Wasps going into admin & the impact on CCFC (212 Viewers)

[Earlsdon_Skyblue1]

Many things are uncertain at the moment, but I guarantee if the council can help get Wasps back to the CBS, then they will.

It isn't about what will work or what is right. It's still about gravy trains and egos. That could of course change. I fucking hope it does...

 

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[hill83]

Many things are uncertain at the moment, but I guarantee if the council can help get Wasps back to the CBS, then they will.

It isn't about what will work or what is right. It's still about gravy trains and egos. That could of course change. I fucking hope it does...

@shmmeee

 

[SkyblueDad]

View attachment 27016View attachment 27016

Just going back to what we thought SISU needed to walk away, I dug out this old chart from Swiss Ramble.

It looks plausible and since then (2021) I think SISU put in another £5m

Is that £57m of debt? (Gross) and then there’ll be another £2m of “interest”.

I waffled before about CCFC being shown as £60m on their books.

Just saying.

But what have they taken out fees for Maddison, Bayliss, McCallum, Hyam plus other bits and pieces like the Thomas extra fee for transferring to Newcastle.

 

[WestEndAgro]

This is the first I'm hearing of the red one, that'd be much more my style

Red one is Dark Chocolate, it's been around Donkeys years, well atleast 50 odd years.

Edit someone beat me to it.

 

[djr8369]

I’ve read every post in this thread and I’ve not got a clue what’s happening

Pretty straight forward fella, Bounty are being taken out of Celebrations for a trial period. The shortage will be made up with an equal distribution of the other confectionary.

The arguments are over whether or not Bounty are a good sweet, which is why the thread is so long. Do keep up.

 

[shmmeee]

@shmmeee

 

[oldskyblue58]

View attachment 27016View attachment 27016

Just going back to what we thought SISU needed to walk away, I dug out this old chart from Swiss Ramble.

It looks plausible and since then (2021) I think SISU put in another £5m

Is that £57m of debt? (Gross) and then there’ll be another £2m of “interest”.

I waffled before about CCFC being shown as £60m on their books.

Just saying.

£57m in actual money they have invested in CCFC no. In terms of manufactured debt i should imagine its well north of £100m if you add in the pseudo manufactured debt of the preference shares

the £28.6m (a) wasnt all put as cash <at best around £18m> and (b) sits in SBS&L not Otium without being secured on anything so is not a liability of CCFC/Otium (c) has been moved around different funds so probably on their investment books has very little value now because of that.

 

[Grendel]

View attachment 27016View attachment 27016

Just going back to what we thought SISU needed to walk away, I dug out this old chart from Swiss Ramble.

It looks plausible and since then (2021) I think SISU put in another £5m

Is that £57m of debt? (Gross) and then there’ll be another £2m of “interest”.

I waffled before about CCFC being shown as £60m on their books.

Just saying.

Its £20 million in Otium entertainment

Just saying

 

[Grendel]

But what have they taken out fees for Maddison, Bayliss, McCallum, Hyam plus other bits and pieces like the Thomas extra fee for transferring to Newcastle.

He’s talking nonsense as usual

 

[Nuskyblue]

View attachment 27017

Big Mike in the portrait behind Commissioner Gordon

 

[The Philosopher]

£57m in actual money they have invested in CCFC no. In terms of manufactured debt i should imagine its well north of £100m if you add in the pseudo manufactured debt of the preference shares

the £28.6m (a) wasnt all put as cash <at best around £18m> and (b) sits in SBS&L not Otium without being secured on anything so is not a liability of CCFC/Otium (c) has been moved around different funds so probably on their investment books has very little value now because of that.

So anyway, what do we think SISU need to let go?

There must be a wiped face figure that doesn’t create a ripple in their set up.

Is £60m far off?

 

[The Philosopher]

And in any case, back in 2017 when the playing squad was worth a box of Celebrations without any Bountys (Bounties? - tricky with brands to get the right grammar, anyway) just relegated to L2, debt to revenue ratio of 10 times or whatever…..

We’ve come a long way.

 

[shepardo01]

Yeah but we haven’t got any money so presumably a potential future owner is covering it really.

No, I think the council were playing nicey nicey on the outside, rubbing their hands together thar the club were keeping acl out of admin, whilst talking to NEC/Mike Ashley to do a deal (possibly knowing SISU wouldn't attempt to do anything until asmin!??)

 

[HuckerbyDublinWhelan]

Its £20 million in Otium entertainment

Just saying

How much is SISU debt and how much is legacy debt? Could Ashley buy Otium for £20m then SISU Put SBSL in admin and finish that company?

the golden share is in Otium

 

[fatso]

I fuckin hate coconut so I'm well chuffed.
I'm off to stock up and get diabetes!

 

[Grendel]

So anyway, what do we think SISU need to let go?

There must be a wiped face figure that doesn’t create a ripple in their set up.

Is £60m far off?

What is in Otium I’d assume

 

[Bad Boy]

I fuckin hate coconut so I'm well chuffed.
I'm off to stock up and get diabetes!

