Wasps going into admin & the impact on CCFC (158 Viewers)

Forums New posts
Status
Not open for further replies.
Bugsy

Bugsy

Well-Known Member
Just emailed Duggins again.
Shit reply but wasn't expecting anything other to be honest...


Screenshot_20221028-130152~2.png
 
B

Brighton Sky Blue

Well-Known Member
wingy said:
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.
Click to expand...

If the football club is completely strapped for cash then it's come from SISU. Considering they didn't want to provide short term finance to cover our August problems or the pitch, perhaps suggests something.
 
Grendel

Grendel

Well-Known Member
Brighton Sky Blue said:
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.
Click to expand...

You don’t have to wait for debt removed it’s a red herring
 
skybluetony176

skybluetony176

Well-Known Member
chiefdave said:
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?
Click to expand...
This is the point isn’t it. The EFL accepted that we had a 10 year rental agreement, they can’t now turn around and solely lay blame on the club with a points deduction.

People seem to be enjoying the what if card so what if a commercial plane crashed into the arena making it unavailable to play in for the season or a period of time? Would they issue us a points deduction or would they accept that it’s issues beyond the club’s control and accept alternative arrangements to fulfill the fixture list? It’s the latter isn’t it.

It’s a matter beyond the club’s control, end off.
 
MalcSB

MalcSB

Well-Known Member
The Philosopher said:
Just checked, “US Bank Trustees Ltd.” have a first charge over the ACL Arena (don’t know the full details) Compass a second (later) charge.

USBTL used to be known as Bank of America Trustees.

I’m reaching here but I’m guessing they are pulling ropes here.
Click to expand...
No, they are not. Much to the annoyance of bondholders, teh Trustees are sitting on their hands.
 
oldskyblue58

oldskyblue58

CCFC Finance Director
chiefdave said:
As they aren't in admin shouldn't they be running as normal? Bit of a pisstake to turn round and say your event isn't going ahead unless you give us more money. Have they done the same to other events there this weekend, the casino, hotel etc?
Click to expand...

Could be that the working capital has been extracted to other wasps group members, or that suppliers will only supply if paid upfront because of the situation, or supply costs are at a premium or a mix of all that. Or even the potential administrator has had to be paid. I doubt it is straightforward as it may seem.

Delaware for example are a significant creditor and putting the game on carries extra risk financially for them, and if it goes insolvent they may never get paid for that game let alone anythingelse they are owed.

That said 150k seems over the top to me

Ccfc have had to assess what costs more putting the event on in those circumstances or not
 
skybluetony176

skybluetony176

Well-Known Member
Frostie said:
Do they? Where is that written?
Click to expand...
It’s a guideline not a rule. We didn’t have to 10 year agreement at Sixfields, we didn’t have a 10 year agreement when we first returned to the Ricoh, we didn’t have a 10 year agreement when we extended that agreement, we didn’t have a 10 year agreement at St Andrews either. This was the first 10 year agreement we’ve had in over 10 years.
 
C

CCFCSteve

Well-Known Member
oldskyblue58 said:
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 ?
Click to expand...

I should think this is more related to the costs of trading/running/maintaining the stadium whilst a sale process is run.

The administrators won’t have a pot of cash to start with so they will need income to be able to keep the doors open. Have the club paid their rent or is it due soon ? Is there any income due from CBS or other sponsors ? If no income is due someone will have to put their hands in their pockets

edit - playing catch up on this thread so not sure if this response is now out of date
 
Sky Blue Pete

Sky Blue Pete

Well-Known Member
Cityandproud87 said:
Okay who’s fault is it we don’t have a new stadium? It’s the councils fault wasps were here, it’s their fault we got ripped off with rent, it’s their fault we may not play at the CBS Tuesday. But let’s not pretend sisu are blameless, this ground situation should’ve been sorted years ago
Click to expand...
Yep don’t disagree with any of that. This is not that and it’s not their fault
 
The Philosopher

The Philosopher

Well-Known Member
oldskyblue58 said:
Could be that the working capital has been extracted to other wasps group members, or that suppliers will only supply if paid upfront because of the situation, or supply costs are at a premium or a mix of all that. Or even the potential administrator has had to be paid. I doubt it is straightforward as it may seem.

Delaware for example are a significant creditor and putting the game on carries extra risk financially for them, and if it goes insolvent they may never get paid for that game let alone anythingelse they are owed.

That said 150k seems over the top to me

Ccfc have had to assess what costs more putting the event on in those circumstances or not
Click to expand...
Agree with all that but thinking out loud a big hedgehog in all this will be venue insurance.

Admin on Monday might negate venue insurance or maybe it hasn’t been paid.

I very much doubt the person with ultimate responsibility (admin or director) would want the risk of anything adverse happening (lord forbid) such as an injury / accident in the stadium without insurance in place.

That £150k figure might not be totally made up, I’m guessing that there are lots of people demanding £
 
Liquid Gold

Liquid Gold

Well-Known Member
Is the problem that the arena is not a going concern at all so will end up being liquidated but once that happens it will take CCC some time to take ownership again?

On Monday they enter admin, if there is no money to appoint admin then they are liquidated, what is the time frame then for CCC to take ownership?

If they go into admin then it means someone has paid administrators, as Wasps are going to be dead it won't be them, it means it will have to be either CCC, CCFC or an interested buyer. We shouldn't do it but if CCC do then they are keeping it going in the chance of a buyer, if a buyer does it means they think they can make it a going concern, either way they wouldn't want to break the lease with the football club so will be doing what they can to ensure games are played.
 
Nick

Nick

Administrator
Status
Not open for further replies.

Users who are viewing this thread

Total: 154 (members: 0, guests: 154)
Top