Wasps going into admin & the impact on CCFC (114 Viewers)

[duffer]

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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Sub lease is protected in everything I've read about this so far. The only way it goes would be liquidation, which isn't happening now, it appears.

It'll be hard for anyone to distress the club whilst the sub lease remains in effect.

If it is Ashley, and there really isn't already a deal involving SISU, then I'd expect they'll either have genuinely build a new stadium or sell up in the next eight years.

 

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[Saddlebrains]

Have you heard something or is this speculation?

No coincidence admin appeared whilst we were playing last night and everyone's eye was off the ball

Rushed through last night to make sure it doesnt go to open admin and SISU cant get their mitts on it

 

[rexo87]

Sub lease is protected in everything I've read about this so far. The only way it goes would be liquidation, which isn't happening now, it appears.

It'll be hard for anyone to distress the club whilst the sub lease remains in effect.

If it is Ashley, and there really isn't already a deal involving SISU, then I'd expect they'll either have genuinely build a new stadium or sell up in the next eight years.

Yep exactly. Worst case scenario is that we do what we are doing now without a fucked up pitch and wasps signs everywhere


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[torchomatic]

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.

The only difference is Ashley is a football man - or more accurately has an interest and history in football ownership - unlike Wasps who had no ties and no interest in CCFC from the outset. I'm hoping he'll eventually take us on, so at the very least he can hear his name ring out around the Arena when he prises CCFC from the dead, cold fingers of SISU.

 

[Nick]

Yep exactly. Worst case scenario is that we do what we are doing now without a fucked up pitch and wasps signs everywhere


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I hope so!

 

[Grendel]

No coincidence admin appeared whilst we were playing last night and everyone's eye was off the ball

Rushed through last night to make sure it doesnt go to open admin and SISU cant get their mitts on it

Ashley has been looking to bid for ages - just another lame excuse by Seppala - oh we tried, it’s not our fault.

 

[Liquid Gold]

No coincidence admin appeared whilst we were playing last night and everyone's eye was off the ball

Rushed through last night to make sure it doesnt go to open admin and SISU cant get their mitts on it

I don't thin sisu's investors, lawyers or even sisu themselves would have been aware we were even playing last night.

 

[edgy]

Yep exactly. Worst case scenario is that we do what we are doing now without a fucked up pitch and wasps signs everywhere


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So Magic Mike couldn't raise our rent? Or bring other tenants in?

 

[Evo1883]

Will wasps be renting too then ? Or they deffo finished in Coventry?

 

[Liquid Gold]

The only difference is Ashley is a football man - or more accurately has an interest and history in football ownership - unlike Wasps who had no ties and no interest in CCFC from the outset. I'm hoping he'll eventually take us on, so at the very least he can hear his name ring out around the Arena when he prises CCFC from the dead, cold fingers of SISU.

Yep, even if he has no intention of buying us right now (which I don't believe at all - he isn't a property management guy, he's a football man like you said) do you think he will just sit their having a football club in his place without wanting in?

 

[Grendel]

Will wasps be renting too then ? Or they deffo finished in Coventry?

I am sure Ashley would let them

 

[Jcap]

No coincidence admin appeared whilst we were playing last night and everyone's eye was off the ball

Rushed through last night to make sure it doesnt go to open admin and SISU cant get their mitts on it

There was nothing to stop SISU putting in a pre-pack admin offer same as MA - which leaves me of the opinion that either they’re simply incompetent, or that there’s more going on than meets the eye.

 

[Nick]

Ashley has been looking to bid for ages - just another lame excuse by Seppala - oh we tried, it’s not our fault.

That will be the giveaway I think if they have been speaking to Ashley, if those statements come out.

Let's hope for silence....

 

[Evo1883]

Ashley has been looking to bid for ages - just another lame excuse by Seppala - oh we tried, it’s not our fault.

With somebody like Ashley in the background , I don't think fans will take much more of sisu tbh , before there was no other show in town .. now there most definitely is

 

[Liquid Gold]

Will wasps be renting too then ? Or they deffo finished in Coventry?

They could enter into negotiations to rent the place.

Doubt they would though, their rent wouldn't be worth it for Championship rugby in a city nobody gives a shit about them.

 

[hill83]

No coincidence admin appeared whilst we were playing last night and everyone's eye was off the ball

Rushed through last night to make sure it doesnt go to open admin and SISU cant get their mitts on it

If they had waited until the final whistle club and stadium would be reunited and we’d be in the champions league now

 

[The Philosopher]

SISU situation was always that they can’t afford to crystallise their debt / investment.

They will stay unless:

SISU overall goes under and they have to sell

They can sell for their “investment” figure

They can sell their investment and park it for an acceptable return

——-

So long as CCFC can on paper produce a return on investment (which will need to be higher with interest rates up) to SISU then it isn’t a huge problem.

The onion is what SISU have CCFC have on their sheet as a value.

 

[djr8369]

Yep exactly. Worst case scenario is that we do what we are doing now without a fucked up pitch and wasps signs everywhere


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That’s something I guess but we plod along for another 8 years until lease is up then arguments start afresh

 

[rexo87]

So Magic Mike couldn't raise our rent? Or bring other tenants in?

