HuckerbyDublinWhelan
Well-Known Member
Who’s the rumour started by? Wasps group are already talking about returning to London.
Wasps going into admin & the impact on CCFC (35 Viewers)
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Nick
Administrator
Plus Reeves is involved who seems very desperate to fuck over the football club again and help Wasps.
Would the Administrator have to publish all bids or anything?
As I have been saying for weeks, it's the fact the Council are so entrenched even in this makes me worry.
Sky Blue Pete
Well-Known Member
It was in one of the articles
Some people involved in the wasps group are
jordan210
Well-Known Member
From bond holders
The trustee today confirmed that the offer for the property is £15.8m + £1.2m non- refundable exclusivity fee. It is on the basis of setting aside the legal charge so that the proceeds would be shared by ALL creditors. The price compares with the last known valuation of £51.4m in March 2021. It is stated that if the terms are not agreed the company holding the long lease will be put into liquidation which would trigger a forfeiture, ie, reversion back to Coventry City Council. Looks like the buyer is looking at a gain in excess of £30m at bondholders' expense. Legal advice has been obtained & some of us will be represented in court this coming Thursday at the hearing. We need to do more to (i) attract support from bondholders who have not come forward & (ii) subsidise legal costs by a donation to the crowd funding website. The site will be up & running shortly @
www.crowdjustice.com/case/wasps-bondholders-court-hearin/dashboard1
The trustee today confirmed that the offer for the property is £15.8m + £1.2m non- refundable exclusivity fee. It is on the basis of setting aside the legal charge so that the proceeds would be shared by ALL creditors. The price compares with the last known valuation of £51.4m in March 2021. It is stated that if the terms are not agreed the company holding the long lease will be put into liquidation which would trigger a forfeiture, ie, reversion back to Coventry City Council. Looks like the buyer is looking at a gain in excess of £30m at bondholders' expense. Legal advice has been obtained & some of us will be represented in court this coming Thursday at the hearing. We need to do more to (i) attract support from bondholders who have not come forward & (ii) subsidise legal costs by a donation to the crowd funding website. The site will be up & running shortly @
www.crowdjustice.com/case/wasps-bondholders-court-hearin/dashboard1
shmmeee
Well-Known Member
Thats the infamous Michael Byng of inability to send an email to take over the club fame. Rumoured to be Sisus go between, but seems to be doing his business in the media.
skybluetony176
Well-Known Member
Nope. They essentially could have purchased it at the point Wasps did for that and clear the majority of the council loan that was sitting on ACL’s book at the time. They wasn’t interested. They didn’t want to pay anymore than Wasps did but with the CCC debt written off IIRC. Unencubered was the word they kept using.
HuckerbyDublinWhelan
Well-Known Member
So would this be the article talking about refinancing? The same one that suggested he wanted to buy us aswell?
HuckerbyDublinWhelan
Well-Known Member
Just about to send this. Hope it was letter headed
It makes sense to have as many tenants as possible and I’m sure he couldn’t care less what fans think but fuck me, talk about misreading the room.
shmmeee
Well-Known Member
I think no one wanted ACL to get liquidated. Wasps for obvious reasons, the council cos it’ll start a whole ball ache again. And that’s been their priority.
Nick
Administrator
Interesting so it's an offer of £16m to be shared out to everybody owed.
I wonder what the other offers were.
Nick
Administrator
So much so he wanted to throw £30m at it? Surely the Council would lose a lot less if the lease came back to them and they could just sell it to the highest bidder on the same day?
It will be interesting to see who actually does buy it and for how much.
Reeves seems very, very desperate.
shmmeee
Well-Known Member
Rumours were NEC, the only other bidder, was outbid, so less you’d expect?
shmmeee
Well-Known Member
I don’t get that at all. Need to hear more cos at the moment it sounds like £60m for literally no return. Forgetting the council, why would this Hottinger group do that?
But the tweet above suggests if they are liquidated the lease reverts to them and they can resell it? So they’d be turning down money to save ACL?
D
Deleted member 5849
Guest
That actually sounds quite a good offer!
With their interest payments, they won't be taking a big hit, if one at all?
Nick
Administrator
Yeah, if Liquidated the lease goes back to the council who would then have multiple parties wanting to buy it off them. The council would GET money.
Instead, he wanted to GIVE THEM £30m to prevent that from happening.
Preferred bidder status, something like that? Would surely have to be a sweetener which would be worth what they were putting in?
shmmeee
Well-Known Member
Depends what they think the knock on effects of liquidation are. What would happen to the other leases, would they be starting another costly legal battle with Sisu, etc. I get the impression they don’t want to be in that situation again.
Nick
Administrator
So you think Reeves wanting to throw £30m of tax payer money at them is the better option?
shmmeee
Well-Known Member
For £60m!? By the looks of it that would get you the whole lot forget preferred bidder.
“Public interest”
I can barely keep up but this seem nuts at this point. Maybe Gilbert will be able to clear things up in this interview but I suspect it will just raise more questions.
shmmeee
Well-Known Member
Literally no idea. I suspect we’ll find out it wasn’t as simple as throwing £30m away. My best guess is short term finance they’d expect to recoup, but even then it makes no sense at all.
It does look that way
Nick
Administrator
Where on earth were Wasps going to get £60m back to pay for everything?
Unless the £60m was a buyout effectively, which would then see the Council back owning some of ACL?
skybluetony176
Well-Known Member
They’d be stupid not to take it. Then again they still seem to be clinging onto the lease being worth £50m so anything is possible.
D
Deleted member 5849
Guest
If I was Martin Reeves, and I'd come to the conclusion that the council leader was a bit... simple, then I wouldn't be telling him about initial meetings. I'd be thinking that the way to get what I wanted was to dazzle him with figures, presentations, whizzy graphics and everything that Reeves actually does well, to such an extent that Duggins would then be asking where does he sign, without actually having a clue what he was getting behind.
In short, I could well believe Duggins wouldn't know what was going on until a time that a proposal was properly worked up.
shmmeee
Well-Known Member
But didn’t the story say it was just to buy time for a bidder? I swear that’s what Gilbert said this morning. Actually buying the arena and Wasps would at least make some financial sense (not a lot but more than delaying the inevitable).
There’s some key info missing here, as what’s come out just makes no sense on any level. Like if Richardson is part of Hottinger and they wanted a buy out why did he reject it?
Nick
Administrator
Maybe there's another option for Richardson?
jordan210
Well-Known Member
Remember the administrator will have costs so that 45p will drop drastically
skybluetony176
Well-Known Member
How would the council ever expect it back? Wasps on crowds of 4K and ACL barely making a profit doesn’t ring that this would be a serviceable debt, before you even factor in the other debt, £116m being touted around as total debt. It’s Truss economics. They’d either lose the lot or just continue to bail them out.
MalcSB
Well-Known Member
Didn’t think Ashley was part of the wasps legends purchase.
D
Deleted member 5849
Guest
But substantially less costs than if they wait.
shmmeee
Well-Known Member
Well current options are Reeves has gone literally insane. Or there’s more to this than has been explained so far. Either way should make his interview interesting. Do we know when it is?
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