Wasps going into admin & the impact on CCFC (134 Viewers)

[Samo]

Seems almost too good to be true for Wasps.

Merge with Irish, move to Plough Lane, have a year in the Champ, get promoted and a year's grace to get the stadium capacity increased by less than 1,000.

Perhaps the local council will help them out?

As long as they fuck off I don't care where to or why.

 

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[Ash]

Why would any other club or local authority wanna deal with Wasps though? They’ve proven in the past with QPR, Wycombe and us to be a massive pain in the arse and complete parasites.
If I was reading this as a London Irish fan, I’d sooner the club go into admin, be relegated and lose the P share if it meant not merging with Wasps!

 

[hutch1972]

The Ashley deal indicates he’d buy Wasps as well

I'd have an uneducated guess that he would rather not though.

 

[Colin Steins Smile]

A thing to consider with Ashley is his company tax situation, in that having sold NUFC last year.
Would I be correct in thinking he has a limited period of time to reinvest the profit before capital gains tax kicks in?
I’d welcome the accounting experts on here answering that question.
If I’m correct in my assertion then buying the arena & CCFC fits his timeline

 

[Flying Fokker]

Why would any other club or local authority wanna deal with Wasps though? They’ve proven in the past with QPR, Wycombe and us to be a massive pain in the arse and complete parasites.
If I was reading this as a London Irish fan, I’d sooner the club go into admin, be relegated and lose the P share if it meant not merging with Wasps!

You make SISU sound like angels.

 

[Sky Blue Pete]

A thing to consider with Ashley is his company tax situation, in that having sold NUFC last year.
Would I be correct in thinking he has a limited period of time to reinvest the profit before capital gains tax kicks in?
I’d welcome the accounting experts on here answering that question.
If I’m correct in my assertion then buying the arena & CCFC fits his timeline

Yep seen that said before

 

[Tile Hill Phil]

Richardson and Holland will make millions by selling for housing in affluent Henley in Arden, the intention all along know doubt

It should go back to the original people that were kicked out by Wasps

 

[duffer]

Today's Rugby paperView attachment 26619

"Traditional home"? But everyone, without exception, who tried to justify Wasps moving here, said they were 'nomadic'.

I'm sure their Coventry based fans won't mind if this happens, eh. It's obviously necessary for the club to survive...

 

[Ccfcsj]

I can see the headlines tomorrow: "Wasps saved by mystery benefactor". CCC say it wasn't them and the head scratching begins.

Next year they will be audited and there's an outgoing of £x million that nobody knows where it went

 

[Levship20]

I can see the headlines tomorrow: "Wasps saved by mystery benefactor". CCC say it wasn't them and the head scratching begins.

Next year they will be audited and there's an outgoing of £x million that nobody knows where it went

Reeves is doing his best to find a solution!

 

[Tommo1993]

 

[hutch1972]

I can see the headlines tomorrow: "Wasps saved by mystery benefactor". CCC say it wasn't them and the head scratching begins.

Next year they will be audited and there's an outgoing of £x million that nobody knows where it went

Too late now I think. Had it just been the year on year losses maybe someone would have had a punt and tried something, but to shell out nr 50mill on the 1st day, nah.

 

[Grendel]

Reeves is doing his best to find a solution!

Even he’s going to struggle now

 

[hutch1972]

Even he’s going to struggle now

When does the axe fall, tomorrow or Tuesday ?

 

[Grendel]

When does the axe fall, tomorrow or Tuesday ?

I assume the winding up order is tomorrow and technically they’d have until Wednesday but I think they are already telling players to find other clubs

 

[SkyblueDad]

Well my take is Wasps in Coventry is dead, they will live on re-group I believe back in London already been suggested and there’s no smoke without fire as they say.

Our concentration now should focus 100% on how we get rid of sisu I think there is genuine interest in people acquiring ccfc it needs to happen, our present owner has no intention of taking us into the premier league, don’t think she wants us in the championship.

