Wasps going into admin & the impact on CCFC (136 Viewers)

[skybluebeduff]

Surely no ground breaking will be taking place?

I doubt we even got as far as buying a Hi-Vis vest mate.

 

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[Brighton Sky Blue]

Dave Boddy getting his speech ready

 

[shmmeee]

From my understanding of the current scenario, we have a situation whereby the stadium could be shut down whilst a new buyer is sought and matches, exhibitions and other events are stopped. The problems are related to the processes involved with liquidation, in that the governance structures connected to ACL become void. This includes operating licences, etc.
The value of football, events, etc to the economy of the City of Coventry [in it's widest sense] is significant. Each hotel room booked at the CBS and other hotels in the city, plus the secondary spend in restaurants, shops, pubs, etc is of value to our businesses.
We need some pragmatism to break out within this process and surely CCC even in their most vindictive mode can see there is value in providing a month worth of funding to keep the CBS operating whilst a new buyer is sought.

Probably not the best time for Gilbert and Ridley to be hammering the council on bailing out local companies TBF.

 

[Tommo1993]

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.

Think 3 is wrong. Even though I think it’s a safe assumption that not all of the fans expected to attend will actually attend - it’d be stupid to play at a ground will less capacity than tickets sold!

 

[AOM]

Dave Boddy getting his speech ready

View attachment 26844

 

[shmmeee]

You are putting the blame on the club for not having a new stadium!!! Red herring and distraction. Stop it

Its not is it mate? It’s core to the whole issue. If they’d actually built the ground they said this wouldn’t be an issue. Instead they pursued a strategy of waiting for Wasps to go bankrupt: well here we are. But rich to moan about it now.

 

[Specs WT-R75]

How could they sue if its within their legal right? They would just be makjng sure there freehold asset was operational wouldnt they?

The highlighted part is indeed the key part. The council will be within their rights to take the lease back as a last resort only.

 

[thekidfromstrettoncamp]

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.

I see the super fans are back on again

 

[Brighton Sky Blue]

I see the super fans are back on again

 

[Evo1883]

Why the sudden panic on here ? Nothings different atm

 

[Bad Boy]

I never go, home or away but I do ring up BBC CWR after the final whistle and tell it how it is and oh by the way I don't live in Coventry.
I'm the best fan ever and my word is law.

 

[Colin Steins Smile]

I never go, home or away but I do ring up BBC CWR after the final whistle and tell it how it is and oh by the way I don't live in Coventry.
I'm the best fan ever and my word is law.

You must be Brummie "Nick"

 

[MAFF]

I see the super fans are back on again

Everyone that has less than 1000 loyalty points is a Northampton scab. Sorry I don’t make the rules.

 

[Cityandproud87]

I never go, home or away but I do ring up BBC CWR after the final whistle and tell it how it is and oh by the way I don't live in Coventry.
I'm the best fan ever and my word is law.

@PVA alt account?

 

[Cityandproud87]

Everyone that has less than 1000 loyalty points is a Northampton scab. Sorry I don’t make the rules.

 

[rexo87]

No idea if he has any inside info but interesting take nonetheless

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[Specs WT-R75]

If Sisu bought the stadium, what’s to say they wouldn’t milk us for rent?

But they own CCFC, so ultimately would be no benefit in doing it.

1000% we would be charged rent - how else would the costs of stadium ownership be funded. If Sisu determined that ownership of the stadium and 100% of all the would add 3m a year to revenues then they could afford to double rent payments... that rent could be securitised to provide the funding to purchase.... or maybe we could sell some bonds (too soon!?)

In all seriousness though an Property Company for the stadium is a given, and a rental payment to that company gives that company "value" that can be mortgaged etc. So long as the company belongs to the same group then no concerns...

 

[Sky Blue Harry H]

Whatever is happening - be good to see a good turn out tomorrow to remind all of the City support. Come on you 'casuals'

 

[alexccfc99]

So many people being duped into thinking Wasps were good for us because of all this

 

[Grendel]

If that's the case why no offers?

Well that’s probably the problem isn’t it

 

[shmmeee]

No idea if he has any inside info but interesting take nonetheless

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That was word for word posted in this thread.

 

[Grendel]

That was word for word posted in this thread.

He also likes 7 foot 10 footballers from Solihull

 

[MAFF]

No matter what happens at least Wasps are fucked.

Cunts.

 

[ceetee]

I still think Richardson will somehow get it all back free of debt

 

[Cityandproud87]

That was word for word posted in this thread.

I pictured him as being older. 20k followers as well fair play

 

[rexo87]

I still think Richardson will somehow get it all back free of debt

Why would he want it? There's now no rugby club essentially. No players and no P Share

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[Grendel]

Why would he want it? There's now no rugby club essentially. No players and no P Share

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I think Derek has fell out of love with Rugby

 

[ceetee]

Why would he want it? There's now no rugby club essentially. No players and no P Share

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Without the bond to repay and the other debts wiped out I would imagine the stadium complex can be run profitably, and he's in the best position to know that and agree a pre-pack

 

[Sky Blue Harry H]

Why would he want it? There's now no rugby club essentially. No players and no P Share

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[Brighton Sky Blue]

View attachment 26848

Looks like the summer transfer budget

 

[Matt smith]

Can’t believe we’ll actually have to move again

 

[Evo1883]

Can’t believe we’ll actually have to move again

We won't

 

[thekidfromstrettoncamp]

Thanks for passing on your info mate, will book the train tickets now

You will be too late Otis will have all of them.

 

[Otis]

You will be too late Otis will have all of them.

Oi. I just checked my bookings and I only have 15 tickets booked at the moment, so still plenty left.

 

[Nick]

I still think Richardson will somehow get it all back free of debt

That would literally be criminal