Thats a bit radical

 

[wingy]

No, I think the council were playing nicey nicey on the outside, rubbing their hands together thar the club were keeping acl out of admin, whilst talking to NEC/Mike Ashley to do a deal (possibly knowing SISU wouldn't attempt to do anything until asmin!??)

Again where is the diffinitive evidence that the club put the money in?

 

[duffer]

No chance with Cov Rugby. They have their own plans and are part of the longterm regeneration of Spon End. No way will they want to play at the CBS. They have a long lease at the BPA and planning permission.

Besides the BPA has a great atmosphere even with just 2,000 to 3,000 in it.

Would actually make a lot more sense for phoenix Wasps to share at the Butts.

At least it's handy for the train station for their genuine supporters and it's not too big!

And as a Cov rugby fan I'd be more than happy to politely welcome their new owners with a warm shake of the throat and a cheery "fuck off and find somewhere that wants you" if they tried suggesting it.

 

[fatso]

Thats a bit radical

Go hard or go home!

 

[wingy]

What is in Otium I’d assume

Which could resemble what their partner was willing to venture if they were willing to bid prior to the admin?

 

[The Philosopher]

Would actually make a lot more sense for phoenix Wasps to share at the Butts.

At least it's handy for the train station for their genuine supporters and it's not too big!

And as a Cov rugby fan I'd be more than happy to politely welcome their new owners with a warm shake of the throat and a cheery "fuck off and find somewhere that wants you" if they tried suggesting it.

What about that Green King or whatever stadium in Hinckley. Anyone significant using that?

 

[Brighton Sky Blue]

What about that Green King or whatever stadium in Hinckley. Anyone significant using that?

I think this guy has dibs on it

 

[The Philosopher]

What is in Otium I’d assume

I didn’t think it was that straightforward.

Thought pre-admin SISU had blown £30m of real money and parked £30m of GR debt somehow and had to convert to shares to get the Golden Share?

They didn’t write off their original £30m and swerved it around their funds and still need it to balance off. Since admin another £20m spent plus “interest” getting to £57m as a level get out.

It seemed a bit convoluted to the extent that it’s not straightforward to me.

 

[Otis]

I’ve read every post in this thread and I’ve not got a clue what’s happening

Yay! Can we start a club?

I feel like I have two hospital consultants chipping in each ear.

"You're going to die"

"You'll be fine"

"You're going to die"

"No, you'll be fine"

 

[Grendel]

I didn’t think it was that straightforward.

Thought pre-admin SISU had blown £30m of real money and parked £30m of GR debt somehow and had to convert to shares to get the Golden Share?

They didn’t write off their original £30m and swerved it around their funds and still need it to balance off. Since admin another £20m spent plus “interest” getting to £57m as a level get out.

It seemed a bit convoluted to the extent that it’s not straightforward to me.

Yes it’s that straightforward- for a start you don’t have to buy SB and L to buy Otium. The debt in that company is losses that are never going to be recovered

It also has never been anywhere near £57 million which has been explained

 

[wingy]

I didn’t think it was that straightforward.

Thought pre-admin SISU had blown £30m of real money and parked £30m of GR debt somehow and had to convert to shares to get the Golden Share?

They didn’t write off their original £30m and swerved it around their funds and still need it to balance off. Since admin another £20m spent plus “interest” getting to £57m as a level get out.

It seemed a bit convoluted to the extent that it’s not straightforward to me.

Again would the partner willing to take 50%stake in the arena transaction been pitching £30M at it?

 

[shepardo01]

Again where is the diffinitive evidence that the club put the money in?

 

[The Philosopher]

Yes it’s that straightforward- for a start you don’t have to buy SB and L to buy Otium. The debt in that company is losses that are never going to be recovered

It also has never been anywhere near £57 million which has been explained

I have a feeling that Joy might have a different view on those losses never being recovered.

 

[Grendel]

I have a feeling that Joy might have a different view on those losses never being recovered.

They aren’t her losses so I doubt it

 

[Brighton Sky Blue]

Yes it’s that straightforward- for a start you don’t have to buy SB and L to buy Otium. The debt in that company is losses that are never going to be recovered

It also has never been anywhere near £57 million which has been explained

Ignoring Paxman 3 for a minute what then is the break even figure to get SISU to leave?

 

[shmmeee]

Ignoring Paxman 3 for a minute what then is the break even figure to get SISU to leave?

Ms Paxman?

 

[The Philosopher]

Ignoring Paxman 3 for a minute what then is the break even figure to get SISU to leave?

I think it’s £60m - and that is leaving any assets (player contract values, training ground, toilet rolls, golden share) in the business and handing over the keys as it were. I think SISU get out of jail and tidy their books and historic losses for that.

Grendel suggests much less.

OSB - I’m unsure. “Could be £18m could be north of £100m”. (I’m being slightly tongue in cheek. Just slightly).

 

[Johnnythespider]

You fucker Otis.

Just wasted a load of time plowing through the archive. Up to date now though. Thank fuck!

Did you catch up on the deluxe one's?

 

[Otis]

Did you catch up on the deluxe one's?

Can you? I didn't know you could do that?

Bang goes Christmas