Wasps going into admin & the impact on CCFC (6 Viewers)

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chiefdave

chiefdave

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SHUNT31 said:
They would probably scupper the deal with CBS and rename the ground the NEC Arena or something similar. Whilst this is not particularly an issue, there is a clause in the sponsorship deal that the seats remain Sky Blue. That guarantee would be also be gone.
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Why would the NEC, who have all their venues named after sponsors, not want a sponsor for the CBS? What colour do you think they are going to change the seats to?
 
S

skyblu3sk

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Thought a week or so ago pre-pack makes the most sense. Haven't changed my mind. Offer the bond holders xp in the £ and move on. I don't think the arena is worth the full bond holding as wasps have loaded it.
 
chiefdave

chiefdave

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Liquid Gold said:
Looks to me like a pre-pack.

Chuck Richardson something to take it pre-admin and have the administrators offering % in the £ to creditors as only offer.

May see it as less hassle than going through the legal wrangling of the council obtaining ownership then attempting purchase from them.
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with the amount of debt that's being talked about you're only going to be talking a few pence in the pound unless someone has money to burn. Does it need the bondholders to accept any offer or are they just stuffed.

Seems a bit odd to pay millions today when you could wait a few days and not have to worry about the debt.

Knowing our luck we'll probably end up with that debt loaded against the club and everyone sold in January to pay for it.
 
B

Brighton Sky Blue

Well-Known Member
chiefdave said:
with the amount of debt that's being talked about you're only going to be talking a few pence in the pound unless someone has money to burn. Does it need the bondholders to accept any offer or are they just stuffed.

Seems a bit odd to pay millions today when you could wait a few days and not have to worry about the debt.

Knowing our luck we'll probably end up with that debt loaded against the club and everyone sold in January to pay for it.
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It'd be simply the highest bid wins
 
C

CCFCSteve

Well-Known Member
chiefdave said:
with the amount of debt that's being talked about you're only going to be talking a few pence in the pound unless someone has money to burn. Does it need the bondholders to accept any offer or are they just stuffed.

Seems a bit odd to pay millions today when you could wait a few days and not have to worry about the debt.

Knowing our luck we'll probably end up with that debt loaded against the club and everyone sold in January to pay for it.
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If it’s a pre pack administration sale, which Id imagine is the most likely scenario, an offer is made, accepted by the the company/proposed administrators and sale contract drafted, however, the deal would be completed by the administrators on appointment. The proceeds would then be distributed to the creditors, secured first ie bondholders (pence in the pound)
 
shepardo01

shepardo01

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rexo87 said:
Turner reporting 2 bids accepted 1 of which is NEC. Not sure how much I believe him though. Also pretty dismissive of Sisu in the article

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Is this going to be the Councils parting shot isnt it ....
Actual real investors, with money putting an offer on the table (with SISU).......
But the council choose the NEC, because they "feel it is the best deal for the arena"
 
fernandopartridge

fernandopartridge

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Don't think the NEC would be terrible by any means, they might look to repackage the club's sub lease anyway with their focus on the exhibition hall.

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chiefdave

chiefdave

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CCFCSteve said:
If it’s a pre pack administration sale, which Id imagine is the most likely scenario, an offer is made, accepted by the the company/proposed administrators and sale contract drafted, however, the deal would be completed by the administrators on appointment. The proceeds would then be distributed to the creditors, secured first ie bondholders (pence in the pound)
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Why was everyone saying liquidation was going to happen to get rid of the debt? If you can just fuck the bondholders off along with the rest of the debt in a pre-pack admin what would be the benefit of liquidation?

The bondholders are getting royally screwed aren't they? Think a good chunk of them are wasps supporters
 
Telfer85

Telfer85

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shepardo01 said:
Wasps/council/acl... in this instance, all three have fingers in this ACL pie... (I think)
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Ah ok yeh I’m not sure either. I thought wasps basically were acl after ccc sold them the lease and ccc were no longer involved.
Can anyone confirm who would have to accept this bid out of admin? To be honest I’d be more worried if it was just wasps as they’d prob sell to NEC.
 
Liquid Gold

Liquid Gold

Well-Known Member
chiefdave said:
with the amount of debt that's being talked about you're only going to be talking a few pence in the pound unless someone has money to burn. Does it need the bondholders to accept any offer or are they just stuffed.

Seems a bit odd to pay millions today when you could wait a few days and not have to worry about the debt.

Knowing our luck we'll probably end up with that debt loaded against the club and everyone sold in January to pay for it.
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I think the answer is none of us really knows but if there are buds going in then some rich people see it as a better idea.

Mu only guess is liquidation, council ownership and subsequent rankings aren’t as simple as wiping the debt and moving on.

That or evil Derick is up so something. Don’t really see that atm though.
 
shmmeee

shmmeee

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Nick said:
Every statement from ccfc says they are working with ccc doesn't it?

Still, can pretend the council have absolutely no involvement at all.
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Yeah they’re the freeholders who it would revert to is ACL goes bust. That’s a whole different thing.

Derek Richardson is the only PSC listed on companies house. I dont thunk the council would have any say in who it was sold to?
 
hill83

hill83

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shmmeee said:
Like actually or as in “the West Midlands Illuminati”?
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