Wasps going into admin & the impact on CCFC (63 Viewers)

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CCFC_Irish

CCFC_Irish

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Saddlebrains said:
Used to work with this lad, proper Toon fan

Didnt think of it this way. .....

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Dont think this will happen. Surely if anything is agreed with SISU there will be a long term contract in place where they lease at a price for next 30+ years etc. Ashley would be a fool to conduct business this way...he would be better off staying away from SISU.
 
D

Deleted member 5849

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Evo1883 said:
Doub't the EFL would let us move again , so sisu could well be forced out?
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At the risk of stating the obvious, would depend on circumstances. You'd think they'd want some kind of movement at some stage over our fantasy stadium, mind you...
 
usskyblue

usskyblue

Well-Known Member
I think we’re all guilty of wanting everything to happen at once. Step one for Ashley would be secure the stadium… then perhaps tackle SISU (that’s if talks haven’t already taken place) The Times article re; SISU would make more sense then wouldn’t it?
 
B

Brighton Sky Blue

Well-Known Member
usskyblue said:
I think we’re all guilty of wanting everything to happen at once. Step one for Ashley would be secure the stadium… then perhaps tackle SISU (that’s if talks haven’t already taken place) The Times article re; SISU would make more sense then wouldn’t it?
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I suppose so. There's the question of 'not interested immediately', or 'not interested whatsoever'.
 
olderskyblue

olderskyblue

Well-Known Member
usskyblue said:
I think we’re all guilty of wanting everything to happen at once. Step one for Ashley would be secure the stadium… then perhaps tackle SISU (that’s if talks haven’t already taken place) The Times article re; SISU would make more sense then wouldn’t it?
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be off with you with your sensible thoughts. This is bed wetting day !
 
H

HuckerbyDublinWhelan

Well-Known Member
What if Ashley is trying to be an intermediary? Buys it cheap sells it on for double the price?

knows there will be takers for club and stadium? If he picks it up for say 10% of the debt price, admins it as the main creditor and sells it double?
 
Liquid Gold

Liquid Gold

Well-Known Member
BodicoteSkyBlue said:
Wow, finished work drove home to find 7 pages. Speed read expecting some good news 😩
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giphy.gif
 
D

Deleted member 5849

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Evo1883 said:
To be fair , I'd hope we'd start demanding answers on a new stadium should this happen and Ashley doesn't buy us
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We should be demanding answers regardless. shmmeee(?) got a load of shit for suggesting the current risk of homelessness is our fault, but it is to an extent. SISU are the the ones who promised a new ground and have failed to deliver it - SISU are the ones who've left us hostage to the fortunes of parties away from us - nobody else. Sure, the immediate events aren't of our making, but the fact we're in a position to be affected by them is.
 
shmmeee

shmmeee

Well-Known Member
Just caught up again, some thoughts:

- Obviously any bidder will want to talk to the council. Even if they weren’t freeholders any development would need their support.
- I thought we always knew Sisu weren’t interested until admin?
- Ashley vs Seppala sounds like the worst timeline so will almost certainly happen cos it’s Cov innit?
- Too many “Americans” to keep track of, and now Ashley might be the American??
- Re: keeping ACL afloat. There’s every chance it would cost more to move with refunds and rent than it would to pay over the odds and hopefully be able to recoup from an eventual owner on future rent.
- I really don’t understand what the current bidding process is. If Wasps are in admin and they own ACL is it them accepting bids or just the ACL board?
- Richard Keys is a hairy prick.
 
The Philosopher

The Philosopher

Well-Known Member
Recap as it looks:

A company can sell assets and then go into admin so long as the sale was at a fair value with a fair process.

In this case, the lease.

If the company enters admin after, any money / assets left are distributed between creditors in order (secured - HMRC - unsecured etc.)

I guess it’s like selling a house in a divorce to some extent. Pay the mortgage off first, rest gets divided after secured loans are paid then split rest (or give to her in most cases by court order but that’s off subject)

I’m thinking the Trustees to Bondholders has to give permission to release the asset to be sold. Compass too.

Eg.

If MA offers 40m and that goes to bondholders (35) Compass (2? - don’t know don’t care) it’d leave 3 to go back into ACL bank account.

It may well be that ACL goes into admin after and that 3 gets split between remaining creditors.

Since the sale of asset has been dealt with (apparently) correctly then the director of the company at point of sale is unlikely to be held accountable after.

Similarly if the sale of asset is £50m and £37m to secured creditors (which triggers release of title) then £13 to ACL and to admin pot if applicable.

If the bid is £20m then the Trustees of the Bondholders might accept. If they do then they will release title / charge so that that asset can be transferred. The £20m will be split to bondholders but that’s no concern if ACL how.

MA / NEC won’t have to buy ACL in full I don’t think.

The council will probably have a transfer clause - hence their involvement.

I think that’s about right in layman’s terms. If I’ve got it wrong then let me know.
 
D

Deleted member 5849

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wingy said:
Why would he not.
Similar money for Derby in league 1.
What use would the stadium alone serve him?
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Worth noting the likes of Ron Noades made their money from the football grounds that they owned after letting the football clubs associated with them move on to new owners.

A hard headed businessman won't care particularly, they'll be looking more at either the safe return, the potential for return, or the opportunity for expansion. Some of those can work without owning the football club, owning the football club might be the happy bonus, or even the millstone.
 
Philosoraptor

Philosoraptor

Well-Known Member
shmmeee said:
Just caught up again, some thoughts:

- Obviously any bidder will want to talk to the council. Even if they weren’t freeholders any development would need their support.
- I thought we always knew Sisu weren’t interested until admin?
- Ashley vs Seppala sounds like the worst timeline so will almost certainly happen cos it’s Cov innit?
- Too many “Americans” to keep track of, and now Ashley might be the American??
- Re: keeping ACL afloat. There’s every chance it would cost more to move with refunds and rent than it would to pay over the odds and hopefully be able to recoup from an eventual owner on future rent.
- I really don’t understand what the current bidding process is. If Wasps are in admin and they own ACL is it them accepting bids or just the ACL board?
- Richard Keys is a hairy prick.
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Can't see anyone paying anything more than 50p and a bunch of grapes for ACL at the moment unless the debt is paid off by DR.
 
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