Wasps going into admin & the impact on CCFC (144 Viewers)
- Thread starter Alkhen
- Start date
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Liquid Gold
Well-Known Member
CRFC v Wasps
Pack the Butts
Pack the Butts
usskyblue
Well-Known Member
shepardo01
Well-Known Member
Could we be locked out of the stadium??
Liquid Gold
Well-Known Member
Our sub lease will be protected.
Nothing to worry about here.
Lets just start ripping down their signs knowing they can't afford to put them back.
Nothing to worry about here.
Lets just start ripping down their signs knowing they can't afford to put them back.
Alkhen
Well-Known Member
Yeah I did assume there are safeguards for this sort of thing, just as long as we dont get lumbered with a load of bills for running the stadium, staff, groudskeepers etc
chiefdave
Well-Known Member
no chance, any administrator will want to keep things running. the bigger concern may be ever getting back the money we paid up front to get the pitch sorted.
shepardo01
Well-Known Member
Wasps have applied for/likely to get compo from CWG organisers- or they had/were...!!!
shepardo01
Well-Known Member
...so the training ground transferred to a company outside of Wasps... guess that will stay untouched by any admin!?... cheeky feckers...
Skybluefaz
Well-Known Member
Cov Rugby are looking forward to telling them to fuck off when they come knocking at the butts for a ground share.
jordan210
Well-Known Member
Surprised they havent tried to turn it in to a housing estate yet
pusbccfc
Well-Known Member
We haven't put a penny towards the pitch. CWG committee paid for the repairs.
pusbccfc
Well-Known Member
We should get Simon on the blower
More chance of Simon Gilbert answering.
shepardo01
Well-Known Member
Could their debts be wiped so to speak, then Derek picks up the CBS on the cheap from admins, moves the training ground back over and voila, debt free but as you were with no need to pay bonds???... obviously based on a total lack of full understanding! 
AFCCOVENTRY
Well-Known Member
Well this was inevitable as we knew this was coming.
Here’s the reality. Wasps are buggered but so are we. We can’t afford this league and now is the chance for someone to potentially own both clubs.
However we know the same owner can reappear from an administration. We have first hand experience of that.
Here’s the reality. Wasps are buggered but so are we. We can’t afford this league and now is the chance for someone to potentially own both clubs.
However we know the same owner can reappear from an administration. We have first hand experience of that.
shepardo01
Well-Known Member
They will sell parts for housing...they were having archaeological digs done right from the off...
Philosoraptor
Well-Known Member
Does a notice of intention to appoint an administrator automatically make the lease revert back to CCC?
Seaside-Skyblue
Well-Known Member
Blimey, another another complicated administration story to follow. Let me get my notes...
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AFCCOVENTRY
Well-Known Member
Their training ground was transferred to another entity and the stadium is under a different one I believe.
AFCCOVENTRY
Well-Known Member
chiefdave
Well-Known Member
Possibly but not sure how they'd do that given the ground is the security for the bonds. Suspect there's many more twists to come in this tale, not time to celebrate yet.Could their debts be wiped so to speak, then Derek picks up the CBS on the cheap from admins, moves the training ground back over and voila, debt free but as you were with no need to pay bonds???... obviously based on a total lack of full understanding!
Nick
Administrator
Shady golden share situation.
Although the training ground was never owned by wasps.
Liquid Gold
Well-Known Member
Suggs said:
Legia Sky Blue
Well-Known Member
I guess Wasps get to choose the Administrator. What's Appleton up to these days?
AFCCOVENTRY
Well-Known Member
Yeah I suspect their owner could do something similar? I’m not familiar with how it works in rugby with golden share etc.
What is interesting is the bond holder might be first in line for repayment. £35m. That cash was used to purchase the CBS lease. Surely that might be up for sale now to repay the debt? Now do Sisu have a game plan? I suspect they knew this was coming.
Liquid Gold
Well-Known Member
Sisu were able to pull the dodgy admin act because they were the only real creditor.
I don't know how Wasps manage it when they owe £35m externally.
I don't know how Wasps manage it when they owe £35m externally.
Winny the Bish
Well-Known Member
Buyers will need to put up money to pay creditors (one of which will be the bondholders). It won't be £35m but a good chunk of it will still need to be covered.Could their debts be wiped so to speak, then Derek picks up the CBS on the cheap from admins, moves the training ground back over and voila, debt free but as you were with no need to pay bonds???... obviously based on a total lack of full understanding!
chiefdave
Well-Known Member
its not all the same company though. which part is going into admin and which part owes the money?
mark82
Super Moderator
Could their debts be wiped so to speak, then Derek picks up the CBS on the cheap from admins, moves the training ground back over and voila, debt free but as you were with no need to pay bonds???... obviously based on a total lack of full understanding!
No, the bonds are secured against the ground. They could come to an agreement to pay a reduced amount but not sure bond holders would accept that.
@oldskyblue58 or @oldfiver probably best placed to comment.
Frankly_Mr_Shankly
Well-Known Member
Original fans can sod off back to London
duffer
Well-Known Member
Why on earth would we want to get involved with the utter moral disgrace and complete financial ruin that is Wasps (and pretty much Premiership rugby as a whole)? That would be madness.
It might however be a good time for a substantial investor to step in and negotiate taking on a 250-year lease on terms favourable to the club.
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