Wasps going into admin & the impact on CCFC (246 Viewers)

[Philosoraptor]

I'm guessing there is a HMRC internal guidance notes on taking this on.

It won't be the first time.

 

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[Philosoraptor]

Conveniently trying to stifle actions of the bondholders.

I think the pressure on them is coming from all sides. Only a short window of time now, which is going to close very fast.

 

[chiefdave]

We understand this lasted around 20 minutes and people were told the club was in advanced talks and things will move fast with the next step - with the overall tone being a 'hopeful' one. But there is a waiting game to be played.

There was a feeling relayed that HMRC's issuing of a winding-up order came as a surprise.

If I was a member of staff I wouldn't find that particularly reassuring given that we've seen months of statements about this all being sorted imminently.

 

[Senior Vick from Alicante]

It is possible to get an extension to the 10 days if evidence shows funds are immediately forthcoming after the

Have HMRC actually petitioned? If not why would WASPs publicise it? This is an active decision not wholly linked to HMRC

Do you think that they have taken the 10 day option as they new that HMRC had had enough and they are trying to negotiate extra funding to cover the amount owed to them as well as the bond holders? Just a thought.

 

[Nick]

You would think if they had solid evidence that they will be able to pay HMRC in 10 days then they wouldn't put in a winding up order.

 

[jordan210]

You would think if they had solid evidence that they will be able to pay HMRC in 10 days then they wouldn't put in a winding up order.

I did spot something about Rugby had extended a TV boardcast deal today. basicly like ifollow. Wonder if the plan was to use any money to pay the minimum to keep HMRC of their backs

 

[Mcbean]

How many clubs have HMRC wound up - is it any ?

 

[chiefdave]

I did spot something about Rugby had extended a TV boardcast deal today. basicly like ifollow. Wonder if the plan was to use any money to pay the minimum to keep HMRC of their backs

Is that the PTI thing? If so that's just extending an existing deal, don't think it will bring much, if any, extra revenue. They were pushing for a new TV deal that included a dedicated rugby channel but couldn't get any interest and I think as a last resort they had to go back to BT and extend their existing deal on the same terms as they were in danger of ending up with no deal at all.

 

[RegTheDonk]

.

Is that the PTI thing? If so that's just extending an existing deal, don't think it will bring much, if any, extra revenue. They were pushing for a new TV deal that included a dedicated rugby channel but couldn't get any interest and I think as a last resort they had to go back to BT and extend their existing deal on the same terms as they were in danger of ending up with no deal at all.

Kind of like Sky Sports Football but it would have been BT Rugby?

Doubt that would work but I do see an iFollow model would be of benefit, particularly for London based fans who won't want to travel, assuming they let UK people watch it legally. Might be the only way to actually get people to watch them, can't keep giving away tickets.

 

[Grendel]

You would think if they had solid evidence that they will be able to pay HMRC in 10 days then they wouldn't put in a winding up order.

Depends on the amount owed - I’ve heard from admittedly a not always reliable source it’s rather a lot

 

[wingy]

Quoted at £6M in the first story wasn't it?

 

[better days]

Depends on the amount owed - I’ve heard from admittedly a not always reliable source it’s rather a lot

It says £6m in today's Times

 

[Grendel]

It says £6m in today's Times

I think it’s rather more than that

 

[hill83]

Deleting loads of old photos and found this gem

 

[Terry Gibson's perm]

View attachment 26286

Deleting loads of old photos and found this gem

Imagine what her worst decisions were like.

 

[Brighton Sky Blue]

I think it’s rather more than that

So how will Richardson wangle his way out?

 

[coop]

Just saying on BBC news that it's there to allow wasps time to talk to potential buyers.

 

[MalcSB]

I think it’s rather more than that

£12m?

 

[lord_garrincha]

£12m?

IT'S TIME FOR...



... PLAY YOUR WASPS DEBT RIGHT!!!

 

[Grendel]

£12m?

I think it might be up to £15 as I think the £6m is not including Covid fund support

 

[Grendel]

But that may not be true it’s just a rumour

 

[torchomatic]

Quoted at £6M in the first story wasn't it?

That's how much Worcester Warriors owe.

 

[Nick]

Do HMRC allow you to negotiate some pennies for a pound or will any new owner have to pay it in full?

 

[CCFCSteve]

You would think if they had solid evidence that they will be able to pay HMRC in 10 days then they wouldn't put in a winding up order.

They might be able to get one more moratorium down at the end of the initial ten days which would extend for another 10 days. Depends on what’s happening and if a solution is possible

Do HMRC allow you to negotiate some pennies for a pound or will any new owner have to pay it in full?

If it goes into administration it’s the administrators job to try to get the most for the assets, creditors will then get what they get. This is unless the administrator wants to exit administration via CVA (which means entity/company survives) in which case the creditors would either be repaid in full (unlikely) or receive a pence in the pound proposal they then accept or reject. Not sure why they’d bother with a CVA unless there was something in the rugby rules which means it’s required. Don’t know if this is the case or not

 

[MalcSB]

Sounds like to buy Wasps clearing debt to HMRC, bondholders and Richardson (£18m) would cost £65m plus.

 

[Grendel]

Sounds like to buy Wasps clearing debt to HMRC, bondholders and Richardson (£18m) would cost £65m plus.

I think so

 

[MalcSB]

I think so

wouldn’t that be similar to buying CCFC and just the arena (ACL).

 

[Sky Blue Harry H]

Sounds like to buy Wasps clearing debt to HMRC, bondholders and Richardson (£18m) would cost £65m plus.

Can @Mild-Mannered Janitor set up a go fund me page as a sticky ?

 

[Mcbean]

If it were you or me you could got to jail or be fined for non payment

 

[Alan Dugdales Moustache]

Rugby League world cup in October. Some Matches are at the CBS. Here we go again.
Who is responsible for the pitch as things stand ?

 

[fernandopartridge]

View attachment 26286

Deleting loads of old photos and found this gem

I quote tweeted it the other day, important to keep reminding these bellends

Sent from my SM-G935F using Tapatalk

 

[oldfiver]

They might be able to get one more moratorium down at the end of the initial ten days which would extend for another 10 days. Depends on what’s happening and if a solution is possible



If it goes into administration it’s the administrators job to try to get the most for the assets, creditors will then get what they get. This is unless the administrator wants to exit administration via CVA (which means entity/company survives) in which case the creditors would either be repaid in full (unlikely) or receive a pence in the pound proposal they then accept or reject. Not sure why they’d bother with a CVA unless there was something in the rugby rules which means it’s required. Don’t know if this is the case or not

One advantage of a CVA is it does not require a report on the Directors and their performance as does a liquidation

 

[oldfiver]

Can @Mild-Mannered Janitor set up a go fund me page as a sticky ?

Plus Compass and DCMS loans

 

[SkyblueDad]

Rugby League world cup in October. Some Matches are at the CBS. Here we go again.
Who is responsible for the pitch as things stand ?

Think it is just one game at CBS Australia is one team I believe

 

[CCFCSteve]

One advantage of a CVA is it does not require a report on the Directors and their performance as does a liquidation

Agreed. If it goes into administration first the administrators will have to do a conduct report though. Looks like administration is the likely process unless a solvent deal is secured, how they exit is the unknown