Wasps going into admin & the impact on CCFC (176 Viewers)

[Philosoraptor]

Did you know in the prospectus, ACL has a licence which states wasps need to play all their home games at the Arena for 50 years!

 

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[SkyBlueSam01]

What's this about Fisher and keys?

Well, if you believe the guff on the socials, there will later be a picture of Tim Fisher, with a shit eating grin, swinging around a massive set of keys like some prison warden!

Can't find anything myself? Any links?

Currently in an ACL clinic at work and taking breaks every 2 minutes to check on the current status of ACL... All getting a bit much to get my head around

 

[Nick]

What's this about Fisher and keys?


Can't find anything myself? Any links?

Currently in an ACL clinic at work and taking breaks every 2 minutes to check on the current status of ACL... All getting a bit much to get my head around

End up telling a patient their ACL is a c**t.

 

[skyblueeyesrevisited]

I will owe Tim an apology... For throwing a chair at him in that pub in Brentford!

And the woman that was sitting in it at the time

 

[lord_garrincha]

And the woman that was sitting in it at the time

She knew what I was like when she married me...

 

[MAFF]

ooooof

 

[SkyBlueSam01]

End up telling a patient their ACL is a c**t.

Already told one their ACL is going into liquidation

 

[The Philosopher]

Apparently SISU and Ashley in on the mix.

 

[Bugsy]

ooooof

At least four credible interested parties circling in event of administration. CCFC owners Sisu ARE one of them according to multiple contacts. NEC also still interested. As is Mike Ashley...

 

[Sky Blue Pete]

ooooof

No chance of any solution really. What would admin accept

 

[The Philosopher]

ooooof

So when I’m going on about debt being attached and the potential that SISU attaching the potential Legal’s on…..

 

[lord_garrincha]

ooooof

The Compass sums are extremely significant, I'm told... Equivalent to what they charge for a large round of lagers & hot dogs!

 

[MAFF]

Oh my word that’s Mike Ashley’s theme music!

 

[The Philosopher]

No chance of any solution really. What would admin accept

As I’ve said. It’s unlikely it’ll be sold as a going concern before deadline.

Next level is admin but the debt is secured via bonds and the lease has covenants which might give SISU legal angle.

After that is liquidation and the question is if the lease reverts to CCC

 

[SkyblueDad]

What time we expecting to find out where we playing tomorrow night?

This afternoon according to cwr

 

[torchomatic]

 

[Skyblueweeman]

ooooof

So the Parasites literally spent no money on the bonds, no money on upkeep of their new home, not enough money to HMRC, not enough money to their suppliers.

So all they spent their money on was the rugby side of things and they failed to achieve anything? Wow.

Oh, and flags. They bought lots of flags. That'll explain it.

 

[Sky Blue Pete]

At least four credible interested parties circling in event of administration. CCFC owners Sisu ARE one of them according to multiple contacts. NEC also still interested. As is Mike Ashley...

Where from?

 

[The Philosopher]

The Compass sums are extremely significant, I'm told... Equivalent to what they charge for a large round of lagers & hot dogs!

And secured against the leasehold - checked the other day. Didn’t know amounts.

My £80m absolute top line guess might be less laughable now.

 

[Deleted member 5849]

Where from?

 

[Skyblueweeman]

W@$ps literally loaded all their debt onto the stadium so they could resurrect so much easier.

W@nkers.

 

[Esoterica]

Just been told that the current cash flow issues at the club are down to us having to lend cash to ACL to pay for the industrial cleaning of the changing room toilets after the weekend game.

 

[Sky Blue Pete]

Where from?

Aged well Pete lol sorry bugsy

 

[SHUNT31]

Mike Ashley will only want the stadium to give himself leverage to buy the football club in my opinion.

 

[Sky Blue Pete]

Mike Ashley will only want the stadium to give himself leverage to buy the football club in my opinion.

Interesting

 

[napolimp]

If purchase is made in administration, what's the process with regards to bonds? Do the bondholders have to be paid? Does the purchaser take on all debt? Could the bondholders be shafted? And would it be the same with Delaware and Compass?

Basically, is there a situation where a buyer could pay say 20 mil, and not take on any of the debt?

 

[Skyblueweeman]

The cynic in me says any Sisu offer will be derisory so they can have a pop at the Council further down the line. I think we're conditioned to think like that now.

Hoping that relations have thawed somewhat and that's not the case.

 

[Skyblueweeman]

Also, am I right in thinking that as there's apparently 4 interested buyers, the threat of liquidation is much slimmer now?

 

[Nick]

Wait, does that mean they spent £13m on the repairs but didn't pay OR it means it needs £13m still?

 

[Sky Blue Pete]

Also, am I right in thinking that as there's apparently 4 interested buyers, the threat of liquidation is much slimmer now?

Won’t the offer be a percentage of the debt owed to the debtors??

 

[Joy Division]

Wait, does that mean they spent £13m on the repairs but didn't pay OR it means it needs £13m still?

Still needs the repairs

 

[Nick]

Mike Ashley is a positive sign isn't it? Why would he want the stadium without the football club?

 

[lord_garrincha]

Wait, does that mean they spent £13m on the repairs but didn't pay OR it means it needs £13m still?

I don't think 13p has been spent on the stadium since the QPR game!

 

[MusicDating]

Wait, does that mean they spent £13m on the repairs but didn't pay OR it means it needs £13m still?

Assume it needs £13m of repairs for (made up) valuation purposes.

Maybe they should have spent the £5m grant on that rather than a new porch.

 

[Nick]

Still needs the repairs

So that's probably why they couldn't get any finance on it?