Date |
Detail |
Source |
2012 |
|
|
Background |
During this year and subsequent ones the relationship between CCFC/SISU and CCC/AEHC/ACL becomes increasingly fractious. Both sides indulging in public & private statements that add little to any possibility of settlement. Both sides take various legal actions |
Media articles, Ethics Committee papers, Judicial review papers, Higgs Charity case papers etc. |
1st March |
Club placed in transfer embargo for filing 31/05/2011 accounts late |
Football League |
6th March |
Meeting CCFC, SISU, CCC Charity to discuss “road map” to a deal for club to take some ownership of the stadium |
Higgs Charity Case documents. (more detailed timeline of that case is detailed elsewhere in this section) |
9th March |
SISU rebuked for Chartered Surveyor acting for them approaching Yorkshire Bank without permission of ACL |
Higgs Charity case and Judicial review |
19th March |
ARVO Master Fund takes charge over CCFC Ltd and CCFC H Ltd assets – separates all assets from other liabilities. ARVO is a related company to SISU Capital Ltd |
Companies House |
1st April |
Club ceases to pay rent under the original lease & Licence. Payments subsequently drawn from Escrow account. CCFC later agreed deal to make match day payments to ACL for use of Arena so they can complete their fixtures |
Judicial Review |
19th April |
M Reeves notes to Council meeting – re common purpose. Meeting of CCC, AEHC, SISU. “status quo is unacceptable” regarding how Arena set up “the only viable pathway in the future is to link the football club to the operating environment and hence any relevant revenue flows of the Ricoh Arena” And “Council asked JVS if it will fund from May to July. JVS said only if do the YB deal. Doesn't need to be fully completed, but do need to know they'll do a deal. JVS noted it doesn't need permission from ACL to speak to YB, but is discussing out of courtesy." T Fisher states that CCFC is balance sheet insolvent |
Higgs Charity case Judicial Review papers |
28th April |
CCFC relegated to League 1 |
FL statistics |
28th April |
Meeting of CCFC, SISU, CCC, and Charity plus Seppala and ARVO. Seppala states “if no progress the club to file for insolvency” & “if you can’t do a stadium deal, SISU is finished funding the football club”. Discussion of next steps and a joint approach to Bank |
Higgs Charity case and Judicial review |
May |
SISU enter talks with Higgs Charity regarding purchase of 50% interest in ACL. First Indicative terms sheet agreed but not taken further. (ITS are not legally binding) Council talking with football club & ACL |
Judicial review and confirmed by SISU and Charity. Ethics Committee documents |
31st May |
SBS&L Group debt owed to SISU investors and ARVO Master Fund was £28,554,706 and £8,025,814 respectively
SBS&L Group financial statements 31/05/2012 show
|
SBS&L group accounts 2012 |
19th June |
Indicative term sheet agreed SISU and Charity for sale of Charities 50% stake in ACL. 6 week exclusivity period. Offer not binding and subject to due diligence |
Higgs Charity Case documents. |
19th June |
Price Waterhouse Coopers valuation of ACL |
Higgs Charity Case papers |
20th June |
Financial statements for CCFC H, CCFC Ltd, SBS&L are approved by Directors to be filed late at Companies House. FL transfer embargo subsequently lifted |
Companies House
|
30th June |
original anticipated completion date for share deal to be done SISU/Charity per Fisher. It wasn’t met |
Higgs Charity case |
24th July |
Meeting SISU, CCC, ACL to discuss discharge of ACL debt |
Higgs Charity case. Ethics committee documents |
31st July |
Exclusivity period on Charity deal ends and is not extended by either side |
Higgs Charity case papers |
2nd August |
Heads of Terms sheet between CCC and SISU agreed and signed. Non binding. Includes settlement of debt proposals, AEG to run stadium, Lease 125 years |
Judicial review & Higgs Charity papers |
7th August |
Charity inform SISU that exclusivity now over and as no progress on security the Charity wish to be open to offers from other parties. Justice Leggatt (Higgs Case) is to later conclude “I have come to the conclusion, however, that in circumstances where the transaction fell apart or fell away in August 2012, effectively because neither party wished to pursue the transaction contained in the term sheet,.” |
