Wasps going into admin & the impact on CCFC (222 Viewers)

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skybluetony176

skybluetony176

Well-Known Member
I really don’t want to count my chickens but are Wasps even purchasable? Buy them before and take on an unmanageable debt burden, buy them out of administration and lose the P share.
 
oldskyblue58

oldskyblue58

CCFC Finance Director
Just a thought but could this meeting now on Monday be about making a decision about calling in the clause about ACL 2006 long lease forfeiture? Clearly there would be legal process and costs involved and it could expose CCC to legal challenges or even scupper any stadium rescue plan which obviously affects wasps finances. It could also affect whether the stadium stays open which affects CCFC directly

No idea just wondering? They seem to be saying it is not about financial assistance and I haven't changed my mind on that - that is simply a no go for so many reasons
 
Gynnsthetonic

Gynnsthetonic

Well-Known Member
oldskyblue58 said:
Just a thought but could this meeting now on Monday be about making a decision about calling in the clause about ACL 2006 long lease forfeiture? Clearly there would be legal process and costs involved and it could expose CCC to legal challenges or even scupper any stadium rescue plan which obviously affects wasps finances. It could also affect whether the stadium stays open which affects CCFC directly

No idea just wondering? They seem to be saying it is not about financial assistance and I haven't changed my mind on that - that is simply a no go for so many reasons
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A stadium rescue plan which would affect Wasp finances, they've had it surely, do CCC want to keep a stake in the stadium and if sold to another buyer during administration would leave them as freeholder only
 
duffer

duffer

Well-Known Member
oldskyblue58 said:
Just a thought but could this meeting now on Monday be about making a decision about calling in the clause about ACL 2006 long lease forfeiture? Clearly there would be legal process and costs involved and it could expose CCC to legal challenges or even scupper any stadium rescue plan which obviously affects wasps finances. It could also affect whether the stadium stays open which affects CCFC directly

No idea just wondering? They seem to be saying it is not about financial assistance and I haven't changed my mind on that - that is simply a no go for so many reasons
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The nine most terrifying words in the English language (for a city fan):

"I'm from the Council, and I'm here to help."
 
Calista

Calista

Well-Known Member
oldskyblue58 said:
Just a thought but could this meeting now on Monday be about making a decision about calling in the clause about ACL 2006 long lease forfeiture? Clearly there would be legal process and costs involved and it could expose CCC to legal challenges or even scupper any stadium rescue plan which obviously affects wasps finances. It could also affect whether the stadium stays open which affects CCFC directly

No idea just wondering? They seem to be saying it is not about financial assistance and I haven't changed my mind on that - that is simply a no go for so many reasons
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And scupper any CCFC rescue plan too?
 
S

SBT

Well-Known Member
hutch1972 said:
What was the call by Lucas, "hell will freeze over before I sell to that woman ". It never struck me as good and sound mentality over governance of a community asset.
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That legal investigation posted above says she was paraphrasing what supporters were telling her, rather than stating her own opinion.
 
shmmeee

shmmeee

Well-Known Member
Philosorapter said:
It struck me that CCC and a certain third entity never allowed it to be a community asset. The stadium was always an asset of CCC and a third entity. The local community was never allowed close enough to deem it as a community asset.

I think it needs to remembered that the local community could take over community assets if they felt they could run it better, which I am sure they could have.

CCC and a certain 3rd entity never gave the community a chance of doing this.
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The right answer for me has always been to gift the freehold to the fans in trust (not The Trust!) and we have a committee or something set up that essentially just leases it to the club for a peppercorn rent.
 
oldskyblue58

oldskyblue58

CCFC Finance Director
Gynnsthetonic said:
A stadium rescue plan which would affect Wasp finances, they've had it surely, do CCC want to keep a stake in the stadium and if sold to another buyer during administration would leave them as freeholder only
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Sale at anytime whether during administration or not leaves CCC in the same situation- as freeholder

Was more thinking of the value of assets available for any new stadium owner. Let's be honest it's not going to be about taking wasps on its only about getting hands on the stadium.

Original lease is going to be less valuable than the long lease. An administrator might fight the council on the down grade in value because he has to maximise returns for creditors- if that goes to court then it will take a lot of time and cost and could place the stadium in danger of closure. Stadium closes CCFC has big problems

To be honest I am only speculating, I can't help thinking the future of stadium has already been decided and its all about minimising the creditors that have to be paid. Perhaps CCC are already aware of that?

