Wasps going into admin & the impact on CCFC (283 Viewers)

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Liquid Gold

Liquid Gold

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oldskyblue58 said:
Following that news yesterday, clearly any buyer has pulled out. I think the statement key bit is "will enter immediate liquidation" thats not the same as administration at all

How does this scenario sound.

ACL goes in to liquidation this week

All contracts leases etc I believe would therefore cease.

The stadium reverts to the freeholder CCC immediately because acl no longer exists and both leases broken.

CCC provides a long lease to a third party operator for a "small" premium. Councils don't usually sell freeholds especially high profile ones

Deal done regarding dilapidation cost.

New owner short term uses the current sub lease terms to retain income from tenants whilst negotiating new leases. To give some certainly to ccfc, g casino etc.

Delaware North continue at least in short term to staff the complex paid by the new owner or CCC whilst everything is fully worked out. So stadium can still be operational.

Ccfc continue to play there using current terms whilst new lease or licence put in place.

Rather than lock the doors ccfc games continue.

Stadium gets a new start with current debts and liabilities removed by the liquidation. Which gives it a chance of success without the historic baggage, and the company set up much simpler.

I do believe there is a business there to have and be successful but
- it has to be without the old baggage
- and it has to be run and owned by a commercial entity that knows how to run stadiums and events.
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It’s going to be the council giving it to Richardson isn’t it.
 
SHUNT31

SHUNT31

Well-Known Member
oldskyblue58 said:
Following that news yesterday, clearly any buyer has pulled out. I think the statement key bit is "will enter immediate liquidation" thats not the same as administration at all

How does this scenario sound.

ACL goes in to liquidation this week

All contracts leases etc I believe would therefore cease.

The stadium reverts to the freeholder CCC immediately because acl no longer exists any both leases broken.

CCC provides a long lease to a third party operator for a "small" premium. Councils don't usually sell freeholds especially high profile ones

Deal done regarding dilapidation cost.

New owner short term uses the current sub lease terms to retain income from tenants whilst negotiating new leases. To give some certainly to ccfc, g casino etc.

Delaware North continue at least in short term to staff the complex paid by the new owner or CCC whilst everything is fully worked out. So stadium can still be operational.

Ccfc continue to play there using current terms whilst new lease or licence put in place.

Rather than lock the doors ccfc games continue.

Stadium gets a new start with current debts and liabilities removed by the liquidation. Which gives it a chance of success without the historic baggage, and the company set up much simpler.

I do believe there is a business there to have and be successful but
- it has to be without the old baggage
- and it has to be run and owned by a commercial entity that knows how to run stadiums and events.
Click to expand...

Council HAVE to sell the lease to the football club if they are interested.

They’ve already had the money for the lease so that is not an issue.

In theory, could sell for £1.

I would imagine bondholders security is gone if liquidation is confirmed too? If so, would that open the door for Richardson to obtain a new lease from the council? Surely they wouldn’t make that mistake again.
 
Grendel

Grendel

Well-Known Member
Nick said:
That's the sort of thing I can see happening.

All debts gone, handed back for a small fee to crack on as you were.
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He would be losing a small matter of £20 million. I think his popularity rating amongst wasps fans would take something of a hit as well
 
Nick

Nick

Administrator
Grendel said:
He would be losing a small matter of £20 million. I think his popularity rating amongst wasps fans would take something of a hit as well
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Doubt it, he would just need to say he did it for Wasps and it would be fine.

I just can't see why he would be just walking away thinking "ahh shit one" and losing Wasps / Ricoh etc.
 
jordan210

jordan210

Well-Known Member
Grendel said:
He would be losing a small matter of £20 million. I think his popularity rating amongst wasps fans would take something of a hit as well
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Would he not end up in basicly the same position, as would still have the lease. But minus any debts
 
Liquid Gold

Liquid Gold

Well-Known Member
It has to be on the open market this time though.

The council will surely have learned their lessons from the shit they went through last time by doing dodgy back room deals.
 
B

Brighton Sky Blue

Well-Known Member
Nick said:
Guess it depends if anybody gets the chance.

Although it's all hypothetical you would think it would be pre-agreed like before.
Click to expand...

What’s clear is that anyone interested is waiting for the debt to be wiped before making a move. It would then turn into a bidding war and the Council if their heads are screwed on will not just give it back to the guy who ruined the business in the first place but either to an events company or someone with ambitions to take on CCFC as well.
 
jordan210

jordan210

Well-Known Member
So basicly if it plays out like above.

Any creditor gets screwed over. The council would look even more shady than before.

If I was a major bond holder think I’d being getting legal advise
 
Grendel

Grendel

Well-Known Member
Nick said:
Doubt it, he would just need to say he did it for Wasps and it would be fine.

