CBS issues (51 Viewers)

Flying Fokker · Aug 10, 2022

If City knew about this, then they took a risk knowing that it may end in tears. The planning around The Commonwealth Games was in place to the point of having the stadium booked for an extra week.

I guess it was all about revenue, not wanting to upset 13k season ticket holders etc. The away day home games is the way SISU rolls anyway. It is no great shakes for them. So like I said, they took risks. The fans lost out again, regardless of who is to account for this farce.

chiefdave · Aug 10, 2022

Flying Fokker said:
If City knew about this, then they took a risk knowing that it may end in tears. The planning around The Commonwealth Games was in place to the point of having the stadium booked for an extra week.

Even if league games had been scheduled to be away there would still be a home cup game to be played tonight.

For me there are questions around the maintenance of the pitch and the state it was in prior to the CWG. If they knew a new pitch wasn't going in then getting the existing one right was an important task that seems to have been neglected.

Secondly if Wasps felt the pitch would not be playable why did they agree to the clubs demands for a game, just tell Boddy its not possible and that if the EFL have an issue with that they were happy to speak with them directly. At some point Wasps agreed to stage a home game therefore they have a responsibility to ensure there's a pitch fit for purpose.

MalcSB · Aug 10, 2022

Grendel said:
Someone mentioned you on one of their forums - said something about typing with a frontal lobotomy - shocking behaviour

To be honest, I think Grendel is an equal opportunities pain in the arse on both sites.

Skybluebeliever · Aug 10, 2022

chiefdave said:
Even if league games had been scheduled to be away there would still be a home cup game to be played tonight.

For me there are questions around the maintenance of the pitch and the state it was in prior to the CWG. If they knew a new pitch wasn't going in then getting the existing one right was an important task that seems to have been neglected.

Secondly if Wasps felt the pitch would not be playable why did they agree to the clubs demands for a game, just tell Boddy its not possible and that if the EFL have an issue with that they were happy to speak with them directly. At some point Wasps agreed to stage a home game therefore they have a responsibility to ensure there's a pitch fit for purpose.

I’m afraid Wasps don’t care about the pitch and whether it’s fit for us to use , they have 35 million bigger problems at the moment

They just want receive the rent we pay and that’s it

The EFL have no control or able to sanction them

There are no repercussions for the Wasps apart from the club refusing to pay the rent and then having to play elsewhere , which they know the club cannot do

Nick · Aug 10, 2022

Skybluebeliever said:
There are no repercussions for the Wasps apart from the club refusing to pay the rent and then having to play elsewhere , which they know the club cannot do

They will if there's no pitch to play on.

They won't be getting rent if the pitch isn't fit for use. Why would / should they?

Where's Andy Street now?

Skybluebeliever · Aug 10, 2022

chiefdave said:
Even if league games had been scheduled to be away there would still be a home cup game to be played tonight.

For me there are questions around the maintenance of the pitch and the state it was in prior to the CWG. If they knew a new pitch wasn't going in then getting the existing one right was an important task that seems to have been neglected.

Secondly if Wasps felt the pitch would not be playable why did they agree to the clubs demands for a game, just tell Boddy its not possible and that if the EFL have an issue with that they were happy to speak with them directly. At some point Wasps agreed to stage a home game therefore they have a responsibility to ensure there's a pitch fit for purpose.

I’m afraid Wasps don’t care about the pitch and whether it’s fit for us to use , they have 35 million bigger problems at the moment

They just want receive the rent we pay and that’s it

The EFL have no control or able to sanction them

There are no repercussions for the Wasps apart from the club refusing to pay the rent and then having to play elsewhere , which they know the club cannot do

PUSB-We_are_going_up · Aug 10, 2022

Skybluebeliever said:
I’m afraid Wasps don’t care about the pitch and whether it’s fit for us to use , they have 35 million bigger problems at the moment

They just want receive the rent we pay and that’s it

The EFL have no control or able to sanction them

There are no repercussions for the Wasps apart from the club refusing to pay the rent and then having to play elsewhere , which they know the club cannot do

Well we cant pay them for not providing w suitable pitch, we surely cant pay them for having to play a home game in Burton

Sky Blue Harry H · Aug 10, 2022

Skybluebeliever said:
There are no repercussions for the Wasps apart from the club refusing to pay the rent and then having to play elsewhere , which they know the club cannot do

Pretty sure The Casino, bars etc will have something to say about the lack of income for cancelled matches - if Wasps really are 'we don't give a **** about CCFC, and the wider community for that matter - pubs, cafes etc - nor the condition of the pitch (notwithstanding any 'contract' conditions that may exist) then they are setting themselves up for an even quicker fall as regards community engagement. This may well be because they are in a desperate financial state - if so, let the good people of Coventry react appropriately; I know most City fans will. We really need to get the CET to get off the fence on this one and focus the spotlight on what is happening here.