Time to concentrate on the footie anyway 🙂
 
S

skyblu3sk

Well-Known Member
SheafIsGod said:
OK this is my 5th or 6th time of asking now. Why should I hate the Wasps? Please someone tell me
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giphy.gif
 
chiefdave

chiefdave

Well-Known Member
oldskyblue58 said:
Just a thought but could this meeting now on Monday be about making a decision about calling in the clause about ACL 2006 long lease forfeiture? Clearly there would be legal process and costs involved and it could expose CCC to legal challenges or even scupper any stadium rescue plan which obviously affects wasps finances. It could also affect whether the stadium stays open which affects CCFC directly

No idea just wondering? They seem to be saying it is not about financial assistance and I haven't changed my mind on that - that is simply a no go for so many reasons
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Don't really see why this would need them to call a meeting on a Friday night. The Telegraph have previously reported the council have taken legal advice regarding the situation so should now the options available to them. The Labour members of the council have a meeting every Monday according to Gilbert so what couldn't wait?

In any case would the future on the arena be something Labour are discussing behind closed doors or something that should be discussed in full council meetings and subject to scrutiny?
 
letsallsingtogether

letsallsingtogether

Well-Known Member
chiefdave said:
I didn't give rugby a second thought until Wasps showed up. The most it registered was when CWR would mention a CRFC result. Now I hate the game with a passion, there's only one club to blame for that.
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I hate the wasps also but to tar all rugby fans the same when half of the crowd at Cov also go to the City.
Btw I am one of those so will always stick up for them.
Also I hate Sisu with a passion doesnt stop me getting a ST.
 
hutch1972

hutch1972

Well-Known Member
Philosorapter said:
If your understanding is correct, the big question is, will ACL (2006) have a winding-up order against it, or just the other parts of the group of companies?
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If they lock the gates, someone should tell the Scots and Aussie RL teams/supporters that will be arriving on Fri night, that would be quite embarrassing for the city.
 
S

SBT

Well-Known Member
hutch1972 said:
Not quite, there is no evidence as to what context she said it, only her word.
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Page 22 of the report, under the heading “Findings of fact”:
Councillor Lucas made a comment at a Labour Group meeting about people in the city saying that the Council should not deal with SISU until “hell freezes over” in doing so she was not expressing her own view but that of others which she had been told.
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Certainly not a fan of Lucas/the council, nor am I saying the report is definitive, but let’s not pretend there’s no dispute about it.
 
Grendel

Grendel

Well-Known Member
SBT said:
Page 22 of the report, under the heading “Findings of fact”:


Certainly not a fan of Lucas/the council, nor am I saying the report is definitive, but let’s not pretend there’s no dispute about it.
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You meet her and her husband Ray when they are pissed down their local - it would remove all doubts
 
hutch1972

hutch1972

Well-Known Member
SBT said:
Page 22 of the report, under the heading “Findings of fact”:


Certainly not a fan of Lucas/the council, nor am I saying the report is definitive, but let’s not pretend there’s no dispute about it.
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I agree, it is not definitive, it's riddled with dubious opinions portrayed as fact.
Like you I'm no fan, so we agree on that.
 

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shmmeee

shmmeee

Well-Known Member
oldskyblue58 said:
Just a thought but could this meeting now on Monday be about making a decision about calling in the clause about ACL 2006 long lease forfeiture? Clearly there would be legal process and costs involved and it could expose CCC to legal challenges or even scupper any stadium rescue plan which obviously affects wasps finances. It could also affect whether the stadium stays open which affects CCFC directly

No idea just wondering? They seem to be saying it is not about financial assistance and I haven't changed my mind on that - that is simply a no go for so many reasons
Click to expand...

This makes the most sense. The council have the option of pulling back the lease and controlling who it goes to next. From a rational POV I can see why they would but my god from an optics POV it’s a fucking nightmare to be playing kingmaker right now.

Leave it be and let admin play out in the hope that one or both of CCFC and Wasps come out better off for me.

I wonder what their timescales for acting are? Would they need to take a decision immediately as Wasps go into admin?
 
Grendel

Grendel

Well-Known Member
shmmeee said:
This makes the most sense. The council have the option of pulling back the lease and controlling who it goes to next. From a rational POV I can see why they would but my god from an optics POV it’s a fucking nightmare to be playing kingmaker right now.

Leave it be and let admin play out in the hope that one or both of CCFC and Wasps come out better off for me.

I wonder what their timescales for acting are? Would they need to take a decision immediately as Wasps go into admin?
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Once administration starts the council have to take back the lease for their own security

They Rather enjoyed playing Kingmaker in 2007 I am sure they will again and I’m sure they have already been approached and advised on bond holder positioning
 
H

HuckerbyDublinWhelan

Well-Known Member
Grendel said:
Once administration starts the council have to take back the lease for their own security

They Rather enjoyed playing Kingmaker in 2007 I am sure they will again and I’m sure they have already been approached and advised on bond holder positioning
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So does it look like they’ll take the lease from ACL 2006, leave the debt and sell to Mike Ashley?
 
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