Coventry City being Liquidated?? (Merged Thread)

[Sergei's Celebration]

CPFC Ltd do not own Selhurst, BHA FC do not own The Amex.

No but both the club and the stadium are owned by the same company.

 

[strings]

The Council IS the stadium owner! (Or at least 50% of it)

Well stripe me pink. I didn't know that.

 

[Hillian1]

I thought liquidation was the end of the company. All assets sold off to pay creditors and the company wound up.

Am I right?

If not, why are most news agencies still talking about point deductions? As far as I understand things, there is no club to deduct points from.

This is exactly what my understanding of Liquidation entails.

Can anyone shed light on this, is there a glimmer of hope for Coventry?

 

[HawkTheSeagull]

I thought liquidation was the end of the company. All assets sold off to pay creditors and the company wound up.

Am I right?

If not, why are most news agencies still talking about point deductions? As far as I understand things, there is no club to deduct points from.

Could be a Rangers style scenario, buy all the clubs assets the "original" club gets wound-up but then immediately re-formed (maybe something like CCFC 2013) and then they decide what league they can enter in, although 1 day before the start in the season, where exactly are they going to go ?

 

[Postman Pat]

This is exactly what my understanding of Liquidation entails.

Can anyone shed light on this, is there a glimmer of hope for Coventry?

Coventry City FC Ltd to be liquidated

Coventry City Football Club Ltd are set to be liquidated after a Company Voluntary Agreement was rejected at a creditors' meeting in London.

CCFC Ltd, who went into administration in March, is just one of the companies that make up the club.

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

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

One of the companies, maybe this is the key bit??

 

[Sergei's Celebration]

So are you saying this is untrue? I am confused about this now.

[tweet]363242727971889153[/tweet]

 

[Phat Baz 68]

Dreadful just dreadful ****ing money men AGAIN ! *******s should be hung drawn and quartered !!
Can't imagine how I would feel if that had happened to us.

 

[Vegas Seagull]

Coventry City being Liquidated??

1980 all over again

Coventry-The Specials-Liquidator

If they need a tune to run out to in future they're ain't many better

 

[Barrel of Fun]

**** me is all I can say to that statement. Not too disheartened?

Their record over the last 12 seasons since relegation from the top flight is dull, the Ricoh is a rubbish ground in comparison to Highfield Road. The club doesn't own the ground and they are just filling the pockets of others by playing there.

12/13 League One 15th
11/12 Championship 23rd
10/11 Championship 18th
09/10 Championship 19th
08/09 Championship 17th
07/08 Championship 21st
06/07 Championship 17th
05/06 Championship 8th
04/05 Championship 19th
03/04 Championship 12th
02/03 Championship 20th
01/02 Championship 11th
00/01 Premier League 19th RELEGATED

Boring! I am speaking from my point of view, if I were a Coventry fan. You can facepalm all you like, Icy.

I see what you're saying, but no. I'd be absolutely gutted if I were them and unable to see a way forward.

Absolutely terrible news and feel for them big time. A disaster for the football fraternity.

I'd rather start again than just drift, but I understand what you are saying, also.

 

[Sergei's Celebration]

[tweet]363244807193243648[/tweet]

 

[warmleyseagull]

A pre pack is possible only from administration. Liquidation is the end, there is no way back. Football clubs have a Houdini way of avoiding closing down completely but it has happened (Newport for example) and I can't see how it can be avoided in this case with Coventry Newco restarting in Mickey League and working upwards a la AFC Wimbledon and FC United of Manchester (albeit circumstances slightly different).

Would mean another team gets promoted to League One (is it Northampton as PO losers or Burton as 4th?) and one more into League 2. Guess League will want to avoid this now, so will probably stitch up a compromise that means Cov will be relegated.

Is a new company already in place to take over in a pre-pack admin deal ? The FL would be looking for a financial bond too to guarantee the fixture list is fulfilled. If Coventry remain in the league the 25 points deduction could actually be 30.

 

[warmleyseagull]

This is exactly what my understanding of Liquidation entails.

Can anyone shed light on this, is there a glimmer of hope for Coventry?

Exactly - see my post just written.

 

[Sergei's Celebration]

A pre pack is possible only from administration. Liquidation is the end, there is no way back. Football clubs have a Houdini way of avoiding closing down completely but it has happened (Newport for example) and I can't see how it can be avoided in this case with Coventry Newco restarting in Mickey League and working upwards a la AFC Wimbledon and FC United of Manchester (albeit circumstances slightly different).

Would mean another team gets promoted to League One (is it Northampton as PO losers or Burton as 4th?) and one more into League 2. Guess League will want to avoid this now, so will probably stitch up a compromise that means Cov will be relegated.

Imagine being Northampton and hours before thinking your playing in one league you'll play in another!

 

[Varndean VI Form College]

What a grey day. Definitive proof that greedy hedge fund managers shouldn't be let anywhere near football clubs.

Depressing.

 

[teaboy]

What have the stadium owners achieved by blocking the CVA? All they have done is end up with a football stadium with no football team, and a local population that will likely refuse to ever step in the place again.

I saw they were trying to get the decision to let them play in Northampton overturned as they believe it breached the Football League's own rules. They seem to have cut their own noses off.

Agreed. What with the stadium be used for now? How multi-purpose is it, or can it become? Was there a need for it other than football?

 

[seagullsovergrimsby]

If it's liquidation the assets of the current co (i.e. the players) will be sold off so nothing left to take over.

From what I'm reading the company has been liquidated rather than the football club itself and the assets can be purchased by another company who can then run the football club. A SISU related company , Otium , is waiting in the wings.

 

[Postman Pat]

Wouldn't it just make sense to postpone their game tomorrow until they actually know what is going on?

 

[Acker79]

As far as I recall, the football club paid for the stadium rent through a company that declared bankruptcy or went into administration or whatever, allowing the club to continue without admin, until the stadium owners took them to court to force the admin onto the club.

It's like the club tried to screw over the owners of the stadium, and the stadium owners are getting revenge.


As for liquidation meaning the club no longer exists, did rangers go into liquidation? Or is it comparable in any way?

 

[Hotchilidog]

Unmentioned sinners you say. What about the FA - a truly ****witted organisation incapable of running the game for the benefit of the greater good. How did SISU Hedge Fund ever pass any sort of fit and proper ownership test?

It's time for the government of the day to step in over the FA's incompetence, disband them and their crappy old boys club.

Totally agree. There is absolutely no serious scrutiny of ownership or regulation of club behaviour. It is a scandal that chancres such as SISU and the mob that ruined Pompey are allowed anywhere near a boardroom.

 

[surrey jim]

Their record over the last 12 seasons since relegation from the top flight is dull, the Ricoh is a rubbish ground in comparison to Highfield Road. The club doesn't own the ground and they are just filling the pockets of others by playing there.

12/13 League One 15th
11/12 Championship 23rd
10/11 Championship 18th
09/10 Championship 19th
08/09 Championship 17th
07/08 Championship 21st
06/07 Championship 17th
05/06 Championship 8th
04/05 Championship 19th
03/04 Championship 12th
02/03 Championship 20th
01/02 Championship 11th
00/01 Premier League 19th RELEGATED

Boring! I am speaking from my point of view, if I were a Coventry fan. You can facepalm all you like, Icy.




I'd rather start again than just drift, but I understand what you are saying, also.

I was given a stastic the other day (have not confirmed that it is 100% true) that Coventry are the only league team to have not finished in the top 6 of any division in the last 40 years.