Wasps going into admin & the impact on CCFC (236 Viewers)

[rhino1002]

Anne Lucas is mainly responsible for driving the deal through with Mutton. She was ultimately responsible.

Ann Lucas: Wasps deal best for Coventry as a whole

But Coventry City Council leader apologises to Coventry Rugby Club officials who felt they were not consulted enough

www.coventrytelegraph.net

Having read that statement about wasps working in collaboration with Coventry rugby club
Did they ever collaborate on anything with Cov rugby or was it juts a random platitude statement by Lucas

 

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[Nick]

But their stock will rise or fall on the decisions they make, if SISU present a plan that safeguards the arena’s future, gives CCFC a permanent home and the opportunity to grow and prosper and at the same time gives the Council a satisfactory resolution to what has been a long painful process for all concerned I’m pretty sure they’ll take it.
For them to reject it on the grounds of previous experiences, would almost certainly set off another chain of events resulting in yet more years of acrimony, court proceedings and hardship all round, almost certainly producing no winners.

Like when they sold it to wasps?

 

[Johnnythespider]

If ACL get liquidated does that open up a line to buy the freehold from the council, or is it leasehold only ?

 

[hill83]

Having read that statement about wasps working in collaboration with Coventry rugby club
Did they ever collaborate on anything with Cov rugby or was it juts a random platitude statement by Lucas

Think they popped short sleeve shirts and striped ties on and went to scholars to neck a few messy pints once. One of the wasps lads got the first round in.

 

[Brylowes]

Like when they sold it to wasps?

TBF Nick, that was at the height of a very dirty war,
Things ‘at least on the surface’ do appear to be a lot more straightforward now, wouldn’t you agree with that.

 

[rhino1002]

Think they popped short sleeve shirts and striped ties on and went to scholars to neck a few messy pints once. One of the wasps lads got the first round in.

Justification enough for Lucas then

 

[shmmeee]

If ACL get liquidated does that open up a line to buy the freehold from the council, or is it leasehold only ?

Anyone could buy the freehold whenever, all liquidation would mean is that the freehold would come unencumbered by any existing leases.

Council has a policy of not selling freeholds though (rightly IMO). So they’d need good reason to move away from that.

 

[chiefdave]

If ACL get liquidated does that open up a line to buy the freehold from the council, or is it leasehold only ?

You don't really need the freehold if there's a 250 year lease available. Can anyone see the CBS still being here in 250 years. Would be well past the end of its expected life.

 

[Colin Steins Smile]

They should have checked the thermos contents and let you in -

NEWS: Matchday Guide vs Rotherham United

Coventry City host Rotherham United on Tuesday night, with the matchday guide for the game now available.

www.ccfc.co.uk

View attachment 26814

That’s a blow . I was going to wheel my barbecue along on Saturday to cook some sausage and beef burgers !

 

[Brylowes]

You don't really need the freehold if there's a 250 year lease available. Can anyone see the CBS still being here in 250 years. Would be well past the end of its expected life.

With the est costs of needed repairs being reported, it sounds like it’s about to collapse now.

 

[oldskyblue58]

I found this site that shows a graph of ACL 2006 finances. quite interesting

also shows the accounts are 210 days over due

ACL Astute 2006 Limited - Company Profile - Endole

ACL Astute 2006 Limited is a insolvency company located in Bristol, Bristol. View company profile, shareholders, contacts, financials, industry and description.

suite.endole.co.uk

Even more interesting for ACL

ACL Astute 2022 Limited - Company Profile - Endole

ACL Astute 2022 Limited is a in administration company located in Bristol, Bristol. View company profile, shareholders, contacts, financials, industry and description.

suite.endole.co.uk

is the bond on ACL or ACL2006. looking at the liabilities it looks like ACL

The bond was lent to wasps finance plc who then lent it to various group members.

The summaries above I do not think take into account the acl group situation. Inter company trading and balances would be netted off eg if acl owe acl 2006 2m the overall acl group situation would show nil. Because an asset in one and an equal liability in the other

The charts are not greatly useful unless you do that because you wouldn't sell acl without acl Ltd.

And of course the thing gets even less clear when you do the consolidation of the wasps group.

Acl borrowed 14.6m from wasps finance according to the 2020 financials

 

[shmmeee]

With the est costs of needed repairs being reported, it sounds like it’s about to collapse now.

Dont think there’s been any actual reports, just lots of rumours of anywhere between £6-20m

 

[jordan210]

The bond was lent to wasps finance plc who then lent it to various group members.

The summaries above I do not think take into account the acl group situation. Inter company trading and balances would be netted off eg if acl owe acl 2006 2m the overall acl group situation would show nil. Because an asset in one and an equal liability in the other

The charts are not greatly useful unless you do that because you wouldn't sell acl without acl Ltd.

And of course the thing gets even less clear when you do the consolidation of the wasps group.

Acl borrowed 14.6m from wasps finance according to the 2020 financials

Its like some crazy ponzi scheme

 

[Skyblueweeman]

Wasps: Paolo Odogwu and Vincent Koch join Stade Francais after Coventry club's demise

Stade Francais sign Paolo Odogwu and Vincent Koch following the cancellation of their contracts at Wasps.

www.bbc.co.uk

More of their players finding new clubs.

LOLZ.

 

[Nick]

Game confirmed as on on Saturday.

Maybe they won't be in admin? Or they will and the Administrator is making sure it will be.

 

[Bad Boy]

Its like some crazy ponzi scheme

Well whatever it is/was it sounds far too complicated for a retired thick telephone engineer like me.

