Old Warwickshire lad
Well-Known Member
WTF happened to the very clear guidelines from last season. Flasks were named as acceptable, it’s in writing somewhere.
Wasps going into admin & the impact on CCFC (57 Viewers)
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shmmeee
Well-Known Member
TBF the stewards seems awful the other night, didn’t seem to have a clue what they were doing. Are they new?
shmmeee
Well-Known Member
Fair enough, but I still don't see quite how that plays out. At the moment ACL have an asset of value, the lease. The liquidator/administrator's legal duty is to recover as much as possible for the creditors (bondholders first, then HMRC, then everyone else, iirc). He can't do that if he immediately disclaims the lease.
SISU broke the lease when we went into admin because it was a cost to the business, but to ACL it's a benefit. It's not in the creditors best interest for it to be ditched by the administrator/liquidator, in fact I think it might open them up to legal action.
Just mho of course... I wish I hadn't given up my season ticket at the Old Bailey now, I had seats on the half-way line and everything...
Company Administration Process Explained [2024 Guide] - Francis Wilks & Jones
Learn about the company administration process and how FWJ can help with business rescue and creditor negotiations. Expert guidance for directors and insolvency issues.www.franciswilksandjones.co.uk
IANAL obviously but surely if there’s a clause in the lease that’s that and bondholders should have read what they were getting into. If no one is buying it out of admin I don’t see what choice they have. Hate to say it cos they’re probably all just fans like us but I think they’re screwed.
Old Warwickshire lad
Well-Known Member
Sorry Shmmeee just seen the earlier reply.
Old Warwickshire lad
Well-Known Member
Certainly not, you might be an expert frisbee thrower.Kin paper plate,you could take someone’s eye out at 50 paces.
Referee has to go off thanks to gravy in his eyes after turning down a o’hare penalty claim.
Skyblueweeman
Well-Known Member
AOM
Well-Known Member
Saw a steward checking a young kid last night with their security wand, surely illegal
Seaside-Skyblue
Well-Known Member
Gynnsthetonic
Well-Known Member
Guy in front of me wasn't allowed in with a cigarette lighter, he was kicking off stopping the queue for about 5 mins until another steward arrived who said it was OK
Thetruthwillout
Active Member
I am nothing to do with Coventry City, I am a life-long Aston Villa supporter - judge me how you will.
But I have come on here to state that I am appalled by the treatment meted out to Coventry City, a 139 year old Coventry sporting institution, by the London Wasps. A franchise operation that planted itself in Coventry, and then manouvered themselves to get control on the stadium they shared, and then proceeded to throw City out of that ground. Only to let them back was their hooky project ran into trouble. Have I got this right?
Neither the Wasps nor their supporters deserve ANY sympathy for that state hat their club is in. This, from a forum called Drunken Wasps:
Re: Wasps Business & Administration
bargepole 25 October, 2022 15:29
These people are having a laugh,
Why would any Wasps supporter who is a bondholder want to sink further funds into the loss-making white elephant that is the CBS Arena?
Just bulldoze the whole thing, and build a retail park, or blocks of flats on the site.
Wasps supporter and ex-player since 1964
'Just bulldoze the whole thing, and build a retail park, or blocks of flats on the site.'
Its all gone wrong for them in Coventry, so at least one of one them wants to see a spiteful scorched earth policy, à la Hitler's Germany in 1945.
But I have come on here to state that I am appalled by the treatment meted out to Coventry City, a 139 year old Coventry sporting institution, by the London Wasps. A franchise operation that planted itself in Coventry, and then manouvered themselves to get control on the stadium they shared, and then proceeded to throw City out of that ground. Only to let them back was their hooky project ran into trouble. Have I got this right?
Neither the Wasps nor their supporters deserve ANY sympathy for that state hat their club is in. This, from a forum called Drunken Wasps:
DrunkenWasps.com - Wasps Business & Administration
DrunkenWasps.com : Unofficial Wasps news, views and message boards.
www.rugbynetwork.net
bargepole 25 October, 2022 15:29
These people are having a laugh,
Why would any Wasps supporter who is a bondholder want to sink further funds into the loss-making white elephant that is the CBS Arena?
Just bulldoze the whole thing, and build a retail park, or blocks of flats on the site.
Wasps supporter and ex-player since 1964
'Just bulldoze the whole thing, and build a retail park, or blocks of flats on the site.'
Its all gone wrong for them in Coventry, so at least one of one them wants to see a spiteful scorched earth policy, à la Hitler's Germany in 1945.
Grendel
Well-Known Member
That’s my take. If ACl is liquidated the original lease returns probably to the council as freeholder.
