Wasps going into admin & the impact on CCFC (238 Viewers)

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C

CCFCSteve

Well-Known Member
Philosorapter said:
I wonder if ACL will sue for breach of licence and loss of earnings. Must be worth a lot of dosh to ACL if wasps play elsewhere.

P53 of the prospectus.

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They won’t be able to sue the new wasps as they’ll be a new entity so won’t have any obligations under previous lease. ACL would probably just be a creditor in the old wasps administration for any claim
 
Nick

Nick

Administrator
Grendel said:
I don’t understand why you are sticking laughing emojis as if this is a game

it’s a sign of cash flow distress over what is i would hope a relatively low level of debt.

if the next 3 games aren’t played at home I assume ticketmaster still pay the club but I think customers are entitled to refund so could be 39,000 refunds and the cost of moving games

There are 3 payments still to make on I assume a quarterly PAYE return (?) with another due early new year

It can be “sorted” by selling another asset to pay for it. That’s what will happen

Not exactly hilarious is it
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And all the while you will blame Dave boddy and go off rumours you have heard.
 
Philosoraptor

Philosoraptor

Well-Known Member
CCFCSteve said:
They won’t be able to sue the new wasps as they’ll be a new entity so won’t have any obligations under previous lease. ACL would probably just be a creditor in the old wasps administration for any claim
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Surely if it is a new entity then wasps would need to climb the rugby ladder again from the bottom up as what happened to Rangers with football.
 
Philosoraptor

Philosoraptor

Well-Known Member
I believe any resurrection of wasps is tied directly into wasps holdings and the group of companies.

Such fun!
 
S

SBT

Well-Known Member
Nick said:
Yeah, they don't realise the situation do they

Hopefully Grendel and SBT take me up on my charity bet that this HMRC thing will be sorted by the end of the year.
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I’m sure all of CCFC’s financial problems will be totally sorted by the end of the year - Boddy’s statement says there was nothing to worry about!

Anyway - how about those Wasps fans? So naive!
 
shmmeee

shmmeee

Well-Known Member
Philosorapter said:
Surely if it is a new entity then wasps would need to climb the rugby ladder again from the bottom up as what happened to Rangers with football.
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We didn’t have to when we became Otium. I thought as long as you weren’t liquidated you can just pick the bones of the old company and crack on.
 
Nick

Nick

Administrator
SBT said:
I’m sure all of CCFC’s financial problems will be totally sorted by the end of the year - Boddy’s statement says there was nothing to worry about!

Anyway - how about those Wasps fans? So naive!
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As I said, £50 charity bet the HMRC issue will be sorted by the end of the year.

Are you in or going to try and be funny to get likes off Grendel who's still upset his rumours were wrong?
 
D

Deleted member 5849

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shmmeee said:
We didn’t have to when we became Otium. I thought as long as you weren’t liquidated you can just pick the bones of the old company and crack on.
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I actually thought it somewhat dubious the way we were allowed to exit administration tbh, it appeared, charitably, to stretch the rules to their limit. I suspect there was some kind of deal agreed so we didn't sue the football league to buggery while we were suing everyone else!
 
shmmeee

shmmeee

Well-Known Member
So ACL has to go into either admin or liquidation tomorrow right? Or could there be another stay of execution. What does the Wasps takeover mean? Could they just buy it off the Wasps guy off the market?
 
P

Peter Billing Eyes

Well-Known Member
Grendel said:
I don’t understand why you are sticking laughing emojis as if this is a game

it’s a sign of cash flow distress over what is i would hope a relatively low level of debt.

if the next 3 games aren’t played at home I assume ticketmaster still pay the club but I think customers are entitled to refund so could be 39,000 refunds and the cost of moving games

There are 3 payments still to make on I assume a quarterly PAYE return (?) with another due early new year

It can be “sorted” by selling another asset to pay for it. That’s what will happen

Not exactly hilarious is it
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You would have to be some kind of a dickhead to demand a refund knowing it could seriously jeopardise the football club, though?
 
C

CCFCSteve

Well-Known Member
Philosorapter said:
I believe any resurrection of wasps is tied directly into wasps holdings.
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I forget which entities gave got what assets and liabilities/obligations. If its holdings that are a party to the ACL lease and they avoid insolvency, then I agree, they might well have ongoing obligations to ACL. However, if ACL go into administration or liquidation there might be an insolvency clause in the lease which means the lease could be terminated anyway

It’s so hard to comment on stuff without having all the info. Just a bit of guesswork really

Ps that’s why I try not to get too worked up about stuff yet and just letting it play out really.
 
S

SBT

Well-Known Member
Nick said:
As I said, £50 charity bet the HMRC issue will be sorted by the end of the year.

Are you in or going to try and be funny to get likes off Grendel who's still upset his rumours were wrong?
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Your charity bet (which I won’t be taking) isn’t relevant to my point. I’m sure plenty of naive Wasps fans would have happily offered (and won!) bets over the years that Wasps weren’t imminently going bust. Just another thing that you would have in common.
 
H

HuckerbyDublinWhelan

Well-Known Member
alexccfc99 said:
They’re scum and our future is still more rosy than theirs is looking

Shame on any CCFC ‘fan’ who wanted to go and be part of that cult in my opinion
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They’re only doing what we did to them. What they fail to understand in general is regardless of how much shit were in, as a reasonable size football club we’ll always attract someone in the worst case scenario.

as a rugby fan they’re just bitter that nobody gives that much of a shit about their sport
 
B

Brighton Sky Blue

Well-Known Member
HuckerbyDublinWhelan said:
They’re only doing what we did to them. What they fail to understand in general is regardless of how much shit were in, as a reasonable size football club we’ll always attract someone in the worst case scenario.

as a rugby fan they’re just bitter that nobody gives that much of a shit about their sport
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No solid interest in 15 years unless we count Haskell North End. You're generally right though, basically every other club gets a white knight in the end.
 
shmmeee

shmmeee

Well-Known Member
Brighton Sky Blue said:
No solid interest in 15 years unless we count Haskell North End. You're generally right though, basically every other club gets a white knight in the end.
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Do wonder how much of that is killed at birth by silly demands. The assumption has always been because they want the stadium, guess we’re about to find out. The if we were openly up for sale we’d see some serious bidders emerge.
 
B

Brighton Sky Blue

Well-Known Member
Peter Billing Eyes said:
Didn’t say I blamed them, just said you would have to be some kind of a dickhead to prioritise the cost of 3 games over the future of the club. Hope you get your refund back by the way.
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I didn't say I was claiming a refund, but midweek games are difficult enough to get to for me as they are, never mind wherever we choose for the next farce.

The real people jeapordising the club are those who refuse to provide even short term finance to help with cash flow, but equally refuse to entertain bids to leave.
 
MalcSB

MalcSB

Well-Known Member
MTK said:
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Not buying that. Seeing as the Wasps experiment has shown we are the ONLY viable long-term tennant I very much doubt whoever gets the lease won't see us as a vital part of the business
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Assumes the buyer wants to keep the football pitch part of the complex. If they are the buyers, NEC Group aren’t much into sport are they? What’s to stop them knocking down the stands and creating more exhibition/indoor event space?
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The need for planning permission.
 
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