 

[HuckerbyDublinWhelan]

admin isn’t until Monday is it

 

[Sbarcher]

Well whatever it is/was it sounds far too complicated for a retired thick telephone engineer like me.

Sounds like a bad call.

 

[jordan210]

admin isn’t until Monday is it

Would depend if the 10 days for the NOI includes the day it was submitted. No one seams to know that bit.

Wonder if a new NOI will go up for ACL tomorrow

 

[Nick]

Would depend if the 10 days for the NOI includes the day it was submitted. No one seams to know that bit.

Wonder if a new NOI will go up for ACL tomorrow

Can they keep just doing NOI's to delay it?

 

[Liquid Gold]

Would depend if the 10 days for the NOI includes the day it was submitted. No one seams to know that bit.

Wonder if a new NOI will go up for ACL tomorrow

I think you can only submit once and then extend for 10 days.

The 10 day extension should expire Friday/Monday so they will either be purchased or in admin at that point.

 

[jordan210]

I think you can only submit once and then extend for 10 days.

The 10 day extension should expire Friday/Monday so they will either be purchased or in admin at that point.

I thought someone said they can keep extending it if they can show a reasons for the extension ?

Fingers crossed thats not the case. Otherwise this could drag on and on.

*Edit* Found this what might help

"A moratorium is created over the company for an initial period of 10 days, preventing any creditor from starting legal action or continuing any existing legal action against the company, without permission from the court.

An extension of 10 days can be applied for if it looks like a deal is imminent – but this extension must be in the interest of creditors and must be justified."

 

[shmmeee]

I thought someone said they can keep extending it if they can show a reasons for the extension ?

Fingers crossed thats not the case. Otherwise this could drag on and on.

They’ve got to show funds to continue running i think or evidence a sale is close.

 

[The Philosopher]

If it’s true that the staff have been transferred to CCFC from ACL then that shows some statement of intent I think.

Many of the staff will be short term temps but no doubt there are a few that might be liabilities under TUPE.

Can anyone confirm this?

 

[jordan210]

On 10 day rules. Looks a bit all over the place. But most say its 10 days from the time it was submitted/endorsed

the last couple of NOI if I remember showed on case board between 1pm - 2pm

 

[Skyblueweeman]

If it’s true that the staff have been transferred to CCFC from ACL then that shows some statement of intent I think.

Many of the staff will be short term temps but no doubt there are a few that might be liabilities under TUPE.

Can anyone confirm this?

I'd be surprised if that was the case, knowing what the club is like with contracts for staff etc. Might be true but would be surprised.

 

[steve cooper]

On 10 day rules. Looks a bit all over the place. But most say its 10 days from the time it was submitted/endorsed

the last couple of NOI if I remember showed on case board between 1pm - 2pm

This is taken from

The 10 day Notice of Appointment Moratorium: When does the bell toll? - Rollits LLP

Rollits’ Insolvency Team regularly assists Companies, Directors and Insolvency Practitioners in relation to the appointment of an Administrator. This frequently involves advising a Company or its Directors upon the “Out...

www.rollits.com

The High Court has previously held that a period of administration ends on its final day at the same time at which a Company originally entered administration. As the wording of paragraph 28(2) Schedule B1 Insolvency Act 1986 is similar to paragraph 76 Schedule B1 Insolvency Act 1986 (which deals with when a period of administration ends), it had long been considered that the 10 business day NOI moratorium expired 240 hours (not including non-business days) at the time the NOI was previously endorsed by the Court. This, in my experience, is the approach adopted by lawyers and Insolvency Practitioners in the past when calculating when the moratorium expires, as it is the earliest point in time that the 10 business day period could expire.

 

[Philosoraptor]

That'll be tomorrow, not Monday, from my reckoning.

There's a pattern in the length of time when they ask the High Court.

Perhaps the sun will come out, tomorrow. Got to hang on till tomorrow. Come what may.

 

[SkyblueDad]

I doubt very much those big noises in the background with sky blue eyes are just sitting back waiting for what happens tomorrow or whenever re. the CBS. this has been an ongoing scenario for ages now and I’m sure all possibilities and permutations have been explored.

 

[Brighton Sky Blue]

I doubt very much those big noises in the background with sky blue eyes are just sitting back waiting for what happens tomorrow or whenever re. the CBS. this has been an ongoing scenario for ages now and I’m sure all possibilities and permutations have been explored.

Well they're waiting for the debts to be wiped or significantly reduced before going in. As anyone would, why take on extra debt if you don't need to.

 

[Seaside-Skyblue]

You don't really need the freehold if there's a 250 year lease available. Can anyone see the CBS still being here in 250 years. Would be well past the end of its expected life.

True yeah, if it's still standing by then it will be owned by the national trust and people will be paying to visit and tour around it. Or from above in a spacecraft.

Sent from my SM-A908B using Tapatalk

 

[Philosoraptor]

Well they're waiting for the debts to be wiped or significantly reduced before going in. As anyone would, why take on extra debt if you don't need to.

Maybe waiting for ACL to go into liquidation will have more value to any purchaser as well because of the naming rights being available again.

 

[Philosoraptor]

This is where it gets interesting and will probably force CCC to retake control of the lease as the continuation.

Pure conjecture though.

 

[Brighton Sky Blue]

Maybe waiting for ACL to go into liquidation will have more value to any purchaser as well because of the naming rights being available again.

Not sure about that. Having to find a new sponsor for a ground that's just gone bust and lost some of the sporting business.

 

[Greggs]

You don't really need the freehold if there's a 250 year lease available. Can anyone see the CBS still being here in 250 years. Would be well past the end of its expected life.

can't see anything being here in 250 years mate