A big blow but I don’t think we can blame Appleton. SISU put CCFC Ltd (not CCFC Holdings Ltd) into voluntary administration and the law allows them to appoint an administrator of their choice. They chose the company that employs Appleton and the company then nominated him to do the work.
But there are still very strict rules that govern an administrator’s conduct. He must find the best way out of administration that leaves the club able to pay off its external debts and keep operating, in our case meaning keep playing. He cannot favour one bid over another for any other reason, otherwise Companies House would take him to court.
The winning bid is from Otium Entertainment, not SISU. Otium was incorporated only in April 2011 and its credit rating is presently suspended because it has not filed any accounts since incorporation. It has an issued capital of only £1,000 and its parent company is Sky Blues Sports Leisure, which if I am not mistaken is owned by SISU. In other words, it is a paper company effectively controlled by SISU.
SISU have obviously been making their plans for the last two years. They are much smarter than the Council or Higgs Charity or ACL or Gary Hoffman and Joe Elliott, or Haskell the American.
What I cannot get my head around is the plan to build a new stadium. Actually I think it is a smokescreen and the real intent is to get hold of the Arena for a knock-down price. There is now £14 million of Council funds propping up ACL. Appleton says that the Otium bid is much larger than any other bid, so (again I’m guessing) Otium may have included a price which they think ACL would accept for the Arena. I think SISU’s tactics might work. The Council needs to recover that £14 million quickly before some irate ratepayers take them to court.
Whether it is a new stadium or acquiring the Arena at a knock-down price, clearly SISU have to raise a lot of money – and quickly. That will be the big test. There is so much bad blood in Coventry now that their plans could be disrupted by a fans’ boycott. But memories fade quickly and if we have a team playing in the Arena and Otium (that is SISU) pump in a bit more to improve the playing squad, I don’t think the fans will stay away for too long.
We have to see whether Otium/SISU can deliver. SISU made such an effing mess of running the club for the last three years that one would have to say there is no chance, unless they bring in people who know and understand and love football.
Source: Coventry MAD