Gynnsthetonic
Well-Known Member
Are they allowed to sell the stadium though, doesn't the freeholder have a say who it's sold too or if at all?
Wasps downward spiral... (59 Viewers)
- Thread starter CCFC54321
- Start date
Grendel
Well-Known Member
wouldn’t have seen why they would
Philosoraptor
Well-Known Member
One does wonder if Ann Lucas stepping down has anything to do with the incoming shitstorm that may be approaching.
oldskyblue58
CCFC Finance Director
Leases usually have clause saying permission of freeholder needed but also usually say that permission can not be unreasonably withheld
So they could sell the lease but it was the stadium operating companies I was really referring to, apologies I didn't make that clear.
So they could sell the lease but it was the stadium operating companies I was really referring to, apologies I didn't make that clear.
Gynnsthetonic
Well-Known Member
Couldn't just sell it to anyone surely, there must be some sort of covenant in place
Grendel
Well-Known Member
Its Unlikely they’d veto any assignment in reality why would they
Gynnsthetonic
Well-Known Member
Because its a sports stadium, they couldn't turn it into a giant garden centre or go-cart track otherwise we are back to square 1 with nowhere for the cities football club to play.
oldskyblue58
CCFC Finance Director
There are a number of entities with sub leases at the stadium. Selling ACL or the head lease would not remove the need to honour all of the sub leases. So unlikely there would or could be a change in nature to the stadium
But it's all just speculation though as to what is going on.
But it's all just speculation though as to what is going on.
HL confirmed that position yesterday
However it shook some investors as their portfolios, without notice or explanation, took a hit. Some investors say their investment portfolios should reflect the redemption value -it may well do of course!
Also one deluded soul thought it meant his capital funds were being sent!!
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Not sure why that would prevent filing June 2021 accounts. Unless there was a fundamental change in process at signing date but that should have been reported
I was having a read through there the other day and one guy was claiming it’s a good thing as they’re getting an extra months interest and he can wait for his £170,000!
duffer
Well-Known Member
If I was him I'd be in a cold sweat every night given all of the vagaries around this. The phrase "whistling in the graveyard" comes to mind!
HuckerbyDublinWhelan
Well-Known Member
Did I read that right? The Ricoh needs 20m to update it???? Fuck me - we are better off fucking off if a 17 year old stadium needs that much renovation
ADVFN
uk.advfn.com
Some serious concern on here….
Philosoraptor
Well-Known Member
ARENA COVENTRY (2006) LIMITED
Company number 05675263
31 May 2022 First Gazette notice for compulsory strike-off
What stuff does that company hold?
I lose track of these things.
Company number 05675263
31 May 2022 First Gazette notice for compulsory strike-off
What stuff does that company hold?
I lose track of these things.
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Philosoraptor
Well-Known Member
ARENA COVENTRY LIMITED
Company number 04440684
31 May 2022 First Gazette notice for compulsory strike-off
What stuff does that company hold?
I lose track of these things.
Company number 04440684
31 May 2022 First Gazette notice for compulsory strike-off
What stuff does that company hold?
I lose track of these things.
Saddlebrains
Well-Known Member
Haha, its all going wrong
Jelly and Ice cream when the insects die
Jelly and Ice cream when the insects die
Philosoraptor
Well-Known Member
Finally get to use this gif
Wouldn't like to be a bondholder at the moment.
Wouldn't like to be a bondholder at the moment.
Somethings going on and it’s more than just refinancing the £35m bond. I don’t think Richardson will put anymore of his own money into a failed business as he has no chance of getting it back.
They cannot continue to bury their heads in the sand anymore it’s that serious. Debt mounting year after year yet still pursuing hotels and training grounds.It’s like the recent Maxwell documentary- no real business strategy at all. Perhaps we will see a bbc documentary on what happened to the insects after they are put into liquidation?!!
Joking aside, as another chairman called Brian Richardson once said “You can’t go on forever like this.”
Philosoraptor
Well-Known Member
I don't know much about money/finance. I am sure others will have better thoughts about what's going on.
clint van damme
Well-Known Member
Grendel
Well-Known Member
Acl (2006) ltd I think has the external loan funding and no employees
IEC experience ltd is the operating company of conferences events etc
I would guess the late accounts have triggered the notice?
It could be a takeover of the business by someone else or a restructure - closing the company and moving around the funding side
chiefdave
Well-Known Member
Something isn\t right for sure. Paying off the bonds isn't something that has come out of nowhere, they're known from the day they were issued when and how much was needed. To be weeks past the maturity date with no sign of any payment can't be anything other than a sign there is an issue no matter how much their supporters want to keep buying their heads in the sand.
What the issue is we can only guess. It could be that nobody wants to loan money given the state of their accounts, it could be the stadium valuation doesn't hold up as security or anything else.
If I'd got any money invested in them I would be very worried.
Brighton Sky Blue
Well-Known Member
The Killers’ set list for today has gone through some late changes:
All These Things That I’ve Done
Joy Was A Friend of Mine
Richardson Told Me
Ann, You’re A Star
Glamorous Insect Rock and Roll
Bonds
Mr Brightside
‘Don’t you wanna come with me, don’t you wanna pay my bonds, with your bonds, it’s only natural’
All These Things That I’ve Done
Joy Was A Friend of Mine
Richardson Told Me
Ann, You’re A Star
Glamorous Insect Rock and Roll
Bonds
Mr Brightside
‘Don’t you wanna come with me, don’t you wanna pay my bonds, with your bonds, it’s only natural’
Grendel
Well-Known Member
It’s highly unlikely the bond will default
SBAndy
Well-Known Member
Yes, it is Companies House that have triggered it due to late filing. Almost certain any lender would want to see a copy of these so will be watching keenly.
Grendel
Well-Known Member
IEC are also of course late filing
Gynnsthetonic
Well-Known Member
They could just delay paying again, and again after that.
SBAndy
Well-Known Member
Yes, spotted that this morning. When a previous auditor has had to resign due to falsified information, it is VERY easy to draw some very distasteful and negative views from all this.
Grendel
Well-Known Member
They are paying interest still.
Gynnsthetonic
Well-Known Member
Yes they would be, but they could just keep delaying unless they decide to stop paying the interest too, what would happen then I don't know.
Gynnsthetonic
Well-Known Member
The silence from Wasps is deafening though, has Vaughan or Richardson actually spoke these last few months.
ADVFN
uk.advfn.com
Some serious concern on here….
Some interesting comments. I was surprised by this
‘barondene: The rent from CCFC does not reach 6 figures and that is gross - ie before all expenditures’
I can’t recall what our financial info said about the rent cost and whether that ties in. If it’s correct I don’t think our return will salvage the situation for Wasps long term, although CBS sponsorship probably wouldn’t have been secured without it so might’ve bought some time
Liquid Gold
Well-Known Member
This just shouts from the rooftops how fucked they are. no way would any successful business allow this to happen.
I’m sure they’ll find a way of kicking the can down the road but without a miracle from somewhere their failure here is inevitable.
I’m sure they’ll find a way of kicking the can down the road but without a miracle from somewhere their failure here is inevitable.