Wasps going into admin & the impact on CCFC (151 Viewers)

[robbiethemole]

Byng chipping in....

Are you sure it's Byng??....... last we heard from him, he couldn't work out how to use a fecking fax machine, let alone a computer or a twitter account !!

 

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[jordan210]

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

Even if you take my dislike for wasps out of it, I think it’s pretty poor again from the media to allow a director of a club who is also a pundit to claim things without discussing his views without mentioning he is a director

 

[tisza]

Even if you take my dislike for wasps out of it, I think it’s pretty poor again from the media to allow a director of a club who is also a pundit to claim things without discussing his views without mentioning he is a director

Shouldn't think Dallaglio was appointed to the board for his brains

 

[chiefdave]

Even if you take my dislike for wasps out of it, I think it’s pretty poor again from the media to allow a director of a club who is also a pundit to claim things without discussing his views without mentioning he is a director

its also backfired. there's uproar about it on social media, well as much uproar as there can be for a sport most people couldn't care less about, which means people will be watching the RFU for any hint of favouritism.

 

[Nick]

Even if you take my dislike for wasps out of it, I think it’s pretty poor again from the media to allow a director of a club who is also a pundit to claim things without discussing his views without mentioning he is a director

Yeah they don't seem to mention that much. Clear spin.

 

[13th_choice_seamer]

Are you sure it's Byng??....... last we heard from him, he couldn't work out how to use a fecking fax machine, let alone a computer or a twitter account !!

"My Chinese investors are deadly serious about buying CCFC..." not for nothing was he known as Bullshit Byng.

Although I do recall him in 2014 telling me at Rochdale away that "Wasps can't escape financial gravity indefinitely" and he was right.

 

[Grendel]

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.

it fails on point 1 - all this really shows how vulnerable Sisu have left the club in and have done nothing to address the vulnerability

 

[Mcbean]

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

Otis is already on it !

 

[13th_choice_seamer]

it fails on point 1 - all this really shows how vulnerable Sisu have left the club in and have done nothing to address the vulnerability

Do you mean that SISU wouldn't pay that sort of sum to buy the Ricoh from Wasps?

 

[Grendel]

Do you mean that SISU wouldn't pay that sort of sum to buy the Ricoh from Wasps?

No chance

 

[oldfiver]

Are you sure it's Byng??....... last we heard from him, he couldn't work out how to use a fecking fax machine, let alone a computer or a twitter account !!

Is he still going on being anti HS2 while advising his unknown Arena potential investor?

 

[HuckerbyDublinWhelan]

I’d like pressure to be put on SISU if the arena did become available, we know they won’t pay it but I can see it becoming really toxic if they don’t get new stadium plans moving or show no plan to get the arena

 

[Colin Steins Smile]

I seriously question the sanity of a consortium buying wasps holdings before administration. There can’t be that many stupid investors in the world.
The business plan for wasps has failed year on year…. Why would you trust an ex-CEO of wasps, unless you like losing money?
Premiership Rugby is incapable of generating a profit to cover player wages at present. The gates are woeful. The solution would be to cut player costs and be relegated., which is something their economically illiterate supporters won’t accept.
The playing side of Wasps relying on subsidies from the other commercial activities, which on pre-pandemic accounts didn’t raise enough!
As for bond holders…. Kick the trustee very hard to force a sale of the arena or risk losing all your investment

 

[Frostie]

 

[HuckerbyDublinWhelan]

Unsurprisingly Shugs agrees with Dellaglio…. I mean completely ignoring the losses of 2014,15,16,17,18 and 19

 

[ccfcchris]

The danger is if they do get saved and any new owners have the ability to make the stadium pay we're fecked.

 

[chiefdave]

the arena becoming available at anything under a low end estimate for a new stadium would put real pressure on SISU. We all know they aren't building a stadium but you'd expect pressure to be put on them from media and fans if the stadium was available. Perfect time to call their bluff

 

[13th_choice_seamer]

I’d like pressure to be put on SISU if the arena did become available, we know they won’t pay it but I can see it becoming really toxic if they don’t get new stadium plans moving or show no plan to get the arena

I had always assumed the reason that the new stadium has never moved beyond a couple of Google Pixel images is that Sisu were playing for time and trying to give themselves leverage whilst waiting for this exact scenario i.e. Wasps insolvency in order to buy the stadium / complex. If not, then what was the point of the new stadium posturing?

 

[HuckerbyDublinWhelan]

I had always assumed the reason that the new stadium has never moved beyond a couple of Google Pixel images is that Sisu were playing for time and trying to give themselves leverage whilst waiting for this exact scenario i.e. Wasps insolvency in order to buy the stadium / complex. If not, then what was the point of the new stadium posturing?

I’m not sure they’re planning to do either - genuinely think they ain’t got a clue what to do with us

 

[fernandopartridge]

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?

I wouldn't be surprised if Dallaglio uses that massive hooter recreationally

Sent from my SM-G935F using Tapatalk

 

[fernandopartridge]

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

Wahey

Sent from my SM-G935F using Tapatalk

 

[tisza]

I wouldn't be surprised if Dallaglio uses that massive hooter recreationally

Sent from my SM-G935F using Tapatalk

Wasn't he in some drug scandal?

 

[13th_choice_seamer]

So what's a realistic maximum sum that Sisu would pay to take over the CBA/Arena as part of the admin process?

 

[Grendel]

Wasn't he in some drug scandal?

Loves hookers as well - not just on the rugby field either

 

[Grendel]

So what's a realistic maximum sum that Sisu would pay to take over the CBA/Arena as part of the admin process?

They can’t afford to run it let alone pay for it

 

[steveo1987]

Administration threat for Wasps

WASPS could be plunged into administration after talks over a possible takeover collapsed, it is being reported today.

www.bucksfreepress.co.uk

 

[jordan210]

Wonder if the old director consortium is being used as an excuse to keep extending the NOI ?

 

[SkyblueDad]

So what's a realistic maximum sum that Sisu would pay to take over the CBA/Arena as part of the admin process?

sweet F/A

 

[steve cooper]

Administration threat for Wasps

WASPS could be plunged into administration after talks over a possible takeover collapsed, it is being reported today.

www.bucksfreepress.co.uk

I'm just trying to work out how a 10 year old report is relevant. Have I missed something?

 

[steveo1987]

I'm just trying to work out how a 10 year old report is relevant. Have I missed something?

Found it fitting with the Dallaglio comments ref Wasps should be treated differently because of who they are ,just pointing out the mess that goes back ages ..

 

[Gynnsthetonic]

Wonder if the old director consortium is being used as an excuse to keep extending the NOI ?

That's what I'm thinking, there's no way you'd invest £50m just to pay off bondholders and loans

 

[JAM See]

I've not been keeping up with this recently.

When are HMRC due to come knocking?

That's the only date that really matters from what I can see.

 

[Calista]

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.

You do make it sound 'refreshing' and simple. But this relies on the notion of Sisu paying a mutually-agreed price for something (as opposed to exploiting a distressed business) and making an investment that would benefit other parties. Not sure the idea will appeal to them.

 

[wingy]

Complex used again.
One of the entities is up somewhere in this.

Fisher speak all over it.

 

[Frostie]

Unsurprisingly Shugs agrees with Dellaglio…. I mean completely ignoring the losses of 2014,15,16,17,18 and 19

Bloody Covid...