August 2011 Archives
IT could be compared to worrying about whether or not you left the stove on whilst your house is smashed to bits by a tornado, but these next three hundred words will nevertheless be based on Coventry City's goalless draw with Watford on Saturday.
What was a relatively unexciting game pales totally into insignificance in the face of the boardroom struggle currently taking place at The Ricoh, a struggle that could perhaps reach a climax this very week.
This is no excuse, however, to neglect the happenings on the pitch.
Gary Hoffmans formal bid has been received by Coventry City.
We have waited a long long time to hear such good news, but i feel the waiting will go on for a little longer yet.
As I explained in my earlier article, SISU don't give a jot about our Club, they are asset strippers, the plan was to take us into the Premier League by borrowing money from the Bank, with their investments as security.
Then came the Credit Crunch and the investments didn't look so rosey to the Bank, and so our slow journey into the abyss began.
Make no mistake, SISU have got themselves into a huge hole here, they own something that stands them £20 million plus, the Bank have told them to sell it by the end of the season or they will foreclose.
Now Gary has come along and offered them £1 for it, yes, they will take on the considerable debts of the Club, but they will not pay the £20 million SISU owe back to the Bank.
Let me take you back to last time we were in this position.
We had been relegated and not reacted well to it, we were days away from Administration and the possibility of being wiped off the League table.
SISU came along and offered £1 for the club as long as all shareholders gave up their shares for nothing, to some people, like Geoffrey Robinson, that meant losing Millions of pounds, SISU took it to the wire and wouldn't shift, we were half an hour away from goodbye when the shareholders relented and handed the shares over.
They did that because, like us, they love this club more than anything, and would do anything for it.
SISU are a totally different animal, they don't care a cows bum about this club, all they want is a profit on their investment, or at least their money back.
If rumours of the formal offer are to be believed, GH is doing the same as SISU did, and asking them to walk away for nothing.
It will take more than that to persuade such hardnosed people to walk away having failed.
Under such circumstances SISU would no doubt think that putting the Company formed for the purchase of the club into administration and walking away without any liability whatsoever would be the better option.
I think that, such was the reception on Saturday, there will be a compromise and we will win the day.
But hold on tight and expect it to go to the wire.
A very strong rumour persists that the Transfer Embargo that hit The Sky Blues last season has still not been lifted.
Under League rules we were allowed to sign a Goalkeeper because our two senior keepers had come to the end of their contracts and left the Club.
Joe Murphy was a free agent, so he wasn't subject to transfer rules, neither was the young prospect from Northampton Town.
Sources close to the Club have told me that SISU have still not paid money owed to Bolton for our very brief loan signing, and that is the reason why we haven't signed one outfield player, not even on a free transfer or loan.
Until that money is paid we will not be allowed to sign anyone, and although SISU's Bank have agreed to fund the wages and rent, this is only until a sale can be agreed, with the Bank setting a time limit of the end of the season.
Had the Bank not agreed to this, the Club would have gone into administration and the Bank would have lost everything.
It has been well documented that the money "pumped into the club" by SISU, is just a loan, a loan that would be paid back to SISU when promotion to the Premier League was realised.
Unfortunately for SISU their profits have taken a dramatic downturn since their takeover of the club, and so any further investment in the team has not been possible.
But that leaves a huge mess.
SISU cannot sell the Club for £1 because they need to pay the Bank back, Gary Hoffman and his investers will not pay SISU's Bank back, they may have made some kind of offer to pay SISU when promotion is ours, but, as previously mentioned, the Bank have set a deadline of the end of the season.
They could, perhaps, be persuaded to extend that deadline, but that would mean far higher interest rates, something that wouldn't be commercially viable.
So, that gets us to where we are now.
SISU owe 20 million plus to the Bank, and now need to sell something with very little value at all for £20 million, nobody with a Central Nervous System would pay anything like that for our beloved club and take on such huge liabilities.
That leaves Administration, something that should have happened at the end of last season, giving us the summer to regroup and get new people in.
A ten point deduction would not be the end of the world at this stage of the season, if we could get new investment in fast, signed 4 or 5 quality players and bank roll a couple of high profile loans i think we would be ok, and perfectly capable of a top six finish, but as we all know SISU's byword is Brinkmanship, and they will go to the last second to get something substantial out of this deal.
Gary is doing everything he can, all we can do is keep up the protests up and show how much we love this Club.
Tottenham, or Chelsea, or SISU or anyone, they won't defeat us, we'll fight til the day is won!!
COVENTRY CITY boss Andy Thorn has lined up three reserve games to give valuable match minutes to players on the come-back trail - like Freddy Eastwood and Ben Turner.
COVENTRY City have insisted they have not received a formal bid from Gary Hoffman and his group of investors.
COVENTRY City manager Andy Thorn hailed his side after they got their first npower Championship point on the board of the season with a goalless draw against Watford at the Ricoh Arena.
ON a day when the statue of Jimmy Hill became a focal point of protest, it was all-but impossible to shake off the image and the beloved catchphrases of long-chinned lookalike Bruce Forsyth.
ANDY Thorn has hailed Coventry City's supporters for sticking with the team - and promised them that their faith will be rewarded.
RICHARD Keogh returned from Selhurst Park with a rapturous review from Coventry City manager Andy Thorn ringing in his ears.
WHAT a terrible start to a new season the Sky Blues are having losing three Championship games and being dumped out the Carling Cup by Bury.
Before a ball was kicked on the opening day of the new campaign the bookies make us the favourites for relegation so I bet no pun intended their feeling pretty pleased with themselves right now ?
And to add to the Sky Blues woes the treatment tables are full as usual with the walking wounded I imagine medics and physio's love working at Coventry City Football Club as they'd never be out of a job that's for sure.
ANDY Thorn has vowed to protect the Coventry City babes who have been pitched into the Championship firing line years ahead of schedule.
There isn't a manager in the world - up to and including the spoiled-rotten likes of Roberto Mancini and Pep Guardiola - who doesn't habitually complain that he needs a few more players to do his job properly.
THE omens weren't good. Having travelled the majority of the journey, we were confronted with a no-nonsense yellow sign that had the potential to put paid to the whole trip.
"ROAD AHEAD CLOSED. FOLLOW DIVERSION."
The navigation up to now had been impeccable. Numerous roundabouts and unfamiliar junctions had been expertly dealt with, but this had well and truly thrown a spanner in the works. The directions that had been lovingly prepared beforehand became redundant, and we were now at the mercy of a copious amount of yellow "diversion" signs.
The task seemed impossible. Kick off was in thirty minutes, and having been a mere five minutes from the ground before coming face to face with the aforementioned sign, we were left to begrudgingly double back on ourselves and follow an alternative route.
They say that what doesn't kill you makes you stronger - but last night's events at Selhurst Park proved just what a ridiculous notion that is.
FORMER vice-chairman Gary Hoffman and suspended life president Joe Elliott were guests in the Selhurst Park directors' box last night as Coventry City's injury-plagued season took another turn for the disastrous.