Wasps going into admin & the impact on CCFC (232 Viewers)

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oldfiver

Well-Known Member
Nick said:
Didn't people say at the time it wasn't worth £35m or whatever? Then they struggled to refinance which kind of shows it wasn't worth what they thought.
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WASPS paid c£15m for the lease they then revalued it to £50m+ on the back of the expected increased revenues over say 200 years

They anticipated gates of 20,000+ for their games plus add ons. Which haven't/ won't happen

There have been no significant improvements to the stadium but some £20m defects have been highlighted

£35m is not likely in a realmarket but could be to a vested interest purchaser
 
Nick

Nick

Administrator
Duggins hopes a buyer can be found for ACL2006 / Arena which is a "successful business".

Is it really?
 
Nick

Nick

Administrator
Ridley is up.

He's asking Duggins to quash inaccurate reports and if the council own any bonds.
Points out that ACL is a Wasps-owned company.
 
H

HuckerbyDublinWhelan

Well-Known Member
oldfiver said:
WASPS paid c£15m for the lease they then revalued it to £50m+ on the back of the expected increased revenues over say 200 years

They anticipated gates of 20,000+ for their games plus add ons. Which haven't/ won't happen

There have been no significant improvements to the stadium but some £20m defects have been highlighted

£35m is not likely in a realmarket but could be to a vested interest purchaser
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20m??? what the fuck have they built it with
 
Nick

Nick

Administrator
Hmmm, Duggins is just going on about the meeting on Friday. Even though other Labour MPs referenced the said meeting.

He isn't answering anything.
 
olderskyblue

olderskyblue

Well-Known Member
Decisions in secret are against the constitution…… Duggins has as poor a memory as me..
 
fernandopartridge

fernandopartridge

Well-Known Member
oldfiver said:
WASPS paid c£15m for the lease they then revalued it to £50m+ on the back of the expected increased revenues over say 200 years

They anticipated gates of 20,000+ for their games plus add ons. Which haven't/ won't happen

There have been no significant improvements to the stadium but some £20m defects have been highlighted

£35m is not likely in a realmarket but could be to a vested interest purchaser
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So the valuation was based on revenues beyond the stadium's useful life even if somehow 20k paying customers was viable? You can see why CCC don't want it to fail, they are absolutely up to their neck in this as much as Wasps
 
olderskyblue

olderskyblue

Well-Known Member
“Thank you to cllr whatshisname” :ROFLMAO: :ROFLMAO:
 
Nick

Nick

Administrator
Just in case duggins is going for word play when they say they won't help wasps...

He ignored Ridley asking about it being ACL. Screenshot_2022-10-14-15-08-08-748-edit_com.google.android.gm.jpg
 
skybluetony176

skybluetony176

Well-Known Member
The only input the council should have in ACL, financial or other, is to ensure the business keeps running so CCFC can fulfill its fixtures in its home city.
 
D

Deleted member 5849

Guest
Nick said:
What's Duggins selling?

Unless he's selling a bailout for it like they just were with Tom White where they didn't actually say anything.
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It's fair to say a successful arena does benefit the city though. Hold fire, remember the game's 90 minutes, and they've only just kicked off.
 
shmmeee

shmmeee

Well-Known Member
Nick said:
Yeah, absolutely full of shit though and unable to answer a yes / no question.
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TBF he’s said repeatedly that he’s taken up complaints and there’s nothing he can do.

Nick said:
What's Duggins selling?

Unless he's selling a bailout for it like they just were with Tom White where they didn't actually say anything.
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Well ultimately as the freeholder he’s selling the leasehold to whoever takes it over.
 
Nick

Nick

Administrator
Deleted member 5849 said:
It's fair to say a successful arena does benefit the city though. Hold fire, remember the game's 90 minutes, and they've only just kicked off.
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Yeah but that's like saying the council should fund CCFC because a club in the champions league would be good for the city....

It's not in the champions league now.
 
Nick

Nick

Administrator
shmmeee said:
TBF he’s said repeatedly that he’s taken up complaints and there’s nothing he can do.

Well ultimately as the freeholder he’s selling the leasehold to whoever takes it over.
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Currently ACL2006 own the lease, then the Administrator will and will also have to deal with bondholders.
 
shmmeee

shmmeee

Well-Known Member
Nick said:
Yeah but that's like saying the council should fund CCFC because a club in the champions league would be good for the city....

It's not in the champions league now.
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No, it’s like saying the council shouldn’t say CCFC are a bit shit really. The council has an interest in ACL doing well, so would obviously talk it up as I’d expect them to literally any Coventry business.
 
Nick

Nick

Administrator
shmmeee said:
No, it’s like saying the council shouldn’t say CCFC are a bit shit really. The council has an interest in ACL doing well, so would obviously talk it up as I’d expect them to literally any Coventry business.
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Talk it up or straight up lie?
 
Nick

Nick

Administrator
shmmeee said:
Ill make this simple: If no one buys the arena, it’s bad news for the council as the freeholder.
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Yes but at the minute, its not the council's to sell. They let 35m be secured on it.

They can't just say who wants to buy it next.
 
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