Wasps going into admin & the impact on CCFC (227 Viewers)
- Thread starter Alkhen
- Start date
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I’ll chuck this one out there… nobody will purchase the stadium when it goes into administration due to the £m’s of rework that’s required?
Lots of tentative enquiries and the “potentially going to put an offer in brigade bollocks” we hear and SISU who offer £5m for the ground on payments terms of £100k a year, gets rejected and SISU declare the Warwick project 2065 is still the focus and we rent until someone’s patience gives in?
Just saying….
Lots of tentative enquiries and the “potentially going to put an offer in brigade bollocks” we hear and SISU who offer £5m for the ground on payments terms of £100k a year, gets rejected and SISU declare the Warwick project 2065 is still the focus and we rent until someone’s patience gives in?
Just saying….
Brighton Sky Blue
Well-Known Member
Think they've been spending some more time at TGIs lately
I think you need to change your medication!
oldskyblue58
CCFC Finance Director
The following has some caveats
1) The figures are for 2020 so a long way out of date, but are the last published accounts available
2) The figures have been very much simplified and do not have any adjustments to show an ACL group set of figures. A group report would contra out any ACL group inter company trading and balances leaving only external 3rd Party trading and balances
3) in any sale or administration the assets are likely to be discounted and additional liabilities crystallised.
4) figures should be taken as a guide they wont be accurate to current situation
It looked like in 2020 the net debt owed to other WH group members was £8m
That said ACL & ACL 2006 remain guarantors to the bond full or in part for £35m
Charges registered are as follows
- ACL 2006 Ltd charges registered due to Bond & Compass
- ACL Ltd charges registered due to Bond & Compass
- IEC Experience Ltd none
As for what is going on presently, I think that the stadium will be sold to an experienced hospitality operator this coming week. Sadly, I do not see ACL/stadium being owed by CCFC or SISU, but I could easily be wrong. It wont in its self change anything for CCFC for the next 8 years. We have a lease to play there and no hospitality or event group is going to write off that footfall off, quite the reverse they will want to exploit it to maximise income streams from the site.
1) The figures are for 2020 so a long way out of date, but are the last published accounts available
2) The figures have been very much simplified and do not have any adjustments to show an ACL group set of figures. A group report would contra out any ACL group inter company trading and balances leaving only external 3rd Party trading and balances
3) in any sale or administration the assets are likely to be discounted and additional liabilities crystallised.
4) figures should be taken as a guide they wont be accurate to current situation
| ACL Group | ||||||||
| Individual company balance sheets 2020 | ||||||||
| ACL Ltd | ACL 2006Ltd | IEC Exp Ltd | Totals | |||||
| Fixed assets | 61381 | 0 | 2343 | 63724 | ||||
| Current assets | 15299 | 21089 | 6341 | 42729 | ||||
| Current Liabilities | -63971 | -9811 | -6658 | -80440 | ||||
| Deferred tax | -5662 | 0 | 0 | -5662 | ||||
| Reserves & shares | 7047 | 11278 | 2026 | 20351 | ||||
| Inter company | ||||||||
| Owed by group co | 13601 | 5787 | ||||||
| Owed by ACL to ACL2006 | 21089 | |||||||
| Owed to group co | 14449 | 9804 | 2926 | |||||
| Owed to ACL 2006 by ACL | 21089 |
It looked like in 2020 the net debt owed to other WH group members was £8m
That said ACL & ACL 2006 remain guarantors to the bond full or in part for £35m
Charges registered are as follows
- ACL 2006 Ltd charges registered due to Bond & Compass
- ACL Ltd charges registered due to Bond & Compass
- IEC Experience Ltd none
As for what is going on presently, I think that the stadium will be sold to an experienced hospitality operator this coming week. Sadly, I do not see ACL/stadium being owed by CCFC or SISU, but I could easily be wrong. It wont in its self change anything for CCFC for the next 8 years. We have a lease to play there and no hospitality or event group is going to write off that footfall off, quite the reverse they will want to exploit it to maximise income streams from the site.
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Do you mean after Friday when the stadium goes into administration…. Not before Friday?
