Wasps going into admin & the impact on CCFC (152 Viewers)

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Deleted member 5849

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SBT said:
Is it the same principle? This is rugby we’re talking about. I’d put it in the same category as someone deciding to move a cinema or a ballet company - I don’t give a shit and I’d be surprised if anyone else did.

Maybe there are more Cov Rugby fans on here than I know about, but I personally couldn’t care less how they’re doing. Certainly if a billionaire decides they want to take Wasps and CCFC over and turn both teams around (as some places are reporting) then I’d be delighted with that - presumably you feel different?
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I don't want Wasps associated with us, no.
 
shepardo01

shepardo01

Well-Known Member
This is also interesting...
Didn't realise this was part of the Training ground deal...
More aspects of their lies and underhand dealing....
 
hill83

hill83

Well-Known Member
shepardo01 said:
This just reads as, "oh well".... Alan, who is a Wasps fan from Cov...
(Some of you will have seen his work!)
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Try not to repeat gifs in the same thread but

1665579452975-gif.26515
 
shepardo01

shepardo01

Well-Known Member
jordan210 said:
Nellywelly thinking they have pre packaged admin as the website went down and will be news tomoz in the morning


"

But, and this is important, we are as mushrooms in this. What could have happened already? Just supposition ...

Wasps approached an Insolvency Practitioner (IP) who agreed to act should the decision be made, and Wasps asked that IP to talk with the creditors in advance, to get a creditor's committee together (typically representing more than 50% of creditors by total debt). Usually, HMRC are in there. Many creditors give their proxy to the IP.

So that, by the time the Court approves the administration, a so-called pre-pack is in place.

Now, the IP has to advertise their appointment in the London Gazette, but it can take a day or two for that to appear. If the IP does not speak directly to the media, you have only small clues that the business went in to administration. Such as ... social media goes silent and website, online shop, etc. go offline (they did BTW).

The doors to the premises are locked. No idea if that happened. Staff are called to a meeting (I think BB said that happened this afternoon) to meet the IP and the directors.

If the pre-pack is in place, contracts would be signed within hours, and the deal announced publicly (after, a rescue is a 'good' thing, so the media are spoken to). This has not happened. That is odd, as the UK business day is now over. Maybe the buyer is overseas in a country/timezone where the business day is different.

Money has to flow. For an overseas transfer to the UK of that size, the IP might not officially see it until early morning UK time, but will already have had proof it has been sent on its way. An American resident buyer for example.

IF a pre-pack was in place, and IF the administration was this afternoon, you could expect the new buyer to emerge tomorrow morning, on media channels local to Coventry (I can't see it making national news on air). Say, around 8am.

Of course, as a pre-pack, this will have been arranged in advance. The media station that will 'break' the news will already know. Staff at the IP will know. Staff at Wasps and directors (some at least) will know. Wasps' most important assets (the players) will know. Some will speak to friends, some to wives/partners/husbands/family, and rumours will appear.

I get the feeling this is what will happen. I get the feeling the RFU already know Wasps are in Administration, and THAT triggered the suspension.

I think they will hold fire on announcing the relegation to see if Wasps can limit the lost games to just the Chiefs one. If Wasps can manage that and get playing again, they will get hit with a 35 points deduction, but no relegation.

Worcester fans will say, what about us? The RFU will reply, do you still have players under contract, because Wasps do? Do you have a ground you can play at, because Wasps do? Do you even have an owner, because Wasps do.

Nice and neatly, the PRL becomes 12 teams again. And other clubs who are teetering know what they have to do. See how Wasps started this process just after paying the players and all staff, so they could all remain under contract? That's how you do a pre-pack insolvency."
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Sorry... some of my shit stuff bumped this back.... worth a read folks... plus OSBs take... they could get out of this....
 
S

SBT

Well-Known Member
duffer said:
Go back and read some of the posts from London based Wasps fans who were absolutely gutted.
Of course it matters to them, which is why it was never, ever right for them to franchise themselves here. That it caused issues for us and Cov RFC wasn't the only issue.

If a rugby fan said it didn't matter about Cov playing in Birmingham or Northampton, or even moving to London, how would you feel?

Of course it matters to them, which is why it was never, ever right for them to franchise themselves here. That it caused issues for us and Cov RFC wasn't the only issue.
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I wouldn’t give a shit what a rugby fan says - it’s a culturally irrelevant sport frequented mostly by day trippers and casual fans. You can pretend that it’s just as important as the Football League if you like and insist they play by the same standards but even the clubs themselves wouldn’t agree with you.

