Wasps going into admin & the impact on CCFC (115 Viewers)

[Grendel]

Worcester relegated - will be looked at very closely if wasps dont get the same

it’s a different scenario

 

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[13th_choice_seamer]

Back to the discussion on the Ricoh/CBS. If it had been built in the city centre, things would have been a different story - but a casino and hotel on the motorway slip road 5 miles north of the (let's face it, unglamorous) city centre - it smacked of the "built it and they will come" hubris of the wider Arena 2000 project under Richardson.

As much as Sisu, the council and Wasps have contributed to our current plight, the role of the previous owners in starting the fire shouldn't be forgotten.

 

[jordan210]

Am I reading that correctly? That bid depends on the club going into admin and the RFU confirming they won’t relegate Wasps as a result of administration as their financial issues are the result of covid.

That seems a stretch to say the least, they were in a mess long before covid. And what happens to the bond holders in this scenario, do they end up with nothing?

So basically change the rules as they please.

If rules state relegation for admin then they should apply

 

[chiefdave]

Just been looking in twitter to see what the attendance was like given the big push and free tickets to find the ground emptier than a rainy Tuesday night opening round paint pot cup game.

Seems to be a lot of supporters of other clubs pissed off as Dallaglio has suggested on BT Sport that the rules applied to Worcester shouldn’t apply to Wasps as they are a big club.

Is there anyone connected to Wasps who isn’t delusional?

 

[Moff]

Just can’t see this happening.
Too much debt, too many permeations….it’s just delaying the inevitable with the basket case they are.
The club are dead here.

 

[Gynnsthetonic]

Hopefully just brinkmanship on Wasp part to maybe attract a bid from a third party before admin.

 

[Gynnsthetonic]

People saying admin deadline by Friday on Wasp forum, I thought week after.

 

[CCFC54321]

Just can’t see this happening.
Too much debt, too many permeations….it’s just delaying the inevitable with the basket case they are.
The club are dead here.

It’s kicking the can down the road. So basically after a bail out they will have enough operating income for a season

 

[Moff]

It’s kicking the can down the road. So basically after a bail out they will have enough operating income for a season

They are a basket case….surely these people can see the madness of taking on a team that have miserably failed to embed themselves in Coventry.

 

[duffer]

Just can’t see this happening.
Too much debt, too many permeations….it’s just delaying the inevitable with the basket case they are.
The club are dead here.

It sounds like madness, but Wasps have been heavily pushing the "it's not our fault" line regarding potential admin. Obviously that's rubbish, their accounts were a disaster way before covid (edit).

And today, with a rallying cry, a boatload of free tickets, and a local derby, it's still another poor attendence.

Like you say, even if they get bailed out, it's hard to see how they can ever turn a profit.

 

[djbooth]

It sounds like madness, but Wasps have been heavily pushing the "it's not our fault" line regarding potential admin. Obviously that's rubbish, their accounts were a disaster way before covid (edit).

And today, with a rallying cry, a boatload of free tickets, and a local derby, it's still another poor attendence.

Like you say, even if they get bailed out, it's hard to see how they can ever turn a profit.

Tickets also started at 5 pounds to 20

 

[shepardo01]

Dallaglio going public/pushing view that Wasps should be dealt differently to Worcester- not going down well on socials...

 

[MalcSB]

Really not gone down well on twitter.

 

[oldfiver]

Check the WASPs thread

 

[HuckerbyDublinWhelan]

Doesn’t matter what Twitter thinks - The RFU aren’t going to relegate one of their oldest traditional teams.

they’ll play the Covid card and get away with it. They’ll just turn round and say they forecast profit making years in 2020 and 21 and nobody can argue agaisnt a hypothetical situation

 

[robbiethemole]

fuck 'em everyway possible

 

[robbiethemole]

David Armstrong, who stepped down from his role with the Gallagher Premiership club in 2017, is working with investment firm Terminum Capital to buy the club as well as the Coventry Building Society Arena
The deal that has been put forward is worth more than £50m with a further £12m earmarked for working capital.

These twats must be totally deluded, more than half will be needed to pay off the bondholders, if they don't screw them over.
The whole shambles isn't worth that much

 

[Gynnsthetonic]

This Armstrong guy and his investment team would surely not spunk £50m on a company about to go in admin/liquidation. Just a publicity stunt surely

 

[chiefdave]

more than half will be needed to pay off the bondholders,

don’t pay them, problem solved

 

[oldfiver]

This Armstrong guy and his investment team would surely not spunk £50m on a company about to go in admin/liquidation. Just a publicity stunt surely

Same group set up the Bonds ?

Armstrong WASPs former director when accounts ermm "wrong"

 

[Brighton Sky Blue]

Doesn’t matter what Twitter thinks - The RFU aren’t going to relegate one of their oldest traditional teams.

they’ll play the Covid card and get away with it. They’ll just turn round and say they forecast profit making years in 2020 and 21 and nobody can argue agaisnt a hypothetical situation

Why can't Worcester?

 

[RegTheDonk]

So bascially they've employed some ex wasps director to employ some more spivs to try and scrounge money from some other mug?

 

[HuckerbyDublinWhelan]

Why can't Worcester?

