Ricketts
Well-Known Member
Yep, fake news.
Yep, fake news.Exhausted the rugby town discussion then?
I stand corrected. But still not many businesses would want a football stadium so it could be even better for council to end up with egg on their faces,They said at the time of the sale that in that event the lease would revert back to the council
How can they use the lease as security for the bonds if in the event of financial difficulties the lease reverts to CCC?They said at the time of the sale that in that event the lease would revert back to the council
No idea about the ins and outs, but I know if it goes tits up it reverts back to the council.How can they use the lease as security for the bonds if in the event of financial difficulties the lease reverts to CCC?
Coventry city football club in Coventry city is this hared to do ?Tim fisher said that we are moving out of the Ricoh to go to Rugby. He told a bunch of people
Coventry are leaving the Ricoh and going to Rugby I am informed Fisher told a bunch of people today
It is if the "owner" of the only available ground won't let us play there and there isn't anywhere else suitable.Coventry city football club in Coventry city is this hared to do ?
This seems a complete mess and not a particularly secure guarantee if you were putting money in to Wasps bonds.“Should the Wasps project fail, the arrangement is that the stadium defaults back to Coventry City Council as its freehold owners.”
Reads to me that if Wasps can't pay the bills and need the security to kick in CCC have the right to pull the lease back but that can be contested. And if already in administration CCC might not be able to do anything to take back the lease or prevent it being sold to any third party.Under the terms of the head lease granted by Coventry City Council (“CCC”) to Arena Coventry (2006) Limited (“ACL2006”) in respect of the Arena (the “Head Lease”), CCC have reserved the right to forfeit the Head Lease if ACL2006 becomes insolvent.
Insolvency in this scenario means a situation where ACL2006 becomes unable to pay its debts, has a receiver/administrator/provisional liquidator appointed over its assets, has assets seized in order to pay debts of ACL2006 or has a winding-up order made against it.
The effect of forfeiture would be that the 250 year Head Lease would fall away and that ACL would then become the tenant of CCC at the Arena for the remaining 38 years of its existing lease.
However, the right of CCC to claim forfeiture of the Head Lease is not an automatic right. If CCC made a claim for such forfeiture, this could be contested by ACL2006, any third party that held security over ACL2006 and any subtenants of ACL2006 by making application to a court in England.
Further, if an administrator was to be appointed over the assets of ACL2006, then CCC would not be able to forfeit the Head Lease without the consent of the appointed administrator or with the leave of the courts.
If forfeiture was to take place prior to maturity of the Bonds, then U.S. Bank Trustees Limited, the entity that will hold the security on behalf of Bondholders, may not be in a position to assign the Head Lease for value in the event CCC forfeited the lease as described in the preceding paragraph. This may have an impact on the Bondholders’ ability to receive full repayment of their investment in the Bonds on the occurrence of such an insolvency event.
The only positive I can see from this proposal is that our old friend from Rugby Hackney Fox would be horrified at the City playing in his hometown.
As much as I would like to see Wasps go bang, I cannot see it happening for a long time. !
we live in hope that one hedge fund investment goes bust so CCFC can benefit
Could see this happening tbh won’t be quick return either this time I feel Sisu will sit and wait for wasps to break...
Rugby hmmm could be a lot worse we won’t be keeping Willis etc tho and attracting players no chance.
No, with Coventry City Council, that was never going to happen!If a 50/50 deal could have been arranged at the start that would have been the ideal scenario but with two hedge funds that was never going to happen!
.....And they can pay Premier League wages.......Player attraction won’t be a concern, let’s be honest Bournemouth’s stadium isn’t something to shout home about, but they attract some of the best players because of various aspects of their Club and their stature.
Posted a link to an article the other day and barring 2 clubs fighting it out for relegation rugby agents said Wasps were the least attractive club for players.Player attraction won’t be a concern, let’s be honest Bournemouth’s stadium isn’t something to shout home about, but they attract some of the best players because of various aspects of their Club and their stature.
There's another scenario. Their current owner will run out of money before long, so presumably he will then look to sell the club. What if the new owner wants to move them back to London?we live in hope that one hedge fund investment goes bust so another hedge fund can benefit
@GaryHoffmanThere's another scenario. Their current owner will run out of money before long, so presumably he will then look to sell the club. What if the new owner wants to move them back to London?
Will wasps be in trouble if we left? Its my only thread of hope i cling too
It’s a cv postcode and not very far at all.
Posted a link to an article the other day and barring 2 clubs fighting it out for relegation rugby agents said Wasps were the least attractive club for players.
I’d love to see that article if you knew where it was Dave.
Oh dear: Agents Poll: The best and worst destination clubs in the Premiership
Wasps third from bottom behind Newcastle and Worcester who are battling relegation.
Just a quick question. As CCC are the freeholders and Wasps the "headline" tennant, how much rent do they pay CCC for the privilege?
I stand corrected. But still not many businesses would want a football stadium so it could be even better for council to end up with egg on their faces,
SISU have done a good job in that respect. I'd have never thought it possible until then...Is it 2014 already?
Don’t worry we’ll never move to Northampton
I always think it is sad when people wish someone else's house will fall down to make their own house look better; rather than just get on and sort their own house out.
He won't live for long anyway.I don't want Wasps to go under personally, my next-door neighbour's their coach and they don't make a single peep so I don't want the risk of them moving house and some loud dickheads moving in.
Funny that.
Everyone saying I hope Wasps go pop fuck um etc.
Then cry when they same wasps don't help us.
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