Wasps going into admin & the impact on CCFC (42 Viewers)

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Alkhen

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So looks like the inveitable is happening to our landlords. Admin and relegation. cant say i'm sheding many tears but do feel bad for the original fans.

Can someone explain what impact this will have on CCFC? will our 10 year agreement still stand?
 

usskyblue

Well-Known Member


View attachment 26253

So looks like the inveitable is happening to our landlords. Admin and relegation. cant say i'm sheding many tears but do feel bad for the original fans.

Can someone explain what impact this will have on CCFC? will our 10 year agreement still stand?


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Alkhen

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.

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
 

shepardo01

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.
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...
 

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! :ROFLMAO:
 

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.
 

Philosoraptor

Well-Known Member
Does a notice of intention to appoint an administrator automatically make the lease revert back to CCC?
 

chiefdave

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! :ROFLMAO:
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.
 

AFCCOVENTRY

Well-Known Member
Shady golden share situation.

Although the training ground was never owned by wasps.

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.
 

Winny the Bish

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! :ROFLMAO:
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.
 

chiefdave

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.
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! :ROFLMAO:

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.
 

duffer

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.

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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