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.

1^st March 

Club placed in transfer embargo for filing 31/05/2011 accounts late 

Football League

6^th 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)

9^th March 

SISU rebuked for Chartered Surveyor acting for them approaching Yorkshire Bank without permission of ACL

Higgs Charity case and Judicial review

19^th  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

1^st 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

19^th 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

28^th April

CCFC relegated to League 1

FL statistics

28^th 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

31^st 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 

• Group losses £4m
• Balance sheet reserves deficit £38m

SBS&L group accounts 2012

19^th 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. 

19^th June 

Price Waterhouse Coopers valuation of ACL

Higgs Charity Case papers

20^th 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

30^th June 

original anticipated completion date for share deal to be done SISU/Charity per Fisher. It wasn’t met

Higgs Charity case

24^th July

Meeting SISU, CCC, ACL to discuss discharge of ACL debt

Higgs Charity case. Ethics committee documents

31^st July 

Exclusivity period on Charity deal ends and is not extended by either side

Higgs Charity case papers

2^nd 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

7^th 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

10^th to 14^th 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

13^th 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

15^th 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

18^th October

Arena 2001 wound up

Companies House

October

Verbal offer of £2m by SISU for Charity shares rejected

Higgs Charity case

5^th December

ACL issue statutory demand for the rent arrears. Judgement in favour of ACL against CCFC. Undefended

HM Courts

10^th December 

Meeting between SISU, ACL & CCC to discuss way forward where SISU/CCFC gained ownership interest

Judicial review papers

17^th 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

14^th 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

15^th January

Outstanding loan due from ACL to Yorkshire Bank bought out by CCC

Judicial Review, Companies House

1^st March

CCFC placed in transfer embargo for late filing of the 31/05/2012 financial statements

FL regulations

13^th March 

ACL petition courts to place CCFC ltd in to administration

HM Courts

21^st March

ARVO as the secured lender places CCFC Ltd in to administration 

Administrators report and Companies House

21^st March 

P Appleton appointed joint administrator of CCFC Ltd

Administrators report

28^th March 

Football league impose 10 point penalty because of insolvency event

FL regulations

20^th 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

15^th May

First administrators report lists the following creditors

• ACL £636,381
• ARVO Master fund £10,250,977
• CCFC H Ltd £44,738,004
• SBS&L £14,497,639

Total creditors £70,123,001

Companies House

24^th May

Statement of Administrators proposals filed. CCFC Ltd has debts claimed to be over £70m and very few assets

Companies Hose

29^th May

First creditors meeting adjourned to 12^th June 2013

Companies House

31^st May 

Financial statements for 31/05/2013 of SBS&L Group filed February 2014 will show 

• Group losses £7.15m
• Net Liabilities £44.7m

Companies house

27^th June 

Otium Entertainment Group acquires CCFC for £1,500,004

• Goodwill £1
• Business intellectual property £1
• FL and FA shares £2
• Benefit of any continuing player contracts £466,742
• Equipment £1
• IT System £5000
• The debts and the benefit of all guarantees, indemnities and security rights in respect of them including rates rebate £1,000,000
• The benefit of all and any actual, potential or contingent rights, claims and causes of actions £1
• The benefit of any licences (excluding property licences) £1
• The business records £1
• All other property rights and assets owned £28,254

Administrators report Companies House

8^th July 

• CCFC given permission by FL to play “home” games at Sixfields Stadium, Northampton

FL regulations

20^th July 

CCFC fans march is organised by the Sky Blue Trust to protest against club’s move to Northampton

Sky Blue Trust Records

25^Th July

ARVO take charge over the 901 shares owned by SBS&L in Otium

Companies House

29^th July 

Open letter from Lucas (CCC) regarding the CVA

Ethics committee documents

2^nd August 

CVA rejected by ACL and HMRC. 