He could bring other tenants in but by the sounds of it couldn’t raise the rent for 8 1/2 years


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[wingy]

No coincidence admin appeared whilst we were playing last night and everyone's eye was off the ball

Rushed through last night to make sure it doesnt go to open admin and SISU cant get their mitts on it

But they were not bidding in open admin were they and there was allegedly another party doing the same as Ashley who dropped out ultimately.

 

[Liquid Gold]

SISU situation was always that they can’t afford to crystallise their debt / investment.

They will stay unless:

SISU overall goes under and they have to sell

They can sell for their “investment” figure

They can sell their investment and park it for an acceptable return

——-

So long as CCFC can on paper produce a return on investment (which will need to be higher with interest rates up) to SISU then it isn’t a huge problem.

The onion is what SISU have CCFC have on their sheet as a value.

Or they sell say 80% of it to bring some returns and then hold on to the 20% to sell at a pre-agreed figure on promotion to the PL

 

[oldskyblue58]

Telegraph saying an ACL statement has been put out...

ACL issue statement confirming administration status of CBS Arena

CoventryLive brings you the latest news about the situation at the CBS Arena - home of Coventry City

www.coventrytelegraph.net

looks like a prepack situation. Assignment of the lease(s) have been agreed with CCC I am sure, just waiting exchange i would think. That together with stating a preferred bidder pretty much says to anyone else interested that they are wasting their time. Of course something could crawl out of the woodwork and scupper that but i suspect this has been being worked on for some time.

 

[Nick]

What punishment do we get if the club goes into admin nowadays? Just points deduction?

 

[SHUNT31]

They could enter into negotiations to rent the place.

Doubt they would though, their rent wouldn't be worth it for Championship rugby in a city nobody gives a shit about them.

But Ashley has had links to Wasps.

Wasps apparently need to play in their ‘home’ for two years when reforming.

The fact that FRP have rushed this through without letting SISU have a sniff (if they were even interested) means it could be plausible.

I just want us to own a stake in the ground and not have them around. Not too much to ask.

 

[RegTheDonk]

I am sure Ashley would let them

I'm sure he would if he has no interest in the football side. They'll continue to play to a few thousand while they fuck the pitch up

 

[The Philosopher]

Will wasps be renting too then ? Or they deffo finished in Coventry?

If they create some rent income and additional spend then why not? They may return to Top level and get 10000 plus again in a couple of years.

That’s not what we’d want of course but in his shoes…..

 

[JulianDarbyFTW]

I can't imagine Sisu being able to play hardball with Ashley. He's too rich and stubborn to put up with their games. They try to push their luck, Ashley will just tell them to trot on and we'll be footballing nomads again.

 

[duffer]

No coincidence admin appeared whilst we were playing last night and everyone's eye was off the ball

Rushed through last night to make sure it doesnt go to open admin and SISU cant get their mitts on it

Just to make the point again though, the Council don't own ACL. I'm not sure how they could directly influence this process.

I think it's much more likely that SISU were simply outbid rather than stitched up. All of the evidence points to them struggling financially.

Is it possible that SISU have been playing hard-ball over a potential sale with the wrong person, if it's Ashley, and he's beat them to the punch on the stadium with a mind to hoover up the club at a later date?

 

[djr8369]

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 hope you’re right but as we know multiple parties will act irrationally when it comes to CCFC inevitably making the clubs life more difficult.

 

[Liquid Gold]

I'm sure he would if he has no interest in the football side. They'll continue to play to a few thousand while they fuck the pitch up

Their new owners will see what a disaster Coventry was to them and try to return them to their fans.

We don't need to worry about them imo

 

[HuckerbyDublinWhelan]

Am I the only one reasonably calm about this? SISU could have done the same as Ashley - they didn’t, they haven’t been preparing us for bad news like they used to.

given Ashley is looking to get back into football, this is the first step. SISU have had enough

 

[The Philosopher]

Or they sell say 80% of it to bring some returns and then hold on to the 20% to sell at a pre-agreed figure on promotion to the PL

It’s about smoke and mirrors on this one.

So long as SISU don’t have to lose the ability to earn off their investment or the ability to show that they have an asset of (guess, cba to argue the exactments) £60m then they cannot and will not sell.

 

[rexo87]

That’s something I guess but we plod along for another 8 years until lease is up then arguments start afresh

Yeah but I think we have to remember that on the pitch anyway we are still pretty good. We’ve made huge strides in the last few years. I can’t see Sisu being here in 8 years time


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[Evo1883]

Am I the only one reasonably calm about this? SISU could have done the same as Ashley - they didn’t, they haven’t been preparing us for bad news like they used to.

given Ashley is looking to get back into football, this is the first step. SISU have had enough

I hope , I think we all hope , you are correct ..

 

[chiefdave]

What a surprise that when there's finally a tiny bit of hope for things getting better it's all going to shit again. You know things are bad when people are saying the good option is Mike Ashley taking over the club.