Wasps going into admin & the impact on CCFC (146 Viewers)

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wingy

Well-Known Member
Liquid Gold said:
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.
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Can't see that otherwise the trustee would appoint .it was very much in Wasps interest to get their own.
 
The Philosopher

The Philosopher

Well-Known Member
Sky Blue Pete said:
Who from?
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I’m beginning to think that this might well be the case.

Why would SISU give £ to the admin - it essentially gives them breathing space.

SISU will be wanting the situation as distressed as possible.

Their 10 year lease is being breached - straight compo situation accrues.

I don’t know but Joy should be in the driving seat right now.

If the ACL administrator has nothing to play with it’s unlikely they’ll use their own funds to insure / light / secure.

(Cue TF to be parading around with a balaclava lighter and fuel can outside the arena just to ramp up pressure Monday night)
 
Skybluedownunder

Skybluedownunder

Well-Known Member
jordan210 said:
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Hmmmm, at this point I’d personally take looking to play at BCFC for the remainder of the season to secure some safety of playing our matches and not getting points deductions. As we are dangling down the bottom of the league we can’t afford any deductions and ideally this would mean no money helping prop up ACL. Quicker they fall over the better and save our money to buy the stadium.

Thoughts?


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chiefdave

chiefdave

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


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That's a shift in position from Duggins isn't it, albeit a subtle one. Seems to have gone from doing everything we can to nothing to do with us speak to the administrator. Bit tricky given as far as anyone is aware ACL isn't yet in administration.
 
TwistAndShoutCCFC1987

TwistAndShoutCCFC1987

Well-Known Member
Skybluedownunder said:
Hmmmm, at this point I’d personally take looking to play at BCFC for the remainder of the season to secure some safety of playing our matches and not getting points deductions. As we are dangling down the bottom of the league we can’t afford any deductions and ideally this would mean no money helping prop up ACL. Quicker they fall over the better and save our money to buy the stadium.

Thoughts?


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At the start of the season it was suggested that we asked Blues and they said no - they don’t want us back there
 
Flying Fokker

Flying Fokker

Well-Known Member
Skybluedownunder said:
Hmmmm, at this point I’d personally take looking to play at BCFC for the remainder of the season to secure some safety of playing our matches and not getting points deductions. As we are dangling down the bottom of the league we can’t afford any deductions and ideally this would mean no money helping prop up ACL. Quicker they fall over the better and save our money to buy the stadium.

Thoughts?


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If it happens, so be it. I‘m not sure 13k season ticket holders would be traveling. it‘s tough on them.
 
Skybluedownunder

Skybluedownunder

Well-Known Member
TwistAndShoutCCFC1987 said:
At the start of the season it was suggested that we asked Blues and they said no - they don’t want us back there
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Aren’t they in a bit of financial mess themselves or has that been sorted now? Maybe if we went back with a better offer or perhaps if there is any other neighbouring clubs that might help us in the interim while this mess gets sorted.

I think this time if we moved out of home our fans would be a lot more understanding this time round as it’s for the greater good of ‘hopefully’ owning the lease on the stadium so we don’t have to do this ever again (providing our owners can stump up the cash to buy the lease)


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pusbccfc

pusbccfc

Well-Known Member
I hope it's Walsall for Tuesday. What an achievement it would be to say we've played at 6 grounds in 20 years.
 
David O'Day

David O'Day

Well-Known Member
duffer said:
Though of course, ACL aren't currently in administration. Yet.

I made the same mistake recently, in fairness, but then I'm not paid to stay on top of this... I just do it for love. 😁
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yeah, but it's likely to be the same administrator if acl go into admin
 
B

Brighton Sky Blue

Well-Known Member
Skybluedownunder said:
Hmmmm, at this point I’d personally take looking to play at BCFC for the remainder of the season to secure some safety of playing our matches and not getting points deductions. As we are dangling down the bottom of the league we can’t afford any deductions and ideally this would mean no money helping prop up ACL. Quicker they fall over the better and save our money to buy the stadium.

Thoughts?


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Would be an extra spit in the face of the record haul of season ticket holders and an even better job of making sure they don't return next season than the relegation we can expect with a few points deductions added in.

