Wasps going into admin & the impact on CCFC (24 Viewers)

[hutch1972]

Conveniently ignoring the fact that every Councillor voted for the deal on the understanding that it would not negatively impact either CCFC or CRFC.

Basically they accepted a load of promises from Wasps, "play on Sundays", "build a training ground and create jobs in the city", "always a place for CCFC", and did literally nothing to make the deal legally contingent on those promises.

They also gave zero consideration to the impact on the club of being frozen out of any income from the arena.

Last but not least, they did it all in secret and never offered anything even close to the deal that Wasps got to the club.

That deal was either incompetent or malignant, and has been the primary source of our woes ever since. Cllr Duggins to try to deflect by saying "you voted for it too", is just piss poor.

He also failed to mention that Labour cllrs were whipped to vote it through, despite some having reservations.

 

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[MalcSB]

Still there then ? Just not progressed

Spot the sideways shuffle from WH to another entity outside the group ?

Further to my earlier response, just checked agenda and papers for the October meeting. The Richardson loan application for £12.5m loan for a hotel is no longer on the relevant dashboard. So - application withdrawn or fell by the wayside.

 

[1ccfc]

So Ashley purchases the stadium and saves wasps who spend one season in the Championship. Sisu refuse to sell the club, so we end up being tenants, paying rent to wasps. This could only happen to us.

 

[CCFC54321]

So Ashley purchases the stadium and saves wasps who spend one season in the Championship. Sisu refuse to sell the club, so we end up being tenants, paying rent to wasps. This could only happen to us.

And Ashley loses £10m a year…

 

[GaryMabbuttsLeftKnee]

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

Where has this figure come from?


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[steve cooper]

Taken from the administrators interview with the Coventry Telegraph:

“I am sure if in the fullness of time, there is a new owner for that business (ACL) because that's going through an AMA (accelerated mergers and acquisitions) process as well, which we're running, that they would want to have Wasps as a tenant. Because obviously it's important to have the tenant for the income and I am sure that is where they would look to play”.

"The real thrust now, must be to find a preferred party. We've been talking to somebody today, and are reasonably hopeful, confident, I would say that tomorrow we will be pushing them forward and pushing them in front of the RFU to get that process going”

I wonder who this is….guess we’ll find out soon enough!

All that means nothing.
Armstrong and Terminum Capital are no longer interested apparently, A few days ago they were seen as favourites.

Wasps takeover bid collapses after financial 'hammer blow'

Former chief executive David Armstrong had been regarded as one of the favourites to take over the stricken club

www.telegraph.co.uk

 

[MalcSB]

Where has this figure come from?


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It’s a story that been bandied around for a while, but I have never seen any definitive evidence that supports it. Someone else may have a source but I haven’t seen it quoted.

 

[rexo87]

All that means nothing.
Armstrong and Terminum Capital are no longer interested apparently, A few days ago they were seen as favourites.

Wasps takeover bid collapses after financial 'hammer blow'

Former chief executive David Armstrong had been regarded as one of the favourites to take over the stricken club

www.telegraph.co.uk

Yeah I'm hoping the person the admin is talking about is that Armstrong as he's been ruled out for good today

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[MalcSB]

Yeah I'm hoping the person the admin is talking about is that Armstrong as he's been ruled out for good today

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Today was the day the administrators were hoping to push someone in front of the RFU.

 

[Seamus1]

Words that may come back to haunt you

Please God, let this imply you know of something positive that is bubbling away.

 

[SkyBlueCharlie9]

Words that may come back to haunt you

I think maybe G was talking about back in 2014.

 

[Philosoraptor]

All that means nothing.
Armstrong and Terminum Capital are no longer interested apparently, A few days ago they were seen as favourites.

Wasps takeover bid collapses after financial 'hammer blow'

Former chief executive David Armstrong had been regarded as one of the favourites to take over the stricken club

www.telegraph.co.uk

One would think they would have already known that the 'P' share would be unobtainable, which would lead to a good assumption that the bid was never a goer and the story placed in the media to try to put a heavily inflated price on the Arena et al.

Who is really going to spend any kind of money on the Arena, where your business profit mostly relies on another business staying and running a successful sports team from the ground. This seems very much like Déjà vu.

I do have a question for the business heads out there, which I believe would need an answer.

What happens to a subsidiary company when the main holding company goes into administration?

If the criteria for removing the head-lease has been reached, then why hasn't CCC done this already to protect the Arena and the future events at the Arena?

 

[The Philosopher]

Where has this figure come from?


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The £20/£25m figure for repairs sounds a bit like tactics to me.

The CBS needs a good scrub and a lick of paint but £25m would imply some serious structural issues - which would imply some safety issues meaning it possibly unfit for use.

Whoever is banding the figure about wants to influence CCC or any prospective rival bidder.

 

[hill83]

Day 3 not as much fun. It's the uncertainty.

 

[Skyblueweeman]

Day 3 not as much fun. It's the uncertainty.

Think about day 1 again. Happy days.

