losing £10m a month or, he was telling fibs. ![]() ![]() |
Sport, Music and Leisure - Coventry City FC (The Bantams, Sky Blues) | |
AD
Allesley Park |
109 of 714
Wed 27th Mar 2013 3:32pm
It's why I find it hard to believe anything SISU say. It was blatantly clear the club had debt. All he had to do was say no external debt or bank debt and he'd have been fine, but he didn't.
The £60m is largely owed to SISU (their £50m investment) with the rest probably the rent arrears, outstanding wages, taxes etc. I've no problems with SISU putting their money in as loans and other forms of debt - it would be ridiculous to expect it to be gifted to the club, but many people aren't versed in finance and how it works and therefore aren't able to quite get their head around it. A lot of people see £50m investment and assume it means it's been given to the club. Similarly when they see no debt they expect that to mean no debt.
As for where it all comes from again few people can't get their heads around the stupid amounts of money that goes into players pockets. This season if you take the supposed average weekly wage of a league 1 player at £2k per week with a squad of around 30. That's £3.1m a year just in player wages. At Championship level that average rises to around £8k so that's £12.5m a season! When you consider we had the likes of Marlon King on anything between £15-20k a week (£750k - £1m pa on one player alone!) and others like Freddy Eastwood, Clinton Morrison and Kevin Kyle on £8-10k a week in the last few years, it's easy to see where the money goes. Even a first year academy graduate, Ashley Cain, despite only spending one year as a pro with us before joining a host of lower league clubs was on TV recently and it showed a picture of him in a brand new house with a Mercedes in the drive!
The rent is a pittance in comparison to what the players get. |
Sport, Music and Leisure - Coventry City FC (The Bantams, Sky Blues) | |
artful
lancashire |
110 of 714
Wed 27th Mar 2013 9:42pm
Owning a football club is to say the very least a risky business. Unless your team is in the Premiership it has no chance of making money. When SISU purchased the club for a measly £1 plus an inherited debt of some £8 million to the tax man, they also took over the cost of running the club.
To do this they needed to get the club promoted to the Premiership, which involved some serious outlay which was not forthcoming, in fact they proceeded to sell off all the best players for UNDISCLOSED fees. This caused the inevitable relegation to the 1st division and the subsequent loss of revenue.
The owner cannot lend himself funds and expect the club which he owns to reimburse him. Losing money is part and parcel of owning a lower league football club. |
Sport, Music and Leisure - Coventry City FC (The Bantams, Sky Blues) | |
Dreamtime
Perth Western Australia |
111 of 714
Thu 28th Mar 2013 1:43am
After reading what you lads have to say, here's me thinking players played for the love of the game and proving their worth, instead of how much money they can get out of it. Given their careers are not long ones, and they probably realise that at the onset. A new house and a Mercedes does not a good player make! ![]() |
Sport, Music and Leisure - Coventry City FC (The Bantams, Sky Blues) | |
TonyS
Coventry |
112 of 714
Thu 28th Mar 2013 7:51am
Just reported on BBC radio that the remaining three home games WILL be played at the Ricoh ![]() ![]() |
Sport, Music and Leisure - Coventry City FC (The Bantams, Sky Blues) | |
PhiliPamInCoventry
Holbrooks |
113 of 714
Thu 28th Mar 2013 9:15am
On 27th Mar 2013 2:33pm, MisterD-Di said:
How can you trust these people at all? Tim Fisher said earlier in the season that there was NO debt. The film clip was on the lunchtime news. So either the club has been losing £10m a month or, he was telling fibs.
Hello MisterD-Di ![]() ![]() ![]() ![]() ![]() |
Sport, Music and Leisure - Coventry City FC (The Bantams, Sky Blues) | |
Midland Red
|
114 of 714
Thu 28th Mar 2013 4:21pm
BREAKING NEWS
Coventry City have been deducted 10 points by the Football League.
A High Court hearing in London on Tuesday ruled that the League One club was "in administration".
City were taken to court to face an administration order from their Ricoh Arena landlords, Arena Coventry Ltd, over a year's unpaid rent of £1.3m.
The deduction means the Sky Blues, who have seven days to appeal against the decision, slip from 10th to 14th in League One. |
Sport, Music and Leisure - Coventry City FC (The Bantams, Sky Blues) | |
PhiliPamInCoventry
Holbrooks |
115 of 714
Thu 28th Mar 2013 8:01pm
![]() |
Sport, Music and Leisure - Coventry City FC (The Bantams, Sky Blues) | |
TonyS
Coventry |
116 of 714
Wed 10th Apr 2013 1:00pm
Its just been announced that Coventry FC (Holdings) have withdrawn their appeal against the 10 point deduction!
|
Sport, Music and Leisure - Coventry City FC (The Bantams, Sky Blues) | |
PhiliPamInCoventry
Holbrooks |
117 of 714
Tue 23rd Apr 2013 3:21pm
Hi all, ![]() ![]() ![]() ![]() ![]() |
Sport, Music and Leisure - Coventry City FC (The Bantams, Sky Blues) | |
Midland Red
|
118 of 714
Fri 3rd May 2013 5:15pm
Contingency plans in place for Ricoh exit : BBC Sport |
Sport, Music and Leisure - Coventry City FC (The Bantams, Sky Blues) | |
Midland Red
|
119 of 714
Sat 18th May 2013 1:13pm
Tim Fisher says CCFC have left the Ricoh
Coventry Telegraph
CCFC Website |
Sport, Music and Leisure - Coventry City FC (The Bantams, Sky Blues) | |
Greenman
Cumbria |
120 of 714
Sat 18th May 2013 7:39pm
I have to confess that I was never a soccer fan but this news saddened me. Throughout the bad times Coventry suffered during the '70s and '80s, the Sky Blues were a beacon of hope for many in the city. And now one more aspect of Coventry's identity is set to disappear. Although my family and I moved up to Cumbria over 25 years ago, I still feel the loss of so much of the city that I grew up in and loved. |
Sport, Music and Leisure - Coventry City FC (The Bantams, Sky Blues) |
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