Gynnsthetonic
Well-Known Member
We want SISU gone though
Wasps going into admin & the impact on CCFC (175 Viewers)
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Grendel
Well-Known Member
Agreed - I don’t know why people are surprised by the interest - the problem is it’s had clueless idiots like the council and wasps running it
It’s obviously going to attract significant interest
Colin Steins Smile
Well-Known Member
Interesting reports this morning.
The NEC group owned by Blackstone would create economies of scale with using their existing infrastructure to run the arena. Potentially with both CCFC & Wasps as tenants.
As for Mike Ashley he's supposed to have made a bid. Undertook a due diligence in going through Wasps accounts, gleaned all the information he needs. Then withdrawn waiting for administration. He's got the info ready to make a scaled down bid in administration.
Next Monday will be interesting - HMRC waits.
The NEC group owned by Blackstone would create economies of scale with using their existing infrastructure to run the arena. Potentially with both CCFC & Wasps as tenants.
As for Mike Ashley he's supposed to have made a bid. Undertook a due diligence in going through Wasps accounts, gleaned all the information he needs. Then withdrawn waiting for administration. He's got the info ready to make a scaled down bid in administration.
Next Monday will be interesting - HMRC waits.
chiefdave
Well-Known Member
So that's two potential buyers who have said they will only buy Wasps after admin and there's already pressure after that idiot opened his mouth on BT Sport to ensure that get relegated if they go into admin as nobody believes this 'it was all down to covid' rubbish.
Does Ashley have any interest in rugby? There could be a potential scenario where he buys the stadium and the football club without really giving a shit what happens to Wasps.
Gynnsthetonic
Well-Known Member
I wonder what SISUs next move will be, or will it be nothing as the stadium is sold and they carrying on owning us with no investment
D
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Does that mean SISU have to crank up the legal action again?
chiefdave
Well-Known Member
The local media should be pressing SISU on why they aren't trying to buy the stadium if it is available. Don't give them the chance to say 'we didn't know it was up for sale' and keep claiming they're building a new stadium when someone else buys it.
Gynnsthetonic
Well-Known Member
It's depressing that we could be stuck with them leeching off the club for another 15 years
Gynnsthetonic
Well-Known Member
How do you contact them though, ring Dave Boddy
tisza
Well-Known Member
Didn't I read it was 50 million plus proof of funds for 12 million to cover "immediate short-term issues"? That extra 12 million seems likely to be HMRC, COVID loans and players salaries etc. But 12 million seems a very large number.
duffer
Well-Known Member
I mean if Ashley could get the stadium only and buy us - that’s always preferable. I feel like he’s mainly interested in the football club. The rugby team is just one of those shitty buy one get one free
“buy a football club and stadium, get a rugby team free” like a billionaires DFS this
There are two things at the CBS that could make money for a potential investor:
The arena, if it's run properly.
Coventry City, if they could get to the Premiership.
No hard nosed investor would want to hang onto Wasps, or indeed any other rugby club, unless they had some kind of affection for them. Professional rugby is on its arse.
The only reason I can see for buying Wasps, would be to pick up the stadium. But it seems to me that that will be much easier and probably cheaper if Wasps go into Administration.
At that point, as OSB has suggested, you pick up ACL as a going concern, settle with the bondholders, and you're done.
Wasps and CCFC still have a valid sub-lease, but there's no need to keep Wasps afloat at this point; it's going to cost you far more money than you'll ever get back in rental income or footfall.
If someone else wants to keep them going, then fair enough, but shorn of the arena and possibly relegated, Wasps look an even worse bet.
There's also no obvious synergy between CCFC and Wasps. Largely different fanbase, some of whom are mortally opposed. Half-and-half scarf sales are not going to cover Wasps losses.
Personally, I'd be surprised is someone like Ashley bailed out Wasps, because I can't see any financial upside for him, but who knows...
First thoughts this morning are IF Ashley wants to buy the stadium then CCFC are fundamental to this and wont be looking to take on the CBS unless he has something in place with SISU (Or has had some agreement in place). Wasps are certainly not what would stroke Ashleys ego simply as they are done in this City and what REAL money has he got the opportunity of making in Wasps? Rugby clubs from the top to bottom lose money and are on the verge of going semi pro in the future. Wasps in my opinion are a side show.
For what it's worth i don't see it happening as it's all far to complicated for Ashley based on recent noise from the approach to purchase Derby.
For what it's worth i don't see it happening as it's all far to complicated for Ashley based on recent noise from the approach to purchase Derby.
skyblueeyesrevisited
Well-Known Member
Exclusive Maton to head up bid for ownership using council funds. CCC wasps are born 
jordan210
Well-Known Member
I love how shoddy journalism is.
