Covskyblue
Member
Does what’s left of the 10 year agreement carry over?
Is CCFC agreement at CBS still valid under Ashley? (2 Viewers)
- Thread starter Covskyblue
- Start date
shepardo01
Well-Known Member
If the council wrote it into the transfer of the lease, yes...
It’sabatch87
Well-Known Member
So are Wasps history at the CBS that’s all I wanna know?
shmmeee
Well-Known Member
Who knows? A week ago I’d have said almost certainly, but recent comments focusing on CCFC are either better PR or a change behind the scenes that means they aren’t coming back.
Covskyblue
Member
Can the Ashley group change the agreement or up the rent?
shmmeee
Well-Known Member
Which transfer of the lease?
NorthernWisdom
Well-Known Member
Indeed. Who is the lease being transferred to?
shepardo01
Well-Known Member
Council are freeholders... they have to agree any transfer of lease from acl, and have the power to write in whether the conditions of sub lease should remain...
Sky Blue Pete
Well-Known Member
Might appeal and play in premiership next year and may well do that at cbs
Lose appeal it’s got to be highly unlikely
shmmeee
Well-Known Member
Why would the lease transfer from ACL?
shepardo01
Well-Known Member
To Fraser group
shmmeee
Well-Known Member
Why would they transfer the lease to Fraser Group?
Fraser Group now own ACL, the lease is with ACL.
NorthernWisdom
Well-Known Member
NorthernWisdom
Well-Known Member
We really need to stop with this automatic 'council bad' batshit conspiracy nonsense, it's as crazy as going all in on the SISU evil line. Sometimes, things just... happen. Sometimes of course, council *can* be bad, but the nonsense distracts from the times when they do need to be held to account, much as it did when Joy Seppala was eating everybody's babies. Over the past couple of days we have had CCFC's new owner admit that SISU didn't have the cash to bid for the stadium, and his deal meant they were late to the party - nothing there in CCC stopping SISU from bidding. We have also had the new owner say the lease is valid and there is no reason it wouldn't be really, as the company it's agreed with is still there.
Meanwhile we have administrators, and stadium company, and Frasers Group all making a point that they want to work with CCFC, and many of those self-same people making a point of thanking CCFC for their co-operation through this process.
Ultimately, the reason SISU don't own the stadium now is because SISU didn't have the cash to own the stadium. That's it, pure and simple.
Meanwhile we have administrators, and stadium company, and Frasers Group all making a point that they want to work with CCFC, and many of those self-same people making a point of thanking CCFC for their co-operation through this process.
Ultimately, the reason SISU don't own the stadium now is because SISU didn't have the cash to own the stadium. That's it, pure and simple.
shepardo01
Well-Known Member
Honestly not sure how it works.. as we know, it is a tangled Web of companies, and two versions of ACL were under scrutiny today...
But this is what I was told.. .. and by somebody who should know...
I did not delve deeper - you/smmee could be right, but think something like this has been said all along!
NorthernWisdom
Well-Known Member
If it's the same person who told you SISU were stopped from bidding, then they were wrong there.
shepardo01
Well-Known Member
Nope!!
shmmeee
Well-Known Member
Doesn’t the Ashley sale basically pay off the bond holders? Was there other debt?
Nick
Administrator
CCFC were a creditor for example.
Compass were another.
Do those agreements all stay in place or are they wiped out?
shmmeee
Well-Known Member
I assume some kind of CVA will have been part of Ashley’s bid. Even if it offered nothing it would have been deemed better for the creditors than liquidation.
NorthernWisdom
Well-Known Member
It gets voted through and the option is there to oppose but ultimately, Dave has to suck it up if he refuses as he's a minor creditor in the grand scheme of things, so can get subsumed by the majority. He might be even worse off if he's an unsecured creditor.
It’sabatch87
Well-Known Member
I just want those badges down!!
I think FG has just acquired the long leasehold shmmeee. ACL is now in administration and will ultimately be dissolved once any other assets are realised and distributions made to creditors
Nick
Administrator
So effectively, once it's not with ACL the agreements go anyway?
NorthernWisdom
Well-Known Member
In which case I'll withdraw part of my rant, but certainly won't withdraw the assumption that bad things will happen. Our new owner seems happy it's secure and, if he's wrong, what does that say about his judgement, along with the person who sold him the club?
fernandopartridge
Well-Known Member
But the terms of the lease will be the same, it's been assigned presumably at the consent of the freeholder
Gynnsthetonic
Well-Known Member
They'd be due £1800 back not the full 6k
Grendel
Well-Known Member
I have made a direct purchase of a lease where the council owns the freehold - we agreed the price but had to get permission through assignment from ccc as the freehold owner
fernandopartridge
Well-Known Member
I've seen some lease terms and assignment consent seems pretty boilerplate in commercial leases
MusicDating
Euro 2016 Prediction League Champion!!
Pure and simple? That's just Hear'say...
ACL 2006 holds and manages the head lease from CCC whilst ACL is responsible for operational management of the arena business. IEC was majority owned by ACL.
As I understand it, those 3 companies went in to administration and were immediately bought by House of Fraser Group. Assets won’t be realised for distribution, HoF payment for the three companies is the totality of what is available for distribution to creditors from those 3 companies, There is no need for them to be dissolved and it would be in the new owners interest to maintain all current contracts for use of the stadium in place. But hopefully not Wasps!
