Wasps going into admin & the impact on CCFC (241 Viewers)

[HuckerbyDublinWhelan]

One hilarious thing in all this…. Wasps biggest game of the season “the Christmas cracker” was against Worcester more lost revenue

 

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[torchomatic]

Aren’t we all so very glad CCC refused to sell to SISU all those years ago, can you imagine the shitshow that would have happened if they had been allowed to raise millions against a lease on the stadium?…………oh, hang on

Remember saying that on here at the time. Fans, remarkably I have to say, were stating that we SHOULDN'T sell the ground to SISU, who like it or not own our club, as the first thing they would do would borrow against it. CCC were saying the same. What was the first things Wasps did?

 

[Nick]

Remember saying that on here at the time. Fans, remarkably I have to say, were stating that we SHOULDN'T sell the ground to SISU, who like it or not own our club, as the first thing they would do would borrow against it. CCC were saying the same. What was the first things Wasps did?

Funnily enough it was people at the trust, then you have the same person going to the media to say how great Wasps were.

 

[Grendel]

Remember saying that on here at the time. Fans, remarkably I have to say, were stating that we SHOULDN'T sell the ground to SISU, who like it or not own our club, as the first thing they would do would borrow against it. CCC were saying the same. What was the first things Wasps did?

It’s true but the reality is neither entity are big enough to absorb the costs of running such a complex

The bond strategy was odd because it didnt reduce the debt - increased it in fact

The whole place is poorly located, too many elements to it and too near main competition for exhibitions

Its a huge issue for all concerned now

 

[shmmeee]

If a big developer wanted it for a giant gigafactory or something for an offer they couldn't refuse then maybe.

Unlikely when the land they’re trying to for a gigafactory isn’t going anywhere.

At the risk of abuse.....

See the recieved Message below....

'Interested buyer??

Live Nation, the huge company that puts on concerts and events etc

Would have both us and the pieheads (unfortunately) on a long agreement

Rest of literally everything else there will be Live Nations, they will put more concerts on, more exhibitions, more indoor sports, so boxing matches, darts tournaments, snooker tournaments etc, and more indoor concerts, your 80s artists, your up and comers, and of course the stadium bowl would be for the big summer concerts.

They feel the exhibition hall is criminally underused for its potential (and they would be right)

Also want to convert the land behind the ground into a mini cathedral lanes place to encourage people to go early or stay after, couple of restaraunts bars etc

Of course only if wasps go into admin, they can pick the place up for pennies in the pound, bondholders are going to end up fucked with the caveat of the lease reverting back to CCC.

Could be bollocks but seems to make sense mate'

Sounds ideal

 

[Grendel]

At the risk of abuse.....

See the recieved Message below....

'Interested buyer??

Live Nation, the huge company that puts on concerts and events etc

Would have both us and the pieheads (unfortunately) on a long agreement

Rest of literally everything else there will be Live Nations, they will put more concerts on, more exhibitions, more indoor sports, so boxing matches, darts tournaments, snooker tournaments etc, and more indoor concerts, your 80s artists, your up and comers, and of course the stadium bowl would be for the big summer concerts.

They feel the exhibition hall is criminally underused for its potential (and they would be right)

Also want to convert the land behind the ground into a mini cathedral lanes place to encourage people to go early or stay after, couple of restaraunts bars etc

Of course only if wasps go into admin, they can pick the place up for pennies in the pound, bondholders are going to end up fucked with the caveat of the lease reverting back to CCC.

Could be bollocks but seems to make sense mate'

They wouldn’t be able to just pick it up in admin

 

[Gynnsthetonic]

It’s true but the reality is neither entity are big enough to absorb the costs of running such a complex

The bond strategy was odd because it didnt reduce the debt - increased it in fact

The whole place is poorly located, too many elements to it and too near main competition for exhibitions

Its a huge issue for all concerned now

If ccc could sell the land and property feehold for say £200m they could then have a new stadium built say for £80m, lease to football club on a long lease and they'd be £120m in profit. Where to build a football stadium in Coventry though now who knows as all the old factory sites disappearing

 

[Deleted member 5849]

If ccc could sell the land and property feehold for say £200m they could then have a new stadium built say for £80m, lease to football club on a long lease and they'd be £120m in profit. Where to build a football stadium in Coventry though now who knows as all the old factory sites disappearing

£200m?!?

