Wasps going into admin & the impact on CCFC (232 Viewers)

[CCFC_Irish]

This might be a bit far fetched...

Hoffman somewhat enabled the sale of Newcastle to the Saudi's which cost him his job but gave Ashley millions as it was a club whose fan base hated him so he wanted away.

Hoffman has previously made attempts to take over Coventry but was never successful. Could there be a link between the two as some posts have made reference to Hoffman taking on some role at Coventry CIty (granted, probably throw away comments and reading into it too much) potentially with Hoffman's consortium (does anyone know who they were?) and Ashley backing it. Now the stadium has come into play and if SISU don't want to buy it, they should step aside.

 

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[HuckerbyDublinWhelan]

Also it doesn’t say a bid been accepted, who’s to say the bids aren’t derisory

 

[Nick]

To be fair I don’t see how it makes financial sense

you’re better off liquidating the stadium than buying it now

This is the bit confusing me, why are there people bidding to buy something with shit loads of debt as opposed to letting it go into admin.

 

[alexccfc99]

Must be dull as fuck supporting a normal football club

 

[Evo1883]

So basically , we need to see if Ashley is at the stadium tonight

 

[HuckerbyDublinWhelan]

So why is he talking to the council about it?

Discussing the stadium with the council, with the view of also buying the club and admittedly wasps

 

[Nick]

No he's been given a lot of the information on the stadium and the issue will be if he can make a pre admin offer to suit all parties.

So how does the pre admin offer work? He just buys it off Richardson without admin and puts it into admin himself?

 

[HuckerbyDublinWhelan]

This is the bit confusing me, why are there people bidding to buy something with shit loads of debt as opposed to letting it go into admin.

It’s also got pre-existing contracts you can’t benefit from

 

[Grendel]

This is the bit confusing me, why are there people bidding to buy something with shit loads of debt as opposed to letting it go into admin.

You agree with secured creditors and the owner a deal thats presented as the best option.

 

[Saddlebrains]

Very, very defensive there buddy.......

Yea snapped then didn't I.

Just made it clear all along that I'm not some kind of in the know like better days or believer with links to the club.

I just have links to someone council based who is privy to certain info, and pass that on

 

[Kingokings204]

Must be dull as fuck supporting a normal football club

better for the old ticker though.

 

[Evo1883]

No he's been given a lot of the information on the stadium and the issue will be if he can make a pre admin offer to suit all parties.

Why do you comfort me with shit like this

 

[Nick]

You agree with secured creditors and the owner a deal thats presented as the best option.

OK so it prevents admin completely?

So you would have thought the bondholders would have to agree to it etc etc?

 

[wingy]

Beginning to look a bit 'Billy Gilmour' mate......

Not sure it was that off really
History says it would have been through administration and others have nullified that .
We assume.

 

[Nick]

Discussing the stadium with the council, with the view of also buying the club and admittedly wasps

So much of this still seems to point back towards the council.

 

[Otis]

View attachment 26938

If you scroll down, does it say Hunt underneath?

 

[HuckerbyDublinWhelan]

OK so it prevents admin completely?

So you would have thought the bondholders would have to agree to it etc etc?

Well the trustees… here’s a curveball - plays into your thoughts Nick - what if Richardson is the major bond holder?

 

[MusicDating]

Biggest curveball is admin hasn't happened.

No one saw that coming, even the council apparently

Not like the Council to assume they'd be no interest in the arena...

 

[Torquay Sky Blue]

Also it doesn’t say a bid been accepted, who’s to say the bids aren’t derisory

Think that word is only ever used in football terms. It's the rules

 

[Skyblueweeman]

Not if a deal is imminent and CCFC have put in enough funds to keep it going

You would've thought we'd only do that on the basis that there's a positive outlook in the long run?

 

[Grendel]

OK so it prevents admin completely?

So you would have thought the bondholders would have to agree to it etc etc?

The bondholders don't they have no power its the Trustee - its all about judgements isn't it? I have no idea what happened to the Co-Op bank debt in the end with us but we did not go into admin so something was agreed

 

[CCFC_Irish]

There is of course one scenario in which we can be fucked with Ashley aswell

The bid ISNT for the club aswell, its just the stadium

Of course then he holds the cards for getting the club which of course he would want.

But we know just how much our owners don't play ball

So i think another horrendous ending to this for us would be Ashley owning the stadium, SISU owning us.

2 people well known for distressing others and playing the long game.

We would be the in same boat as we have been for the last 15 years

The only win situation for SISU is to get the stadium. They will be crucified if they don't and the fans should make them pay.

 

[Nick]

Not if a deal is imminent and CCFC have put in enough funds to keep it going

This is the other thing, CCFC are ploughing extra money in for matchdays which is presumably keeping it out of admin while they do a deal with others?

That doesn't make much sense.

 

[steve cooper]

I don’t understand how it hasn’t happened. It was due to be yesterday and still no NOI. So legally surely it has to be in admin?


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Surely the NOI is there to stop other parties pouncing for 10 days to give the company an opportunity to sort things out. This wouldn't automatically mean finding a purchaser, it could mean just finding extra income / loan etc.
I always assumed the company in trouble could cancel the NOI or just let it expire if things changed and they became solvent again.

 

[wingy]

Has the tax liabilities of Wasps been wiped? Seems weird if they get out of that?

 

[HuckerbyDublinWhelan]

The only win situation for SISU is to get the stadium. They will be crucified if they don't and the fans should make them pay.

Yes because NOPM worked so well last time….

 

[Nick]

The only win situation for SISU is to get the stadium. They will be crucified if they don't and the fans should make them pay.

How? Think it was obvious they and others were waiting for admin which is now seemingly not happening.

 

[Brighton Sky Blue]

You would've thought we'd only do that on the basis that there's a positive outlook in the long run?

Or if the alternative was even worse, which if it meant playing games outside the city again, it would be. Though I remain pretty certain that if SISU have pulled out it's because they've come to a separate agreement with Big Mike

 

[SHUNT31]

Not if a deal is imminent and CCFC have put in enough funds to keep it going

Which doesn’t make sense.

SISU or their acquaintances are waiting for admin but are footing the bills for ACL to prevent stadium from closing.

 

[CCFC_Irish]

Question

Could Mike ashley take on the debt and spread it over several of his companies ?

Yes. He has done it with other businesses in the past.

 

[jordan210]

 

[Brighton Sky Blue]

This is the other thing, CCFC are ploughing extra money in for matchdays which is presumably keeping it out of admin while they do a deal with others?

That doesn't make much sense.

It does because we're desperate.

 

[HuckerbyDublinWhelan]

All calm down then. No way has NEC or Mike Ashley bid a minimum £35m for the arena

 

[Nick]

Which doesn’t make sense.

SISU or their acquaintances are waiting for admin but are footing the bills for ACL to prevent stadium from closing.

Yeah this is what I don't get.

CCFC wouldn't be paying well over the odds to ACL get matches on when they could just play at Walsall (for example).

 

[Sick Boy]

There is no money in Rugby, was Ashley ever interested in the wasps or was it a rumour. I lean towards the latter. Someone of Ashleys experience knows the money is in the prem.

It was reported - Ex-Newcastle owner Mike Ashley held talks with Wasps about takeover - which is more than has been mentioned about us….which is actually just a rumour from here and social media.