Controversy continues at Coventry City as issues surrounding the club remain unclear.
In the past week a number of things have been confirmed but all of these have created new questions and none have answered the one question we all desperately want answering.
Let’s start with the positive in that the American property tycoon Preston Haskell has been confirmed as wanting to take over the club and the Ricoh Arena. Finally we have an individual who is waiting in the wings to take over from universally hated Sisu. Many have said in the past that whilst Sisu have ultimately been some of the worst owners in football history they have continued to fund the club through difficult times when there was no one waiting in the wings to take on the burden.
This is true that a one stage we did have no one else other than Sisu and if they walked there would have been a high possibility that Coventry City FC would have be no more. Instead Sisu have stayed but unfortunately that fear of going out of business remains and is in fact stronger than ever.
The situation we are currently in is laughable in terms of how it has come about but I for one am not laughing in the slightest. Paul Appleton the Sisu appointed administrator has now been at the club for 8 Weeks and finally broke his silence with absolutely nothing new to tell us. Personally I feel it is an absolute joke that after 8 weeks of being in administration we still remain in the dark over the future of our club.
What worries me the most though is that we are still yet to find out where this so called ‘golden share’ is. The administrator hasn’t been able to work it out in the time he has been at the club and the Football League are remaining silent over the matter which brings me to the conclusion that the structure of our football club must be one of the most confusing in the football world. I bet even with Manchester United’s multiple revenue streams, huge debts and the club being a global brand, that their club structure is easier to understand.
This club structure is now the reason why I am so concerned over what is going to happen in the coming weeks. It is also in my opinion the reason behind why Tim Fisher is still being allowed to make comments about the club as if he is still in charge. I have a feeling that Sisu may have been a lot cleverer than we have all given them credit for.
Sisu have consistently stated that Coventry City (Ltd) the company which is administration is subsidiary of the club itself and has very little to do with the club other than containing the lease for the Ricoh. The longer this saga goes on the more inclined I am to believe them. Everyone knows that when an administrator is brought in he is then put in temporary charge of running the company which is administration. Therefore he is currently running Coventry City (Ltd) and has nothing to do with Coventry City (Holdings).
Coventry City (Holdings) is who Tim Fisher represents and therefore the administrator cannot prevent something which he technically has no control over. Yes he has access to the company accounts because they directly affect Coventry City (Ltd) accounts but in terms of decision making, statements etc. he is powerless to prevent, Fisher and Sisu from running (holdings) in the way they want to.
This is all of course based on the ‘golden share’ and its whereabouts and why the football league cannot clarify this is ridiculous. Answering this one question would answer so many of the others we city fans currently have.
We can as fans feel at least kind of positive that we have a man interested in taking over the club. Granted Haskell probably has a lot more interest in the Ricoh and its surrounding area than the club itself but at least he appreciates the two come hand in hand. It is also clear that with Elliot and Hoffman currently fronting the American Millionaire that the club must be a big part of Haskell plans as I personally know that these guys would not allow our club to be taken for a ride again.
However as positive as this news is the longer this saga goes on with Sisu the less likely I think it is that Haskell will take over. He will have been advised by the people around him that there is a lot of work to do at the football club and time is very much of the essence.
We all know teams will soon begin scrambling around to try and begin to put a squad together for next season and we are in danger of being left behind. He will also know that tickets sales are a vital part of any successful club and the majority of other clubs have had the season tickets on sale for a while now.
This amongst other revenue streams such as sponsorship, merchandise sales etc. are vitally important to the football club especially with financial fair play rules coming into force and whilst all this continues these revenue opportunities are being put to the back of people’s minds.
This whole situation needs sorting and sorting fast. I understand legally why certain things cannot be disclosed in the public arena but where this ‘golden share’ lies is not one of them. For this reason I like many other city fans call upon the football league to give us some clarification. There is no reason for them to remain silent here and if the administrator can’t work it out then the football league are the only ones we can turn too.
Until this clarification is made, I continue to live in fear of what might happen to our club. The lack of clarification has been a main stay throughout Sisu’s time at the club and until the day comes when they finally leave we City fans will remain in the dark and carry on being shunned by the club we all love.