Wasps going into admin & the impact on CCFC (32 Viewers)

[Flying Fokker]

Should any takeover happen, can we as fans try to acquire a percentage?

Depends if they have a bond issue?

 

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[Saddlebrains]

Nope. But did say they put in £4.5 million over the summer to cover losses then told Boddy ‘that’s yer lot’.

Hence the scrambling to sell Hyam on the cheap

4.5 Million on what?

Thats a lot of money to cover losses when they cant even cover the tax bill

 

[Nick]

4.5 Million on what?

Thats a lot of money to cover losses when they cant even cover the tax bill

The tax was setup to pay in installments after the summer though.

 

[Brighton Sky Blue]

4.5 Million on what?

Thats a lot of money to cover losses when they cant even cover the tax bill

They can, they just told Boddy no more above what was already given before the start of the season.

 

[shmmeee]

All this talk of Mike Ashley business genius sounds an awful lot like every other failed takeover attempt TBH.

Nope. But did say they put in £4.5 million over the summer to cover losses then told Boddy ‘that’s yer lot’.

Hence the scrambling to sell Hyam on the cheap

OK but the club isn’t self sustaining, so do they want us to go into admin? Will they then take us out of admin like last time and squat on the club?

What do they want??

 

[wingy]

4.5 Million on what?

Thats a lot of money to cover losses when they cant even cover the tax bill

Be the regular stuff wage nflation paying back Covid stage payments on transfer fees.

 

[shmmeee]

Come on @oldfiver time to fess up, what the fuck is going on at our club?

 

[Brylowes]

That will all change when he turns up

You think he’s gonna live in Coventry

 

[Brighton Sky Blue]

All this talk of Mike Ashley business genius sounds an awful lot like every other failed takeover attempt TBH.


OK but the club isn’t self sustaining, so do they want us to go into admin? Will they then take us out of admin like last time and squat on the club?

What do they want??

I believe the £4.5m was to cover the 21/22 losses. Boddy was then told to expect no extra financial support this season.

They wanted the arena on the cheapest possible terms which would always run into someone with deeper pockets scooping them. Now that we clearly aren’t going to get it, who knows.

 

[duffer]

You never know. Wasps still has brand value in Rugby circles and is one good season away from top flight and some reasonable income. Players would rather play for Wasps than say Bedford Blues, all other things being equal.

Ashley is type of bloke who will give a Wasps ticket free with each pair of Thai made entry level adidas trainers and matching Slazenger hoody meal deal.

Just like some people (and kudos) predicted 4 years ago Ashley would come in once Wasps’ wings fell off I reckon he’ll end up with us and Wasps at the Sports Direct Arena.

Both in the Prem.

Politely disagree. Wasps had both the stadium and premiership rugby, they finished second in the league, had revenue from the p-shares and CVC, and had a £35m investment and they still couldn't set up to turn a profit! Not even close.

They've got literally none of those advantages now.

Wasps have already got their preferred bidders for the phoenix club, and there's no suggestion Ashley is a part of it, in fact the opposite from most reports.

Wasps might yet end up at the CBS again, all things are possible, but if they do they'll be here in the Championship as tenants and with new owners - not Ashley.

 

[rexo87]

They can, they just told Boddy no more above what was already given before the start of the season.

So if that’s the case the budgeting was a shambles and that’s surely Boddys fault


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[Johnnythespider]

Just wondering does anybody know if sisu's investor has already taken 51% or would that have happened when they got the lease, I'm thinking Ashley could do a deal with them if that was the case and leave sisu with a minor share in ccfc. Sorry if this has been mentioned.

 

[tisza]

But they can afford to build a new ground?

No. No investor is going to look at SISU's record with football and think "ah a new stadium is going to make all the difference".
Plus the outstanding debt would be charged against the new asset - really isn't so different from the Wasps bond issues.
A stadium can't make that money back - only thing in football that gets your money back is PL TV income.

 

[The Philosopher]

Politely disagree. Wasps had both the stadium and premiership rugby, they finished second in the league, had revenue from the p-shares and CVC, and had a £35m investment and they still couldn't set up to turn a profit! Not even close.

They've got literally none of those advantages now.

Wasps have already got their preferred bidders for the phoenix club, and there's no suggestion Ashley is a part of it, in fact the opposite from most reports.

Wasps might yet end up at the CBS again, all things are possible, but if they do they'll be here in the Championship as tenants and with new owners - not Ashley.

Fair enough view and it’s good to get some polite polarising view without the usual insults.

I think Ashley would run it differently and make it work. It’ll never be as profitable as a Prem or even champ round ball team could be but he could make it work.

Let’s see.

 

[tisza]

Wasps might yet end up at the CBS again, all things are possible, but if they do they'll be here in the Championship as tenants and with new owners - not Ashley.

You'd assume it would have to be on the same rent as CCFC. Doubt their income could afford that

 

[Brighton Sky Blue]

Fair enough view and it’s good to get some polite polarising view without the usual insults.

I think Ashley would run it differently and make it work. It’ll never be as profitable as a Prem or even champ round ball team could be but he could make it work.

Let’s see.

Why go for burgers in London when you’ve got steak at home?

 

[hutch1972]

Derby were up for sale - are we?

Yes,we are up for sale, always have been. Sisu would have sold 24hrs after taking over if the price was right.

 

[AFCCOVENTRY]

Yes,we are up for sale, always have been. Sisu would have sold 24hrs after taking over if the price was right.

And this is it. They now know they will never have a stadium to sell as a package with the football club. It’s up to Ashley if he wants us.

 

[hutch1972]

And this is it. They now know they will never have a stadium to sell as a package with the football club. It’s up to Ashley if he wants us.