Gynnsthetonic
Well-Known Member
Sisu, what is the point then, no ground, no investment, no way forward.
SkyblueDad
Well-Known Member
Can you explain how we progress if we sell some or any of our stars
Brighton Sky Blue
Well-Known Member
If we get to Friday and it remains unsold there's every chance that doesn't happen. But if anyone's going to buy before then it'll be exactly what you describe
It’sabatch87
Well-Known Member
Surely if sisu don’t go for the stadium now they never will, I just don’t see their end game if they don’t?
D
Deleted member 5849
Guest
A new stadium at Warwick University!
Bad Boy
Well-Known Member
There's never ever going to be a new stadium built anywhere by SISU, I repeat never ever. End of.
Nick
Administrator
Yeah I'm pretty sure he will be trying something to keep hold of as much as possible.
Samo
Well-Known Member
The reason is that we are a captive high interest borrower.
Brighton Sky Blue
Well-Known Member
Equally if there were an opportunity to get a lot more money in a lot less time would they not take it?
Samo
Well-Known Member
Yes, I hope so, but as the worst case scenario for them if they can't get the sum they want is that we remain a captive high interest borrower, there isn't too much pressure to sell. They can just milk us for X number of years without a care as to which division we play in.
D
Deleted member 5849
Guest
You reckon...?
Colin Steins Smile
Well-Known Member
Why would an events company buy the ACL now? They know that ACL will enter administration soon, so why take the risk of paying over the odds for the stadium. It doesn't make much sense to me. I'd welcome someone with more knowledge on these things to give some insight.
Samo
Well-Known Member
I don't believe SISU are interested in buying the stadium.
I believe they are interested in selling the club at an inflated price to a buyer who is also able to purchase the stadium.
There may even be agreements already in place pending the outcome of the ACL sale/admin.
I believe they are interested in selling the club at an inflated price to a buyer who is also able to purchase the stadium.
There may even be agreements already in place pending the outcome of the ACL sale/admin.
It’sabatch87
Well-Known Member
Brighton Sky Blue
Well-Known Member
You have an offer figure in mind? Or does it not matter?
How do they milk a barren cow?
tisza
Well-Known Member
SISU are trapped.
Club is at the peak of its capabilties if it can hold as a mid-table Championship club but wage pressure at that level will increase.
Trapped by level of debt (that ultimately is held by their investors) that means no-one will buy the club at a price necessary to clear those debts.
Fisher & Seppala insisted they would have no trouble raising finance for the mythical new stadium 8/9 years ago but obviously doesn't look like they can raise a similar amount to compete for ACL etc.
Stand to be corrected but we actually seen any numbers for the proposed new stadium at the University or how it would be financed?
Ah but a cow doesn't need to be either calf bearing or rearing to produce it's harvest!
Gynnsthetonic
Well-Known Member
Do they want it off their hands though, they've never been interested before
zuni
Well-Known Member
for years SISU have been reeling from their initial poor handling of the club which saw us plummet, they failed to land the stadium and as mentioned at some point mr will go, we will be unlucky with transfers and the downward spiral repeats…now in my view in prime time to go. They could keep reaping in interest payments but again if we dip and lose players etc they will end up having to put more back into the club…my take Fwiw
Ah but a cow doesn't need to be either calf bearing or rearing to produce it's harvest!
Really? Great knowledge- they produce a lot of s**t though?
chiefdave
Well-Known Member
The key unknown is the extent of the remedial works required. If the £20m is in anyway close to being true then that's either going to be knocked off the purchase price, assuming it was worth more than £20m in the first place, or enough to put people off.
Unless there's a bidding war why would you buy knowing it needs £20m spending on day one when you could let it revert back to the council, have them foot the bill then buy it when it is inevitably put back up for sale?
Unless there's a bidding war why would you buy knowing it needs £20m spending on day one when you could let it revert back to the council, have them foot the bill then buy it when it is inevitably put back up for sale?
Gynnsthetonic
Well-Known Member
The good thing is everything on here is speculation, in truth nobody knows, even the eventual purchaser won't know the outcome...yet
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