Saddlebrains · Aug 10, 2022

Skybluebeliever said:
I’m afraid Wasps don’t care about the pitch and whether it’s fit for us to use , they have 35 million bigger problems at the moment

They just want receive the rent we pay and that’s it

The EFL have no control or able to sanction them

There are no repercussions for the Wasps apart from the club refusing to pay the rent and then having to play elsewhere , which they know the club cannot do

Any idea on the state of the pitch as it is now?

Are going to be there Tuesday?

KenilworthSkyBlue · Aug 10, 2022

Skybluebeliever said:
I’m afraid Wasps don’t care about the pitch and whether it’s fit for us to use , they have 35 million bigger problems at the moment

They just want receive the rent we pay and that’s it

The EFL have no control or able to sanction them

There are no repercussions for the Wasps apart from the club refusing to pay the rent and then having to play elsewhere , which they know the club cannot do

If the pitch isn't brought up to standard then I can't really see any other route other than the club withholding rent - as one can pretty easily assume that Wasps won't be forthcoming with any compensation which the club will almost certainly be demanding, and rightly so.

Skybluebeliever · Aug 10, 2022

Nick said:
They will if there's no pitch to play on.

They won't be getting rent if the pitch isn't fit for use. Why would / should they?

We are the least of their problems at the moment and they have no money to fix in the long term
They will use this time to continue what they have always done and hopefully the pitch will pass an inspection

Razzle Dazzle Dean Gordon · Aug 10, 2022

chiefdave said:
Even if league games had been scheduled to be away there would still be a home cup game to be played tonight.

For me there are questions around the maintenance of the pitch and the state it was in prior to the CWG. If they knew a new pitch wasn't going in then getting the existing one right was an important task that seems to have been neglected.

Secondly if Wasps felt the pitch would not be playable why did they agree to the clubs demands for a game, just tell Boddy its not possible and that if the EFL have an issue with that they were happy to speak with them directly. At some point Wasps agreed to stage a home game therefore they have a responsibility to ensure there's a pitch fit for purpose.

The whole thing is bizarre and we're going to get the usual sets of PR spin from both sides to cloud the situation further I expect. It smacks of a poor working relationship between the club and Wasps but also of some potentially bizarre decision making along the way (for example if as Wasps say we knew the pitch would likely be wrecked and unplayable why did we not press the EFL to move the game). Being informed in May that a new pitch was not going to be installed and raising no objections also seems odd on our part (or complete BS from Wasps). Fans are once again stuck in the middle of this farce.

Nick · Aug 10, 2022

Sky Blue Harry H said:
Pretty sure The Casino, bars etc will have something to say about the lack of income for cancelled matches - if Wasps really are 'we don't give a **** about CCFC, and the wider community for that matter - pubs, cafes etc - nor the condition of the pitch (notwithstanding any 'contract' conditions that may exist) then they are setting themselves up for an even quicker fall as regards community engagement. This may well be because they are in a desperate financial state - if so, let the good people of Coventry react appropriately; I know most City fans will. We really need to get the CET to get off the fence on this one and focus the spotlight on what is happening here.

As seen previously, Duggins etc don't give a fuck about the local businesses who will also lose out. He was more bothered about an Aldi closing (when there's one up the road) than he was CCFC moving.

Fuck all of the businesses who will now lose out on money tonight alone.

wingy · Aug 10, 2022

Razzle Dazzle Dean Gordon said:
The whole thing is bizarre and we're going to get the usual sets of PR spin from both sides to cloud the situation further I expect. It smacks of a poor working relationship between the club and Wasps but also of some potentially bizarre decision making along the way (for example if as Wasps say we knew the pitch would likely be wrecked and unplayable why did we not press the EFL to move the game). Being informed in May that a new pitch was not going to be installed and raising no objections also seems odd on our part (or complete BS from Wasps). Fans are once again stuck in the middle of this farce.

