Wasps going into admin & the impact on CCFC (168 Viewers)

[Johnnythespider]

All stolen off a website but it's Nicks fault

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Looks great, when are they building it ?

 

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[TomRad85]

Yep and also wasps haven't broken any agreements. All ccfc and sisu

The agreement to provide Coventry with world class Rugby is the most broken of broken agreements.

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[Nick]

I think the amount of unpaid creditors is going to be jaw dropping

Do they have to list them all at some point?

 

[hill83]

Yep and also wasps haven't broken any agreements. All ccfc and sisu

Tbf you are probably right, but PROVIDE EVIDENCE NICK.

I'd like evidence of god as well please

 

[hill83]

Didn't go to the Irish Centre I take it?

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No. I don't get it.

 

[Nick]

Tbf you are probably right, but PROVIDE EVIDENCE NICK.

I'd like evidence of god as well please

Wouldn't say it if I didn't have links.
Going to end up being a spreadsheet wanker.

 

[Liquid Gold]

It's all made up, wasps haven't broken any agreements.

They broke the agreement to provide a pitch suitable for football.

 

[shepardo01]

 

[SBAndy]

Do they have to list them all at some point?

Yes, the administrator’s report will be published on Companies House detailing all creditors.

 

[Calista]

I miss the days when you could stick 2000 on the end of something and it was instantly a good idea.

Mars bar 2000

Grecian 2000 is probably more what I need, despite appearances

 

[Liquid Gold]

 

[Gynnsthetonic]

So far in the Wasps fans blame game we have...

• Covid
• Coventry City fans
• Sisu
• Saracens
• The RFU

Nobody thought to look closer to home yet?

Saracens seem to be blamed the most.

 

[Otis]

I miss the days when you could stick 2000 on the end of something and it was instantly a good idea.

Mars bar 2000

Death Race

 

[oldfiver]

Any idea what will happen to the bondholders? Is it too late for them to have any influence in administrators, trustees etc? I would think a Wasps appointed admin (not unlike ours with Applesauce) would be bent towards their aims.

Tell that to Bondholders- they say best deal will be staying with WASPs Receiver

 

[Grendel]

Tell that to Bondholders- they say best deal will be staying with WASPs Receiver

Empty pockets all round then

 

[Nick]

Yes, the administrator’s report will be published on Companies House detailing all creditors.

Thought so. Will be interesting reading.

 

[oldskyblue58]

Question - when CCFC were the main tenant did we receive the incomes from casino/hotel letting or did that go to ACL still? I’m guessing the latter.

The latter. Ccfc only rented the stadium on match days which makes the rent charged ridiculous.

The basis of the original lease to ACL by CCC was purely based on what CCC needed to pay its loan. Not commercial

 

[TomRad85]

I see they are still trying to take the moral high ground over the uncivilised football supporters on social media. Delusional cunts. They'd swallow Richardsons spunk if he told them it tasted of strawberry. Think we should do a funeral parade for them through Coventry.

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[Johnnythespider]

What does the T stand for

 

[Nick]

How do they really not know these things?

 

[oldfiver]

The latter. Ccfc only rented the stadium on match days which makes the rent charged ridiculous.

The basis of the original lease to ACL by CCC was purely based on what CCC needed to pay its loan. Not commercial

How was the Coventry City £1.3m Ricoh Arena rent bill decided

Former council boss says authority spent "a fortune" on European lawyers before deciding on the figure that sparked a huge dispute

www.coventrytelegraph.net

 

[Samo]

Bless

 

[oldskyblue58]

It's all made up, wasps haven't broken any agreements.

What like the agreement to pay the bondholders
The agreement to pay suppliers on time
Or even just pay them
The original legal position with hmrc is to pay paye & vat by the set dates. Time to pay is a concession agreement that hmrc tells you clearly if it is not met on the terms agreed then the whole debt will be called in - hardly blindsided any one would expect hmrc to take action if they don't pay. Hmrc don't call these arrangements in unless the taxpayer breaks the terms

Some people need to take in what is in front of them. Not the spin. Very naiive and convenient to blame third parties when the responsibility to run the business properly is that of its owners and directors

 

[torchomatic]

I

Death Race

Does anyone remember Coldrex? Was that a 2000?

