dongonzalos
Well-Known Member
The club’s owners are also pushing for ACL, now 100 per cent owned by Wasps, to pay back more money to Coventry council – claiming a higher rate of interest should be applied to the loan for the length of its existence.
Wasps CCFC Relationship (1 Viewer)
- Thread starter dongonzalos
- Start date
dongonzalos
Well-Known Member
I know if that happened and I were Wasps where I would be looking to recoup such money......
What do CCFC have to gain from this particular request.
I know what they may have to lose. Yet they are asking for the council to be given more money by Wasps.
The only gain I think they could have is that if they think Wasos are broke and this may push them over the edge?
What do CCFC have to gain from this particular request.
I know what they may have to lose. Yet they are asking for the council to be given more money by Wasps.
The only gain I think they could have is that if they think Wasos are broke and this may push them over the edge?
Grendel
Well-Known Member
The sign of desperation is making a silly post for bites - getting ignored - so posting again
It appears the fishing season is well and truly back in business.
dongonzalos
Well-Known Member
So you think Wasps have no issue with SISU asking them to pay a was of extra money to CCC.
Considering SISU say they have no issue with Wasps and their issue is with CCC. Why do they want CCC to get a windfall at Wasps expense?
Thanks for talking to me
Nick
Administrator
If it's judged that wasps should pay money back then what's the problem?
If it's judged something has been done wrong which involves wasps, should it be ignored because they are the landlord? Sounds like a hostage type thing to me.
That's if they are judged, a huge if.
dongonzalos
Well-Known Member
fishing season.....how apt from the perennial Red Herring
"A red herring is often used in legal studies and exam problems to mislead and distract students from reaching a correct conclusion about a legal issue"
dongonzalos
Well-Known Member
That's how you think Wasps will think about it?
Nick
Administrator
I doubt they are worried if everything is above board.
Or are wasps going to whack the rent up and this will be the spun out reason?
skybluebeduff
Well-Known Member
Isn't this our final season at The Ricoh? Can the club activate the year extension that was agreed when we arrived back? Or is it Wasps who choose that option?
When would you say negotiations will take place to extend our stay?
When would you say negotiations will take place to extend our stay?
Sick Boy
Super Moderator
Ccfc will have no say. I'm sure they'll let us continue to stay on a low rent, all we need to do is ask and they'll give us what we want.
Nick
Administrator
Unless they kick us out or put our rent up a fair whack, then blame it on court stuff so they smell of roses
jimmyhillsfanclub
Well-Known Member
At least Sisu are fighting for the Coventry tax payers best interests.....it certainly can't be left to the Council as we have seen...you should be applauding them Dongo.....
dongonzalos
Well-Known Member
I can't see how Wasps have done anything wrong they just did a deal they and us would have been crazy not to do.
Personally I can't see how trying to cost them a load of money, on top of getting compensation is of benefit to us at all. It is not conducive to any future negotiations we try to have.
The only way it makes sense to me is if SISU believe wasps are skint. Otherwise why try and earn the council money?
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dongonzalos
Well-Known Member
At least Sisu are fighting for the Coventry tax payers best interests.....it certainly can't be left to the Council as we have seen...you should be applauding them Dongo.....
Yes I agree.
I take it you don't think they are doing that but for the best interests of the tax payer.
So why do you think they are doing that extra bit?
dongonzalos
Well-Known Member
That would be my fear.
If they are not skint and can take the hit for paying extra money to the council. I would be surprised if they did not take any opportunity to recoup that money from the third party who caused them to pay.
Especially if as many say the Ricoh rent deal is as good as many maintain.
Let's hope this doesn't kead to a stint in Northampton that genuinely isn't our own choice
If they are not skint and can take the hit for paying extra money to the council. I would be surprised if they did not take any opportunity to recoup that money from the third party who caused them to pay.
Especially if as many say the Ricoh rent deal is as good as many maintain.
Let's hope this doesn't kead to a stint in Northampton that genuinely isn't our own choice
Nick
Administrator
I haven't said they have done anything wrong, I am pretty sure they would have been well informed about any legal ongoings.
It may also explain the rush to get the council loan paid off.
Nick
Administrator
Why do you keep replying to yourself?
Surely if Wasps are ordered to pay money to the council then somebody is in the wrong somewhere? If they wanted to recoup their money from CCFC then I assume there would be outrage?
dongonzalos
Well-Known Member
I think it completely explains the rush.
dongonzalos
Well-Known Member
Don't really get your point?