Did Boddy venture that it was EFL's end of things?

Grendel · Aug 10, 2022

Nick said:
As seen previously, Duggins etc don't give a fuck about the local businesses who will also lose out. He was more bothered about an Aldi closing (when there's one up the road) than he was CCFC moving.

Fuck all of the businesses who will now lose out on money tonight alone.

I think even the dumb council will be careful about big positive narratives over wasps now - there’s clearly big financial issues and a major embarrassment coming closer

Johhny Blue · Aug 10, 2022

clint van damme said:
I've got to spend the day with my family, fucking gutted!

I’ve never met your family but based on my little knowledge of you I’d be gutted too

Nick · Aug 10, 2022

Skybluebeliever said:
We are the least of their problems at the moment and they have no money to fix in the long term
They will use this time to continue what they have always done and hopefully the pitch will pass an inspection

So where are all of the councillors, MPs etc who were wanking over them? Maton seems to have tweeted their statement but not much about the club.

Why aren't they all demanding to know they 20,000 people a week may be forced to spend their money elsewhere?

Nick · Aug 10, 2022

Grendel said:
I think even the dumb council will be careful about big positive narratives over wasps now - there’s clearly big financial issues and a major embarrassment coming closer

Your man Maton was OK to Retweet their statement though Fuck all about CCFC though.

Shows just how much they are all about "Coventry" and not about what's in it for them.

Skybluebeliever · Aug 10, 2022

KenilworthSkyBlue said:
If the pitch isn't brought up to standard then I can't really see any other route other than the club withholding rent - as one can pretty easily assume that Wasps won't be forthcoming with any compensation which

Sky Blue Harry H said:
Pretty sure The Casino, bars etc will have something to say about the lack of income for cancelled matches - if Wasps really are 'we don't give a **** about CCFC, and the wider community for that matter - pubs, cafes etc - nor the condition of the pitch (notwithstanding any 'contract' conditions that may exist) then they are setting themselves up for an even quicker fall as regards community engagement. This may well be because they are in a desperate financial state - if so, let the good people of Coventry react appropriately; I know most City fans will. We really need to get the CET to get off the fence on this one and focus the spotlight on what is happening here.

What can they say ?

The council have not said a word , while the wasps hide behind them

Nick · Aug 10, 2022

Nothing stopping the councillors, MPs, small business saying things about the amount of fans that stand to be lost to the local economy if the pitch isn't fit to play on.

Dhillons would be a good example as well.

The tide has turned massively. (That's not saying give Anybody else a free pass)

KenilworthSkyBlue · Aug 10, 2022

Skybluebeliever said:
What can they say ?

The council have not said a word , while the wasps hide behind them

Indeed. And their silence is deafening.

Fine if they want to sit in the Wasps camp, bridges have long burned between the club and the Council.

But to be totally oblivious and stay silent while local businesses face potentially weeks of lost revenue on match days, which is likely vital to their bottom line, is abhorrent - businesses I might add which are already struggling due to the energy hike and cost of living crisis.

Skyblueweeman · Aug 10, 2022

Skybluebeliever said:
We are the least of their problems at the moment and they have no money to fix in the long term
They will use this time to continue what they have always done and hopefully the pitch will pass an inspection

Do you know if there was any caveat/condition in the return agreement that payments would be based on a suitable playing surface or something of that ilk?

If we've signed a deal but there's no mention of a good standard of pitch being available (and ability for non-rent payment if not), that wouldn't be the smartest thing we've ever done.

Hopefully we've not dropped the ball on it.

Esoterica · Aug 10, 2022

Esoterica said:
If the coach is too expensive, James Raffell has just announced he’s doing a 10 quid all you can drink barge trip, leaving the canal basin at 8am tomorrow.

Can anyone help me? I only had two lager tops all day because the queues were so bad. Nipped off the boat for a quick slash in the hedge while we were waiting in a lock but got my Prince Albert stuck in my zip. By the time I'd freed myself the boat was nowhere to be seen. Just heard an elephant, so think I'm somewhere near Twycross zoo if anyone is driving that way to the game....

