bigfatronssba
Well-Known Member
We’re not talking about the bond. We’re talking about the £14m that ACL owed to CCC
No. It was not. The assets had transferred by the time the loan was discharged. The bond issue was May 2015.
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Ive heard of Great Man theory of history, you must be the first Shit Man theorist I’ve come across.
Because they replaced the debt with another one to pay back Richardson (and whatever else they frittered the money away on)So why repay it?
Yes, so it was well after the sale of the shares in ACL, ergo was not part of the deal.They paid the £13.4 back after the bond.
All here in the Lego Heads article after the bond money was raised.
Wasps to pay back £13.4m Ricoh Arena council loan "within days"
Club insists bond scheme which raised £35m is not to help owner shift personal financial risk onto investorswww.coventrytelegraph.net
Yes, so it was well after the sale of the shares in ACL, ergo was not part of the deal.
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They wouldn’t have paid it if they didn’t have to.
ACL was sold with the debt.
it was sold for £5.6m not £19m
Yes. The deal included no obligation to pay the debt off.Yes, because the purchase included £14m of debt.
Taking on the debt was obviously part of the deal. Otherwise why would they have used the bond money to pay it off? Unless you’re suggesting it was some sort of “charitable” donation to the council that just happened to be equal to the debt I’m not sure what point it is you think you’re making.Yes, so it was well after the sale of the shares in ACL, ergo was not part of the deal.
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Of course it did. Stop being ridiculous. It didn’t have an obligation to pay it off early but they brought it with a payment plan. Many on here were complaining that they paid it off early because it robbed the taxpayer of the interest payments.Yes. The deal included no obligation to pay the debt off.
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Sorry, no obligation to pay it off as part of the price paid. I don't know how many times this needs to be explained. It bought the shares and their assets and liabilities. The deal was not contingent on the debt being settled through the bond issueOf course it did. Stop being ridiculous. It didn’t have an obligation to pay it off early but they brought it with a payment plan. Many on here were complaining that they paid it off early because it robbed the taxpayer of the interest payments.
Sorry, no obligation to pay it off as part of the price paid. I don't know how many times this needs to be explained. It bought the shares and their assets and liabilities. The deal was not contingent on the debt being settled through the bond issue
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You’ve just said it yourself, they brought the liabilities. I’ve not said it was contingent being repaid though the bond issue. But the liability they brought had a commitment to pay it back. It’s just ridiculous to say otherwise.Sorry, no obligation to pay it off as part of the price paid. I don't know how many times this needs to be explained. It bought the shares and their assets and liabilities. The deal was not contingent on the debt being settled through the bond issue
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it was sold for £5.6m not £19m
Not really. They did only insofar as they bought ACL's obligation. The key point is that the deal for the shares in ACL could not have been rescinded if they decided not to pay it at all.You’ve just said it yourself, they brought the liabilities. I’ve not said it was contingent being repaid though the bond issue. But the liability they brought had a commitment to pay it back. It’s just ridiculous to say otherwise.
Not really. They did only insofar as they bought ACL's obligation. The key point is that the deal for the shares in ACL could not have been rescinded if they decided not to pay it at all.
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Heat stroke?I feel like I've stepped back in time in this thread, why are we going on about this again?
But they did. So I’m not sure what your point is.Not really. They did only insofar as they bought ACL's obligation. The key point is that the deal for the shares in ACL could not have been rescinded if they decided not to pay it at all.
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They didn't. The bond holders didBut they did. So I’m not sure what your point is.
But they could have been sued for payment and in the event of non payment wound up. Then they would no longer own the shares.Not really. They did only insofar as they bought ACL's obligation. The key point is that the deal for the shares in ACL could not have been rescinded if they decided not to pay it at all.
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Yes but not relating specifically to the deal they signedBut they could have been sued for payment and in the event of non payment wound up. Then they would no longer own the shares.
Yes. The deal included no obligation to pay the debt off.
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So Wasps gave the city of Coventry £14m out of the goodness of their hearts?
Why the hell do we hate them then?
According to you lot Derek Richardson is the greatest benefactor to Coventry since John Gulson.
Robinson deserves a statue. What a wonderful man.
Where have I said that you
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The debt arose specifically from the deal that they signed.Yes but not relating specifically to the deal they signed
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The debt arose specifically from the deal that they signed.
Well, yeah. Technically in the end I suppose they did. Minus the interest payments they didn’t get their capital back though.They didn't. The bond holders did
Yeah but apart from that.The debt arose specifically from the deal that they signed.
Nobody has said that you utter clownIts amazing how many people think you can buy a business up to its eyeballs in debt but that debt suddenly disappears the second the ownership changes
Nobody has said that you utter clown
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Nobody has said that you utter clown
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They paid the council £14m but it was not part of the purchase
Christ you are beyond thick.Its amazing how many people think you can buy a business up to its eyeballs in debt but that debt suddenly disappears the second the ownership changes
Christ you are beyond thick.
The deal to buy the shares in ACL and thus the leasehold on the Arena did not include any specific obligation to immediately repay the loan to CCC. This is a demonstrable fact given that ACL only raised the finance (secured against the ACL assets they'd purchased) to discharge the loan some months AFTER they had the shares in ACL. They chose to repay the loan early rather than over its full term.
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