Higgs Charity case & Judicial Review |
10th to 14th August |
Email discussions of representatives of CCC and SISU to discuss restructuring of CCFC and ACL , the interim rent and buying out of Yorkshire Bank Loan |
Higgs Charity case & Judicial Review |
13th August |
ACL obtain Court Judgement on rent debt owed by CCFC. Undefended. The start of legal actions to recover unpaid debts after club withholds contractual rent. |
HM Courts |
15th August
|
CCC report suggesting working on parallel plan to restructure ACL and repay bank loan without SISU |
Higgs Charity case & Judicial Review |
August |
Alternative approaches for ACL (without SISU) worked on and agreed. SISU notified of alternative plans |
|
18th October |
Arena 2001 wound up |
Companies House |
October |
Verbal offer of £2m by SISU for Charity shares rejected |
Higgs Charity case |
5th December |
ACL issue statutory demand for the rent arrears. Judgement in favour of ACL against CCFC. Undefended |
HM Courts |
10th December |
Meeting between SISU, ACL & CCC to discuss way forward where SISU/CCFC gained ownership interest |
Judicial review papers |
17th December |
Letter from Yorkshire Bank stating that they reject discounted offers to settle loan due to the refinancing |
Judicial review |
21st December |
Yorkshire bank accept offer by CCC of £14m to settle loan liability having previously rejected offers of £6m and £12m |
Judicial review papers |
2013 |
|
|
14th January |
Original Joint Venture Agreement re ACL amended |
Judicial Review and Higgs Charity Case papers |
14 February |
ACL obtain third party debtor orders against CCFC freezing CCFC bank accounts. Undefended |
HM Courts |
15th January |
Outstanding loan due from ACL to Yorkshire Bank bought out by CCC |
Judicial Review, Companies House |
1st March |
CCFC placed in transfer embargo for late filing of the 31/05/2012 financial statements |
FL regulations |
13th March |
ACL petition courts to place CCFC ltd in to administration |
HM Courts |
21st March |
ARVO as the secured lender places CCFC Ltd in to administration |
Administrators report and Companies House |
21st March |
P Appleton appointed joint administrator of CCFC Ltd |
Administrators report |
28th March |
Football league impose 10 point penalty because of insolvency event |
FL regulations |
20th April |
Last home game of season played at Ricoh Arena |
FL statistics |
May |
CCFC holds a number of fans meetings chaired by T Fisher to explain the way forward for the club including a target for the club to have a new ground in three years |
Media reports. CCFC records |
15th May |
First administrators report lists the following creditors
Total creditors £70,123,001 |
Companies House |
24th May |
Statement of Administrators proposals filed. CCFC Ltd has debts claimed to be over £70m and very few assets |
Companies Hose |
29th May |
First creditors meeting adjourned to 12th June 2013 |
Companies House |
31st May |
Financial statements for 31/05/2013 of SBS&L Group filed February 2014 will show
|
Companies house |
27th June |
Otium Entertainment Group acquires CCFC for £1,500,004
|
Administrators report Companies House |
8th July |
|
FL regulations |
20th July |
CCFC fans march is organised by the Sky Blue Trust to protest against club’s move to Northampton |
Sky Blue Trust Records |
25Th July |
ARVO take charge over the 901 shares owned by SBS&L in Otium |
Companies House |
29th July |
Open letter from Lucas (CCC) regarding the CVA |
Ethics committee documents |
2nd August |
CVA rejected by ACL and HMRC. |
Administrators reports |
2nd August |
FL imposes 10 point penalty due to exit from insolvency event not by CVA |
FL regulations |
9th August |
Right to Judicial Review rejected but ARVO/SBS&L & CCFC H apply for oral examination of the case |
HM Courts |
10th August |
ARVO takes charge over SBS&L and Otium |
Companies House |
28 August |
Lucas letter to Seppala asking for a meeting to discuss situation |
Ethics Committee documents |
9th September |
SBS&L adopts new Memorandum & Articles |
Companies House |
26 September |
Steve Waggott appointed director Otium |
Companies House |
8th October |
Final administrators report. Total legal, professional and administrators fees over £1.2m |