Administrators reports

2^nd August 

FL imposes 10 point penalty due to exit from insolvency event not by CVA

FL regulations

9^th August

Right to Judicial Review rejected but ARVO/SBS&L & CCFC H apply for oral examination of the case

HM Courts

10^th 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

9^th September

SBS&L adopts new Memorandum & Articles

Companies House

26 September

Steve Waggott appointed director Otium

Companies House

8^th October

Final administrators report. Total legal, professional and administrators fees over £1.2m 

Companies House

19^th October

ARVO and SBS&L charges over CCFC H released

Companies House

21^sT October

Liquidator appointed for CCFC Ltd

Companies House

31^st October

2013 financial statements for SBS&L and OEG filed late

Companies House

31^st October

CCFC declared no longer insolvent by FL

FL announcement

1^st November

CCFC Owners claim for additional documents to be released by CCC rejected by court

HM Courts

29^th November 

Right to Judicial Review granted to ARVO, SBS&L and CCFC H Ltd

HM Courts

3^rd December

Club & owners issue legal challenge to Guardian Newspaper article

CCFC & owners solicitors letter

4^th December 

Club & Owners issue solicitors letter to Sky Blue Trust in respect of the link to the Guardian article

CCFC & owners solicitors letter

10^th 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

10^th 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

20^th December

Club owners present artist impressions pf potential new ground development

Official press release

30^th December 

ARVO take mortgage charge over all assets of Otium and receive 1,484,000 £1 preference shares

Companies House

2014

2^nd January

CCFC H applies to be voluntary struck off

Companies House

8^th 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

9^th January

First meeting of stadium consultative group for season ticket holders only

CCFC website

14^th January 

CCFC Ltd liquidator disclaims use of lease & licence at the Ricoh Arena

Companies House

24^th 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

5^th February

Striking off of CCFC H Ltd suspended following an objection

Companies House

26^th February

First open meeting of Stadium Consultative Group. Will later in year be suspended until new site revealed. 

Stadium CG minutes

28^th 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

1^st 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

7^th 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

14^th May 

The Club owners fail in Court Action to include further evidence and witness statements in the Judicial Review

HM Courts

16^th May 

Otium Annual return filed at Companies House shows the following shareholdings

Ordinary shares £1

• SBS&L 901 shares
• ARVO 99 shares

Non voting ordinary shares £1

• ARVO 500,000 shares

Preference shares £1

ARVO 1,650,000 shares

Companies House

31^st May 2014

• Deadline for Otium to pay the FL imposed sum of £590k to ACL. Payment is one of the terms for acquiring the ‘golden share’. Payment was made at a later date

CCFC & FL

31^st May 2014

Financial statements for 31/05/2014 of SBS&L Group filed February 2015 will show 

• Group losses £8.5m
• Net Liabilities £39.2m

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

3^rd June 

CCFC H Ltd (the original company formed in 1907) was dissolved and struck off the company register

Companies House

10^th June

Substantive hearing for Judicial Review begins

HM Courts

12^th 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.

1^st September

S Waggott appointed director SBS&L

Companies House

4^th September

CCFC returns to the Ricoh. CCFC vs Gillingham. winning 1 nil attendance 27,306

FL Statistics

3^rd October

Seppala reported in media to have said that won’t interfere in Wasps move to buy the Ricoh Arena

Various media

8^th 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

6^th November

M Labovitch resigns as director of SBS&L

Companies House

14^th 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

19^th 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

19^th 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

10^th 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

7^th May 

Wasps issue £35m bonds on the London Stock Exchange secured on the Ricoh Arena

London Stock Exchange

15^th 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

18^th May 

Tony Mowbray appointed full time manager

CCFC press release

11^th June

Late filed Annual Return for Otium shows the following shares in issue

• Ordinary £1 shares (SBS&L) 1000
• A class preference shares with 6% accruing annual dividend 15,258,720
• B Class preference shares with 6% accruing annual dividend 49 955,588

No changes in issued share capital SBS&L 

Ordinary shares £1

• 13,150 Sconset Capital
• 548 Leonard Brody

Companies House

8^th July

ARVO & SBS&L granted leave to appeal the Judicial Review decision together with JR2 being heard

HM Courts

14^th August 

CCFC ltd is dissolved by compulsory strike off

Companies House

25^th 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

5^th November 

Steve Waggott leaves club and Chris Andersen appointed

CCFC press release

12^th November

Press claims that site of new stadium is Butts Park Arena in Coventry. CCFC refuse to comment

Various media outlets

13^th November

SBS&L changes registered office to

96 Kensington High Street

London 

W8 4AG

Companies House

26^th November

Press claims that the Academy base at the Alan Higgs Centre is under threat

Various media

30^th 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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