I don't see how wasps can drop the indemnity - even if they are a 100% confident they are in the clear. Someone needs to cover/insure the potential financial impact - really should be the Council if they've messed up. Doubt the Council's insurance would cover it.
Someone on here (maybe OSB) must have done an analysis on the impact of Wasps/CCC losing in terms of the Wasps Bond, lease value guarantees etc.
The JR's concluded, on the evidence that WASPS paid the correct price for the lease extension. The logic was as they held the short lease the Council would not get any further monies from anyone else so what ever they got was profit
However, I think the complaint is CCC - knowing WASPS were going to ask for the extension - did not say the stadium plus 250 year lease is Umpty Million in first place?
As the lease extension took place in the same meeting as the sale then clearly this had been discussed. Normally some delay takes place on these things ( even artificially ) to make it look uncontrived but I suspect WASPS did not have the funding in place and would only get it once they had the longer lease in place.
So the complaint must be around whether the Council agreed to contrive a scheme that aided WASPS to buy the stadium and get CCC out of a hole OR was it the best offer they thought they could get and only then by the route chosen.
I think, the Council having discussed the possibility of selling a 250 year lease should have gone back and tested the market. I then think there could not have been any JR's or further doubt. It is the timing of it all and the fact WASPS clearly knew the value of the uplift and they were going to get it that enabled them to get their Bond in place so quickly
But are WASPS guilty of anything but clever dealing ????