Wasps going into admin & the impact on CCFC (101 Viewers)

[HuckerbyDublinWhelan]

In the proposed scenario, who is actually responsible for funding the club?

Great news club and CBS will be linked, but definitely going to be interesting to see how roles and responsibilities are finalised.

Surely it’s good for the club, but I’m hoping it means more than just the club is the club and it’s expected to fund itself without investment from above?

If the American investor is true - he’s effectively the new owner. The SISU share is effectively holding onto the hope we get promoted

 

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[Nick]

Saddle the American investor , would they be our new owner or sisu still ? Can't work out what uou meant

If it was 51% they would have the controlling amount. If that happens.

So co owners with sisu

 

[Great_Expectations]

We'll incorporate Swindon

We didn’t want you here, but you’re here now. So well done. Welcome.

 

[Terry Gibson's perm]

We'd still be at Highfield Road if Richardson had not been forced out

How do you think it have gone for us and be working now if we had never left?

 

[AFCCOVENTRY]

 

[Evo1883]

If it was 51% they would have the controlling amount. If that happens.

So co owners with sisu

So sisu wouldn't be our main owners anymore ? With 49% the Americans would be the main player

 

[Skyblueweeman]

We'll incorporate Swindon

They're one of the other teams I work with. Works for me

 

[HuckerbyDublinWhelan]

It’s gonna be Chris Kirchner isn’t it

 

[The Philosopher]

:/

Must be an extension then.

 

[Calista]

We really should have kept the sticky threads of Godiva and OSB re the history of all this .
Anyway to pull them from the server?

Please No

 

[Nick]

Wouldn't an extension be filed?

 

[AFCCOVENTRY]

I’m hearing a Sports Direct lorry with a load of clearance items has turned up at the CBS,

 

[robbiethemole]

Do I listen to cwr on my way home?

Nah, just Trish Adudu on at the mo, it might get better after 6

 

[alexccfc99]

So sisu wouldn't be our main owners anymore ? With 49% the Americans would be the main player

Maybe a new man/woman steering the ship, Joy and co. Keep a place on the board?

 

[clint van damme]

Fuck it, saying it, kept it quiet for days if I'm wrong I'm wrong and he gets a whack

American investors, introduced by/ somehow linked into SISU have been over here for a week or so

New investor buys the CBS, gets 51% of the football club and then the SISU are saving money on rent etc. We make match day revenue and get a cut of the exhibitions/concerts/events etc.

The new investor either buys SISU out, a new owner comes in and buys everyone out or SISU sit pretty with their 49% and reap the rewards of the stadium ownership without ever having to buy it

All depends on whether Ryan Renolds can sell Wrexham though apparently there's strong interest from Katie Perry

 

[jordan210]

Wouldn't an extension be filed?

You would think so. the stuff on caseboard shows realy quick. The admin stuff takes days/week to go on the Gazette so would have thought something might have shown

 

[Saddlebrains]

Saddle the American investor , would they be our new owner or sisu still ? Can't work out what uou meant

Dont worry i was also sceptical when told but again, everything hes accidentally told Gilbert has been correct so far so we will see i suppose

Can only assume they would be a kind of silent partner smaller minority who would want their investment back on prem promotion or something

 

[HuckerbyDublinWhelan]

I’m hearing a Sports Direct lorry with a load of clearance items has turned up at the CBS,

Can’t wait for the sports direct outlet in the exhibition hall

 

[duffer]

I read it like you did, which is why I thought somehow whoever gets the stadium might want both Wasps and CCFC because P share etc.

Bottom line: haven’t the foggiest

As I understand it then...

Wasps going into administration means that they have to start in the Championship next season, subject to RFU approval (fit & proper owners, 5 year business plan, proof of sustainability etc.).

It also means the P shares are sold back to the Premier League at a price determined by an agreed formula (about £9m).

The bondholders have a first charge on that anything realised by the sale of the shares, it was part of the security for the bond issue, so that money goes to them.

I can't see any way that Wasps get out of this, it's basically where Worcester are right now.

 

[PVA]

The biggest downside to Ashley is he'd probably sack Robins and appoint Steve Bruce

 

[The Philosopher]

Wouldn't an extension be filed?

