Paul Fletcher resigns

[ASH17LCFC]

Looks like cov could be heading into administration now. No takeover and Fletcher resigning.

CharlesMore Posted on 5/10 16:45 Email this Message | Edit | Reply

The end is nigh?

--------------------------------------------------------------------------------

Operation Premiership is called off, we are losing £90K a week and our landlords at the Ricoh appear to have been the major stumbling block to the only seroius takeover bid.

Mifsud in the headlines, a manager who's profile and reputation has been enhanced in his time here, what chance they are going to be here in January.

Admin looms. The end is nigh.

We are doomed.

read more on cov going under

[Brainy]

[Thracian]

Oxfox has posted this on TB.

"KovSkum's chairman has just left amid strong rumours they're about to go into admin, which means they'll go down to 5 points and we'd go up a place."

Not exactly the sort of thing you could rely on for lifting you up the table.

Anyone heard if there's any substance to the comment:

[Milky]

Blindo!

[WetFlannel]

THERE IS A GOD

[Durnerz]

I don't take any pride in this. I'd sooner beat them by being the better team rather than the better club stability.

[WetFlannel]

I don't take any pride in this. I'd sooner beat them by being the better team rather than the better club stability.

id take 3 points anywhere at the moment

[Brainy]

I don't take any pride in this. I'd sooner beat them by being the better team rather than the better club stability.

[Raj]

Blindo!

shouldn't laugh about any club going into financial trouble.

But fcuk it...

[Bryn]

It'll only take em 2-3 games to make those 5 points up anyway.

[Milky]

shouldn't laugh about any club going into financial trouble.

But fcuk it...

I was calling Thracian a blind-o because there was already a thread on this staring him in the face.

[Geo V]

They`ll be alright no doubt.

Time to move in for Mifsud

[Finnegan]

Possibly/probably people just moving out who object to the pending takeover. Isn't that the usual procedure? I'm sorry, I'm a bit business-end-ignorant, but didn't we have board members resigning before the take over went through?

[Raj]

Possibly/probably people just moving out who object to the pending takeover. Isn't that the usual procedure? I'm sorry, I'm a bit business-end-ignorant, but didn't we have board members resigning before the take over went through?

Too true we did.

Andrew Taylor (last Chairman before MM) and some others left.

[Ultra]

It's a bit more serious than that.

If the stadium owners don't agree to the takeover, it won't happen - simple as.

This is why Mandaric has to keep someone from Teachers on our board, since Teachers still own our ground.

Sounds like the sky blues are in deep doo-doo.

Don't wish administration on anyone, but I'm not exactly overcome with grief at their plight...

[davieG]

Possibly/probably people just moving out who object to the pending takeover. Isn't that the usual procedure? I'm sorry, I'm a bit business-end-ignorant, but didn't we have board members resigning before the take over went through?

I understand he's quoted as saying that he would only resign if the takeover was successful or failed. Rumour has it that all 5 suitors have been turned down by the council (stadium owners). It's also been suggested that if he was resigning due to a successful outcome he'd announce his resignation at that time.

I'm not convinced it will mean administration rather they'll have to live hand to mouth and make some cutbacks.

[Jay]

It's a bit more serious than that.

If the stadium owners don't agree to the takeover, it won't happen - simple as.

This is why Mandaric has to keep someone from Teachers on our board, since Teachers still own our ground.

Sounds like the sky blues are in deep doo-doo.

Don't wish administration on anyone, but I'm not exactly overcome with grief at their plight...

I am not sure of the exact facts but I think it's slightly different while Teachers are the oweners of the ground we are paying them back with the eventual intention of owning the ground one day in the very distant future we basically paying the mortgage, just like your own house however with Cov they don't own the ground and never will the council have 100% ownership and Cov are just tennants who pay rent they even have to rent the car park and the council can levy additional charges for cup matches like they did for Manure.

so basically the club have no assets whatsoever since selling Highfield Road it sounds like it's going to be a very nervy few weeks for Cov Fans

[Flynny]

so basically the club have no assets whatsoever

Players?

[Jay]

Players?

as I said basically the club has no assets

although they are doing better than our shower of shite!!

but yes I overlooked the minor asset that is the players

but I think you get the idea don't you?

[davieG]

Link

Sky Blues MD Fletcher resigns

Paul Fletcher has resigned after 18 months as managing director at Coventry City.

Nick Connoll

05 October 2007

GUTTED Sky Blues former managing director Paul Fletcher has admitted the Coventry City's Operation Premiership project has come off the rails in the wake of his resignation.

Fletcher, who was in the middle of spearheading a takeover deal for the club, said he felt like he had had his heart broken as he handed his resignation in today after it was revealed potential American buyers Manhattan Sports Capital flew in to discuss a deal this week but left almost straight away without even meeting him.

The new stadium has been a consistent stumbling block for any takeover deal, which has appeared increasingly vital to the club's financial future since it was revealed it is losing around £90,000 a week minimum by not being able to take most of the profits the ground makes.

But Fletcher admitted any takeover now looks extremely unlikely in the current climate despite 'four or five potential investors' coming forward to express an interest.

Speaking to the Coventry Observer, he said: "I've always been open and told the fans the truth and this has really broken my heart. The truth is as far as the takeover is concerned we are no nearer or further than we were six or seven months ago Operation Premiership has come off the rails.'

