Wasps going into admin & the impact on CCFC (143 Viewers)

[AFCCOVENTRY]

Thing is, he won't distress SISU he will distress CCFC.

Honestly can’t see that happening. Sisu will have realised they will never get the stadium. So no point moving the club out of the city again and EFL won’t allow it anyway.

 

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[alexccfc99]

Hell

Would people be happy with that?

No

 

[AFCCOVENTRY]

Can someone clever tell me if our sublease is protected now it’s going into admin or can Ashley rip it up and demand higher rent


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I believe it’s protected unless it goes into liquidation.

 

[Nick]

Honestly can’t see that happening. Sisu will have realised they will never get the stadium. So no point moving the club out of the city again and EFL won’t allow it anyway.

Fingers crossed something is pre-agreed.

 

[wingy]

Thing is, he won't distress SISU he will distress CCFC.

But we kind of are Nick until someone's sold in January,and then you'd have to say there will be not much likelihood of lender of last resort.

 

[rexo87]

I believe it’s protected unless it goes into liquidation.

If that’s true then the distressing CCFC is nonsense isn’t it? He can’t do anything to us for 8 and a half years


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[Paul Anthony]

I guess all we can do is wait and see what happens, but seems we could be in for a stressful few weeks until we have concrete answers.

 

[torchomatic]

I still don't believe it. Gilbert's source is at the council, why would they know about any contact between Ashley and sisu?

What is his interest in running a stadium? Never done it before without a football club which he has already tried to get back into ownership of.

It'll come together.

I agree. Not only that I can't see anyone from SISU saying "off the record" that they haven't any contact with Ashley. They never talk at the best of times, so I doubt they'll go spouting their mouths off now. I'll take Gilbert's view that no talks have taken place between them with a pinch of salt, I think.

 

[Nick]

It will be telling if we get a statement saying "We didn't get a fair chance to buy ACL" from Joy or Tim or if we don't.

 

[HuckerbyDublinWhelan]

Even though they have a preferred bidder, can another now come forward?

 

[Saddlebrains]

The council are fully involved

This is ACL'S one last dig at SISU

Rushing through the admin process so it doesnt get to open admine

 

[djr8369]

I don’t agree.

If it is his plan then he’s an idiot because sisu will move us around. Fuck about and take 10 years of his life before they consider selling on the cheap and he knows it.

If he thinks he can make money from the complex regardless will he care?

 

[Senior Vick from Alicante]

Exactly. I've been a member of the Labour party since 1982 and CCC are shameful. I honestly can't believe they are actually a Labour administration.

The problem with this council is they are reactive and not pro active. Ive seen on a daily basis how dysfunctional the internal workings between departments are. The money that they waste is the worst thing.

 

[steve cooper]

I still don't believe it. Gilbert's source is at the council, why would they know about any contact between Ashley and sisu?

What is his interest in running a stadium? Never done it before without a football club which he has already tried to get back into ownership of.

It'll come together.

Honestly can’t see that happening. Sisu will have realised they will never get the stadium. So no point moving the club out of the city again and EFL won’t allow it anyway.

I really agree with these two posts. I think there are multiple possibilities here, not all of them bad. Let's just wait and see before going into mass meltdown, which won't change anything anyway.

 

[Skyblue_CP]

Even though they have a preferred bidder, can another now come forward?

I’m not sure they can, once a preferred bidder has been identified, it’s down to the finer detail's. SISU won’t get anywhere near it now, it will all be a pre pack admin with a Ashley.

 

[Jcap]

Let’s not forget the Times article from a few weeks back stated that it was more likely to be a third party that could reunite football club and ground, and that it would be unlikely to be SISU due to their relationship with CCC…

Is MA that third party?

 

[HuckerbyDublinWhelan]

The council are fully involved

This is ACL'S one last dig at SISU

Rushing through the admin process so it doesnt get to open admine

But that’s still on SISU, they could have made a similar offer to Ashley

 

[wingy]

If he or whoever ,and if it's him there's absolutely no need,£20M-£25M were offered for Otium ,it would be as good as Sisu could ever expect as the get out.IMO.

 

[AFCCOVENTRY]

I’m not sure they can, once a preferred bidder has been identified, it’s down to the finer detail's. SISU won’t get anywhere near it now, it will all be a pre pack admin with a Ashley.

Sisu could have done a pre-pack admin and they haven’t. That confirms to me they really don’t have the finances to get the stadium nor build one. It’s the end game for them now.