Companies House |
19th October |
ARVO and SBS&L charges over CCFC H released |
Companies House |
21sT October |
Liquidator appointed for CCFC Ltd |
Companies House |
31st October |
2013 financial statements for SBS&L and OEG filed late |
Companies House |
31st October |
CCFC declared no longer insolvent by FL |
FL announcement |
1st November |
CCFC Owners claim for additional documents to be released by CCC rejected by court |
HM Courts |
29th November |
Right to Judicial Review granted to ARVO, SBS&L and CCFC H Ltd |
HM Courts |
3rd December |
Club & owners issue legal challenge to Guardian Newspaper article |
CCFC & owners solicitors letter |
4th December |
Club & Owners issue solicitors letter to Sky Blue Trust in respect of the link to the Guardian article |
CCFC & owners solicitors letter |
10th December |
CCFC sign agreement with Alan Higgs Centre Trust to allow the Academy to use the facilities and so safeguard the Category 2 status for the Academy |
Official announcements CCFC and AHCT |
10th December |
Class B shareholders of CCFC H meet to discuss winding up of the original company. Shares returned to company |
Shareholders notice of meeting |
13 November |
Letter from Seppala to Lucas. Seppala acknowledges that a deal might not be possible to do for CCC & ACL. States in circumstances have no option but to press on with new stadium development. Can not countenance anything other than ownership needing unencumbered freehold or unfettered very long lease. Also states she is being pressed by investors to take legal action to recover losses |
Ethics committee documents |
13 November |
Letter from Lucas to Seppala states talks failed but willing to talk again if circumstances change to make it worthwhile. Warns at some point the Council need to move on if a deal is not possible |
Ethics Committee documents |
20th December |
Club owners present artist impressions pf potential new ground development |
Official press release |
30th December |
ARVO take mortgage charge over all assets of Otium and receive 1,484,000 £1 preference shares |
Companies House |
|
|
|
2014 |
|
|
2nd January |
CCFC H applies to be voluntary struck off |
Companies House |
8th January |
Freedom of Information Act requests obtained by the Sky Blue Trust indicate no local authority is in negotiations with the club/Owners or agents regarding a potential site for a new stadium |
Sky Blue Trust Records |
9th January |
First meeting of stadium consultative group for season ticket holders only |
CCFC website |
14th January |
CCFC Ltd liquidator disclaims use of lease & licence at the Ricoh Arena |
Companies House |
24th January |
CCFC fans protest against the Clubs move and the FL inaction at the FA Cup tie against Arsenal at the Emirates stadium. Protest receives television and national coverage |
Various media |
5th February |
Striking off of CCFC H Ltd suspended following an objection |
Companies House |
26th February |
First open meeting of Stadium Consultative Group. Will later in year be suspended until new site revealed. |
Stadium CG minutes |
28th February |
Financial statements to 31/05/2013 filed for SBS&L and Otium Entertainment Group. No accounts for 2011/12 onwards are ever to be filed for CCFC Ltd or CCFC H Ltd |
Companies House |
1st April |
Higgs Charity case to recover costs against SISU heard. Charity unsuccessful as the contract does not cover the circumstances. SISU counter claim thrown out as having no basis in law |
HM Courts |
7th April |
Freedom of Information Act requests obtained by the Sky Blue Trust again indicate no local authority is in negotiations with the club/Owners or agents regarding a potential site for a new stadium. Nuneaton & Bedworth refused to confirm or deny |
Sky Blue Trust records |
14th May |
The Club owners fail in Court Action to include further evidence and witness statements in the Judicial Review |
HM Courts |
16th May |
Otium Annual return filed at Companies House shows the following shareholdings Ordinary shares £1
Non voting ordinary shares £1
Preference shares £1 ARVO 1,650,000 shares |
Companies House |
31st May 2014 |
|
CCFC & FL |
31st May 2014 |
Financial statements for 31/05/2014 of SBS&L Group filed February 2015 will show
Issue of £14m new shares converting old debt in to preference shares