This guy called some of the risks on launch
Club aims to raise £35m from bond
Fantastic News - http://www.coventrytelegraph.net/news/coventry-news/wasps-rfc-looks-raise-35million-9121703 Copy and Paste Article. No mention of it paying Richardson back too? The Richardson bit is there hidden as 'refinancing shareholder loans' I believe Sounds better than Richardsons...
www.skybluestalk.co.uk
I don’t see anything they can do. The stock market launch gave it legitimacy and I’d be raising more the issue there was never an attempt to refloat - there will be some assets I guess including the P Share but it’s going to be much lower value
The training ground was never an asset anyway in the wasps group and Richardson sold his share on the day bonds were due
TomRad85
Well-Known Member
You're right, very few of us have sympathy for their club, which i personally hope remains dead or their supporters, who let's face it are all a bit weird. We only hope that them finally going pop will lead to good things for our club instead of the usual shit we've gotten used to over the years.I am nothing to do with Coventry City, I am a life-long Aston Villa supporter - judge me how you will.
But I have come on here to state that I am appalled by the treatment meted out to Coventry City, a 139 year old Coventry sporting institution, by the London Wasps. A franchise operation that planted itself in Coventry, and then manouvered themselves to get control on the stadium they shared, and then proceeded to throw City out of that ground. Only to let them back was their hooky project ran into trouble. Have I got this right?
Neither the Wasps nor their supporters deserve ANY sympathy for that state hat their club is in. This, from a forum called Drunken Wasps:
Re: Wasps Business & AdministrationDrunkenWasps.com - Wasps Business & Administration
DrunkenWasps.com : Unofficial Wasps news, views and message boards.www.rugbynetwork.net
bargepole 25 October, 2022 15:29
These people are having a laugh,
Why would any Wasps supporter who is a bondholder want to sink further funds into the loss-making white elephant that is the CBS Arena?
Just bulldoze the whole thing, and build a retail park, or blocks of flats on the site.
Wasps supporter and ex-player since 1964
'Just bulldoze the whole thing, and build a retail park, or blocks of flats on the site.'
Its all gone wrong for them in Coventry, so at least one of one them wants to see a spiteful scorched earth policy, à la Hitler's Germany in 1945.
Sent from my SM-G973F using Tapatalk
David O'Day
Well-Known Member
the stewards were pretty shit on tuesday, when people were having the normal issues i.e. failing to grasp that you have to put paper tickets in the slot and touch season cards against the contactless sign none of the stewards had any clue what to tell them so there were annoying delays in getting in
ccfcrob
Well-Known Member
I am nothing to do with Coventry City, I am a life-long Aston Villa supporter - judge me how you will.
But I have come on here to state that I am appalled by the treatment meted out to Coventry City, a 139 year old Coventry sporting institution, by the London Wasps. A franchise operation that planted itself in Coventry, and then manouvered themselves to get control on the stadium they shared, and then proceeded to throw City out of that ground. Only to let them back was their hooky project ran into trouble. Have I got this right?
Neither the Wasps nor their supporters deserve ANY sympathy for that state hat their club is in. This, from a forum called Drunken Wasps:
Re: Wasps Business & AdministrationDrunkenWasps.com - Wasps Business & Administration
DrunkenWasps.com : Unofficial Wasps news, views and message boards.www.rugbynetwork.net
bargepole 25 October, 2022 15:29
These people are having a laugh,
Why would any Wasps supporter who is a bondholder want to sink further funds into the loss-making white elephant that is the CBS Arena?
Just bulldoze the whole thing, and build a retail park, or blocks of flats on the site.
Wasps supporter and ex-player since 1964
'Just bulldoze the whole thing, and build a retail park, or blocks of flats on the site.'
Its all gone wrong for them in Coventry, so at least one of one them wants to see a spiteful scorched earth policy, à la Hitler's Germany in 1945.
Villa Scum
Gynnsthetonic
Well-Known Member
2 days to go, interesting couple of days ahead
Otis
Well-Known Member
Funnily enough ........
I used to sit next to someone who brought out a full picnic at half time. Champagne flutes and everything.
I think they were related to Don Nardiello.
Otis
Well-Known Member
Did he turn him into a frog?
Funnily enough it was a munchkin steward and a little girl, I could have been in the wizard of OZ
Senior Vick from Alicante
Well-Known Member
Fair enough, but I still don't see quite how that plays out. At the moment ACL have an asset of value, the lease. The liquidator/administrator's legal duty is to recover as much as possible for the creditors (bondholders first, then HMRC, then everyone else, iirc). He can't do that if he immediately disclaims the lease.
SISU broke the lease when we went into admin because it was a cost to the business, but to ACL it's a benefit. It's not in the creditors best interest for it to be ditched by the administrator/liquidator, in fact I think it might open them up to legal action.
Just mho of course... I wish I hadn't given up my season ticket at the Old Bailey now, I had seats on the half-way line and everything...
Company Administration Process Explained [2024 Guide] - Francis Wilks & Jones
Learn about the company administration process and how FWJ can help with business rescue and creditor negotiations. Expert guidance for directors and insolvency issues.
Isn't the liquidation option down to the fact that ACL have no cash or liquidity? If they dont have the ability to raise a line of credit to fund ongoing day to day costs as its already been taken they cant operate?
