Wasps going into admin & the impact on CCFC (149 Viewers)

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Flying Fokker

Flying Fokker

Well-Known Member
shepardo01 said:
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:
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Owners not a million miles away from SISU did that
 
Cov98

Cov98

Well-Known Member
Ah, shame.. couldn't have happened to a better club.. hahahahahaha made my fucking day this has
 
L

long way home

Well-Known Member
I don't know enough about this process to get excited yet. And i don't trust Wasps to be waving the white flag and crawling out of the city this easy.

As for Sisu they cant lie straight in bed so even if they came out with a reaction i would not believe a word.

I just hope that we see the end of both parties connection to the city and a CCC that keeps its head down and away from us as a club.
 
Otis

Otis

Well-Known Member
long way home said:
I don't know enough about this process to get excited yet. And i don't trust Wasps to be waving the white flag and crawling out of the city this easy.

As for Sisu they cant lie straight in bed so even if they came out with a reaction i would not believe a word.

I just hope that we see the end of both parties connection to the city and a CCC that keeps its head down and away from us as a club.
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Same here. Keeping my powder dry and not getting excited yet.

🤞
 
mr_monkey

mr_monkey

Well-Known Member
Saddlebrains said:
Is anyone else going to wank over this or just me?
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duffer

duffer

Well-Known Member
So other than the immense satisfaction, where does this leave us, CCFC?

Basically, as I see it anyway, at least where we already are and maybe even slightly better off.

Our sub-lease remains on the same terms, and whoever takes over the CBS, be that the Council, the bondholders, or an as yet unknown third party, I believe that contract remains in force.

Commercial property: The effect of landlord insolvency on tenants | SO Legal

It is not just commercial property tenants at risk of becoming insolvent but also commercial landlords.
www.solegal.co.uk www.solegal.co.uk

So we're not going to get kicked out. We'll be the only paying tenant in the place anyway, so why would an Administrator want us to leave - the people flapping about this really aren't thinking it through.

The wrinkle here is that the bondholders have the stadium as security, but there's also a clause in the lease that says it reverts to the Council in the event of insolvency. I'm not sure how that pans out, but I can't see the leaseholders taking it lying down if the Council try to take it back. Book those court seats now! :)

Last but not least, I'm still of the opinion that the stadium valuation that supported the bond issue was smoke and mirrors. What value is the stadium without Wasps and with CCFC on a short-term lease? I think we'll soon see.

I suppose the dream scenario is that CCFC get their hands on that 250-year lease at a knock-down price. That could happen I suppose, but it would need SISU to sell or at least to find some extra investment somewhere.

The crystal ball is a bit cloudy at the moment, but my prediction is that we end up in at least a slightly better position than we are now and possibly in a much better one. Either way it would hopefully be without 30 big blokes who ought be in London, wrecking the pitch every two weeks.
 
chiefdave

chiefdave

Well-Known Member
Nick said:
Bobby bridge trying to push that is only "intention" for administration.
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Given they've spent the last fews weeks trying to make out the bond was being repaid any minute to avoid the bondholders taking action why would they give an intention to go into administration if they aren't actually going into administration. that's hardly likely to lead to the bondholders sitting back and doing nothing.
 
Philosoraptor

Philosoraptor

Well-Known Member
Does this mean we can make an offer for all three changing rooms and leave the London rugby club with some Portakabins outside the ground?
 
C

CCFCSteve

Well-Known Member
Liquid Gold said:
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.
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This is right LG. The administrators duty is to maximise realisations for creditors, SISU had the main economic interest in the CCFC administration, there are significant external creditors in Wasps admin.

Any secured creditor(s) can ultimately choose their own administrator, if they don’t like the company’s choice. Unfortunately in CCFCs case a SISU company was the secured creditor hence them picking Appleton (David Rubin & Partners)

Does anyone know, was it Wasps Finance that ‘owns’ the stadium ? Are they going into administration ? (Sorry if this is somewhere only just seen the news)
 
oldskyblue58

oldskyblue58

CCFC Finance Director
Up until May I didn't think it would happen. They should have been able to sort something but it would seem piss poor management means they carried on regardless. The situation must have gone significantly worse since June 2021

Clearly in the end I was wrong.

Won't shed not one tear for them. I don't feel sorry for them at all. Should never have been here.

I do feel sorry for the ordinary stadium staff who won't get paid and could lose their jobs. The staff who had to find out about it on social media, couldn't even tell the staff first, that's a disgrace in its self

I do wonder if this has been planned to clear the debts then carry on .... a pre pack situation. Some twists and turns to come I think.
 
chiefdave

chiefdave

Well-Known Member
Bridge suggesting on his live blog that if the RFU relegate Wasps they'll leave the CBS. No idea if this is just him short of content or he's heard a whisper, probably the former. But given they're only getting around 5K for Premiership games the drop in crowds along with TV money would surely mean they'd have to look at other options.

There were rumours about Birmingham or a merger with Worcester. With Worcester in big trouble as well could we see a Worcester Wasps emerge playing at their 11K capacity stadium? Would mean an even number of teams in the Premiership, having an odd number can't be the best for fixture scheduling.
 
oldskyblue58

oldskyblue58

CCFC Finance Director
CCFCSteve said:
This is right LG. The administrators duty is to maximise realisations for creditors, SISU had the main economic interest in the CCFC administration, there are significant external creditors in Wasps admin.

Any secured creditor(s) can ultimately choose their own administrator, if they don’t like the company’s choice. Unfortunately in CCFCs case a SISU company was the secured creditor hence them picking Appleton (David Rubin & Partners)

Does anyone know, was it Wasps Finance that ‘owns’ the stadium ? Are they going into administration ? (Sorry if this is somewhere only just seen the news)
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Acl own the lease
 
Nick

Nick

Administrator
oldskyblue58 said:
Up until May I didn't think it would happen. They should have been able to sort something but it would seem piss poor management means they carried on regardless. The situation must have gone significantly worse since June 2021

Clearly in the end I was wrong.

Won't shed not one tear for them. I don't feel sorry for them at all. Should never have been here.

I do feel sorry for the ordinary stadium staff who won't get paid and could lose their jobs. The staff who had to find out about it on social media, couldn't even tell the staff first, that's a disgrace in its selfp

I do wonder if this has been planned to clear the debts then carry on .... a pre pack situation. Some twists and turns to come I think.
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How many are actually employed by wasps and not the caterers etc?
 
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