AFCCOVENTRY
Well-Known Member
I’ve heard they had Kwasi as an independent consultant to help them.
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Wasps going into admin & the impact on CCFC (136 Viewers)
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I’ve heard they had Kwasi as an independent consultant to help them.
Gynnsthetonic
Well-Known Member
Wasp very own Kwasi Kwateng
joemercersaces
Well-Known Member
How can he seriously claim to have broken even for 6 months (big deal anyway) when there was at least £35 million to pay back, which they didn’t have"
- HMRC called in the balance on their debt despite a payment plan that was being followed as agreed
- HSBC reneged on financing at the Eleventh Hour
- pre-covid the group had 6 months of breakeven months
"
So it was HMRC's, HSBC and coves fault not anyone at wasps
Wasps exclusive: 'We're all sad and angry, including me' - Stephen Vaughan
Group chief executive is among those who have been made redundant after Wasps entered into administrationwww.coventrytelegraph.net
Brighton Sky Blue
Well-Known Member
All the bondholders still want their slice.
Grendel
Well-Known Member
still VV once a wasp - always trying to cash in on misfortune - always a wasp
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onceawasp.com
Liquid Gold
Well-Known Member
Somone should offer to buy his forum for a quid.
Weirdly worth more than his rugby club.
Weirdly worth more than his rugby club.
mr_monkey
Well-Known Member
What a horrible c**t
edgy
Well-Known Member
Probably a hint to say there's a buyer lined up.
Grendel
Well-Known Member
unlikely and the contracts have been terminated
duffer
Well-Known Member
"
- HMRC called in the balance on their debt despite a payment plan that was being followed as agreed
- HSBC reneged on financing at the Eleventh Hour
- pre-covid the group had 6 months of breakeven months
"
So it was HMRC's, HSBC and coves fault not anyone at wasps
Wasps exclusive: 'We're all sad and angry, including me' - Stephen Vaughan
Group chief executive is among those who have been made redundant after Wasps entered into administration
Paying HMRC 'something' every month is not quite the same as HMRC breaking an agreement. As discussed elsewhere this just doesn't happen.
Similarly, I have serious doubts about HSBC leading anyone 'up the garden path', it's much more likely they wanted evidence of something (a sustainable business plan perhaps), that Wasps couldn't provide.
There's a bit too much deflection here for my liking, and not enough responsibility. No one made Wasps gamble their future by taking out a £35m bond, and there were alternatives to moving to Coventry. If you want your creditors to trust you, earn it by being honest - look at all of the blagging the bondholders have endured.
Last but not least, why is it that Wasps don't own their own training ground, as was promised? It's awfully convenient that it's outside the reach of the administrator...
edgy
Well-Known Member
Seems unlikely but can't see any other rational explanation to them being told to hold fire for a few days. (If that's true)
duffer
Well-Known Member
We'll they can probably say it, but the players can do what they want now regardless; they don't work for Wasps any more.
fernandopartridge
Well-Known Member
jordan210
Well-Known Member
Im sure thoses highly paid players including Internationals are going to wait and see if they can play in the championship rather than getting paid and going a prem club
Gynnsthetonic
Well-Known Member
No, do you have £35m to spare
1ccfc
Well-Known Member
I would say so. That said, there's a stadium available.
shepardo01
Well-Known Member
The council could give acl a "helping hand".
Would have happened already by all accounts if it hadn't have been leaked/opposed on social media and e.mails (See Gilbert's tweets tonight)... I'll see if I can paste below;
Paxman II
Well-Known Member
I worry they are trying to get a deal with NEC for the arena. But surely a lease has to be reassigned and landlord consent required. So will the council provide that consent? It would be extraordinary to let the arean go to new ownership and CCFC still be it's tenant. Even the NEC would have sense to wait for admin in 10 days time to pick it off on the cheap? So too could SISU or any other interested party? The council as landlords should step in here as they have a clause do they not of nulifying the lease under the terms if admin is called in?
It seems the country is in a mess and everywhere else is in a mess and nobody knows what the hell to expect next. one thing for sure - this has to be the golden opportunity for CCFC to regain ownership of 'their' stadium. Will SISU or anyone else step up and grab a bargain?
It seems the country is in a mess and everywhere else is in a mess and nobody knows what the hell to expect next. one thing for sure - this has to be the golden opportunity for CCFC to regain ownership of 'their' stadium. Will SISU or anyone else step up and grab a bargain?
Frostie
Well-Known Member
"The debt was substantial, it's only got bigger."
As CEO of said company I'm not sure I'd be putting that on my CV.
OldBedrocker
Well-Known Member
Bye Bye Wasps will fit too then
Earlsdon-Loyal-Blue
Well-Known Member
Fuck the Wasps,
Fuck SISU,
Fuck the Council and Kevin Maton too!
Fuck SISU,
Fuck the Council and Kevin Maton too!
SHUNT31
Well-Known Member
As lovely as it would be to tear down their signs and rearrange the letters, their operating company is still going so for the short term at least, nothing will change in that regard.
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ccfc1234
Well-Known Member
The council will want a bidding war. SISU will not. They will play hard ball and I would not be shocked to see them do one of two things in private negotiations.
1. Make it clear to whoever wants to buy the stadium (if it's not them) that there will be no anchor tennent.
2. Tell the interested party if they want to buy the stadium and retain CCFC playing there they will need to buy into the club at an inflated figure.
SISU could sell the whole club but would want top dollar and I think they would rather a partnership as they like the rest of the bidders know the real money will be achieved when CCFC are a premiership club.
Very interesting times and SISU hold a lot if cards now.
Ann Lucas and her cronies cuddled up to wasps and sanctioned an infestation of the city's best sporting infrastructure. Those not in denial could see the project was just not going to work and we are virtually back to square one with the stadium situation!!
What is fruststing is that its the bond holders who were sold a dream that have lost most while the corporate cowboys behind the scenes swan off to another desk job.
If something is pushed as a "bargain" in the property world - it probably isn't!
Hobo
Well-Known Member
With Wasps and Worcester going bump, cuts in Championship funding in recent years, Premiership Clubs at or near the salary cap - there is a lot of those 80 odd rugby players who have suddenly flooded onto the market with little choice but to wait and hope.
tisza
Well-Known Member
he's got to try and justify his mismanagement somehow
Brighton Sky Blue
Well-Known Member
Or they go to leagues outside England
Sick Boy
Super Moderator
Fair play to him.
Sky Blue Pete
Well-Known Member
No sorry"
- HMRC called in the balance on their debt despite a payment plan that was being followed as agreed
- HSBC reneged on financing at the Eleventh Hour
- pre-covid the group had 6 months of breakeven months
"
So it was HMRC's, HSBC and coves fault not anyone at wasps
Wasps exclusive: 'We're all sad and angry, including me' - Stephen Vaughan
Group chief executive is among those who have been made redundant after Wasps entered into administration
No responsibility
No acceptance of error
Shame really
Hobo
Well-Known Member
I am no Vaughan fan. But he has been their since August 2019. Wasps problems with losses and debt go back many many years. Look at some of the ones who brought them here and been on the board longer.
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