 

[shmmeee]

£200m?!?

You never played Council Manager? Just take over Nuneaton & Bedworth BC and waste all their transfer budget then resign.

 

[chiefdave]

This is why the bondholders need to get a certain amount together to be able to take action.

The system appears setup to make doing that as difficult as possible. There's no way for the bondholders to contact each other, even via the trustee, and it appears many aren't even receiving the updates send out by Wasps from their brokers since the bond was delisted in what Wasps are claiming was an admin error.

if the bond holders have no way of contacting each other and the trustee doesn't contact them how do they ever get the amount needed to force the trustee to take action?

 

[chiefdave]

One hilarious thing in all this…. Wasps biggest game of the season “the Christmas cracker” was against Worcester more lost revenue

Is that the one where they ignore all the complaints of local residents and let off a shit ton of fireworks.

 

[better days]

Why withdraw?

They knew it was not viable at the price the French company bid
As has been proved since

 

[CCFC54321]

One hilarious thing in all this…. Wasps biggest game of the season “the Christmas cracker” was against Worcester more lost revenue

That’s 4,000 peoples xmas knackered then.

 

[clint van damme]

That’s 4,000 peoples xmas knackered then.

But has given the Christmas cheer of another 20k a considerable boost.

 

[CovLis86]

They knew it was not viable at the price the French company bid
As has been proved since

Ah so they have actual business sense. That rules them taking us all over then.

 

[duffer]

You never played Council Manager? Just take over Nuneaton & Bedworth BC and waste all their transfer budget then resign.

Crap game.

I transferred Tom White in last season. Cost me a bloody fortune in fees and wages but now none of the other players will pass to him and my fan rating is in minus figures.

 

[Liquid Gold]

Put Maton, Duggins and Lucas in the reserves and fine two weeks wages every day.

 

[Sky_Blue_Dreamer]

NOT the washing machine company

They're just buying it to launder money.

 

[Sky Blue Harry H]

Is that the one where they ignore all the complaints of local residents and let off a shit ton of fireworks.

Already started preparations for this year's

 

[shmmeee]

Crap game.

I transferred Tom White in last season. Cost me a bloody fortune in fees and wages but now none of the other players will pass to him and my fan rating is in minus figures.

Yeah there’s a bug in the game where your fan rating is always negative regardless of what you do. You rarely get sacked though so it’s alright.

 

[Brighton Sky Blue]

Yeah there’s a bug in the game where your fan rating is always negative regardless of what you do. You rarely get sacked though so it’s alright.

I tried sacking everyone in the squad who was in a union, which the board allowed but made matchdays tricky.

 

[MusicDating]

From ADVFN -

US Bank have just published a notice of being aware of NOIs (which trigger another event of default). Leaving the verbiage aside, they are essentially saying they reserve their right to do nothing without being indemnified or prefunded by the bondholders (a right they have under the trust deed). Ridiculous as the Trustee will recover all its expenses ahead of bondholders anyway, as a term of the trust deed, meaning they take no real credit exposure.

So the Trustees are going to do f all unless the Bondholders pay/indemnify them first.

Being a Trustee sounds as cushy as being an Administrator...

 

[13th_choice_seamer]

It’s true but the reality is neither entity are big enough to absorb the costs of running such a complex

The bond strategy was odd because it didnt reduce the debt - increased it in fact

The whole place is poorly located, too many elements to it and too near main competition for exhibitions

Its a huge issue for all concerned now

Agreed, it was built as if the NEC and NIA simply didn't exist.