Ashdown · Aug 10, 2022

On the other hand a very efficient team of groundsmen, plenty of water and even more sunshine might just provide a pitch that whilst not perfect might be playable by next Tuesday.

MalcSB · Aug 10, 2022

Skybluebeliever said:
We are the least of their problems at the moment and they have no money to fix in the long term
They will use this time to continue what they have always done and hopefully the pitch will pass an inspection

From bondholders forum

coley88

10 Aug '22 - 14:05 - 791 of 792

0 0 0

We should all get together and foreclose - Anyone have the contact details of the Bond Trustee

bigfish1
10 Aug '22 - 16:05 - 792 of 792

0 0 0

Laurence Griffiths
laurence.griffiths@usbank.com
cc. CDRM@usbank.com
cc. chris.hobbs@usbank.com

US Bank Trustees Limited (in its capacity as Issuer Security Trustee) 125 Old Broad Street London EC2N 1AR

Actually as it turns out, we may all need to go through our brokers as most of us are actually 'beneficial owners' and not legal owners. Our bonds are held for us in trust by the broker.

Just to be clear, Wasps Finance and Wasps Hodings are insolvent, we know this because they have defaulted on the bond. The consent solicitation is a CVA (Company voluntary arrangements) whereby an insolvent company seeks to reach an agreement with its creditors to prevent itslef having to go into liquidation. As we know, it requires 75% of bondholders to agree to any arrangement. We all need to get in contact with our brokers and make sure they keep us informed and know our wishes. Personally, unless they come up with a very convincing plan for repayment in a fairly short space of time, I am for selling the arena/liquidation. The amount of money they have lost, since well before the pandemic is astonishing. They also have added a further 20 million loan from Derek Richardson and sold a stake (what stake?) to CVC for 12.5 million. It's all vanished, there's nothing left. Except the stadium, whatever that's worth.

Wasp Bondholders Facebook Group: https://www.-1358371174688144

Sky Blue Harry H · Aug 10, 2022

MalcSB said:
From bondholders forum

coley88

10 Aug '22 - 14:05 - 791 of 792

0 0 0

We should all get together and foreclose - Anyone have the contact details of the Bond Trustee

bigfish1
10 Aug '22 - 16:05 - 792 of 792

0 0 0

Laurence Griffiths
laurence.griffiths@usbank.com
cc. CDRM@usbank.com
cc. chris.hobbs@usbank.com

US Bank Trustees Limited (in its capacity as Issuer Security Trustee) 125 Old Broad Street London EC2N 1AR

Actually as it turns out, we may all need to go through our brokers as most of us are actually 'beneficial owners' and not legal owners. Our bonds are held for us in trust by the broker.

Just to be clear, Wasps Finance and Wasps Hodings are insolvent, we know this because they have defaulted on the bond. The consent solicitation is a CVA (Company voluntary arrangements) whereby an insolvent company seeks to reach an agreement with its creditors to prevent itslef having to go into liquidation. As we know, it requires 75% of bondholders to agree to any arrangement. We all need to get in contact with our brokers and make sure they keep us informed and know our wishes. Personally, unless they come up with a very convincing plan for repayment in a fairly short space of time, I am for selling the arena/liquidation. The amount of money they have lost, since well before the pandemic is astonishing. They also have added a further 20 million loan from Derek Richardson and sold a stake (what stake?) to CVC for 12.5 million. It's all vanished, there's nothing left. Except the stadium, whatever that's worth.

Wasp Bondholders Facebook Group: https://www.-1358371174688144

https://giphy.com/l0HlMG1EX2H38cZeE

Colin Steins Smile · Aug 10, 2022

MalcSB said:
From bondholders forum

coley88

10 Aug '22 - 14:05 - 791 of 792

0 0 0

We should all get together and foreclose - Anyone have the contact details of the Bond Trustee

bigfish1
10 Aug '22 - 16:05 - 792 of 792

0 0 0

Laurence Griffiths
laurence.griffiths@usbank.com
cc. CDRM@usbank.com
cc. chris.hobbs@usbank.com

US Bank Trustees Limited (in its capacity as Issuer Security Trustee) 125 Old Broad Street London EC2N 1AR

Actually as it turns out, we may all need to go through our brokers as most of us are actually 'beneficial owners' and not legal owners. Our bonds are held for us in trust by the broker.

