Wasps going into admin & the impact on CCFC (139 Viewers)

[Briles]

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”

I think the announcement is tomorrow, my guess is they've gone

 

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[wingy]

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

There's a bloke on there think's their buyout ion Saturday? might overide the charge on them I think?

 

[The Philosopher]

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”

I think the NOI gives protection to stop creditors putting ACL into admin. IE they can’t during those 10 days.

Now there is no protection but also no reason for any creditor to fire the trigger if there is a solvent resolution on the table.

 

[Liquid Gold]

I think the announcement is tomorrow, my guess is they've gone

How can they guarantee the game is on then? Who is making that guarantee?

 

[Saddlebrains]

How can they guarantee the game is on then? Who is making that guarantee?

Pretty sure its a new owner

 

[The Philosopher]

How can they guarantee the game is on then? Who is making that guarantee?

You can only guess that the people who can enforce admin (charge holders or debenture holders) have resolved in writing not to do so tomorrow.

 

[Esoterica]

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

 

[Earlsdon_Skyblue1]

Well, this is one day of my life I'll never get back. Can't a couple of you have an argument or something.

With all the Wasps stuff that's gone on as well, SBT is like this at the moment:

 

[Skybluedownunder]

49% lets them suckle at the teat of the Prem, in the unlikely event that we ever get there.

In essence, it gives them access to the profit but gets them out of the way of whoever actually is throwing money at it. Probably suits both parties, and the Council too if they're still trying to stick their oar in.

Is it too much to hope for, probably, but I wish I hadn't bought that house near the Uni to be nearer the new ground now.

Ideally I’d like SISU to fuck off all together but it’s a start.


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[Skybluedownunder]

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

So what exactly is this P share and why would someone want it?


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[wingy]

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

Then where is it Robbie?

 

[fernandopartridge]

SBT when it comes to Wasps is like Twitter when a yank makes a comment on British Cuisine, all factions unite and all arguments forgotten

 

[chiefdave]

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.

The hall at the CBS can hold 7,000 max for gigs, Utilita Arena is 15,800, Resorts World Arena is being increased to 21,600 and the stadium is 40,000. For me that all fits together pretty well and means the NEC Group can offer promoters pretty much any size show they want, anything below that you're into academy territory.

Same thing applies with exhibitions, they'll push the ones here that aren't yet big enough for a large hall at the NEC. They may also try and grow brands to then move them over to the NEC as happened with Insomnia.

 

[Brighton Sky Blue]

We'll incorporate Swindon

 

[hutch1972]

Ashley spent 356 mill on transfers and got back 129 mill in sales so on paper its just the disquiet from the Geordies rather than investment. They were 18 million in the red when he bought them and 12 in the black when he sold. Those that dont want that kind of investment seem a little short sighted.

Newcastle fans have always had a very over inflated opinion of their status.

 

[oldskyblue58]

For there to be a delay then there must be a funded bid(s) on the table. If so then the administrators of wasps holdings as wasps still own acl would be involved and the council will be involved. The bids being assesses and the most favourable agreed or could yet be rejected. Obviously the legals would also need to be sorted

What it won't be is people just showing an interest.

I would expect no news until Wednesday personally. If deal agreed I would still expect acl to go into a trading administration. A prepack arrangement whilst it is finalised and signed

To continue to trade for this week next month the finance must be available to support the trading costs. Otherwise it is liquidation and that is still an option.

 

[eastwoodsdustman]

So what exactly is this P share and why would someone want it?


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It basically give the rugger bugger the right to drink eachothers pee

 

[MalcSB]

So what exactly is this P share and why would someone want it?


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It entitles the holder to a share of central rugby/PRL income.

 

[Brighton Sky Blue]

For there to be a delay then there must be a funded bid(s) on the table. If so then the administrators of wasps holdings as wasps still own acl would be involved and the council will be involved. The bids being assesses and the most favourable agreed or could yet be rejected. Obviously the legals would also need to be sorted

What it won't be is people just showing an interest.

I would expect no news until Wednesday personally. If deal agreed I would still expect acl to go into a trading administration. A prepack arrangement whilst it is finalised and signed

To continue to trade for this week next month the finance must be available to support the trading costs. Otherwise it is liquidation and that is still an option.