 

[Macca]

I have this horrible feeling that the worst is yet to come in this whole repulsive saga

 

[Saddlebrains]

Hypothetical question

Say we get shafted and stay as tenants with sisu in control

Could you carry on? Because tbh i would find it very very difficult dragging myself up there knowing we were going to be constantly skint, never a cat in hells chance of making the prem and knowing we will never ever get rid of them bastards who control us

 

[Flying Fokker]

They showed no sympathy when our staff were put out of work when they forced us to play in Birmingham.
[/QU

Its uncertainty isn’t it as we have no control of our destiny

Someone needs to tip Joy up and see if she has any money to follow through with the stadium plans. She has had long enough. Whoever buys the stadium/club won’t be doing it for the love of city anyway.

 

[Macca]

Hypothetical question

Say we get shafted and stay as tenants with sisu in control

Could you carry on? Because tbh i would find it very very difficult dragging myself up there knowing we were going to be constantly skint, never a cat in hells chance of making the prem and knowing we will never ever get rid of them bastards who control us

I’m more than happy to know we will never get into the Premiership but would be nice to be able to afford some players and have some exciting football

 

[hill83]

Hypothetical question

Say we get shafted and stay as tenants with sisu in control

Could you carry on? Because tbh i would find it very very difficult dragging myself up there knowing we were going to be constantly skint, never a cat in hells chance of making the prem and knowing we will never ever get rid of them bastards who control us

I'd 100% carry on.

 

[Flying Fokker]

He wanted Derby plus their stadium in a lower division. Surely he’ll at least have considered the option here.

NEC Coventry? Good for none linked to the businesses already sponsoring us?

 

[Flying Fokker]

Hypothetical question

Say we get shafted and stay as tenants with sisu in control

Could you carry on? Because tbh i would find it very very difficult dragging myself up there knowing we were going to be constantly skint, never a cat in hells chance of making the prem and knowing we will never ever get rid of them bastards who control us

If you went to Northampton or Brum, maybe you need to slap yourself and ask why you were doing that? If not, you’ll still be a city fan anyway.

 

[Sky Blue Pete]

Hypothetical question

Say we get shafted and stay as tenants with sisu in control

Could you carry on? Because tbh i would find it very very difficult dragging myself up there knowing we were going to be constantly skint, never a cat in hells chance of making the prem and knowing we will never ever get rid of them bastards who control us

Sisu is Ms Seppalla she won’t go on forever there’s a timescale for the club to be moved to a new ownership model. When? Who knows. For me so long as we are in Coventry there’s no question to my support

 

[hill83]

Anyway DAY 3!

 

[TomRad85]

If SISU do absolutely nothing it will make no sense whatsoever, this is what they've been waiting for. Also refuse to believe any sane thinking owner would want the insects back in the CBS. Believe lads, whatever happens it will be better.

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[Sky Blue Pete]

If SISU do absolutely nothing it will make no sense whatsoever, this is what they've been waiting for. Also refuse to believe any sane thinking owner would want the insects back in the CBS. Believe lads, whatever happens it will be better.

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Given the history and what we know or think we know what are you thinking the owners may do?

 

[skyblu3sk]

Day 3 not as much fun. It's the uncertainty.

Can we just fast forward to the bit where we know now please...

 

[Travs]

If you went to Northampton or Brum, maybe you need to slap yourself and ask why you were doing that? If not, you’ll still be a city fan anyway.

U wot?

 

[Saddlebrains]

See what you're all saying, and of course id still be a fan, I can never change that. Hell I've even brought the kids up as Cov fans and they didn't do anything to deserve that

I suppose I mean more like id pick and choose my games, ST holder for umpteen years now, In this climate and with 0 chance of success id find it very difficult to think stumping up almost 500 nicka when there's no owner backing at all

Probably being dramatic and we end up with the ground and we all shag each other in happiness, never know

 

[HuckerbyDublinWhelan]

Given the history and what we know or think we know what are you thinking the owners may do?

Given the history and what we know or think we know…… we’ll never know what the owners may do. SISU have found new and ingenious ways to confuse and distress us for the last 14 years

 

[oldfiver]

Further to my earlier response, just checked agenda and papers for the October meeting. The Richardson loan application for £12.5m loan for a hotel is no longer on the relevant dashboard. So - application withdrawn or fell by the wayside.

Thats only the financing application

 

[hill83]

Can't believe we've had Sisu for 14 years. Feels like 50 and 2 at the same time.

 

[MalcSB]

Thats only the financing application

If only Sisu knew you can build things with no money.

 

[TomRad85]

Given the history and what we know or think we know what are you thinking the owners may do?

Hopefully flog us. We're at our peak value with the stadium also in play, in the Championship and with a few players worth a bit. We'll never be worth more under them. If they don't sell now I can't really see what their game is.

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[Sky Blue Pete]

Hopefully flog us. We're at our peak value with the stadium also in play, in the Championship and with a few players worth a bit. We'll never be worth more under them. If they don't sell now I can't really see what their game is.

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Needs a buyer though