 

[HuckerbyDublinWhelan]

Fucking hell I mean we all hate SISU and for good reason, some hate Boddy - but Wasps are going have to explain how SISU are at fault for this one.

have they blamed the war in Ukraine yet? Bloody putin… they were on course to break even and him bombing Kiev has put that back a few years (still happen though)

 

[Calista]

All stolen off a website but it's Nicks fault

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‘Arena 2000 started as Chairman Bryan Richardson’s dream’
‘In a single stroke, Coventry City Football Club will be transformed into the envy of England’
‘The Arena will be a technical marvel’
‘Crowds of 40,000 will be able to watch football matches and other events. Another 7,000 will be housed when the pitch is retracted for concerts’

Terracotta tiles and laser-bouncing curtains, yet CCFC didn’t even have enough money to buy the land.

 

[Calista]

How was the Coventry City £1.3m Ricoh Arena rent bill decided

Former council boss says authority spent "a fortune" on European lawyers before deciding on the figure that sparked a huge dispute

www.coventrytelegraph.net

Interesting that, and not much sign of stupidity or a vendetta against CCFC in the Council's explanation. Could be just spin I guess, but looks more like the rent and the lease were unfortunate consequences of a grossly over-ambitious development that the club couldn't afford, and could only sustain if we made it into the Prem.

 

[skybluetony176]

No. I don't get it.

You would have got it if you went there on a Friday night. Followed by a walk of shame on a Saturday morning.

 

[Grendel]

Interesting that, and not much sign of stupidity or a vendetta against CCFC in the Council's explanation. Could be just spin I guess, but looks more like the rent and the lease were unfortunate consequences of a grossly over-ambitious development that the club couldn't afford, and could only sustain if we made it into the Prem.

it was ridiculous - Swansea paid a peppercorn rent - and again the lease period for the stadium was a joke. What idiot leader of the council signed that off needs shooting - strange the “advice” was ignored when it came to selling the place

 

[Calista]

it was ridiculous - Swansea paid a peppercorn rent - and again the lease period for the stadium was a joke. What idiot leader of the council signed that off needs shooting - strange the “advice” was ignored when it came to selling the place

Even the hugely scaled-down version of Richardson's plans cost £110m to develop. Is that how much the Swansea ground cost (I genuinely don’t know, but suspect only a small fraction)? There’s a difference between a realistic stadium and a vanity project built on contaminated land. I agree (and it has been proven) that the arrangement couldn't work, but it looks like it was based on a lot of legal advice, and I dare say the Council had to think about the vast majority of voters who perceive football as being awash with money and not deserving subsidy. Sisu had all the information when they bought the club. Given what we know about them, you have to suspect that deliberately forcing a cheap sale was always part of their plan. But they got the politics horribly wrong and excluded themselves much to CCFC's cost.

Edit - I agree the sale to Wasps looks like a different ball game, literally.

 

[Frostie]

Crikey...

 

[Nick]

Crikey...

It's as if they have been living in a different world.

 

[Sick Boy]

Even the hugely scaled-down version of Richardson's plans cost £110m to develop. Is that how much the Swansea ground cost (I genuinely don’t know, but suspect only a small fraction)? There’s a difference between a realistic stadium and a vanity project built on contaminated land. I agree (and it has been proven) that the arrangement couldn't work, but it looks like it was based on a lot of legal advice, and I dare say the Council had to think about the vast majority of voters who perceive football as being awash with money and not deserving subsidy. Sisu had all the information when they bought the club. Given what we know about them, you have to suspect that deliberately forcing a cheap sale was always part of their plan. But they got the politics horribly wrong and excluded themselves much to CCFC's cost.

Edit - I agree the sale to Wasps looks like a different ball game, literally.

I’m sure the decision not to look at buying the stadium was down to Ranson.

 

[Brighton Sky Blue]

Crikey...

How many were paying customers? That's always seemed to be the problem. The big crowds were always inflated by free tickets and as the crowds fell the giveaways increased.

 

[Calista]

I’m sure the decision not to look at buying the stadium was down to Ranson.

Surely he wouldn't dictate that kind of strategy to Joy, even if her involvement was 'hands off' at the start?