Probably the announcement tomorrow.

I guess if the NOI expires then main creditors can technically pounce.

In this case, if there is viable proposal that can be presented to the Trustees of the bonds, Compass etc. that shows serious progress and a potential solvent sale then why would they pull the plug?

That’s my take.

 

[Skyblue_CP]

Nothings been filed about an extension and an update tomorrow, tells me that there has been an offer accepted and it’s going to be finalised overnight.

 

[alexccfc99]

Reckon they’ll actually do it if SISU end up buying it

 

[Nick]

Probably the announcement tomorrow.

I guess if the NOI expires then main creditors can technically pounce.

In this case, if there is viable proposal that can be presented to the Trustees of the bonds, Compass etc. that shows serious progress and a potential solvent sale then why would they pull the plug?

That’s my take.

It has expired hadn't it?

 

[wingy]

As I understand it then...

Wasps going into administration means that they have to start in the Championship next season, subject to RFU approval (fit & proper owners, 5 year business plan, proof of sustainability etc.).

It also means the P shares are sold back to the Premier League at a price determined by an agreed formula (about £9m).

The bondholders have a first charge on that anything realised by the sale of the shares, it was part of the security for the bond issue, so that money goes to them.

I can't see any way that Wasps get out of this, it's basically where Worcester are right now.

Reading the Wasps bond chat there may be doubt on the p shares
Something around the club being sold on, might explain the timing on that?

 

[Calista]

We really should have kept the sticky threads of Godiva and OSB re the history of all this .
Anyway to pull them from the server?
Too much confusion at just what happened at the start

The details are beyond me, but it was a huge development made more complex and expensive by the land contamination. Whatever happened, I just don’t think it’s plausible or legally feasible that the Council stole millions of pounds belonging to CCFC.

 

[Evo1883]

Anybody told the lurking wasps fans that they are nonces still ?

Nonces

 

[Nick]

Reading the Wasps bond chat there may be doubt on the p shares
Something around the club being sold on, might explain the timing on that?

What have they said? They seemed to think they had security over that?

 

[The Philosopher]

As I understand it then...

Wasps going into administration means that they have to start in the Championship next season, subject to RFU approval (fit & proper owners, 5 year business plan, proof of sustainability etc.).

It also means the P shares are sold back to the Premier League at a price determined by an agreed formula (about £9m).

The bondholders have a first charge on that anything realised by the sale of the shares, it was part of the security for the bond issue, so that money goes to them.

I can't see any way that Wasps get out of this, it's basically where Worcester are right now.

That makes sense, but it’s security. If the stadium lease sale exceeds the bond and other creditors (ie the P share money isn’t needed to cover the guarantee), the Wasp P share goes to the Wasps in Admin (and gets swallowed up by HMRC etc)

I just thought that they’d try to rope it in to ACL by shortselling stadium.

Bottom line: still no clue on that bit.

 

[wingy]

The biggest downside to Ashley is he'd probably sack Robins and appoint Steve Bruce

Was going to say it would be handy and just wait and see how Robins and backroom get to play with hopefully a bit more resource?

 

[JAM See]

View attachment 26916

Reckon they’ll actually do it if SISU end up buying it

 

[chiefdave]

Gilbert just suggested that bidders may join forces.

You'd think any bidder for the football club would want a professional in to run the exhibition side of it. Linking up with the NEC would make sense. Would you'd assume also be of interest to them as they get to run the part they want without having to pay for the stadium as well.

 

[robbiethemole]

The details are beyond me, but it was a huge development made more complex and expensive by the land contamination. Whatever happened, I just don’t think it’s plausible or legally feasible that the Council stole millions of pounds belonging to CCFC.

ever entertained the idea you may be wrong tho???

 

[Liquid Gold]

How are ACL not in admin?? They have to file something, get taken over or go into admin.

Can’t just be like “soz mate busy, will go bust tomorrow”

 

[The Philosopher]

You'd think any bidder for the football club would want a professional in to run the exhibition side of it. Linking up with the NEC would make sense. Would you'd assume also be of interest to them as they get to run the part they want without having to pay for the stadium as well.

Yes and no. Always the risk of them having conflicts about which act where, which conference where, at the moment they are kind of rivals. Could get messy.