Coventry City have provided some answers to some questions about the ownership of the club.
We run this so that you can make up your own minds
Directed towards CCFC Ownership
1.
Are the fans allowed to know the win/loss record of SISU in the courts or is that confidential information?
SISU does not enter into an investment with a view to litigation or other court action, unlike some litigation-focused funds. SISU is required to protect its investors’ interests however, which may on occasion require the use of the UK Courts. This information is publicly available.
2.Why has Ms. Deering been appointed to SBS&LL and what is her remit?
Ms Deering works for SISU Capital, and in that role was appointed to the holding company of CCFC. This is quite usual in fund management. Ms Deering represents the shareholder’s interests on the Board of SBSL, and attends board meetings at Otium also.
3.Is Ms. Deering drawing a director's salary and if yes, who is paying her?
Ms. Deering does not draw a director’s salary; her only remuneration is directly from SISU.
4. According to the 2015 accounts under note 15 a creditors amount of £28,554,312 falls due within one year.
*Could Ms. Deering inform supporters the identities of the creditors involved for this amount and whether it will be repaid within the current accounting period?
5. What is the value of debt owed to Arvo Master Fund at 31/05/16 and currently?
(2015 = £10.5 million)?
6. Will the Otium and Sky Blue Sports & Leisure accounts due on 28 February 2017, be filed on time?
The creditors’ amount of £28.5m in SBSL’s accounts is a shareholder loan owed to the SISU Private Equity Funds. It is part of their initial investment in SBSL. It will not be repaid in the current accounting period.
In addition to this, the debt owed to ARVO by the SBSL group is just under £8m; and £15m of preference shares were issued to ARVO in May 2014.
During the year to May 2016 there were no changes to the Company’s capital structure from the previous year. Loans outstanding to ARVO were unchanged between 2015 and 2016. No time limit has been put on repayment of these loans. A small working capital facility was provided in FY2016.
The accounts to May 2016 for the SBSL group are currently in the process of being audited, once this has been completed, they will be filed at Companies House and be available on the club’s website. The club is working to the usual timetable and fully expects to file the accounts on time, as has been the case in the last two years.