I’m sure there are people upset that Wasps moved. I’d be sad if my local curry house decided to move to another city, but I’d get over it. Unless you’re seriously telling me that London Wasps was a community institution that needed to be protected at all costs, I don’t see why I should waste much energy being upset about it - most people involved with Wasps certainly didn’t.
 
shepardo01

shepardo01

Well-Known Member

So I think I am reading this right. Acl 2006 (not acl iec or wasps holdings)goes insolvent (it filed a NOI after the other companies which I assume gives a little longer time before administration) then the 250 extension disappears the old original lease remains and ACL becomes the tenant of CCC.

Wasps own ACL.

And any CCC action can be forstalled by an administrator.

So the wasps group retains control of the stadium lease whatever happens even if it is through an Administrator whose initial aim will be to save the group or parts of it as a going concern.
[/QUOTE]
OSBs take....
 
shepardo01

shepardo01

Well-Known Member
jordan210 said:
Nellywelly thinking they have pre packaged admin as the website went down and will be news tomoz in the morning


"

But, and this is important, we are as mushrooms in this. What could have happened already? Just supposition ...

Wasps approached an Insolvency Practitioner (IP) who agreed to act should the decision be made, and Wasps asked that IP to talk with the creditors in advance, to get a creditor's committee together (typically representing more than 50% of creditors by total debt). Usually, HMRC are in there. Many creditors give their proxy to the IP.

So that, by the time the Court approves the administration, a so-called pre-pack is in place.

Now, the IP has to advertise their appointment in the London Gazette, but it can take a day or two for that to appear. If the IP does not speak directly to the media, you have only small clues that the business went in to administration. Such as ... social media goes silent and website, online shop, etc. go offline (they did BTW).

The doors to the premises are locked. No idea if that happened. Staff are called to a meeting (I think BB said that happened this afternoon) to meet the IP and the directors.

If the pre-pack is in place, contracts would be signed within hours, and the deal announced publicly (after, a rescue is a 'good' thing, so the media are spoken to). This has not happened. That is odd, as the UK business day is now over. Maybe the buyer is overseas in a country/timezone where the business day is different.

Money has to flow. For an overseas transfer to the UK of that size, the IP might not officially see it until early morning UK time, but will already have had proof it has been sent on its way. An American resident buyer for example.

IF a pre-pack was in place, and IF the administration was this afternoon, you could expect the new buyer to emerge tomorrow morning, on media channels local to Coventry (I can't see it making national news on air). Say, around 8am.

Of course, as a pre-pack, this will have been arranged in advance. The media station that will 'break' the news will already know. Staff at the IP will know. Staff at Wasps and directors (some at least) will know. Wasps' most important assets (the players) will know. Some will speak to friends, some to wives/partners/husbands/family, and rumours will appear.

I get the feeling this is what will happen. I get the feeling the RFU already know Wasps are in Administration, and THAT triggered the suspension.

I think they will hold fire on announcing the relegation to see if Wasps can limit the lost games to just the Chiefs one. If Wasps can manage that and get playing again, they will get hit with a 35 points deduction, but no relegation.

Worcester fans will say, what about us? The RFU will reply, do you still have players under contract, because Wasps do? Do you have a ground you can play at, because Wasps do? Do you even have an owner, because Wasps do.

Nice and neatly, the PRL becomes 12 teams again. And other clubs who are teetering know what they have to do. See how Wasps started this process just after paying the players and all staff, so they could all remain under contract? That's how you do a pre-pack insolvency."
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@Grendel - could this be Chemical Barry's good news!?.....
 
T

theferret

Well-Known Member
SBT said:
I wouldn’t give a shit what a rugby fan says - it’s a culturally irrelevant sport frequented mostly by day trippers and casual fans. You can pretend that it’s just as important as the Football League if you like and insist they play by the same standards but even the clubs themselves wouldn’t agree with you.

I’m sure there are people upset that Wasps moved. I’d be sad if my local curry house decided to move to another city, but I’d get over it. Unless you’re seriously telling me that London Wasps was a community institution that needed to be protected at all costs, I don’t see why I should waste much energy being upset about it - most people involved with Wasps certainly didn’t.
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I'm not really sure what your point is.

