Wasps going into admin & the impact on CCFC (238 Viewers)

[Deleted member 5849]

I agree, it was.

But they knew they would be working uphill with the council still poking noses in so trued their best to keep it hush it seems

Not that hush hush if you've been posting it on a message board!

 

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[Colin Steins Smile]

Is Joy's American investor a Texan

And only wanting to invest a Dime

 

[junglej13]

Don't understand the benefits of this 'pre-pack' deal. ACL still go into administration. Why not the test the market? As a bond holder or creditor I would insist on this.

 

[edgy]

Still think Ashley will be CCFC owner before long.

long
adjective

\ ˈlȯŋ \
longer\ ˈlȯŋ-gər also -ər \; longest\ ˈlȯŋ-gəst also -əst \
Definition of long
(Entry 1 of 6)
1a: extending for a considerable distance, a long coastline
b: having greater length than usual, a long corridor
c: having greater height than usual : TALL
d: having a greater length than breadth : ELONGATED
e: having a sold everything worth anything, dropped to non-league level and ground sharing with Blyth Spartans

 

[Liquid Gold]

long
adjective

\ ˈlȯŋ \
longer\ ˈlȯŋ-gər also -ər \; longest\ ˈlȯŋ-gəst also -əst \
Definition of long
(Entry 1 of 6)
1a: extending for a considerable distance, a long coastline
b: having greater length than usual, a long corridor
c: having greater height than usual : TALL
d: having a greater length than breadth : ELONGATED
e: having a sold everything worth anything, dropped to non-league level and ground sharing with Blyth Spartans

so before that

 

[Samo]

Didn't Gilbert state they weren't intiially interested and there were 2 bidders.

If Sisu had to sell Hyam to pay for some grass temporarily, it says a lot about their finances. Can't see where 20m for the arena comes from.

It says a lot about CCFC's finances, nothing about SISU's

 

[Colin Steins Smile]

Don't understand the benefits of this 'pre-pack' deal. ACL still go into administration. Why not the test the market? As a bond holder or creditor I would insist on this.

My understanding is that a"pre-pack" deal allows someone to buy assets from a company. Then having sold off any asset worth anything the original business is liquidated.

For the seller of the business that reduces the time an administrator is running the business. Which administrators cost of £500 per hour for a few members of the admin team would quickly add up, especially if the process took over 2 months to resolve.

Obviously, the bid for the asset [Stadium] must have been deemed "reasonable" for give MA preferred bidder status. My views on SISU makes me think they would only consider paying £5 and voucher for coffee at the CBS. They never use their own money!

 

[Lord_Nampil]

Reeves signed a NDA then…

 

[shmmeee]

The club is distressed. We’ve just had to agree to a payment scheme with HMRC.

The club has been distressed pretty much since we came out of admin last time. As always it’s only properly distressed when Joy gets bored.

 

[Sky Blue Pete]

Interesting so ccfc / sisu have bid and we have assurance. Does that change anything

 

[Evo1883]

Council with 1 last big fuck you to sisu

 

[Evo1883]

 

[MusicDating]

Everyone knows SISU will happily try and distress to their advantage, but they do also have a history of acquiescing; first return to the Ricoh, signing a ten year lease, paying up front for the pitch repair. I really don't see a distressing option this time for them and the club is at it's peak value...

Also, I really don't see Ashley being satisfied with just owning an arena and getting interviewed when they host the Rubik's cube tournament...

 

[HuckerbyDublinWhelan]

Interesting so ccfc / sisu have bid and we have assurance. Does that change anything

Doesn’t change anything. It’s a load of bollocks to make it look like they tried to do something

 

[jordan210]

 

[shmmeee]

I agree, it was.

But they knew they would be working uphill with the council still poking noses in so trued their best to keep it hush it seems

A little too hush clearly.

 

[MAFF]

I bet the council tapped up Ashley and approached him to take on the ground.

 

[shmmeee]

Potentially

They deffo had cash on the hip for the stadium this time though

Can plough it all into the club now then can’t they?

 

[Evo1883]

So an eight figure sum has been offered , sisu aren't about to spend over 10 million on anything let's be honest .

They will say we tried but couldn't and use it as a reason to start another fued right

 

[HuckerbyDublinWhelan]

Take The council out of it for a moment,

NOI was served 2 weeks before the Blackburn game. In that 2 weeks SISU pissed about - it became public knowledge there were external bidders - The NEC and Ashley

At this point wouldn’t it make sense to at least register an offer within that 2 weeks?

fucking cowboy outfit, SISU are

 

[skybluetony176]

I’m not sure it has anything to do with the Council this time. The only people they could block is the ones that ACL’s administrators put to them. If MA has exclusivity by being an astute businessman then the only people/entity that the council could ever have the opportunity to block is MA. Now, if the MA deal falls through putting ACL on the open market through the administrator, a number of bidders put in offers and CCC a approves them all bar SISU then fair enough, CCC have given SISU one big last fuck off.