 

[Gynnsthetonic]

I assume the winding up order is tomorrow and technically they’d have until Wednesday but I think they are already telling players to find other clubs

Unless Duggins and Co offer a financial package tomorrow night

 

[Grendel]

Unless Duggins and Co offer a financial package tomorrow night

Not possible - the amount would have to be ridiculous and even wasps fans accept that’s untenable

 

[HuckerbyDublinWhelan]

Is there anyway the council can extract the lease without the bond holder debt?

 

[hutch1972]

Not possible - the amount would have to be ridiculous and even wasps fans accept that’s untenable

We would be looking at 10s of millions, and even that would only prolong the agony. Fact is they never had the money to buy it initially hence the bonds. In theory they still haven't paid for it.

 

[Terry Gibson's perm]

When the college owned the site at Henley it was going to be turned into an old peoples village but they couldn’t find a buyer or the proposed buyer couldn’t fund it.

It’s a big and valuable site for housing.

 

[hutch1972]

Is there anyway the council can extract the lease without the bond holder debt?

I imagine they could only extract it after insolvency, so the bond holders would be in line for what's left from the administrator. CCC wouldn't be liable unless they purchased Wasps.

 

[HuckerbyDublinWhelan]

I imagine they could only extract it after insolvency, so the bond holders would be in line for what's left from the administrator. CCC wouldn't be liable unless they purchased Wasps.

So if they went into admin tomorrow, the council could take the lease back and sell it again?

 

[HuckerbyDublinWhelan]

Is This guy Jan? Sounds like he won’t be following Wasps out of Coventry

 

[shmmeee]

So if they went into admin tomorrow, the council could take the lease back and sell it again?

That seems to be the terms.

On Another note: Is this Ashley stuff actually credible? I thought the reports were about him opening a store at Ansty or something?

 

[Grendel]

View attachment 26627
Is This guy Jan? Sounds like he won’t be following Wasps out of Coventry

No it’s more a Kalns type

 

[Grendel]

That seems to be the terms.

On Another note: Is this Ashley stuff actually credible? I thought the reports were about him opening a store at Ansty or something?

Its entirely credible

 

[HuckerbyDublinWhelan]

Its entirely credible

He’d be mad not to have an agreement or at least spoke to SISU before this? No point buying the Ricoh if SISU are entrenched

 

[Brighton Sky Blue]

He’d be mad not to have an agreement or at least spoke to SISU before this? No point buying the Ricoh if SISU are entrenched

They have a choice. Continue to strip money off the club at a snail’s pace or accept considerably more up front.

 

[Ash]

He’d be mad not to have an agreement or at least spoke to SISU before this? No point buying the Ricoh if SISU are entrenched

Exactly, there’s probably already some kind of agreement in place and just waiting to see what happens to Wasps first. I believe this is what Hoffman was blabbing to City supporters about in Italy

 

[Gynnsthetonic]

They have a choice. Continue to strip money off the club at a snail’s pace or accept considerably more up front.

 

[hutch1972]

So if they went into admin tomorrow, the council could take the lease back and sell it again?

I have the impression that is the case ,taking into account the article some weeks ago about ccc talking to its legal team. Not sure about selling it but they will have an input into where it ends up.

 

[Gynnsthetonic]

I have the impression that is the case ,taking into account the article some weeks ago about ccc talking to its legal team. Not sure about selling it but they will have an input into where it ends up.

Oh no ffs, Duggins and Reeves making the desicion where the lease ends up

 

[hutch1972]

Oh no ffs, Duggins and Reeves making the desicion where the lease ends up

They won't have many options, that's for sure. Time they had serious thoughts about the freehold of the lot.

 

[Brighton Sky Blue]

Oh no ffs, Duggins and Reeves making the desicion where the lease ends up

Hopefully they settle it by drinking contest

Mike Ashley 'vomited into fireplace at pub meeting' - BBC News