Why do you think we are trying to get Wasps to pay more money to the council?
Do you think such action will have any impact on the relationship between SISU and Wasps?
Why do you think we are trying to get Wasps to pay more money to the council?
Do you think such action will have any impact on the relationship between SISU and Wasps?
Nick
Administrator
Why would they rush if there was no worry? Genuine question for the business people who know how it being paid off makes a difference.
Nick
Administrator
It can't be that they have no money, aren't they the richest team in Europe or something and making money here, there and everywhere?
torchomatic
Well-Known Member
Didn't they do just that? They paid off the loan as soon as the cash hit the doormat.
chiefdave
Well-Known Member
If Wasps are ordered to pay more money to the council it will mean that there is an issue with the way the deal between ACL, CCC and Wasps was done. Now we don't know what evidence SISU will present so in the event they are successful that could relate to ether the sale to Wasps or more likely the council bailout of ACL. A ruling that the deal was done incorrectly and ACL being required to pay more to CCC will open the door for the SISU compensation claim.
jimmyhillsfanclub
Well-Known Member
....with no early redemption penalties whatsoever......how very accommodating of CCC.
SkyBlueSid
Well-Known Member
If there is legal action that drags Wasps in to it, why would Wasps even consider extending the tenancy of CCFC? They can end the whole thing at the end of the season by not taking up the extension option. Or they could simply make the rent prohibitive. They would be justified in thinking CCFC were biting the hand that feeds them.
As far as ACL are concerned, Wasps bought and now own that company to run the Ricoh as I understand it. Surely they could now liquidate that company so that there was nothing for CCFC to take legal action against, rather like when a double glazing company disappears with the punters' money. They then run the Ricoh themselves from a different company. It's not just Sisu who can work the law to their advantage.
As far as ACL are concerned, Wasps bought and now own that company to run the Ricoh as I understand it. Surely they could now liquidate that company so that there was nothing for CCFC to take legal action against, rather like when a double glazing company disappears with the punters' money. They then run the Ricoh themselves from a different company. It's not just Sisu who can work the law to their advantage.
Nick
Administrator
So what people are saying is that it would be fine for Wasps to either kick is out or put the rent stupidly high if they were dragged into a legal battle they knew about when they took on ACL?
IF they did anything wrong or were involved in any way, is it right that the threat / thought of being kicked out of the Ricoh should let them off with it and it should just be swept under the carpet?
torchomatic
Well-Known Member
So bascially, Wasps can't have done anything wrong because, well, they're Wasps. And they should fuck us over at the first opportunity as long as it damages SISU.
Nick
Administrator
Sounds more like some sort of ransom / blackmail type stuff.
SkyBlue_Bear83
Well-Known Member
Nowhere to be seen until the court date, go crawl back under your rock.
Specs WT-R75
Well-Known Member
100%.
However I think we are all reading way too much into this part of the claim. Relatively speaking it is pennies. If the loan had been agreed at 14m @ 5%, but the correct commercial rate turns out to be 7.5% then they will have 2.5% bill for the period of time the loan was in existence. I am not trying to belittle half a mil, but just saying that the Wasps liability ends with this payment and that is why they wanted rid of the CCC loan asap as there is no further liability. I would go so far as to say it is quite damning how quickly they have offloaded the loan with bonds paying 6%...
However to demand this repayment is a necessary part for Sisu to show wrong has been done and then as a consequence they can sue the council for damages which is clearly their real target here. Suing the council was mentioned for the first time during this court meeting - the cat is out of the bag.
Now this is a big "IF", but we all know that Sisu are not blameless here, but as my parents always told me, two wrongs don't make a right, so IF the council have retaliated incorrectly against Sisu then they deserve what is coming their way regardless of feelings about Sisu.
What I don't know is if damages awarded would be to CCFC or Sisu as the injured owner of a company that has lost value due to 3rd party - any thoughts OSB?
Specs
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SkyBlueSid
Well-Known Member
I'm not saying it's necessarily right. I'm suggesting that it is what Wasps could do to protect themselves. They must know that Sisu are hardly known for being ethical about the way they do business. Whatever the outcome, it damages the relationship so it would not be surprising if Wasps wanted nothing further to do with them. They are taking a risk by upsetting their landlord.