Wasps going into admin & the impact on CCFC (235 Viewers)

[clint van damme]

Sure but it loses money as most of the events are fairly small beer. They struggle to sell it out for bigger events - had to cancel Bananarama a while back due to lack of sales.

Having seen the at the Godiva I'm not sure youcan pin the poor sales on the venue!

 

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[theferret]

Sure but it loses money as most of the events are fairly small beer. They struggle to sell it out for bigger events - had to cancel Bananarama a while back due to lack of sales.

I'm talking exhibitions more than concerts, there is pretty much one every week, always lots going on there - What’s on in Coventry near Birmingham

How do we know these events lose money anyway?

 

[Brighton Sky Blue]

Still no luck for Blackadder solving the problem at HQ I take it.

 

[torchomatic]

Sure but it loses money as most of the events are fairly small beer. They struggle to sell it out for bigger events - had to cancel Bananarama a while back due to lack of sales.

It'll be a cruel summer next year if they can't snag a load of high profile events.

 

[Grendel]

Sure but it loses money as most of the events are fairly small beer. They struggle to sell it out for bigger events - had to cancel Bananarama a while back due to lack of sales.

the exhibition hall is probably one of the few aspects of the place that makes any money!

 

[fernandopartridge]

Sure but it loses money as most of the events are fairly small beer. They struggle to sell it out for bigger events - had to cancel Bananarama a while back due to lack of sales.

it's been a cruel summer for Wasps

 

[13th_choice_seamer]

it's been a cruel summer for Wasps

Too late, Torch got there first mate

 

[SlowerThanPlatt]

If Wasps need to be relegated then so be it – there can be no exceptions

The Premiership rules were agreed by everybody – equally big clubs have survived suffering relegation and not complained

www.telegraph.co.uk

 

[SlowerThanPlatt]

If Wasps need to be relegated then so be it – there can be no exceptions

The Premiership rules were agreed by everybody – equally big clubs have survived suffering relegation and not complained

www.telegraph.co.uk

“Former Wasps claim it is not in rugby’s interests for Wasps to be relegated, given their contribution to rugby, even going as far as to claim it is one of the world’s leading brands.

Sorry, but the rules were agreed by everybody; equally big clubs have survived suffering relegation and not complained. There is a reason this sort of deal is proposed – they get the assets cheaper and leave a lot of little people out of pocket.

No club can claim to have contributed so much that it is a special case. Would Wasps supporters back a similar call if it came from Quins who, despite winning nowhere near as much, are very much the equal of Wasps when it comes to rugby brands?”

 

[fernandopartridge]

Too late, Torch got there first mate

I know, i only saw it after I'd posted. In fairness to torch he was really saying something I agreed with

Sent from my SM-G935F using Tapatalk

 

[SkyblueDad]

“Former Wasps claim it is not in rugby’s interests for Wasps to be relegated, given their contribution to rugby, even going as far as to claim it is one of the world’s leading brands.

Sorry, but the rules were agreed by everybody; equally big clubs have survived suffering relegation and not complained. There is a reason this sort of deal is proposed – they get the assets cheaper and leave a lot of little people out of pocket.

No club can claim to have contributed so much that it is a special case. Would Wasps supporters back a similar call if it came from Quins who, despite winning nowhere near as much, are very much the equal of Wasps when it comes to rugby brands?”

Wasps are seen amongst the RU circles as don’t laugh the glamour club, the Man United of rugby so don’t be surprised if rules are bent a bit.

 

[SlowerThanPlatt]

NEC bid for the Arena

Exhibitions giant NEC Group eyes swoop on stricken Wasps' stadium

 

[jordan210]

NEC bid for the Arena

Exhibitions giant NEC Group eyes swoop on stricken Wasps' stadium

Is just the lease up for buying? As doesn't sound like Blackrock aka NEC will want the rugby club

"NEC Group's involvement in the sale process did not extend to an offer for Wasps itself, according to people close to it."

 

[Bernie Rhodes Nose]

Too late, Torch got there first mate

Yeah he thought he was really saying something

 

[robbiethemole]

Does that mean that CCC can sell the freehold to NEC, and fuck both Wasps and CCFC off for the money??
It wouldn't surprise me, those feckers would double cross their own family

 

[SlowerThanPlatt]

sweet F/A

Another masterclass?

 

[chiefdave]

NEC bid for the Arena

Exhibitions giant NEC Group eyes swoop on stricken Wasps' stadium

That's the same reporter who has somehow managed to find out about two separate bids. Someone at Wasps leaking BS to try and drum up some interest?

 

[pusbccfc]

NEC bid for the Arena

Exhibitions giant NEC Group eyes swoop on stricken Wasps' stadium

This is exactly the sort of group I expect to be involved. Similar events companies will be keen.

Despite what people think, the CBS has an awful lot of potential as a venue.

 

[oldskyblue58]

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.

Sorry I do not see how most if not all of that would/could ever work.

