Wasps going into admin & the impact on CCFC (149 Viewers)

[wingy]

Ashley's helicopter just flew over

It did take off about an hour after they announced the game was on.

 

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[Gynnsthetonic]

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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Turner knows fuck all same as Dawkins, about time that Turner left the cet and got a proper job

 

[chiefdave]

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.

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?

 

[ceetee]

It did take off about an hour after they announced the game was on.

Came up from Woking and disappeared near Princethorpe so I guess the pilot was coming home. Does Ashley live near Woking.

 

[Gynnsthetonic]

Hope it is Ashley and he's bought the club too. The club needs a fresh start, I can see Hoffman having a role at the club if Ashley is successful

 

[skyblu3sk]

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.

 

[ceetee]

I think we need a spy to take photos of anybody sitting with Fisher tomorrow

 

[wingy]

Came up from Woking and disappeared near Princethorpe so I guess the pilot was coming home. Does Ashley live near Woking.

Took off about 3-15 from around Coventry .

 

[Earlsdon_Skyblue1]

Stop it you’ll make @Earlsdon_Skyblue1 cry

I actually just got an email telling me I had been tagged in something. Talk about anti-climax.

Would have preferred Joy in a gladiators bikini.

 

[Sky Blue Pete]

Can’t wait till they’re confirmed as being out of the city and we don’t have to hear a thing about them.

What’s the odds Clive still talks about them on programmes about the sky blues. Always pisses me off

 

[chiefdave]

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.

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.

 

[PUSB-We_are_going_up]

Gordon set for record-breaking appearance plus Coventry stadium farce latest

Former Sunderland goalkeeper Craig Gordon is set for a record-breaking European appearance.

www.sunderlandecho.com

And they say we’re obsessed

 

[Otis]

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.

Who's Chuck Richardson? Is he the American involved in all this?

 

[Brighton Sky Blue]

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.

It'd be simply the highest bid wins

 

[CCFCSteve]

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.

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]

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"

 

[shepardo01]

That NEC bid would be a disaster of epic proportions

Step forward CCC to accept the bid!!

 

[MalcSB]

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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It says two bids received, not accepted.

 

[fernandopartridge]

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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[shepardo01]

It'd be simply the highest bid wins

In this process, do others know bids? Can bids be leaked to others so they can go one up??....

 

[Telfer85]

Step forward CCC to accept the bid!!

Would ccc have any say? It’s essentially wasps isn’t it that would accept an offer pre admin unless I’m missing something?

 

[hutch1972]

You think they would have zero interest in ccfc? Just want us as tenants?

That would be my take. Hope I'm wrong though.

 

[Brighton Sky Blue]

In this process, do others know bids? Can bids be leaked to others so they can go one up??....

I imagine similar to a house sale you play off bidders against each other to drum up the price-but in this case with a tight deadline to meet for the sale.

 

[shepardo01]

Would ccc have any say? It’s essentially wasps isn’t it that would accept an offer pre admin unless I’m missing something?

Wasps/council/acl... in this instance, all three have fingers in this ACL pie... (I think)

 

[shmmeee]

Step forward CCC to accept the bid!!

Isnt it Wasps/the admin who has to accept the bid? Council have only ever talked about being involved if the lease reverts AFAIK.

 

[skyblueeyesrevisited]

Blackhawk down

 

[Nick]

Isnt it Wasps/the admin who has to accept the bid? Council have only ever talked about being involved if the lease reverts AFAIK.

The council are very much involved though.

 

[chiefdave]

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)

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]

Wasps/council/acl... in this instance, all three have fingers in this ACL pie... (I think)

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.

 

[shmmeee]

The council are very much involved though.

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

 

[Nick]

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

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

Still, can pretend the council have absolutely no involvement at all.

 

[Deleted member 5849]

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

Twirling their collective moustache

 

[Liquid Gold]

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.

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]

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

Still, can pretend the council have absolutely no involvement at all.

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]

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