"The Manhattan Group came this week but I never got a chance to meet them. It was then I decided to resign."

Managing director at the club for the last 18 months Fletcher, who has been awarded an MBE following his previous work on the Wembley and Reebok Stadium projects, also expresed his concerns for the club's fans.

"The most important thing for Coventry supporters is to get the club back into the Preniership. If it becomes an average club then that impacts on the city."

"I have also spoke to Iain Dowie and apologised because I would have thought by now we would have had a new invester in the club. But at the moment it does not appear that that will be. But having said that he is a magnificent manager and at the moment he may get us up anyway. He is doing an absolutely magnificent job."

Coventry City released a statement saying: "The club would like to thank Paul for his dedication and hard work during what has undoubtedly been a difficult time for Coventry City."

[Bojimha]

cracking news, can't wait to dwell on this at the next family party (My girlfriends family are all sky blue supporters except for her, she's a fox!).

[Kilworthfox]

a ha ha ha ha ha

Sky Blues MD Fletcher resigns

Paul Fletcher has resigned after 18 months as managing director at Coventry City.

Nick Connoll

05 October 2007

GUTTED Sky Blues former managing director Paul Fletcher has admitted the Coventry City's Operation Premiership project has come off the rails in the wake of his resignation.

Fletcher, who was in the middle of spearheading a takeover deal for the club, said he felt like he had had his heart broken as he handed his resignation in today after it was revealed potential American buyers Manhattan Sports Capital flew in to discuss a deal this week but left almost straight away without even meeting him.

The new stadium has been a consistent stumbling block for any takeover deal, which has appeared increasingly vital to the club's financial future since it was revealed it is losing around £90,000 a week minimum by not being able to take most of the profits the ground makes.

But Fletcher admitted any takeover now looks extremely unlikely in the current climate despite 'four or five potential investors' coming forward to express an interest.

Speaking to the Coventry Observer, he said: "I've always been open and told the fans the truth and this has really broken my heart. The truth is as far as the takeover is concerned we are no nearer or further than we were six or seven months ago Operation Premiership has come off the rails.'

"The Manhattan Group came this week but I never got a chance to meet them. It was then I decided to resign."

Managing director at the club for the last 18 months Fletcher, who has been awarded an MBE following his previous work on the Wembley and Reebok Stadium projects, also expresed his concerns for the club's fans.

"The most important thing for Coventry supporters is to get the club back into the Preniership. If it becomes an average club then that impacts on the city."

"I have also spoke to Iain Dowie and apologised because I would have thought by now we would have had a new invester in the club. But at the moment it does not appear that that will be. But having said that he is a magnificent manager and at the moment he may get us up anyway. He is doing an absolutely magnificent job."

Coventry City released a statement saying: "The club would like to thank Paul for his dedication and hard work during what has undoubtedly been a difficult time for Coventry City."Contact the Editor about this story«Back

[davieG]

<h2 class="ss-header hstyle2">Coventry suitors pull out</h2>

Sky Blues disappointed as Americans withdraw interest

By Lewis Rutledge Last updated: 8th October 2007

Manhattan Sports Capital Partners Limited have withdrawn their interest in buying Coventry City.

The American consortium agreed a deal in principle to buy the club and take on their estimated debts of £28million.

The deal was struck in February but Manhattan have now pulled out, along with four other potential investors.

The collapse of the proposed takeover prompted Paul Fletcher to resign as managing director on Sunday, and director Joe Elliott admits Manhattan's decision was very disappointing.

Elliott explained that Manhattan's withdrawal was due to the current problems with the interest rate in the United States, as well as the other business ventures of Sheldon Yellen, the potential principle investor in the project.

However, The Sky Blues have also confirmed takeover talks are still progressing with a number of parties.

Still committed

Elliott said: "We thank Manhattan for their work with Coventry City and everyone at the club is very sad the deal will not be going ahead after all parties have worked so hard to complete it for the last eight months.

"Unfortunately, it is the case with business that other factors often dictate deals and this is the situation here. Coventry City could not have worked harder for this investment to progress.

"We are fully committed to finding investment for this great football club.

"There will inevitably be ups and downs along the way, as with all business transactions, but it is essential everyone associated with Coventry City remains positive and pulls together in this battle."

[Ric Flair]

Oh dear, they sound like they are in serious financial mess. But whether they'll go in to Admin is far too early to tell, they can probably stave it off for a while.

I wonder what impact this will have on Dowie though? No doubt the rumours will start to re-surface linking him with us if we continue to struggle.

I have a few mates who are Cov fans and I dislike them immensly, it is nice when they lose. But I don't wish this sort of potential disaster on them. I was rather hoping both teams would have a good season and we could be successful rivals perhaps in a play-off battle.

[Fez of Mahrez]

Oh dear, they sound like they are in serious financial mess. But whether they'll go in to Admin is far too early to tell, they can probably stave it off for a while.

I wonder what impact this will have on Dowie though? No doubt the rumours will start to re-surface linking him with us if we continue to struggle.

I have a few mates who are Cov fans and I dislike them immensly, it is nice when they lose. But I don't wish this sort of potential disaster on them. I was rather hoping both teams would have a good season and we could be successful rivals perhaps in a play-off battle.

Wouldn't they be acquaintances rather than mates then?