Coventry City Ladies v Brighton and Hove Ladies
Sunday 16th March 2014
Ricoh Arena – Kick Off 2.00pm
Adults £5.00 Concessions £3.00
Advance Tickets Available form Ticket Factory (booking fees applicable) https://www.theticketfactory.com
Tickets will be available on the gate.
As you may be aware the Sky Blue Trust put a suggestion to CCFC that the Trust organize a forum for supporters to ask the club questions about the clubs finances. Sadly Mr Labovitch, the clubs independent Director, has turned down our offer but rather suggested the club holds its own forum to cover a wider range of topics rather than just the finances. When details of the club’s forum are released we will of course let you know.
In the meantime
In the absence of a forum on the finances we therefore would ask the Directors / owners of Sky Blue Sports & Leisure Limited (SBS&L), Otium Entertainment Group Limited (OEG) and CCFC to explain clearly and in detail the following.
1: Why have financial statements of CCFC Limited and CCFC Holdings Limited never been filed for 2012 or 2013? Those for 2012 were due at Companies House and Football league before any event or decision to wind up either company?
2: Given that the attendances at Sixfields are very low and the knock on effect of that financially, how will CCFC meet the requirements of the League 1 Salary Cost Management Protocol and still assemble a competitive team capable of challenging for promotion next year? What is the playing squad profile aimed at? What other sources of sales or income or other cash injections are expected to be achieved that will count towards the calculation and make squad improvements possible or even retain current budgets? Are there still savings on player wages to be achieved?Write comment (1 Comment)
Sadly Mr Labovitch has declined our genuine offer and is suggesting an alternative idea
Sky Blue Sports & Leisure Limited, together with its subsidiary Otium Entertainment Group Ltd, that now owns CCFC, have submitted their latest financial statements for 31st May 2013 to Companies House. CCFC is the only trading part of the Group in that year.
The main items of interest in the group accounts are:
- Turnover £6,571,769 (2012 – £10,825,984)
- Staff Costs £6,957,287 (2012 - £9,913,773)
- Interest charges £1,806,836 (2012 - £1,264,619)
- Property operating lease charges £1,195,702 (2012 - £1,659,021) (including but not only the Ricoh Arena)
- Profit on player sales £1,646,566 (2012 – £2,840,854)
- Loss for financial year £7,155,140 (2012 - £4,003,493)
- Liabilities exceed assets on Balance sheet by £44,721,425 (2012 - £37,738,064)
- Amount owed to Investment Funds managed by SISU Capital Limited £28,554,312 (2012 – £28,554,706) Plus interest accrued £456,667 (2012 - £256,667)
- Total amount owed to ARVO Master Fund £13,403,814 (2012 – £8,025,814) Plus interest accrued £1,561,750 (2012 – £252,226)
The Group has “received written assurances from group shareholders of their intention to continue to provide support to the group by not demanding repayment of debt for the foreseeable future and of their intention to provide or source funding required by the group and company to enable the group to continue as a going concern. Notwithstanding this intention there is no contractual certainty that such funding will be made available nor that the loans will not be called for immediate repayment”
Auditors include a statement in their report that “indicate the existence of a material uncertainty which may cast significant doubt over the company’s ability to continue as a going concern”
All worrying information that surely demands detailed explanation and transparency from the directors to reassure the long suffering fans
(Copies of the full statements can be obtained from Companies House)Write comment (0 Comments)
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