Wasps going into admin & the impact on CCFC (121 Viewers)

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SHUNT31

Well-Known Member
I go to every game home and away. I’m afraid that makes my opinion far more valid than yours.

Bit weird that you and the other sisu lover @Liquid Gold don’t live in Coventry. Says it all.

Your opinion is not more valid than anyone else’s in this forum or our fan base, unless they’re a Wasps fan.
 

Grendel

Well-Known Member
You’re clearly a troll.

I want CCFC to succeed and have ownership of the arena.

I’m just not ignorant like most that can’t see past SISU this and SISU that.

Well if they want ownership they can buy it can’t they?
 
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Cityandproud87

Well-Known Member
Your opinion is not more valid than anyone else’s in this forum or our fan base, unless they’re a Wasps fan.

It’s far more valid and mark robins would tell you the same as I’m the one roaring the players on every game. If you cared to read the other threads you would know I have sources within the club.
 

theferret

Well-Known Member
Lets for a minute assume that when we signed that 10 year lease and announced the UoW stadium plan that the club was serious. Imagine that work started immediately, it wouldn't be open now so how would we be any better off? Its a complete red herring in this situation.

We have a 10 year lease, which you have to assume was agreed as acceptable by the EFL, and with many years remaining there's now the possibility we won't be able to play games. Don't really see how you can put the blame for that on the club.

You can of course argue that there's zero chance of a new stadium, and I doubt many would challenge that, you can argue that a lease longer than 10 years is needed but even if we had a 100 year lease what would be different today?

Nailed it. Some people are being incredibly disingenuous. It is a complete red-herring.
 

Grendel

Well-Known Member
Well yeah, this is really their big test as soon as it falls into admin.

Either that or sell the club to somebody who will also take the stadium on.

they don’t need to wait till admin they bought us in a pre pack effectively
 

Tommo1993

Well-Known Member
SISU taking ownership, or selling to someone who will, really seems like the only option for the club to survive.

Own, ground hop, or bust. The second will lead to the third anyway. Feel cornered.
 

Senior Vick from Alicante

Well-Known Member
Exactly, how long can the club afford to chuck £150k per game?

Although Duggins was saying he wanted whoever was taking over to fund in the short term, however I am not sure why SISU would fund to keep them out of admin but be waiting for them to go into admin.

Perhaps they are the preferrdd buyer of the liquidated lease and the payments would be deducted from the cost of a new lease. Council gets money and games get put on. Just a theory?
 

oldfiver

Well-Known Member
Pre administration oftentimes a bank or whoever who holds a debentures will appoint a “consultant” that acts a pre-administrator. Essentially they usurp the directors and control them on behalf of the debenture holder. They charge administrative rates ie north of £500/h. As I said, a racket.

I don’t know who has a debenture over ACL (might be a bank) but my shout is that it will be them calling the shots.

Bond Holders who are controlled by WASP appointed Trustee

Compass

And Moonstone
 

wingy

Well-Known Member
Lets for a minute assume that when we signed that 10 year lease and announced the UoW stadium plan that the club was serious. Imagine that work started immediately, it wouldn't be open now so how would we be any better off? Its a complete red herring in this situation.

We have a 10 year lease, which you have to assume was agreed as acceptable by the EFL, and with many years remaining there's now the possibility we won't be able to play games. Don't really see how you can put the blame for that on the club.

You can of course argue that there's zero chance of a new stadium, and I doubt many would challenge that, you can argue that a lease longer than 10 years is needed but even if we had a 100 year lease what would be different today?
Guess it depends whether anyone has a long enough memory to refer back to the candyfloss drawings from about seven years ago l.
 

The Philosopher

Well-Known Member
Exactly, how long can the club afford to chuck £150k per game?

Although Duggins was saying he wanted whoever was taking over to fund in the short term, however I am not sure why SISU would fund to keep them out of admin but be waiting for them to go into admin.
It’s a pain threshold figure.

How long could the club afford not to?

If SISU / CCFC didn’t pay it would cost probably more to put a game on elsewhere or suffer EFL penalty (of more or a higher risk of relegation which would cost millions)

It’s whoever is pulling the strings squeezing the last toothpaste out of the tube IMO.
 

mark82

Super Moderator
Having dealt recently with some administrators for clients I do know that for them to conduct the administration they require a large payment upfront to do anything. Is that what the notice to bondholders is really about not marketing?

It won't be a small sum either. The one I dealt with recently charged £100 per hour for a clerical assistant to file papers! Partners time north of £500 ph

On that basis the acl group administration let alone the wasps group one is likely to be very numbers.

I think that none of the interested parties want to see the doors shut Monday ( ccfc, ccc, acl, delaware etc) and are working together but perhaps the problem is who is prepared or able to pay the administration costs ? Would they ever get that money back? Have they got the funds to do it ? How much control of the process would it give them ?

Given the council own the freehold, do they have any additional rights in this (i.e. can they insist on access for CCFC)?
 

Philosoraptor

Well-Known Member
Does anyone know if the head-lease has already been transferred back to the council?
 

The Philosopher

Well-Known Member
Lets for a minute assume that when we signed that 10 year lease and announced the UoW stadium plan that the club was serious. Imagine that work started immediately, it wouldn't be open now so how would we be any better off? Its a complete red herring in this situation.

We have a 10 year lease, which you have to assume was agreed as acceptable by the EFL, and with many years remaining there's now the possibility we won't be able to play games. Don't really see how you can put the blame for that on the club.

You can of course argue that there's zero chance of a new stadium, and I doubt many would challenge that, you can argue that a lease longer than 10 years is needed but even if we had a 100 year lease what would be different today?
I’m sure that at some point SISU could see / smell that Wasps were going to have a problem.

I did find it strange that SISU totally gave up every legal challenge and happily signed a 10 year lease. Have in mind that this was after the start of the pandemic and the whole landscape was changing. I’d suggest that someone on the SISU camp had forecast through things and realised that Wasps were in trouble and would of course wanted the CCFC rent income to give breathing space.

This has been a chess game for SISU. Don’t write them off.
 

Brighton Sky Blue

Well-Known Member
I’m sure that at some point SISU could see / smell that Wasps were going to have a problem.

I did find it strange that SISU totally gave up every legal challenge and happily signed a 10 year lease. Have in mind that this was after the start of the pandemic and the whole landscape was changing. I’d suggest that someone on the SISU camp had forecast through things and realised that Wasps were in trouble and would of course wanted the CCFC rent income to give breathing space.

This has been a chess game for SISU. Don’t write them off.

Waiting for ACL's debt to be wiped before making a move, like anyone else. However if it is true that the football club has provided money for games to go ahead, it'll have only come from one place in reality. And you doubt that SISU would do that for generosity's sake.
 

Sky Blue Harry H

Well-Known Member
Re: administrator's costs, I remember DCFC fans getting really irked over the costs racked up by their administrators to no great effect.
 

wingy

Well-Known Member
It’s a pain threshold figure.

How long could the club afford not to?

If SISU / CCFC didn’t pay it would cost probably more to put a game on elsewhere or suffer EFL penalty (of more or a higher risk of relegation which would cost millions)

It’s whoever is pulling the strings squeezing the last toothpaste out of the tube IMO.
The trouble is that figure seems to represent about 3 timed the normal.
Like we're not funding just the match.
We'd need to be expecting something for it to justify it.
 
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