Wasps going into admin & the impact on CCFC (227 Viewers)

[Nick]

If we are under an embargo for non payment to HMRC aren’t you at all concerned?

We might well be. I'm sure there will be a statement either way now.

 

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[Nick]

it’s no more criminal than what we did in 2014

Surely you can see how different it is?

 

[Evo1883]

Seasons just started really , wasps are suspended for the rest of it and relegated to the championship.. where and I repeat WHERE do new owners get revenue from ?

They won't be staying at the arena , I still feel confident about that , its simply not financially viable

 

[Grendel]

Surely you can see how different it is?

In terms of account manipulation to create a result it’s different how?

 

[Calista]

Hopefully things will be a lot clearer tomorrow.

I bet you an Avanti West Coast Season ticket they aren't!

 

[Nick]

In terms of account manipulation to create a result it’s different how?

How many tens of millions were owed externally?

 

[shepardo01]

yes i would think so....... could be the full amount or "the best deal they could get".

I am guessing if the new entity buys it for £35m that in the coming financials it will be worth more.

If the money to buy it isnt put in to the new entity by interest bearing loans, say by issued share capital, then profitability and viability is improved

It was Covids fault they lost money!... wasn't it!?!
Zero debt incoming too....??

Although apparently, any bid for ACL, even in admin, should include the 35m for bondholders... (unless no bids include that)....

Exactly what i was told last night. (See above)
I think it has all been planned from the outset by ccc so that it is so difficult for SISU to get their hands on it.
Was told admin not liquidation tomorrow, which surely means more or less debts wiped, sell restructured back to themselves???

SISU will not get any part of the arena

 

[Evo1883]

Exactly what i was told last night. (See above)
I think it has all been planned from the outset by ccc so that it is so difficult for SISU to get their hands on it.
Was told admin not liquidation tomorrow, which surely means more or less debts wiped, sell restructured back to themselves???

SISU will not get any part of the arena

How do they fund the stadium and staff with no games on at the arena for the rest of the rugby season ?

They've been suspended and relegated

 

[JAM See]

What’s it say, I’m not paying to read it

12ft

12ft.io

With thanks to @shmmeee

It's not very interesting TBH. But the links

archive.ph

and

12ft

certainly are.

 

[Nick]

Exactly what i was told last night. (See above)
I think it has all been planned from the outset by ccc so that it is so difficult for SISU to get their hands on it.
Was told admin not liquidation tomorrow, which surely means more or less debts wiped, sell restructured back to themselves???

SISU will not get any part of the arena

Where are the new wasps owners getting 35m from? They have no games for the rest of the season also and next season "relegated".

If ccc are involved they need to be outed.

 

[shepardo01]

How do they fund the stadium and staff with no games on at the arena for the rest of the rugby season ?

They've been suspended and relegated

No idea... do we/our rent etc fund it??

 

[Evo1883]

No idea... do we/our rent etc fund it??

They couldn't fund staying at the arena with premiership rugby , European rugby and the mighty sky blues there , plus all the extras .. what would be different with even less revenue

 

[TomRad85]

Wasps getting a new owner (saviour) basically

Which probably has no relation to our situation whatsoever. Wasps are finished in Coventry.

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[shepardo01]

Where are the new wasps owners getting 35m from?

If ccc are involved they need to be outed.

As OSB has said "or best offer" if it can't fully be met...

My question is, who oversees offers?

 

[CrawleySkyBlue]

Spoke to Boddy after the game yesterday. There is currently no offer for the stadium from Sisu. Dave expects ACL to be liquidated on Monday at which point he expects there to be lots of offers for the stadium. When I asked him if Sisu will offer, he was careful with his words but in a nutshell the answer was yes and he would expect us to be in prime position with the council. He said there have been lots of comms with the council and that the council have been much more cooperative this time.

I also asked him about Tuesday’s game. He could not rule out the game not being played at the CBS.

Things will get interested post ACL liquidation on Monday.

Not that insightful but good to hear the council appear to be more responsive.

 

[Evo1883]

Which probably has no relation to our situation whatsoever. Wasps are finished in Coventry.

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I agree

 

[Grendel]

How many tens of millions were owed externally?

Thats not answering the question and I assume a lot of the ab and sl debt is external crystallised losses from the original Sisu takeover

I can’t see that hardly any of that all external debt was ever paid was it?

 

[Nick]

Which probably has no relation to our situation whatsoever. Wasps are finished in Coventry.

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I'm not so sure.
There was always going to be a lot of local influential people desperate for it to work

 

[wingy]

Coventry in talks about yet another groundshare

Exclusive: Walsall may offer a solution if owners Arena Coventry Limited go into administration

www.telegraph.co.uk

HMRC that's new isn't it.