What a pompous thing to say

 

[Nick]

For there to be a delay then there must be a funded bid(s) on the table. If so then the administrators of wasps holdings as wasps still own acl would be involved and the council will be involved. The bids being assesses and the most favourable agreed or could yet be rejected. Obviously the legals would also need to be sorted

What it won't be is people just showing an interest.

I would expect no news until Wednesday personally. If deal agreed I would still expect acl to go into a trading administration. A prepack arrangement whilst it is finalised and signed

To continue to trade for this week next month the finance must be available to support the trading costs. Otherwise it is liquidation and that is still an option.

Wasps and the council involved..

This screams Richardson.

 

[Calista]

Hopefully things will be a lot clearer tomorrow.

You are free to post this again today Otis!

 

[skyblu3sk]

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

 

[Brighton Sky Blue]

Wasps and the council involved..

This screams Richardson.

Well no, the administrator runs Wasps now.

 

[TomRad85]

SBT when it comes to Wasps is like Twitter when a yank makes a comment on British Cuisine, all factions unite and all arguments forgotten

I never really consider myself to be particularly patriotic, but when a yank starts talking shit...

 

[duffer]

So what exactly is this P share and why would someone want it?


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The P share gives access to revenues from the top division of rugby. It's supposed to be sold back to the Premier League (PRL) if a club goes into administration.

And in fact, at least one bidder for Wasps had already pulled out because exactly this is going to happen, I can't see what's changed since then...
Wasps and Worcester Warriors woes: Exeter Chiefs boss Baxter defends RFU over process

 

[Nick]

Well no, the administrator runs Wasps now.

Who's accepted a bid from club legends and others....

 

[Greggs]

Wasps and the council involved..

This screams Richardson.

What about the Americans?.........

 

[Skybluedownunder]

Ok so…

Member clubs of the Gallagher Premiership have what are known as Perpetual Shares – commonly referred to as P shares. These were awarded to the 13 established top-flight clubs in 2005, and entitles shareholders to a percentage of the central income of the league as well as voting rights on issues key to the league



Why would someone be interested in taking on the Wasps as well to secure this if the club as a whole burns money hand over fist? There’s no money in rugby, fuck it off and just concentrate on pumping real investment into the football club only, plus I think there’s too much hatred around the Wasps as a whole in this city for them ever to be successful here.


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[robbiethemole]

Then where is it Robbie?

you saw LG's answer, and it is possible the Council kept the money, fuck me they've just funded Tom White Waste for £m++++

the Club sold HR for £5m, with an option to go back if the Ricoh didn't work out, and pay back the money. They bought the land from British gas for £2m for 88 acres of contaminated land and estimated £8m to clean it up. They sold 30 acres to Tesco for £66.5m, so had enough to develop the rest, 30 acres for themselves, with stadium, car parks shops and some left over.
it cost c £15m to decontaminate the land so CCC stepped in and John McGuigan tried to take the project over and subsequently the council took the Tesco deal from CCFC and kept the money. I don't know how that fits with any other narrative.

 

[Evo1883]

Who's accepted a bid from club legends and others....

We've already been told they aren't in for the stadium though

 

[SkyBlueSam01]

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.

I'd have thought it would be fairly simple?

Do what you want with the stadium as long as its not on a match day and you KEEP OFF THE FUCKING GRASS

 

[Brighton Sky Blue]

Who's accepted a bid from club legends and others....

Because he has to accept whatever gives the creditors the biggest return. Likewise if Mike Ashley offers more than anyone else for ACL he'll get it, equally in the case of the joint bid

 

[TomRad85]

Who's accepted a bid from club legends and others....

I think you are now probably the only person who thinks Wasps are somehow going to end up with the ground.

 

[Evo1883]

Because he has to accept whatever gives the creditors the biggest return. Likewise if Mike Ashley offers more than anyone else for ACL he'll get it, equally in the case of the joint bid

Problem is ACL isn't in admin yet

 

[Bad Boy]

Well, this is one day of my life I'll never get back. Can't a couple of you have an argument or something.

With all the Wasps stuff that's gone on as well, SBT is like this at the moment:

View attachment 26917

I don't like you Earlsdon_Skyblue1, you're a rotter.
There, I've started a fight with you and my dad's bigger than yours and you smell.