Wasps going into admin & the impact on CCFC (196 Viewers)

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AFCCOVENTRY

AFCCOVENTRY

Well-Known Member
A part of Ashley's deal to buy Derby will reportedly see him not include any charges for the rent of Pride Park. He will also not take any money out of the club for the next decade in a bid to help the Rams get back on its feet. Interesting what he could do with the CBS and CCFC.

www.dailymail.co.uk

Mike Ashley 'ramps up bid to buy Derby by depositing £50m'

According to The Telegraph, Ashley's lawyers, RPC, have set aside £50million to buy the League One club, which has been in administration since September last year.
www.dailymail.co.uk
 
Evo1883

Evo1883

Well-Known Member
Just a few more years of shit to go then everybody
giphy.gif
 
Liquid Gold

Liquid Gold

Well-Known Member
The Philosopher said:
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.
Click to expand...
Recap

*proceeds to write an essay*
 
Flying Fokker

Flying Fokker

Well-Known Member
AFCCOVENTRY said:
A part of Ashley's deal to buy Derby will reportedly see him not include any charges for the rent of Pride Park. He will also not take any money out of the club for the next decade in a bid to help the Rams get back on its feet. Interesting what he could do with the CBS and CCFC.

www.dailymail.co.uk

Mike Ashley 'ramps up bid to buy Derby by depositing £50m'

According to The Telegraph, Ashley's lawyers, RPC, have set aside £50million to buy the League One club, which has been in administration since September last year.
www.dailymail.co.uk
Click to expand...
Are we 6 months out of sync? DCFC was done ages ago.
 
hill83

hill83

Well-Known Member
The Philosopher said:
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.
Click to expand...

 
Flying Fokker

Flying Fokker

Well-Known Member
Esoterica said:
If Ashley does take over and gets Hoffman on board, then together with Robins and Viveash we'd surely have the porkiest management team in the entire football league.I

EDIT: Scratch that, forgot about Steve Evans who is the Top Trump.
Click to expand...

I see what you did with the edit.
 
C

CCFCSteve

Well-Known Member
.
shmmeee said:
I really can’t fathom why you’d bid now. Any of the finance/business experts on here shed any light?
Click to expand...

I might be wrong but I would’ve thought any bids now would be on the basis of buying the business and assets via a pre pack administration sale*. Everything gets agreed and the sale completed as soon as company enters administration

If so, the Gilbert comment about SISU only being interested in administration is a bit of a red herring. Maybe he means if ACL ends up in administration and there’s no other
bidders they might be interested !

*Unless someone thinks the stadium is worth £40m 🤷‍♂️
 
shmmeee

shmmeee

Well-Known Member
CCFCSteve said:
.


I might be wrong but I would’ve thought any bids now would be on the basis of buying the business and assets via a pre pack administration sale*. Everything gets agreed and the sale completed as soon as company enters administration

If so, the Gilbert comment about SISU only being interested in administration is a bit of a red herring. Maybe he means if ACL ends up in administration and there’s no other
bidders they might be interested !

*Unless someone thinks the stadium is worth £40m 🤷‍♂️
Click to expand...

Thats what I thought so confused as to what Sisu are waiting for?
 
B

Brighton Sky Blue

Well-Known Member
CCFCSteve said:
.


I might be wrong but I would’ve thought any bids now would be on the basis of buying the business and assets via a pre pack administration sale*. Everything gets agreed and the sale completed as soon as company enters administration

If so, the Gilbert comment about SISU only being interested in administration is a bit of a red herring. Maybe he means if ACL ends up in administration and there’s no other
bidders they might be interested !

*Unless someone thinks the stadium is worth £40m 🤷‍♂️
Click to expand...


I mean if Ashley really set aside 50 million for the Derby sale is it that out of the ordinary to think he'd go straight in?
 
pusbccfc

pusbccfc

Well-Known Member
Is there no way that the fans can get together and get a share of the stadium? Even 5% to stop decisions being made of outside of the clubs interest?
 
Telfer85

Telfer85

Well-Known Member
Flying Fokker said:
Are we 6 months out of sync? DCFC was done ages ago.
Click to expand...
Derby was completely different wasn’t it? Both the stadium and club were owned by the same person even though they were two separate entities. If Ashley bought this it’s either gonna need Sisu to basically shrug there shoulders and go you win here’s the club on the cheap or Ashley Vs Seppala ensues which I think would be bad news for all of us.

I hope I’m wrong.
 
Nick

Nick

Administrator
CCFCSteve said:
.


I might be wrong but I would’ve thought any bids now would be on the basis of buying the business and assets via a pre pack administration sale*. Everything gets agreed and the sale completed as soon as company enters administration

If so, the Gilbert comment about SISU only being interested in administration is a bit of a red herring. Maybe he means if ACL ends up in administration and there’s no other
bidders they might be interested !

*Unless someone thinks the stadium is worth £40m 🤷‍♂️
Click to expand...

Yeah I think has brought a lot of confusion.

Why on earth would anybody want to buy it without admin?

Also, surely if it goes into admin and it's sealed bids etc how would they know how many other bids there are?
 
Evo1883

Evo1883

Well-Known Member
Telfer85 said:
Derby was completely different wasn’t it? Both the stadium and club were owned by the same person even though they were two separate entities. If Ashley bought this it’s either gonna need Sisu to basically shrug there shoulders and go you win here’s the club on the cheap or Ashley Vs Seppala ensues which I think would be bad news for all of us.

I hope I’m wrong.
Click to expand...


True although he did offer 50 million didn't he
 
SkyblueDad

SkyblueDad

Well-Known Member
What is the process ? I seem to remember the original preferred bidder for Derby not having the funds or something.
 
Nick

Nick

Administrator
Surely the council would have taken into consideration plans for CCFC before making bids preferred or not?
 
Gint11

Gint11

Well-Known Member
The latest is Ashley is preferred but he doesn’t want either club, just the arena
 
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