Seasons just started really , wasps are suspended for the rest of it and relegated to the championship.. where and I repeat WHERE do new owners get revenue from ?

They won't be staying at the arena , I still feel confident about that , its simply not financially viable

Especially if we shuffle along again
CBS withdraw etc .
Would require a serious exhibition/event operation to sustain it.

 

[Nick]

As OSB has said "or best offer" if it can't fully be met...

My question is, who oversees offers?

That's the thing, surely an administrator can't tell bondholders the offer of 50p was the best.

 

[shepardo01]

Spoke to Boddy after the game yesterday. There is currently no offer for the stadium from Sisu. Dave expects ACL to be liquidated on Monday at which point he expects there to be lots of offers for the stadium. When I asked him if Sisu will offer, he was careful with his words but in a nutshell the answer was yes and he would expect us to be in prime position with the council. He said there have been lots of comms with the council and that the council have been much more cooperative this time.

I also asked him about Tuesday’s game. He could not rule out the game not being played at the CBS.

Things will get interested post ACL liquidation on Monday.

Not that insightful but good to hear the council appear to be more responsive.

I honestly think the council are playing nice to Big Dave... but I'm fairly certain that behind that, they are being the "not until he'll freezes over" version of CCC.

 

[Nick]

Thats not answering the question and I assume a lot of the ab and sl debt is external crystallised losses from the original Sisu takeover

I can’t see that hardly any of that all external debt was ever paid was it?

Yes which is the same as Richardson writing off his own debts etc.

It's a bit different with so many external creditors.

 

[Evo1883]

We all feel the way we do because we are desperate for them to go , from the other side though

That's after he talked about the news of a takeover

 

[TomRad85]

I'm not so sure.
There was always going to be a lot of local influential people desperate for it to work

Indeed there was and now they all look like massive cunts. I guess they could keep digging but I really can't see it.

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[Nick]

We all feel the way we do because we are desperate for them to go , from the other side though View attachment 26879

Haven't they already filed for it?

 

[Nick]

Indeed there was and now they all look like massive cunts. I guess they could keep digging but I really can't see it.

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Nothing would surprise me at all.
That's the worry.

 

[Evo1883]

Haven't they already filed for it?

Sorry this post was a follow on about a bid for new ownership potentially being accepted on the rugby side

 

[Grendel]

Yes which is the same as Richardson writing off his own debts etc.

It's a bit different with so many external creditors.

How is the co op bank not an external creditor?

I know one external creditor who had to write if thousands even before that

 

[alexccfc99]

Spoke to Boddy after the game yesterday. There is currently no offer for the stadium from Sisu. Dave expects ACL to be liquidated on Monday at which point he expects there to be lots of offers for the stadium. When I asked him if Sisu will offer, he was careful with his words but in a nutshell the answer was yes and he would expect us to be in prime position with the council. He said there have been lots of comms with the council and that the council have been much more cooperative this time.

I also asked him about Tuesday’s game. He could not rule out the game not being played at the CBS.

Things will get interested post ACL liquidation on Monday.

Not that insightful but good to hear the council appear to be more responsive.

This is positive I guess

I’ve resigned to the fact Tuesday will be played elsewhere however, surely the turnaround from liquidation of ACL to Kick off time on Tuesday would be far too quick even if a buyer was found

 

[oldfiver]

That's the thing, surely an administrator can't tell bondholders the offer of 50p was the best.

He can "tell them" anything - remember the Bondholders are advised by the WASPS appointed Trustee. I do not know how far his authority extends to accepting a debt reduction

 

[JAM See]

Is there absolutely no way that the ACL administration can be kicked down the road for a month or so?

Wasps are fucked anyway.

Keep the CBS open until the WC starts, and have a month to sort out new owners and keep the site operational for the next six weeks.

 

[Great_Expectations]

Yea, again not claiming to be an ITKer here, but think this is likely.

Think the ‘not alone’ element is being worked out and surprised at one name/group that’s been mentioned.

Also heard CCC are aware. Which worries as I imagine they’ll be doing what they can to stop it…..whether they have any official influence or not.

Re SISU - see above. I was told by someone involved in this mess, they were planning something.

It’s gone radio silence now and I fear something has changed.

Also note - CCC.

 

[Liquid Gold]

I think the best thing to do is stay calm, not react to rumours, positive or negative, and see how things play out tomorrow.

We’re one day away from things being much clearer. It isn’t worth losing our heads over and I don’t really fancy loads of idle speculation or another round of arguments about sisu.

 

[wingy]

I don't see how the council can be any other than pragmatic here now

Wasps are over here as a sporting entity

Moonstone though?

 

[CrawleySkyBlue]

I honestly think the council are playing nice to Big Dave... but I'm fairly certain that behind that, they are being the "not until he'll freezes over" version of CCC.

You could well be right unfortunately