Just to be clear, Wasps Finance and Wasps Hodings are insolvent, we know this because they have defaulted on the bond. The consent solicitation is a CVA (Company voluntary arrangements) whereby an insolvent company seeks to reach an agreement with its creditors to prevent itslef having to go into liquidation. As we know, it requires 75% of bondholders to agree to any arrangement. We all need to get in contact with our brokers and make sure they keep us informed and know our wishes. Personally, unless they come up with a very convincing plan for repayment in a fairly short space of time, I am for selling the arena/liquidation. The amount of money they have lost, since well before the pandemic is astonishing. They also have added a further 20 million loan from Derek Richardson and sold a stake (what stake?) to CVC for 12.5 million. It's all vanished, there's nothing left. Except the stadium, whatever that's worth.

Wasp Bondholders Facebook Group: https://www.-1358371174688144

This is a very interesting and it usually on takes on significant bond holder to decide to cut their loses and seek to recover some value for contagion within other financial institutions to take grip. So …. How much do they think the stadium is worth?

Sky Blue Pete · Aug 10, 2022

Colin Steins Smile said:
This is a very interesting and it usually on takes on significant bond holder to decide to cut their loses and seek to recover some value for contagion within other financial institutions to take grip. So …. How much do they think the stadium is worth?

Not heard any solutions from any party other than thoughts and prayers. Crazy

Skybluebeliever · Aug 10, 2022

Skyblueweeman said:
Do you know if there was any caveat/condition in the return agreement that payments would be based on a suitable playing surface or something of that ilk?

If we've signed a deal but there's no mention of a good standard of pitch being available (and ability for non-rent payment if not), that wouldn't be the smartest thing we've ever done.

Hopefully we've not dropped the ball on it.

I don’t think it matters what is in the contract , wasps have no money to rectify the pitch , do any improvements , investment in a new pitch

We can take them to court for breach of contract , we can withhold rent payments etc

They stop us playing at the stadium, you can see from their statement yesterday how they feel

Grendel · Aug 10, 2022

Skyblueweeman said:
Do you know if there was any caveat/condition in the return agreement that payments would be based on a suitable playing surface or something of that ilk?

If we've signed a deal but there's no mention of a good standard of pitch being available (and ability for non-rent payment if not), that wouldn't be the smartest thing we've ever done.

Hopefully we've not dropped the ball on it.

I doubt it matters

They clearly have zero funds left - this is just becoming a huge problem all round

KenilworthSkyBlue · Aug 10, 2022

Skybluebeliever said:
I don’t think it matters what is in the contract , wasps have no money to rectify the pitch , do any improvements , investment in a new pitch

We can take them to court for breach of contract , we can withhold rent payments etc

They stop us playing at the stadium, you can see from their statement yesterday how they feel

Indeed. All roads are certainly leading towards that at the minute if the situation escalates further.

Nick · Aug 10, 2022

Skybluebeliever said:
I don’t think it matters what is in the contract , wasps have no money to rectify the pitch , do any improvements , investment in a new pitch

We can take them to court for breach of contract , we can withhold rent payments etc

They stop us playing at the stadium, you can see from their statement yesterday how they feel

You would think the contract would include being able to play games

wingy · Aug 10, 2022

Nick said:
You would think the contract would include being able to play games

Administrator will need to retain staff to be operational?

djr8369 · Aug 10, 2022

Grendel said:
I doubt it matters

They clearly have zero funds left - this is just becoming a huge problem all round

We are going to end up moving this season, aren’t we?

If wasps get liquidated I’m sure the council will be in no rush to get us in the stadium, even as tenants.

The best case scenario is probably we sell a key player to fund a new pitch being laid and wasps let us take ownership of pitch maintenance.

Nick · Aug 10, 2022

djr8369 said:
We are going to end up moving this season, aren’t we?

If wasps get liquidated I’m sure the council will be in no rush to get us in the stadium, even as tenants.

The best case scenario is probably we sell a key player to fund a new pitch being laid and wasps let us take ownership of pitch maintenance.

How can we take ownership of the pitch?

What happens if they want a concert on?

It's like saying you own a carpet in a house

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