SonofErnie
Well-Known Member
Historic US firm handed exclusive Ricoh Arena rights
Looks like it’s changing hands. Still no share for CCFC though!
Looks like it’s changing hands. Still no share for CCFC though!
Catering at the Ricoh (4 Viewers)
- Thread starter SonofErnie
- Start date
Nick
Administrator
bradwellskyblues
Well-Known Member
this is very strange why would compass pull out of a deal after only 3 years,also compass have been historically very close to wasps. The full story would be interesting
clint van damme
Well-Known Member
I won't hold my breath waiting for a serious improvement in quality.
thekidfromstrettoncamp
Well-Known Member
"Still no share for CCFC". If you owned the stadium having put your money into it why should give money to someone who did not want to? "It's overpriced " was Mr Fisher's when asked why we did not not buy it. They put the money up they decide. Would you give someone a share in a deal when they are taking you to court? I don't think I would in fact I think the only reason the stadium deal was done was to try and show they are not as bad as SISU are. Role reversal and I don't think Wasps would have been here next year
SonofErnie
Well-Known Member
Was only an observation, I didn’t expect there would be!
SonofErnie
Well-Known Member
They have the Wembley contract and I was reasonably impressed with the quality at our play off final. Not too badly priced either.
pastythegreat
Well-Known Member
1) They didn't put their own money up, they used investors money.
2) SISU aren't taking w***s to court. They're taking the Council to court.
3) How are w***s not as bad as SISU? They're 2 of the se thing! How can one be good and one be bad?
pastythegreat
Well-Known Member
Yes, thus would bankrupt w***s double time. I'm all game! Win win. FREE beer and get rid of the insects. If Carlsberg did happy endingsI got a round in and got charged for a bottle of water. Let's hope they keep that up
chiefdave
Well-Known Member
Bit odd. You can only assume Compass have pulled out given they had the contract until 2030. If they have pulled out then you have to ask why? The only answer that comes immediately to mind is they’re not making enough money.
What does this mean for IEC? Why would Compass want to remain part of that if they aren’t benefiting from the stadium contracts?
What does this mean for IEC? Why would Compass want to remain part of that if they aren’t benefiting from the stadium contracts?
christonabike
Well-Known Member
With only 1 year left on City’s deal surely anyone taking over the contract would want assurances we are staying longer as we would double the sales with Wasps.
hill83
Well-Known Member
thekidfromstrettoncamp
Well-Known Member
1 SISU could have done just the same ,sorry they don't add they strip
2Unless you can show me different the last legal's may not have Wasps in the dock so to speak but SUSI trying to force the council to renade on a deal drawn up in good faith when we decided we did not want the stadium.
3 Again can you show where Wasps have walked away from a perfectly negotiated agreement ie Cost of the stadium, taking us to Northampton which was bad enough on it's own and having to come back for a new deal?. Threatened to take people to court S B T for 1 and all they were doing was repeating someone else's quote . Renading on a deal with Higgs which they shock hands on .I could go on but I wont by the way I am not a Wasps fan but I am sick of SISU.
pastythegreat
Well-Known Member
1) Show me a club outside the top half of the premiership that don't have to sell players to balance the books or "strip" as you like to call it.
2) You've just said it yourself, SISU aren't suing w***s, they're suing the Council. It just so happens the insects are caught in the middle.
3) walking away from a perfectly negotiated agreement?
• Compass have the contract til 2030, now somebody else has the contract.
• We will ensure CCFC has a secure home long into the future (12months)
• Big name sponsor to be announced (3 years ago) for the stadium.
4) Yes, SISU took us to Northampton, something they should NEVER be forgiven for. But that was for ONE season 35miles away. W***s moved 100miles away PERMANENTLY!! Pot, Kettle fucking black!
5) It was Biggs who walked from the deal and jumped into bed with w***s. CCFC were given first refusal of buying back that 50%share if ever sold. They refused to sell to SISU and sold to w***s for the same price instead.
BTW I'm not a sisu fan. I'm just fed up of people wanking w***s off as some sort of holy grail of how to run a sports club!
Now, do you want to post again so I can pick that apart too??
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Frank Sidebottom
Well-Known Member
Will they still be serving Ubu? If not I'm outraged.
fernandopartridge
Well-Known Member
oldfiver flagged something in the Wasps accounts about a payment that is due to Compass in the next couple of years. Wonder whether that's got something to do with it?