I just can't see why he would be just walking away thinking "ahh shit one" and losing Wasps / Ricoh etc.
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They would lose the P Share in that scenario as it would have to be sold back to the RFU for bondholders and that would effectively end the club
 
SHUNT31

SHUNT31

Well-Known Member
Brighton Sky Blue said:
What’s clear is that anyone interested is waiting for the debt to be wiped before making a move. It would then turn into a bidding war and the Council if their heads are screwed on will not just give it back to the guy who ruined the business in the first place but either to an events company or someone with ambitions to take on CCFC as well.
Click to expand...

If what Duggins was saying in the meeting last week is correct, the council could be open to doing a dealing with Seppala.

They cannot afford to screw over the football team again.
 
Nick

Nick

Administrator
Brighton Sky Blue said:
What’s clear is that anyone interested is waiting for the debt to be wiped before making a move. It would then turn into a bidding war and the Council if their heads are screwed on will not just give it back to the guy who ruined the business in the first place but either to an events company or someone with ambitions to take on CCFC as well.
Click to expand...

That's the main bit.

The Ricoh Debt Free is a completely different thing to what it has been previously so there should be a bidding war.
 
B

Brighton Sky Blue

Well-Known Member
SHUNT31 said:
If what Duggins was saying in the meeting last week is correct, the council could be open to doing a dealing with Seppala.

They cannot afford to screw over the football team again.
Click to expand...

I think if there’s an option to get it with the debt wiped SISU absolutely will make a play for it. But I get the feeling it wouldn’t be hard to outbid them unless they can convince investors that there is a clear path to a huge return.
 
Philosoraptor

Philosoraptor

Well-Known Member
The naming rights are tied in with ACL. All of them would be cancelled.
 
Senior Vick from Alicante

Senior Vick from Alicante

Well-Known Member
oldskyblue58 said:
Following that news yesterday, clearly any buyer has pulled out. I think the statement key bit is "will enter immediate liquidation" thats not the same as administration at all

How does this scenario sound.

ACL goes in to liquidation this week

All contracts leases etc I believe would therefore cease.

The stadium reverts to the freeholder CCC immediately because acl no longer exists and both leases broken.

CCC provides a long lease to a third party operator for a "small" premium. Councils don't usually sell freeholds especially high profile ones

Deal done regarding dilapidation cost.

New owner short term uses the current sub lease terms to retain income from tenants whilst negotiating new leases. To give some certainly to ccfc, g casino etc.

Delaware North continue at least in short term to staff the complex paid by the new owner or CCC whilst everything is fully worked out. So stadium can still be operational.

Ccfc continue to play there using current terms whilst new lease or licence put in place.

Rather than lock the doors ccfc games continue. Because stadium owned temporarily by CCC

Stadium gets a new start with current debts and liabilities removed by the liquidation. Which gives it a chance of success without the historic baggage, and the company set up much simpler.

I do believe there is a business there to have and be successful but
- it has to be without the old baggage
- and it has to be run and owned by a commercial entity that knows how to run stadiums and events.
Click to expand...

Then SISU are in the game it would seem. Perhaps playing the long game has worked and they then package it all together and sell it on?
 
pusbccfc

pusbccfc

Well-Known Member
Hearing rumours that the game is in doubt Saturday as the Arena will go into administration today. Staff laid off.
 
Nick

Nick

Administrator
pusbccfc said:
Hearing rumours that the game is in doubt Saturday as the Arena will go into administration today. Staff laid off.
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Guess would need to see what the bare minimum of staff required for ACL to put the game on via the Administrator.

Will the doors be locked for the offices / casino and bar etc? It would probably be surprising at the businesses with a bit of office space

Hopefully ParentPay will stop being able to rinse me if they get locked out.
 
pusbccfc

pusbccfc

Well-Known Member
Nick said:
Guess would need to see what the bare minimum of staff required for ACL to put the game on via the Administrator.

Will the doors be locked for the offices / casino and bar etc?
Click to expand...

Exactly my thoughts. Not only are there two Championship football matches with crowds of 20,000 people in the next week but also multiple conferences. That's before you add the casino and hotel.
 
Philosoraptor

Philosoraptor

Well-Known Member
I think you can't argue for an extension of the NOI now after that letter to the bondholders.

Things are coming to a head.
 
jordan210

jordan210

Well-Known Member
Nick said:
Guess would need to see what the bare minimum of staff required for ACL to put the game on via the Administrator.

Will the doors be locked for the offices / casino and bar etc? It would probably be surprising at the businesses with a bit of office space

Hopefully ParentPay will stop being able to rinse me if they get locked out.
Click to expand...

Be shit for people who took out a 10 year lease 4 days ago !
 
Nick

Nick

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