Should be dismissed out of hand
 
Johnnythespider

Johnnythespider

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
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If it was 50k for the game Tuesday could the 150k cover the 3 games before the world cup ?
 
skybluebeduff

skybluebeduff

Well-Known Member
I just can't get my brain to understand why SISU would spend so much money on court cases, for us to not be in for the CBS right now.

If we are homeless soon because of this stadium, and SISU are not actively doing something about that, which keeps us in Coventry, then we may aswell all say our goodbyes now...

This fanbase I fear won't survive mother move, which inevitably would mean neither would the club.
 
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chiefdave

chiefdave

Well-Known Member
skybluebeduff said:
I just can't get my brain to understand why SISU would spend so much money on court cases, for us to not be in for the CBS right now.

If we are homeless soon because of this stadium, and SISU are not actively doing something about that, which keeps us in Coventry, then we aswell all say our goodbyes now...

This fanbase I fear won't survive mother move, which inevitably would mean neither would the club.
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I think it very much depends on the circumstances. Being forced to play elsewhere accompanied by a statement saying they offered to pay costs over and above the rent to ensure games went ahead and are actively working to purchase the lease would be a very different situation to just having let it happen and doing nothing to try and gain control of the stadium.
 
SkyblueDad

SkyblueDad

Well-Known Member
Skybluedownunder said:
Hmmmm, at this point I’d personally take looking to play at BCFC for the remainder of the season to secure some safety of playing our matches and not getting points deductions. As we are dangling down the bottom of the league we can’t afford any deductions and ideally this would mean no money helping prop up ACL. Quicker they fall over the better and save our money to buy the stadium.

Thoughts?


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Bloody long walk from Aus.
 
The Philosopher

The Philosopher

Well-Known Member
It’s prediction time just for the sake of it and one can get mocked if one is wrong.

My take:

1) There’ll be a last minute extension attempt where there seems to be some dubious claim of progress.

2) This will fail with straightaway or soon after.

3) CCFC will play at Walsall on Tuesday either way due to uncertainty / insurance etc.

4) The temporary administration team in place now will be appointed administrators

5) The administrators will have no money to juggle or pay lawyers with, without some funds from bondholders or others.

6) Council will be put under pressure to revert lease with advocates pointing to the Butts precedent.

7) SISU will put huge legal pressure on Council and Administrator. Administrators will be very aware that they could be challenged and will tread carefully.

8) SISU will end up with the head lease in exchange for taking up liability for CBS repairs and for taking over TUPE liability for ACL employees and subleases to job centre etc etc. this will be touted as “taking up liabilities of £25m” or some such. SISU will capitalise this in their CCFC portfolio. SISU will pay administrators costs for doing this. 2-3m I guess.

I hope I’m totally wrong.
 
shepardo01

shepardo01

Well-Known Member
chiefdave said:
I think it very much depends on the circumstances. Being forced to play elsewhere accompanied by a statement saying they offered to pay costs over and above the rent to ensure games went ahead and are actively working to purchase the lease would be a very different situation to just having let it happen and doing nothing to try and gain control of the stadium.
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The sad thing is CD, some people would not believe that they had even tried.
So easy, particularly for those who were/are avid Cov Tel readers, to just blame SISU. That mainly stems from a council PR campaign over the years.
 
Frostie

Frostie

Well-Known Member
skybluetony176 said:
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.
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Yeah, it's not true that's why.
They only have to show security of tenure to last a season.
 
O

oldfiver

Well-Known Member
chiefdave said:
I think it very much depends on the circumstances. Being forced to play elsewhere accompanied by a statement saying they offered to pay costs over and above the rent to ensure games went ahead and are actively working to purchase the lease would be a very different situation to just having let it happen and doing nothing to try and gain control of the stadium.
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Not while we have people in and around the Council who are clearly anti SISU and pro WASPS ,and worried silly about a serious failure of their past actions
 
COVKIDSNEVERQUIT

COVKIDSNEVERQUIT

Well-Known Member
Saddlebrains said:
Right lets all calm down.

It will be ok, im confident from what ive been told that all this worst case scenario talk isn't happening
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Apparently, on twitter, the club are looking at alternatives. Burton anyone.
 
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