It's interesting that regards Derby, he was trying to purchase the club first and leaving the stadium untill later on. Maybe he's trying it in reverse this time.

 

[BackRoomRummermill]

This could be a good opportunity for MA to buy the whole lot up as a job lot - I would be happy to get SISU gone

 

[Skyblueweeman]

What's the benefit to Sisu if we go into Administration? Am I right in thinking they'd be better selling before any potential administration as they'd likely get a bigger amount?

 

[duffer]

Fair enough view and it’s good to get some polite polarising view without the usual insults.

I think Ashley would run it differently and make it work. It’ll never be as profitable as a Prem or even champ round ball team could be but he could make it work.

Let’s see.

I was just building up to the insults; damn I hate it when people here are reasonable. Makes me look bad.

We can certainly agree to differ on this - my personal prediction is that the phoenix club will look to rent a smaller ground in or around London. They'll recover more of their traditional support down there. It's what I'd do if I was running them.

 

[Skybluedownunder]

If anyone at SISU thinks if they don’t sell now they can build their own stadium when they can’t even afford to buy the current one on the cheap are absolutely kidding themselves. When do they think they are suddenly going to start accumulating profits when they don’t put anything in?

Sell up and fuck off


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[HuckerbyDublinWhelan]

What's the benefit to Sisu if we go into Administration? Am I right in thinking they'd be better selling before any potential administration as they'd likely get a bigger amount?

There’s no benefit - all/most our debt is to them

 

[Nick]

If anyone at SISU thinks if they don’t sell now they can build their own stadium when they can’t even afford to buy the current one on the cheap are absolutely kidding themselves. When do they think they are suddenly going to start accumulating profits when they don’t put anything in?

Sell up and fuck off


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Yeah there's no stadium although nobody knows how cheap it is yet.

Does that stuff usually get made public by Administrators?

 

[Skyblueweeman]

There’s no benefit - all/most our debt is to them

So if we went into administration and say MA bought us, he could/would offer a small % in the £ for what is owed. Therefore if they sell before any admin, he would likely need to offer something that amounted to much more than a small % in the £ hence it being better for Ashley (or anyone else) to wait until we're in admin and better for Sisu to accept any offer before admin?

 

[HuckerbyDublinWhelan]

So if we went into administration and say MA bought us, he could/would offer a small % in the £ for what is owed. Therefore if they sell before any admin, he would likely need to offer something that amounted to much more than a small % in the £ hence it being better for Ashley (or anyone else) to wait until we're in admin and better for Sisu to accept any offer before admin?

Pretty much, but it’s a moot point whilst the majority of debt is to SISU, admin is pretty much off the card. Why would they call it in on themselves?

 

[Nick]

Pretty much, but it’s a moot point whilst the majority of debt is to SISU, admin is pretty much off the card. Why would they call it in on themselves?

Other people could potentially force it.

 

[HuckerbyDublinWhelan]

Other people could potentially force it.

They could but admin would be fully controlled by SISU, it’s why there’s so much paper debt. That’s how I understand it anyway

 

[The Philosopher]

You'd assume it would have to be on the same rent as CCFC. Doubt their income could afford that

If it’s he’s train set then it’s up to him.

If it’s 300k rent and 200k on beer and advertising (after costs and I’ve totally made those figures up) then that’s up to him. At the moment they probably have the income potential of a National League football team.

It’s income with potential to get to Rugby Prem in a year (remember they’ve got a few empty slots to fill) which is probably L1 level income.

I don’t want Wasps here, I’m just putting forward an angle.

 

[BackRoomRummermill]

Wasps had loads of big time Charlie’s getting big wages - that’s all gone now - it’s a fruitless enterprise

 

[MusicDating]

Additional details on the story on the bbc site including predictable quotes from Duggins... Coventry stadium operators to enter administration

 

[AFCCOVENTRY]

Blimey.,, have I read this right. Stephen Vaughan is the e new CEO of Yorkshire cricket club. Lol..

The Yorkshire County Cricket Club today announces the appointment of Stephen Vaughan as Chief Executive Officer. He will officially begin the role on 7th November 2022.

Stephen joins the Club following three years at Wasps Group, which he joined as CEO of sports businesses in August 2019. He became Group Chief Executive in 2020, with additional responsibility for venues, overseeing the securing of stadium naming rights and the return of Coventry City Football Club to the city. During his time there, Stephen was responsible for the rollout of a comprehensive Equality, Diversity & Inclusion (ED&I) strategy, placing this at the heart of the group’s mission and values.

 

[robbiethemole]

Council leader George Duggins told BBC CWR that the stadium would continue to operate over the next few weeks, so Coventry City can fulfil their fixtures.

He said that allowing Wasps to move into the Arena eight years ago was "the right thing to do" at the time, but the council was now focused on securing its future.

What a fucking backstabbing,shit-spouting, gobshite this bloke is

 

[Skyblueweeman]

Blimey.,, have I read this right. Stephen Vaughan is the e new CEO of Yorkshire cricket club. Lol..

The Yorkshire County Cricket Club today announces the appointment of Stephen Vaughan as Chief Executive Officer. He will officially begin the role on 7th November 2022.

Stephen joins the Club following three years at Wasps Group, which he joined as CEO of sports businesses in August 2019. He became Group Chief Executive in 2020, with additional responsibility for venues, overseeing the securing of stadium naming rights and the return of Coventry City Football Club to the city. During his time there, Stephen was responsible for the rollout of a comprehensive Equality, Diversity & Inclusion (ED&I) strategy, placing this at the heart of the group’s mission and values.

Literally just seen this on SSN.

So much for those Wasps fans wanting him to stay around and save the club.