Coventry City Football Club Ltd Administrator's Final Report

EDM number 546 in 2013-14, proposed by Bob Ainsworth on 09/10/2013.
Categorised under the topic of Sports.

That this House notes the Joint Administrators of Coventry City Football Club (CCFC) Ltd have now presented their final report to creditors; believes that as they act as Officers of the Courts there was a reasonable expectation that their findings would be supported by the presentation of reasoned argument as with a a court finding; further notes that the report contains no such thing, evidence contained in board minutes from 1995 which first established the basic structure of the connected companies that make up the football club are not mentioned, board minutes from March and April 2008 which continue this structure under the current owners are not mentioned, asset registers and player transfer documentation since that time, including the asset register for 2011 which was signed by Tim Fisher, Chief Executive Officer, and indicated assets resided in CCFC Ltd are not mentioned, and no arguments to support the administrators sale of the company without assets are presented; further believes the council taxpayers of Coventry, fans of the Sky Blues and the Trustees of the Higgs Charity will not be pleased with this report; further believes that Joy Seppala and her investor's Sconset Capital Partners LP, who were responsible for the choice of administrator, may be content with the report, but cannot be happy they continue to own a club with diminished potential and increasing debt; and calls on the Government to examine the legislation that allows administrators to be appointed by those whose activities they are investigating and enables them to report in this opaque manner.

This motion has been signed by a total of 8 MPs.