Thing is, there was no real outrage when they moved, the wider Rugby community shrugged and tutted and London based Wasps fans rolled with it for the most part.

The outrage was simply that they moved HERE, into our stadium with the aid of our own council, which also put a ceiling on the ambitions of our own rugby club. You genuinely cannot understand why people were angry about that?
 
hill83

hill83

Well-Known Member
theferret said:
I'm not really sure what your point is.

Thing is, there was no real outrage when they moved, the wider Rugby community shrugged and tutted and London based Wasps fans rolled with it for the most part.

The outrage was simply that they moved HERE, into our stadium with the aid of our own council, which also put a ceiling on the ambitions of our own rugby club. You genuinely cannot understand why people were angry about that?
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I think you might have completely missed his point. Unless I have.
 
Grendel

Grendel

Well-Known Member
shepardo01 said:
This just reads as, "oh well".... Alan, who is a Wasps fan from Cov...
(Some of you will have seen his work!)
Click to expand...


Ex Coventry Rugby season ticket holder of course
 
S

SBT

Well-Known Member
theferret said:
I'm not really sure what your point is.

Thing is, there was no real outrage when they moved, the wider Rugby community shrugged and tutted and London based Wasps fans rolled with it for the most part.

The outrage was simply that they moved HERE, into our stadium with the aid of our own council, which also put a ceiling on the ambitions of our own rugby club. You genuinely cannot understand why people were angry about that?
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As I said earlier, you can dislike Wasps because of how they helped to bail out the council and stop us getting control of our own stadium. I certainly wouldn’t shed any tears if they went under for that reason.

What I don’t get is the pearl clutching about the horror - the horror! - of a rugby team deciding to move cities, and the way it impacted CRFC. Those are simply two things that I could never give a solitary shit about (especially compared to the long term wellbeing of CCFC). But here we are with pages of posts about just that. I think we’d be wiser to keep our eyes on the prize of what happens next with the stadium and the ownership of CCFC - some people (@Deleted member 5849) apparently are already drawing red lines on that because they despise Wasps so much. Sorry - I can’t find it in myself to care that much about any rugby team.
 
hill83

hill83

Well-Known Member
SBT said:
As I said earlier, you can dislike Wasps because of how they helped to bail out the council and stop us getting control of our own stadium. I certainly wouldn’t shed any tears if they went under for that reason.

What I don’t get is the pearl clutching about the horror - the horror! - of a rugby team deciding to move cities, and the way it impacted CRFC. Those are simply two things that I could never give a solitary shit about (especially compared to the long term wellbeing of CCFC). But here we are with pages of posts about just that. I think we’d be wiser to keep our eyes on the prize of what happens next with the stadium and the ownership of CCFC - some people (@Deleted member 5849) apparently are already drawing red lines on that because they despise Wasps so much. Sorry - I can’t find it in myself to care that much about any rugby team.
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But do you like Rugby or not
 
ccfcchris

ccfcchris

Well-Known Member
A friend told me a while ago that the Coventry Building Society was thrilled with the money they paid for the stadium naming rights. Not very much money at all.
 
S

skyblu3sk

Well-Known Member
ccfcchris said:
A friend told me a while ago that the Coventry Building Society was thrilled with the money they paid for the stadium naming rights.
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The CEO sees sponsoring stadiums as a way to get long lasting nationwide advertising at a decent price. It's not a bad strategy to be fair!
 
T

theferret

Well-Known Member
SBT said:
As I said earlier, you can dislike Wasps because of how they helped to bail out the council and stop us getting control of our own stadium. I certainly wouldn’t shed any tears if they went under for that reason.

What I don’t get is the pearl clutching about the horror - the horror! - of a rugby team deciding to move cities, and the way it impacted CRFC. Those are simply two things that I could never give a solitary shit about (especially compared to the long term wellbeing of CCFC). But here we are with pages of posts about just that. I think we’d be wiser to keep our eyes on the prize of what happens next with the stadium and the ownership of CCFC - some people (@Deleted member 5849) apparently are already drawing red lines on that because they despise Wasps so much. Sorry - I can’t find it in myself to care that much about any rugby team.
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Get you.

Although, to be honest, most of the ill feeling towards wasps stems from the fact they rocked up here. The stuff about franchising was just a covenient stick to beat them with and allowed for some easy accusations of hypocrisy. Had they moved to Doncaster none of us would have given a shit, agree on that.
 
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