MusicDating
Euro 2016 Prediction League Champion!!
oldskyblue58
CCFC Finance Director
That means that the £4m becomes payable now because the deal is not continuing doesn't it ? Had it continued it would not have been payable. But that was in 2012 and a new agreement was entered in to in 2015 so is the 2012 one still valid?
Wasps will have to pay a considerable amount out to Compass I would think. They will have to bring the current amount they owe to Compass on the trading account up to date, there is the costs of terminating a 15 year deal that has 12 years left to run, let alone anything that may or may not be due under the 2012 agreement. That will not be a small amount of money could be several millions+. Given the auditors view of the trading position and the lack of cash flow it will be interesting to see how this has been settled
Would be interesting to know why this has happened and how long it has been on the cards for
Wasps will have to pay a considerable amount out to Compass I would think. They will have to bring the current amount they owe to Compass on the trading account up to date, there is the costs of terminating a 15 year deal that has 12 years left to run, let alone anything that may or may not be due under the 2012 agreement. That will not be a small amount of money could be several millions+. Given the auditors view of the trading position and the lack of cash flow it will be interesting to see how this has been settled
Would be interesting to know why this has happened and how long it has been on the cards for
oldskyblue58
CCFC Finance Director
It may even be that IEC ceases to exist ........... it isn't part of the bond guarantee and perhaps the new deal with Delaware is done on a different basis like a franchise?
vow
Well-Known Member
NOOOOOOO!
fernandopartridge
Well-Known Member
I am wondering if IEC is now subcontracting the catering element of its function to this new company
fernandopartridge
Well-Known Member
IEC isn't making any money is my guess, well not guess. It made a loss y/e 30/6/2016 and a similar loss y/e 30/6/2017. Turnover increased by a couple of percent, you wonder if Compass just can't see the profit long term? The Wasps strategic reports paint a picture of increasing volume of events and visitors which is not borne out by any of the accounts
chiefdave
Well-Known Member
fernandopartridge
Well-Known Member
Nothing on Companies House to say IEC is being dissolved. They aren't just catering they're Facilities Management as well, so wonder whether they're just going to focus on that?
Captain Dart
Well-Known Member
So they've pulled out not the other way round.
ccfcway
Well-Known Member
even the CT are quiet about this one
oldskyblue58
CCFC Finance Director
Too soon for that to be on Co House, and it was nothing than a thought on my part.
The assumption being made is that Compass pulled the plug on the deal ....... what if it was the other way round and Wasps got a better deal with Delaware and pulled the plug on Compass?
The losses incurred by IEC are basically the amortisation of the catering contract. That is the £4m that Compass put in that allowed IEC to purchase the catering rights from ACL which gave ACL 4m to carry on when it needed it in 2012. Strangely it has been around that figure every year so far, which it seems to me to imply some sort of allocation of cost to arrive at a certain figure.
You would assume that the biggest figure owing was to Compass and trade creditors have pretty much grown year on year. In 2017 turnover grew £300k but trade creditors grew £1m. I think that backs up that the group was short on cash.
Perhaps it suits both parties to go their separate ways. If Wasps were struggling for cash were they struggling to pay Compass? This new deal could clear that
How much has it cost Delaware to buy in? ....... I know it says how much the deal is worth but that's probably not the same thing as what it costs to acquire
The assumption being made is that Compass pulled the plug on the deal ....... what if it was the other way round and Wasps got a better deal with Delaware and pulled the plug on Compass?
The losses incurred by IEC are basically the amortisation of the catering contract. That is the £4m that Compass put in that allowed IEC to purchase the catering rights from ACL which gave ACL 4m to carry on when it needed it in 2012. Strangely it has been around that figure every year so far, which it seems to me to imply some sort of allocation of cost to arrive at a certain figure.
You would assume that the biggest figure owing was to Compass and trade creditors have pretty much grown year on year. In 2017 turnover grew £300k but trade creditors grew £1m. I think that backs up that the group was short on cash.
Perhaps it suits both parties to go their separate ways. If Wasps were struggling for cash were they struggling to pay Compass? This new deal could clear that
How much has it cost Delaware to buy in? ....... I know it says how much the deal is worth but that's probably not the same thing as what it costs to acquire
singers_pore
Well-Known Member
This has to be bullshit surely? 195 million? Are they talking Zimbabwe dollars or did the CT miss out some decimal points?