 

[CCFC54321]

This is worth picking out, too. Wouldn't be the first preferred bidder to drop out of a deal, and wouldn't be the first time Ashley is one of the first names mentioned, only for him to end up buying nothing.

I have a feeling Ashley will move on eventually like he did with derby county. Don’t think he has patience for a long term strategic approach and wait at the right time to sweat SISU out.

If he bails out it’ll be because he is struggling to get hold off the club.

 

[Colin Steins Smile]

So an eight figure sum has been offered , sisu aren't about to spend over 10 million on anything let's be honest .

They will say we tried but couldn't and use it as a reason to start another fued right

I'd imagine that SISU's strategy would be to sell a few CCFC players in January to raise the amount of money they paid for the stadium, then extract that from the club to offset that figure against the debt on the club. Leaving SISU owning the stadium and CCFC paying ever increasing rent.
I hope they sell up and disappear - I never want to hear from them again

 

[Sick Boy]

Council with 1 last big fuck you to sisu

And Coventry City Football Club.

 

[Alkhen]

Ultimately though the administrator will want the best deal - so Ashley has clearly come in with a deal that's considered more than acceptable.

Others could have done that, it's not like he's Mystic Mike who somehow can predict this happening and get his ducks lined up... unlike the owners of one of the stadium's tenants, who'd have no clue anything was wrong until it all came falling down!

I get your point they could have got in earlier. It is naive if they did ever have realistic designs on the stadium. Where there not rumours that the American investor was planning to buy out a controling share from SISU.

I'm far from versed in all this admin/prepacked stuff but does seem a bit of a shitty system to just announce a preferred bidder which rules out others chances in one go.

Like I said I have no idea but feel like regardless of the benefits of the deal there will be plenty of smug people at CCC knowing that SISU have won.

Am I wrong in thinking CCC sold the ground to Wasps without offering the club a chance to match the offer?

 

[Evo1883]

I'd imagine that SISU's strategy would be to sell a few CCFC players in January to raise the amount of money they paid for the stadium, then extract that from the club to offset that figure against the debt on the club. Leaving SISU owning the stadium and CCFC paying ever increasing rent.
I hope they sell up and disappear - I never want to hear from them again

Agreed, woeful ownership

 

[Sky Blue Pete]

Doesn’t change anything. It’s a load of bollocks to make it look like they tried to do something

Knew you’d say that. Moving goal posts and all that

 

[Liquid Gold]

Obviously tin foil to suggest the council were involved though

 

[HuckerbyDublinWhelan]

Knew you’d say that. Moving goal posts and all that

How’s it moving the goal posts? They fucking had the chance to bid anytime - they were waiting to the last moment as the “only show in town” fucking amateurs

 

[CCFCSteve]

I think Gilbert might be putting two and two together and coming up with five.

The council will have to be fully in the loop on the sale of the long lease, as freeholder. Also as they would be receiving commercially sensitive information with regards to the sale, they would’ve been asked to sign a NDA

That doesn’t mean they’re influencing/heavily involved in the sale process

ps I also don’t believe for a second SISU wouldn’t have been aware of the sale process and deadlines before any preferred bidder status was granted.

 

[Sky Blue Pete]

How’s it moving the goal posts? They fucking had the chance to bid anytime - they were waiting to the last moment as the “only show in town” fucking amateurs

You said they didn’t bid and wouldn’t be

 

[Alkhen]

Didn't Gilbert state they weren't intiially interested and there were 2 bidders.

If Sisu had to sell Hyam to pay for some grass temporarily, it says a lot about their finances. Can't see where 20m for the arena comes from.

I'll stress I am no fan of SISU. But firstly I would take what Gilbert says with a grain of salt. Nobody knows what anyone is up to.

SISU are a hedge fund. They will raise capital when they can see an opportunity to make money. They have pulled back spending in the championship beacuse without a ground or a realistic chance of promotion there is no room to grow. Totally agree they have spectacularly messed up their plans but they were never going to drop money into the club other than to keep it ticking over.

I hope we the back of them but I really do feel CCC have conspired against them ever since the initial rent row

 

[BackRoomRummermill]

Did SISU actually place a bid ? Or were they blocked ?

 

[HuckerbyDublinWhelan]

You said they didn’t bid and wouldn’t be

Correct I said they didn’t bid - pre admin. They’ve fucking waited until now when they knew they wouldn’t be able to bid, what with a period of exclusivity in place. And if they didn’t know what the rules were surrounding a preferred bidder they shouldn’t be running a business.

 

[robbiethemole]

Fuck no!!! don't want or need this c**t or any of his dodgy, underhand mates anywhere near the deal