Otis
Well-Known Member
Brighton Sky Blue
Well-Known Member
Wasps felt the Bern
jordan210
Well-Known Member
One thing that got me thinking is wasps are allways very quick to say ACL made a profit.
Yet we never know if this is Gross or Net. Does the profit figure also include all the ridiculous grants they have had over the years. As they would show them as Money coming in.
As we havent seen any accounts for ages
If ACL was so profitable it would not be in the position it is in.
Yet we never know if this is Gross or Net. Does the profit figure also include all the ridiculous grants they have had over the years. As they would show them as Money coming in.
As we havent seen any accounts for ages
If ACL was so profitable it would not be in the position it is in.
SkyBlueSam01
Well-Known Member
Have we ruled out some kind of 50:50 deal?
NEC take half the CBS for entertainment purposes and SISU take half fir the football club, potentially with a view to an increased playing budget whilst the club remains self sufficient, thus having a better stab at getting to the prem so SISU hit the jackpot their initial investment was presumably all about?
Would also allow for shared maintenance costs as well as much less up front risk to acquire the stadium for both parties.
NEC take half the CBS for entertainment purposes and SISU take half fir the football club, potentially with a view to an increased playing budget whilst the club remains self sufficient, thus having a better stab at getting to the prem so SISU hit the jackpot their initial investment was presumably all about?
Would also allow for shared maintenance costs as well as much less up front risk to acquire the stadium for both parties.
Bad Boy
Well-Known Member
Got a soft spot for The Villa. My great great uncle played for them in 1911-12 season. Joined the 17th battalion Middlesex, the footballers regiment but sadly fell exactly a week before Armistice.I am nothing to do with Coventry City, I am a life-long Aston Villa supporter - judge me how you will.
But I have come on here to state that I am appalled by the treatment meted out to Coventry City, a 139 year old Coventry sporting institution, by the London Wasps. A franchise operation that planted itself in Coventry, and then manouvered themselves to get control on the stadium they shared, and then proceeded to throw City out of that ground. Only to let them back was their hooky project ran into trouble. Have I got this right?
Neither the Wasps nor their supporters deserve ANY sympathy for that state hat their club is in. This, from a forum called Drunken Wasps:
Re: Wasps Business & AdministrationDrunkenWasps.com - Wasps Business & Administration
DrunkenWasps.com : Unofficial Wasps news, views and message boards.www.rugbynetwork.net
bargepole 25 October, 2022 15:29
These people are having a laugh,
Why would any Wasps supporter who is a bondholder want to sink further funds into the loss-making white elephant that is the CBS Arena?
Just bulldoze the whole thing, and build a retail park, or blocks of flats on the site.
Wasps supporter and ex-player since 1964
'Just bulldoze the whole thing, and build a retail park, or blocks of flats on the site.'
Its all gone wrong for them in Coventry, so at least one of one them wants to see a spiteful scorched earth policy, à la Hitler's Germany in 1945.
Thanks for your support and words thetruthwillout
rhino1002
Well-Known Member
Likewise
my uncle used to manage them and got them promoted back to the first division in 1938
I've never understood the manufactured rivalry with Villa as they don't give a stuff about us
when i started supporting City in the 1960s our main rival was wolves not villa but they didn't consider us a rival they were rivals with west brom and still are
chiefdave
Well-Known Member
IMO if SISU were to buy the stadium there's no way they're running it themselves. They will contract in someone to run the complex, they previously had talks with AEG which reached the point that AEG gave a presentation to the council. This is something the NEC Group do at other venues so I'd expect them to be one of the companies they spoke with.
tisza
Well-Known Member
1. Not sure how many companies would want to work in partnership with SISU bearing in mind their history.
2. Would need us/SISU to take on new debt until things started to turn around for the Arena particularly if they had to finace any repairs/improvements.
D
Deleted member 5849
Guest
Not that I want to defend them too much, because there are some obvious examples, and not just vs CCC... but they have, as far as I'm aware, always been professional with other clubs on both transfers and also ground rentals, have always paid the tax bill fully, and generally conduct themselves fairly honourably elsewhere. The partnership with Hummel also goes OK, I think?
So I think they'd be OK, if (if!) they could reach a deal on partnership.
Nick
Administrator
The thing is though, wasps and the council have a much worse history.
Esoterica
Well-Known Member
Sisu being difficult to work with is just a myth perpetuated by the PR machine at the time, to make us try and believe that the issue was all on SISUs side. And that has started unraveling in recent weeks.
Blues, Northampton, Burton, the EFL, Dhillons, Hummel, Allsop&Allsop, the taxman, player wages, Stewards, the police - just a few different examples from various avenues that go into running a football club where we've never heard of any issues at all.
Skyblueweeman
Well-Known Member
I think you're right.
I seem to recall something about their own accounts 'trending in the right direction' but those figures were influenced by the CVC money so take that out and they weren't so rosy.
Skyblueweeman
Well-Known Member
Good point that to be fair, NW. Never really considered that.
It's just the fans they've not got on too well with ;-)
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