Appleton - Number Of Competing Views Regarding Golden Share

16 May 2013 04:58
Appleton on Golden Share

Coventry City Football Club Limited Administrator Paul Appleton has said that there are a lot of competing views regarding the Golden Share.

Mr Appleton is quoted by the Coventry Telegraph as saying: "Sisu have maintained that the footballing activities have been conducted through Holdings and that the legal and beneficial interest in both the Football League and the Football Association shares is held by Holdings. 

"There are a number of competing views in this regard, not least, the Football League and the Football Association, both of whom believe that the club's footballing activities ought to have been run through the company (CCFC Ltd).   "Notwithstanding these competing views, the rules of both the Football League and the Football Association confer a wider discretion upon those organisations relating to the decision as to whether or not it should register any proposed transfer.   "Significant investigatory work has been undertaken in an attempt to resolve the issue over the entity within which the Football League share is held, together with the ownership of certain assets which, it could be presumed, ought to be owned by the entity holding the share.   "There are competing views as to the ownership of the share and assets, not least because of information in historic documents including statutory accounts, share registers etc which suggest that the club's assets are held in the company's name (CCFC Ltd).   "Further information is currently being sought in this regard, with enquiries being made on the companies current and former auditors, the Football League and Football Association, among others.   "We have yet to form a definitive view while further information and documentation is being sought.   "It ought to be clarified that, in the absence of specific, unchallengeable evidence, it may well be necessary for us to make an application to the court for the purpose of seeking its directions with a view to determining the position.   "Notwithstanding the above, we have been contacted by a number of parties expressing interest in whatever assets may be owned by the company.   "Preliminary discussions have been held with each party and, perhaps unsurprisingly, a number of them have withdrawn interest as a direct result of the ongoing argument over the ownership of assets.   "However, a number of parties remain interested, and notwithstanding the ongoing arguments over the ownership of the assets, we are continuing to engage with those parties to establish if it is possible to facilitate a sale process and whatever rights, title and interest the company may have in assets that will be acquired.   "In this regard, two parties have suggested that they may be interested in participating in a sale under those terms and a decision in this regard is likely to be made very shortly if further evidence is not forthcoming."   A creditors meeting will be held on May 29 at the Hilton hotel in Coventry.   Full story:

Source: Coventry MAD


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