I don't see why they would accept 15m to 20m for the lease let alone the other assets. From the rumours it seems in its current state its worth more, and any administration would have to aim to maximise value

Councils tend not to sell freehold land especially not high profile land. Plus they don't have to there is a lease available which is as good as freehold

Step 1 won't be enough to pay hmrc and bondholders. Also what about the other operating creditors or the Compass charge. If the value of the assets is more than 35m bondholders don't have to take a discount

Wasps would be in no different position because of the debts left. We might not care if they go bump but they do and what is suggested guarantees liquidation I think


As for the stadium, there is a business there for a proper commercial stadium operator. It can't be a sports club with a few events it has to events driven with sports clubs. That means a specialist operator with finance available to drive the business, to employ the right people in the right numbers, the ability to raise profiles etc

There is a misconception that because we don't see event announcements that nothing else is going on. Quite incorrect,

What holds the stadium back is the owners it has had.

Nor do I think the football club could maximise returns. I would be surprised if ccfc owners are involved in any of the interest in the stadium, if they are not then they won't get another chance.

As for change of use. Why without the stadium would you put hotels or entertainment options on that site? Change it to residential? After the costs of demolition would you get the demand there for the level of housing to make it viable, to make a profit.

The main problem is the same as it has always been. The stadium is not owned by an entity that knows how to own and exploit a stadium.

 

[jordan210]

That's the same reporter who has somehow managed to find out about two separate bids. Someone at Wasps leaking BS to try and drum up some interest?

He must be at the right place at the right time....

 

[Grendel]

Is 13th seamer Dongle?

 

[oldskyblue58]

Get a deal for the stadium do Wasps holdings need to go in to administration? Is one of the sticking points that if wasps not sold with the stadium Richardson doesn't get any of his money back ?

 

[HuckerbyDublinWhelan]

That NEC thing would be a disaster for us… I’d rather still be tenants to wasps, at least they need us

 

[oldskyblue58]

NEC bid for the Arena

Exhibitions giant NEC Group eyes swoop on stricken Wasps' stadium

This would be the sort of stadium owner that it should be. They don't need to own Wasps or CCFC to do it. Both clubs are tied to the stadium with leases, why take on the sporting losses ?

 

[pusbccfc]

That NEC thing would be a disaster for us… I’d rather still be tenants to wasps, at least they need us

Why? You can only have stadium events during the summer months.

Unless they are planning to put a roof on the place and turn it into a super arena for big boxing fights etc.

 

[jordan210]

A) is the lease even transferable as surely it would revert back to CCC who could then sell it again ?
B) If the lease is sold and wasp go in to admin. who's going to want them ?

 

[HuckerbyDublinWhelan]

Why? You can only have stadium events during the summer months.

Unless they are planning to put a roof on the place and turn it into a super arena for big boxing fights etc.

Because I feel like NEC wouldn’t bother dealing with SISUs shit in 7 years time.

 

[Gynnsthetonic]

If NEC bought the stadium what would that mean for the football club, they might not want us there after the lease is up, they may even pay the club off to go, and then we'd be still stuck with SISU.

 

[pusbccfc]

Because I feel like NEC wouldn’t bother dealing with SISUs shit in 7 years time.

So they'd buy a multipurpose arena with the bulk of the place being empty?

Or, they could have a Championship football club playing every fortnight with crowds of 20,000?

 

[Brighton Sky Blue]

This would be the sort of stadium owner that it should be. They don't need to own Wasps or CCFC to do it. Both clubs are tied to the stadium with leases, why take on the sporting losses ?

Do you think it possible that they would seek to evict the sports clubs when practicable?

 

[pusbccfc]

Who owns the carparks and the land surrounding the stadium? I'd be surprised if someone isn't eying that up for property. Train station on the door step etc.

 

[Sky Blue Harry H]

If the Council get the lease back and sold it to AN Other and it effectively shafted the football club, then I for one would happily lead the march to the Council House with a pitchfork. Probably jumping the gun, but do CCFC have any sort of 'support/ers' within The Council ?

 

[oldskyblue58]

Buy acl 2006 and the lease doesn't have to revert, be rewritten or transfer. CCC cannot unreasonably object to such a sale.

As for a stadium operator not wanting the pitch to be used and kick us out why would they do that. Why kiss goodbye to the income, the footfall, the PR etc?

 

[HuckerbyDublinWhelan]

So they'd buy a multipurpose arena with the bulk of the place being empty?

Or, they could have a Championship football club playing every fortnight with crowds of 20,000?

Again it depends on what shit SISU come up with.

they Could treble our rent, could still have Wasps leasing.

There’s also no guarentee we’ll be a championship club

 

[pusbccfc]

Again it depends on what shit SISU come up with.

they Could treble our rent, could still have Wasps leasing.

There’s also no guarentee we’ll be a championship club

No doubt but even if we were to drop down the league's, the arena complex needs a decent sized club.

Unless as I mentioned above they were to ambitious and convert the place.