Exhibition venue giant could be about to launch a bid for the home of stricken Premiership rugby side Wasps and Championshire football club Coventry City.
the next sentence
The NEC Group has lodged a bid for the Coventry Building Society (CBS) Arena last week, according to reports from Sky News.
Exhibition venue giant could be about to launch a bid for the home of stricken Premiership rugby side Wasps and Championshire football club Coventry City.
the next sentence
The NEC Group has lodged a bid for the Coventry Building Society (CBS) Arena last week, according to reports from Sky News.
NEC lodges bid to buy CBS Arena | TheBusinessDesk.com
Reports suggest that the exhibition venue giant wants to take over the stadium
www.thebusinessdesk.com
Gynnsthetonic
Well-Known Member
SISU have to want to sell, they may not want to or are they open for buisness as stated a couple of months ago.
Grendel
Well-Known Member
Rugby would be a new target market for him and cheap so yes he’ll be interested
MusicDating
Euro 2016 Prediction League Champion!!
Gynnsthetonic
Well-Known Member
All this news is all about the stadium and Wasp and maybe the council, the football club are just outsiders looking in
Ashley will not be flying in solo in his helicopter on this, he will be well aware of the situation and probably has been for a long time with the help of some very useful information given to him by GH. Seems very coincidental that he (GH) was at the italy game with fans and supposedly said something is happening and it could be before Christmas.
Wasps and all will do all they can to push through their own choice of buyer as they know the huge risk of any takeover will be more focus on CCFC than the Rugby as they generate more income and the league rewards are far more fruitful. Many people on this forum slam GH but believe me, he is the link for us getting out of this Sisu trap.
HuckerbyDublinWhelan
Well-Known Member
Wasps will push over any deal that makes Derek Richardson the most money - they ain’t bothered about how wasps end.
Im all up for the giant sport direct in the exhibition hall
TomRad85
Well-Known Member
Our season has been so shite so far I'm actually finding these rumours the most interesting thing about it. Will Wasps die? Will we get new owners? Will club and stadium finally be united? Knowing us, none of that will happen but its nice to think about for a bit.
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HuckerbyDublinWhelan
Well-Known Member
Knowing our luck we’ll find ourselves homeless in League one again
Gynnsthetonic
Well-Known Member
Hoffman is a good link for the club with many contacts I'm sure.
And don’t forget, he will know Ashley well from his time as Premier League Chairman.
MalcSB
Well-Known Member
Yes, that’s right - £12m operating capital. Another way of looking at the sums is that the £50m pays off bondholders and Richardson and the £12m is sitting there to cover the covid support loans. Or the dilapidations that have been referred to. Whichever way, it sounds a bit like what happened at the beginning of the Wasps fiasco, lots of money put in but very little invested in the future and developing the business.
Earlsdon_Skyblue1
Well-Known Member
How do you contact them though, ring Dave Boddy
As we know with Boddy, he'll usually ring you.
Cough. Hyam. Cough.
Philosoraptor
Well-Known Member
From what I can understand, and I have had an eventful couple of weeks here, so I may not have this fully adjusted. but reading between the lines.
The head lease is non-transferable.
It has a sporting element to it which needs to be honoured.
You can't have the head lease without the sporting element.
The main catalyst for the stadium to be successful would be for bums on seats at games and paying audience, which would lead to more revenue from the stadium.
The revenue from the stadium alone, whilst could have some profitability in the near future, is not going to be traded in any fire sale.
The head lease is non-transferable.
It has a sporting element to it which needs to be honoured.
You can't have the head lease without the sporting element.
The main catalyst for the stadium to be successful would be for bums on seats at games and paying audience, which would lead to more revenue from the stadium.
The revenue from the stadium alone, whilst could have some profitability in the near future, is not going to be traded in any fire sale.
I am not sure if this is totally correct as the £35m might not be paid back in the event of an administrative process? I think the bond holders could lose out here and as much as is said about Sisu, they have not come in and stolen money from people and this is what Derek Richardson will have done, and he will walk away with a tidy pot of money…and if I were in the council house, I would be very ashamed that the dealings of the council & wasps has lost investors their money/savings.
Saddlebrains
Well-Known Member
Id Take Ashley over these current wankers
That’ll keep them afloat for one year. What happens when the £12m has gone.
You would be an utter fruit cake to invest in that load of rubbish.
Philosoraptor
Well-Known Member
That went well.
Cardiff City to change kit from blue to red amid financial investment
Cardiff City will go ahead with plans to change their kit from blue to red as part of "significant" investment.
www.bbc.co.uk
Gynnsthetonic
Well-Known Member
Oh no please, where have you appeared from
AOM
Well-Known Member
Warwickhunt
Well-Known Member
I was thinking along those lines as well! Our stock worth is looking lower and lower after each game as it will be come increasingly dificult to escape relegation if we dont gt our fingers out.
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