Following the move to Northampton the clubs average attendance at matches dropped from around 10,000 to 2348 for season 2013/14 |
Companies House
FL statistics
|
3rd June |
CCFC H Ltd (the original company formed in 1907) was dissolved and struck off the company register |
Companies House |
10th June |
Substantive hearing for Judicial Review begins |
HM Courts |
12th July |
Second protest march organised by Sky Blue Trust. Throughout the 2013/14 season various peaceful protests were held by fans. |
Sky Blue Trust records & various media |
30 June |
Verdict on the Judicial Review given by Justice Hickinbottom. ARVO & SBS&L challenge “fails in its entirety” |
HM Courts |
21 August |
CCFC agree deal to return to the Ricoh Arena |
CCFC official announcement |
August |
The deal to return is thought to include an annual rent of around £100k, match day costs, but having a share in the concourse F&B. It is a two year deal with a two year extension at the option of ACL. All the exact details have never been disclosed |
Media. |
1st September |
S Waggott appointed director SBS&L |
Companies House |
4th September |
CCFC returns to the Ricoh. CCFC vs Gillingham. winning 1 nil attendance 27,306 |
FL Statistics |
3rd October |
Seppala reported in media to have said that won’t interfere in Wasps move to buy the Ricoh Arena |
Various media |
8th October |
Wasps Holdings (Wasps RFC) acquired 50% of the shares in ACL from CCC for £2.77m |
Companies House |
October |
SISU make offer to Higgs Charity to buy their 50% interest in AC. Bid is rejected |
Higgs Charity website |
6th November |
M Labovitch resigns as director of SBS&L |
Companies House |
14th November |
Wasps Holdings (Wasps RFC) acquired 100% of the shares in ACL by buying the remaining 50% from the Higgs Charity for £2.77m |
Companies House |
19th December |
ARVO, SBS&L, Otium issue second Judicial Review claim against CCC. This one is in respect of the sale of the Arena to Wasps (JR2) |
HM Courts |
|
|
|
2015 |
|
|
19th January |
ARVO & SBS&L request for appeal of Judicial Review 1 dismissed |
HM Courts |
28th February |
SBS&L and Otium accounts filed at Companies House |
Companies House |
3rd March |
Tony Mowbray appointed short term manager |
CCFC press release |
10th April |
Freedom of Information Act requests obtained by the Sky Blue Trust again indicate no local authority is in negotiations with the club/Owners or agents regarding a potential site for a new stadium. Rugby confirm one exploratory meeting with nothing agreed or defined |
Sky Blue Trust Records |
7th May |
Wasps issue £35m bonds on the London Stock Exchange secured on the Ricoh Arena |
London Stock Exchange |
15th May |
SISU, Seppala and others make formal complaint to CCC and LGO against the actions of Ann Lucas and John Mutton during the Ricoh dispute |
Ethics Committee hearing |
18th May |
Tony Mowbray appointed full time manager |
CCFC press release |
11th June |
Late filed Annual Return for Otium shows the following shares in issue
No changes in issued share capital SBS&L Ordinary shares £1
|
Companies House |
8th July |
ARVO & SBS&L granted leave to appeal the Judicial Review decision together with JR2 being heard |
HM Courts |
14th August |
CCFC ltd is dissolved by compulsory strike off |
Companies House |
25th September |
Freedom of Information Act requests obtained by the Sky Blue Trust again indicate no local authority is in negotiations with the club/Owners or agents regarding a potential site for a new stadium. No meetings of any kind since March 2015 |
Sky Blue Trust Records |
5th November |
Steve Waggott leaves club and Chris Andersen appointed |
CCFC press release |
12th November |
Press claims that site of new stadium is Butts Park Arena in Coventry. CCFC refuse to comment |
Various media outlets |
13th November |
SBS&L changes registered office to 96 Kensington High Street London W8 4AG |
Companies House |
26th November |
Press claims that the Academy base at the Alan Higgs Centre is under threat |
Various media |
30th November |
CCC ethics committee sits to hear evidence and report on the actions of Lucas & Mutton. Adjourned at end of day until 2016 |
Ethics Committee hearing |
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© SKY BLUE TRUST 2015 |