 

[Grendel]

Agreed, it was built as if the NEC and NIA simply didn't exist.

yes I labelled it a white elephant years ago - really got stick for that

 

[Philosoraptor]

yes I labelled it a white elephant years ago - really got stick for that

Let's not forget the real elephant in the room, Tesco's and the shopping centre.

 

[Philosoraptor]

It does seem everyone has had their piece of meat from the kill.

 

[oldskyblue58]

From ADVFN -


So the Trustees are going to do f all unless the Bondholders pay/indemnify them first.

Being a Trustee sounds as cushy as being an Administrator...

There are 8 working days left for wasps to get something sorted. If they do then potentially the bondholders get fully paid. Press the button now and it all goes south rapidly and the outcome is potentially worse for the bondholders. I dont know what is going on behind the public angst but is it in the best interests of the bondholders to bring it all down if there is a possibility of better by giving a few days? The bondholders are in no different position now or on 19th.

If there is a good chance of a better conclusion for bondholders by waiting then it isnt a problem is it? Why jump the gun and guarantee a lower settlement just for a few days

There is going to be months of legal wrangling I reckon judging by the lack of clarity so far. Bondholders won't get paid out quickly in an administration in any case.

Yes I know it should have happened in May. But the bondholders have to focus on the situation now not what should have happened months ago

That said I think administration will happen in just under 2 weeks

 

[Gynnsthetonic]

I've said it before could the football club not own the pitch and 4 stands, the rest sold off to whoever and whatever, then we we don't get involved with casinos, hotels, exhibitions indoor concerts etc.

 

[Gynnsthetonic]

There are 8 working days left for wasps to get something sorted. If they do then potentially the bondholders get fully paid. Press the button now and it all goes south rapidly and the outcome is potentially worse for the bondholders. I dont know what is going on behind the public angst but is it in the best interests of the bondholders to bring it all down if there is a possibility of better by giving a few days? The bondholders are in no different position now or on 19th.

If there is a good chance of a better conclusion for bondholders by waiting then it isnt a problem is it? Why jump the gun and guarantee a lower settlement just for a few days

There is going to be months of legal wrangling I reckon judging by the lack of clarity so far. Bondholders won't get paid out quickly in an administration in any case.

Yes I know it should have happened in May. But the bondholders have to focus on the situation now not what should have happened months ago

That said I think administration will happen in just under 2 weeks

Who would invest now, you'd be virtually giving away £35m without gaining anything, you'd wait until admin surely

 

[Deleted member 5849]

Who would invest now, you'd be virtually giving away £35m without gaining anything, you'd wait until admin surely

Like SISU did?

 

[Gynnsthetonic]

Shit place for exhibitions and indoor concerts anyway, nowhere to eat or drink like the NIA or NEC, unless you class the Tesco Cafe as restaurant

 

[Philosoraptor]

.

Shit place for exhibitions and indoor concerts anyway, nowhere to eat or drink like the NIA or NEC, unless you class the Tesco Cafe as restaurant

The exterior attractions needs to be built up (regeneration) but you are only going to have that with a successful sporting team and that costs dosh.

Thats the bottom line in all this.

 

[Kingokings204]

Shit place for exhibitions and indoor concerts anyway, nowhere to eat or drink like the NIA or NEC, unless you class the Tesco Cafe as restaurant

where I go every time I have a date night

 

[shmmeee]

Shit place for exhibitions and indoor concerts anyway, nowhere to eat or drink like the NIA or NEC, unless you class the Tesco Cafe as restaurant

we’ve all said pretty much since it opened it needs a collection of bars and restaurants nearby. Why we’ve had eight million hotel proposals and none of that i don’t know. Would be perfect if they can get the canal in too.

 

[Sky_Blue_Dreamer]

I've said it before could the football club not own the pitch and 4 stands, the rest sold off to whoever and whatever, then we we don't get involved with casinos, hotels, exhibitions indoor concerts etc.

Wasn't part of the decision that the other interests created more revenue and would give the club a more stable income over the year.

The slight problem being they never owned it.

Also, isn't access to some parts of the football stadium via the other 'non football' part, so would we to pay for access.