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Lets Be having You

Covscum

By Lets Be having You, in General Football and Sport

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Sods

Sods

Posted
Posted

Wehey.

Dowie going then?

In all seriousness though, i dont like to see any team in administration so i hope they get out of it.

But the 10 points is an advantage. Whos going down now?

davieG

davieG

Posted
Posted
Gone in to admin,loss off 10 points,bottom three now

source please!!!!

Koke

Koke

Posted
Posted

Coventry plan for administration

Coventry's board have announced their intention to take the cash-strapped club into administration.

The Sky Blues are currently in takeover negotiations with a consortium led by football entrepreneur Ray Ranson.

"This legal notice gives Coventry a 10-day window to complete the takeover talks with Ray Ranson and Sisu Capital," said the board's statement.

If the Championship club do go into administration, they will be deducted 10 points.

Monday's statement added: "This is merely a legal process protecting the bank and its creditors.

"It should speed up the takeover of the club and therefore take Coventry into a solvent financial situation."

Link

Bellend Sebastian

Bellend Sebastian

Posted
Posted

I'd be a bit more sympathetic if their supporters hadn't been so critical of us when we were in administration.

I still take delight in reminding everyone that the head of the KPMG team that got us through our administration was a Cov fan

stevec

stevec

Posted
Posted
Gone in to admin,loss off 10 points,bottom three now

I think they have just "filed the papers ready". They have ten days to complete the takeover or admin will happen.

So reading between the lines the bank forced this upon them as conditions on extending the loan last week so they could pay players.

The bank would not have granted them an extra million if the plans behind the scenes were not advanced enough to do the takeover. Unless they have a back handed agreement to pay them back but walk away from all other debts by going into admin and therefore making them a better takeover proposition.

Its also a bit of a "threat" to all other creditors - look if you do not agree for us to downsize our debt to you we will go into admin and you will get nothing - you have ten days to reply.

davieG

davieG

Posted
Posted
I'd be a bit more sympathetic if their supporters hadn't been so critical of us when we were in administration.

I still take delight in reminding everyone that the head of the KPMG team that got us through our administration was a Cov fan

For a start we were forced into it by Wise and his cohort whereas Cov seem to be using it to clear their debts so as to allow the takeover to occur.

breadandcheese

breadandcheese

Posted
Posted

They're not actually in administration yet. Just one step closer.

Personally, I hope they avoid administration. As a club, I have nothing good to say about them, but there's going to be people's jobs on the line, particularly before Christmas, and it's not as if Coventry actually went and spent massive sums to drag them into admin as we did (new stadium, Akinbiyi, etc) or Leeds did (Seth Johnson, renting goldfish, etc).

Dames

Dames

Posted
Posted

Hahah thats what they get for voting for the 10 point deduction, Instead of screwing us over they screw themselfs over.

OriginalRobboFOX

OriginalRobboFOX

Posted
Posted
For a start we were forced into it by Wise and his cohort whereas Cov seem to be using it to clear their debts so as to allow the takeover to occur.

When we last played Covscum at the Walkers me and Sparky were walking back home past the away fans coaches and there were two Covscum guys who were fuming screaming out, 'at least we pay our debts, blah blah blah, and we dont just go into administration, blah blah blah, cheats!!!'......

How ironic...... :crylaugh:

mancunianfox

mancunianfox

Posted
Posted
They're not actually in administration yet. Just one step closer.

Personally, I hope they avoid administration. As a club, I have nothing good to say about them, but there's going to be people's jobs on the line, particularly before Christmas, and it's not as if Coventry actually went and spent massive sums to drag them into admin as we did (new stadium, Akinbiyi, etc) or Leeds did (Seth Johnson, renting goldfish, etc).

They built the Ricoh and at the time they said they needed/expected 25k a week if they were to pay for it. They haven't even come close to that number and their attendance is usually less than 20k. If they go into admin it will be because their fans failed to turn up.

breadandcheese

breadandcheese

Posted
Posted
They built the Ricoh and at the time they said they needed/expected 25k a week if they were to pay for it. They haven't even come close to that number and their attendance is usually less than 20k. If they go into admin it will be because their fans failed to turn up.

I thought they were never intending to own the Ricoh, so didn't build it nor spend big. If they signed a lease where they needed 25k fans a week, even though they're in the championship, then they really were stupid.

It's amazing how many chairman become braindead when running a football club. Elsom ruined us, signing a crazy finance agreement to build our stadium. I guess Coventry's chairman did the same, only to rent a stadium without any big signings. Possibly the worst of both worlds.

I feel sorry for those with job worries at this time of year because of some crazy financial agreements, which were out of their control.

Wycombe Fox

Wycombe Fox

Posted
Posted

http://news.bbc.co.uk/sport1/hi/football/t...ity/7125225.stm

Coventry's board has announced its intention to take the cash-strapped club into administration.

But the Sky Blues, who have debts of up to £38m, remain hopeful that a takeover by Ray Ranson and Sisu Capital will be completed before then.

"This legal notice gives Coventry a 10-day window to complete the takeover talks," said the board's statement.

If the talks fail and Coventry do go into administration, they will be deducted 10 points.

Coventry lie 14th in the table and their perilous financial state led to a transfer embargo being imposed.

Manager Iain Dowie has warned that he would consider his position if the club went into administration.

But Monday's statement said: "This is merely a legal process protecting the bank and its creditors.

"It should speed up the takeover of the club and therefore take Coventry into a solvent financial situation.

"Following recent speculation, the club can confirm can that staff and player wages have now been paid and we look forward to a successful conclusion of the takeover in the near future."

James.

James.

Posted
Posted

The only positive I personally take from this is that we will move up a place in the table.

I derive no pleasure from seeing any club go into administration.

Staf

Staf

Posted
Posted
The only positive I personally take from this is that we will move up a place in the table.

I derive no pleasure from seeing any club go into administration.

I agree at least we move up a place :whistle:

87fox

87fox

Posted
Posted
They're not actually in administration yet. Just one step closer.

Personally, I hope they avoid administration. As a club, I have nothing good to say about them, but there's going to be people's jobs on the line, particularly before Christmas, and it's not as if Coventry actually went and spent massive sums to drag them into admin as we did (new stadium, Akinbiyi, etc) or Leeds did (Seth Johnson, renting goldfish, etc).

Actually about 2 years ago they decided to go all out and launch 'operation premiership' whereby they spent a vast amount of money on players in the home that they got promoted within 2-3 years. if it didn't work they go bust. serves them right

:scarf:

Staf

Staf

Posted
Posted
:crylaugh: Looks like there going down :crylaugh:

Dont Know When Dont Know Where But I Know We'll Meet Again Some Sunnday Day

:P

I dont think they will go down they have some quality players who can keep them out of the relegation zone :whistle:

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