 

[ajsccfc]

I know Newcastle fans will tell us that the worst case scenario is Ashley owning the club but what feels worse than that is the idea of him owning the stadium and trying to smoke Sisu out, as we've seen over the years that they don't give a fuck about moving us wherever will take us.

 

[SHUNT31]

The council are fully involved

This is ACL'S one last dig at SISU

Rushing through the admin process so it doesnt get to open admine

Another court case pending?

 

[SHUNT31]

I’m not sure they can, once a preferred bidder has been identified, it’s down to the finer detail's. SISU won’t get anywhere near it now, it will all be a pre pack admin with a Ashley.

Surely the purpose of administration is to get the best deal to pay creditors. There’s no way he’s paying them in full so surely they have to be open to offers?

 

[Nick]

I know Newcastle fans will tell us that the worst case scenario is Ashley owning the club but what feels worse than that is the idea of him owning the stadium and trying to smoke Sisu out, as we've seen over the years that they don't give a fuck about moving us wherever will take us.

That is also my fear.

Although I think if it is the case (and they haven't spoken to him already) then we will get some statements.

 

[SeaSeeEffCee]

Sounds like the usual, stuff happens and we end up getting fucked. Hardly a surprise.

 

[AFCCOVENTRY]

Another court case pending?

Court case for what? Nothing illegal has been done. Ashley has come in with the best bid for pre-pack admin. End of story. Sisu can’t match it.

 

[hill83]

Surely Sisu have to sell up now. What do they actually want for fuck sake.

If there is a buyer of course.

 

[Liquid Gold]

If he thinks he can make money from the complex regardless will he care?

Yes, he likes the spotlight and prestige of being a football club owner.

Can anybody name the owner of the Cardiff arena without googling? I bet they could of Cardiff City. He wants that attention.

 

[wingy]

Sisu could have done a pre-pack admin and they haven’t. That confirms to me they really don’t have the finances to get the stadium nor build one. It’s the end game for them now.

Even then if it got to open admin just what were they likely to offer?

 

[Esoterica]

Sisu could have done a pre-pack admin and they haven’t. That confirms to me they really don’t have the finances to get the stadium nor build one. It’s the end game for them now.

It really doesn't have to be. This could drag on years in that scenario. Get through to January, sell Gyokeres and Hamer to keep the club going another couple of years, slowly drop down to league 1 where our 'model' works again.

 

[djr8369]

The council are fully involved

This is ACL'S one last dig at SISU

Rushing through the admin process so it doesnt get to open admine

Have you heard something or is this speculation?

 

[The Philosopher]

Can someone clever tell me if our sublease is protected now it’s going into admin or can Ashley rip it up and demand higher rent


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(not saying I’m someone’s clever but dealt with similar recently)

It should be protected under the 1954 act if the lease was registered.

Not sure about sub-lease but occupancy rights for a business are usually strong.

Newco must abide by or grant lease on equitable terms.

Commercial Tenants' Rights at Lease End Under LTA 1954 | News | DPM Legal

Here we look at the importance of notices under the 1954 Act and what the tenant and landlords need to know about the act when it comes to a lease expiring.

www.dpmlegal.co.uk

 

[Grendel]

Dont want to be the bearer of bad news

'Something changed overnight'

'Sisus plan of admin then pennies in the pound with their investor has gone tits up'

'Its 100% true SISU and Ashley havent had any contact'

Il ask for more when he knows more

But if it is Ashley and hes only buying the stadium, we're royally and completely fucked. He will distress SISU as much as possible if he wants us on the cheap.

We all know Joy wont think twice on moving us/ winding us up

This isnt going to end well as it stands this morning

how can he distress a financially distressed entity?

 

[junglej13]

It really doesn't have to be. This could drag on years in that scenario. Get through to January, sell Gyokeres and Hamer to keep the club going another couple of years, slowly drop down to league 1 where our 'model' works again.

This is my fear. But even then what is then the exit plan for Sisu.

 

[Skyblueweeman]

I'm a little uneasy with what we're hearing.

I'm just hoping that MA is getting the stadium deal done first before trying to get us from Sisu. If he doesn't, I guess the situation is just the same as before - we play in a stadium we don't own and Sisu continue to not invest, MR works wonders etc. There won't be Wasps signs though so that's a positive. And they'll be gone. That's a turbo-positive.

Fingers crossed my pessimism is wrong.

 

[wingy]

I know Newcastle fans will tell us that the worst case scenario is Ashley owning the club but what feels worse than that is the idea of him owning the stadium and trying to smoke Sisu out, as we've seen over the years that they don't give a fuck about moving us wherever will take us.

I just don't think you'll see any further support out of them now, have to be pragmatic.