Didn’t they physically run out of money? Wasps sound like they’re trying to seperate the rugby side from the business and claim their two seperate entities… the rugby team are paying their players as expected, the ground and property side is losing the money - the side affected by Covid

 

[Brighton Sky Blue]

Didn’t they physically run out of money? Wasps sound like they’re trying to seperate the rugby side from the business and claim their two seperate entities… the rugby team are paying their players as expected, the ground and property side is losing the money - the side affected by Covid

Isn't the rugby side the one that's losing all the money?

 

[HuckerbyDublinWhelan]

Isn't the rugby side the one that's losing all the money?

Depends how you portray and justify it to the authorities

 

[Sky Blue Harry H]

Attendance given as 10,249 (will include free tickets plus Saints supporters).

Wasps leading by 8 points with 4 minutes left and lost 36-40. Very disappointing

 

[shepardo01]

Byng chipping in....

 

[Ash]

Attendance given as 10,249 (will include free tickets plus Saints supporters).

Wasps leading by 8 points with 4 minutes left and lost 36-40. Very disappointing

Absolutely no way was the 10k there, place was emptier than our League 2 days as usual!

 

[Mcbean]

as i understand yesterday- if they go into admin they can get away with not paying back the bondholders as it would be a new owner - HMRC on the other hand they aint going to give up

 

[duffer]

as i understand yesterday- if they go into admin they can get away with not paying back the bondholders as it would be a new owner - HMRC on the other hand they aint going to give up

In truth, I'm not sure about that. The bondholders have a charge on the lease, with ACL and Wasps Holdings as guarantors.

Administration won't make that go away; I'm genuinely not sure how they wriggle off the hook without the potential investors paying bondholders off or negotiating some kind of settlement.

 

[Mcbean]

In truth, I'm not sure about that. The bondholders have a charge on the lease, with ACL and Wasps Holdings as guarantors.

Administration won't make that go away; I'm genuinely not sure how they wriggle off the hook without the potential investors paying bondholders off or negotiating some kind of settlement.

Thing is - if true and you were a bondholder you would want that trustee all over this !

 

[13th_choice_seamer]

It would be refreshing if all parties simply sat down together and said right, everyone involved has been responsible for fucking this situation right up, let's try and find the least-worst solution all round. Something like;

1 - Wasps give up the ownership of the stadium in exchange for circa £15-£20m from CCFC/Sisu.
2 - Council agree freehold to be transferred to CCFC, not its owner, on 999 year lease that can't be re-sold beyond the football club
3 - Wasps use the money from step 1 to pay off tax and bondholders (who have to take a big haircut)
4 - Wasps then leave Ricoh and play as tenants in a more heartland location e.g. MK Dons.

From this
1 - Wasps get out of the money pit that is Coventry/Ricoh and back to their own fans
2 - Creditors get some money back if not all
3 - Council get to leave the whole situation behind
4 - CCFC gets to make a go of the Ricoh as originally intended
5 - Sisu can choose to either make a go of the project or sell club and stadium together and also walk away.

Maybe I am being far too naive but then again that's the story of my life.

 

[shmmeee]

Whoever buys it needs to sort out the train situation. Its ridiculous we have a train station that can hardly be used

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Unless they also buy a train company not sure what they can do.

 

[shmmeee]

It would be refreshing if all parties simply sat down together and said right, everyone involved has been responsible for fucking this situation right up, let's try and find the least-worst solution all round. Something like;

1 - Wasps give up the ownership of the stadium in exchange for circa £15-£20m from CCFC/Sisu.
2 - Council agree freehold to be transferred to CCFC, not its owner, on 999 year lease that can't be re-sold beyond the football club
3 - Wasps use the money from step 1 to pay off tax and bondholders (who have to take a big haircut)
4 - Wasps then leave Ricoh and play as tenants in a more heartland location e.g. MK Dons.

From this
1 - Wasps get out of the money pit that is Coventry/Ricoh and back to their own fans
2 - Creditors get some money back if not all
3 - Council get to leave the whole situation behind
4 - CCFC gets to make a go of the Ricoh as originally intended
5 - Sisu can choose to either make a go of the project or sell club and stadium together and also walk away.

Maybe I am being far too naive but then again that's the story of my life.

This is like Elon Musks recent attempts at world peace.

 

[Gynnsthetonic]

It would be refreshing if all parties simply sat down together and said right, everyone involved has been responsible for fucking this situation right up, let's try and find the least-worst solution all round. Something like;

1 - Wasps give up the ownership of the stadium in exchange for circa £15-£20m from CCFC/Sisu.
2 - Council agree freehold to be transferred to CCFC, not its owner, on 999 year lease that can't be re-sold beyond the football club
3 - Wasps use the money from step 1 to pay off tax and bondholders (who have to take a big haircut)
4 - Wasps then leave Ricoh and play as tenants in a more heartland location e.g. MK Dons.

From this
1 - Wasps get out of the money pit that is Coventry/Ricoh and back to their own fans
2 - Creditors get some money back if not all
3 - Council get to leave the whole situation behind
4 - CCFC gets to make a go of the Ricoh as originally intended
5 - Sisu can choose to either make a go of the project or sell club and stadium together and also walk away.

Maybe I am being far too naive but then again that's the story of my life.

Are you mad, that's far too sensible.
It all could happen except I can't see SISU ever leaving, they're the equivalent of Vladmir Putin.