Wasps downward spiral... (58 Viewers)

[Brighton Sky Blue]

A 250 year lease is as good as owning it.

Still doesn't mean they own it.

 

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[lordsummerisle]

16-0 up at halftime lost 16-26!

 

[Deleted member 5849]

Still doesn't mean they own it.

It's as good as owning it.

 

[Brighton Sky Blue]

It's as good as owning it.

Yes but in a technical sense how can they seek a mortgage on something they don't technically own?

 

[Grendel]

Still doesn't mean they own it.

From a finance perspective it does

 

[Deleted member 5849]

Yes but in a technical sense how can they seek a mortgage on something they don't technically own?

The same way you do on your flat with its 88 year lease.

 

[Grendel]

Yes but in a technical sense how can they seek a mortgage on something they don't technically own?

They own the lease any lease 125 years is considered freehold for loan purposes it’s only when it gets below 50 lenders get twitchy

 

[Brighton Sky Blue]

They own the lease any lease 125 years is considered freehold for loan purposes it’s only when it gets below 50 lenders get twitchy

Understood, carry on

 

[Philosoraptor]

A 250 year lease is as good as owning it.

Can't see any company set up specifically to run a flat, which is what's happened at the Arena.

I think you can't make the same connection.

 

[Grendel]

Can't see any company set up specifically to run a flat, which is what's happened at the Arena.

I think you can't make the same connection.

Many businesses have leases to the council and can easily get funding from it - it’s freehold at 125 for lending purposes

 

[oldskyblue58]

Substantial fixed asset: I'm failing to see what this is meant to be.

I am sure what was sold was rights to run the Arena and not ownership of the ground.

No not the right to run it, the right to occupy the site for 250 years which is in legal terms equivalent to owning the freehold. No one else can use the site for that period of time without the express permission of wasps.

That right is valued at £52m in the latest financials and can and is used as security for borrowing

 

[Philosoraptor]

No not the right to run it, the right to occupy the site for 250 years which is in legal terms equivalent to owning the freehold. No one else can use the site for that period of time without the express permission of wasps.

That right is valued at £52m in the latest financials and can and is used as security for borrowing

This would be in the confidential agreement between CCC and Wasps?

 

[Philosoraptor]

And associated parties.

 

[oldskyblue58]

This would be in the confidential agreement between CCC and Wasps?

No the lease detail has to be filed at the Land registry. Pay the fee you can get a copy. Has nothing to do with any confidential agreement

 

[Philosoraptor]

No the lease detail has to be filed at the Land registry. Pay the fee you can get a copy. Has nothing to do with any confidential agreement

The confidential agreement may then bar the sale of the company that runs the Arena to another party?

 

[oldskyblue58]

No idea but I don't think any commercial business would accept that. It restricts its value

 

[Grendel]

No idea but I don't think any commercial business would accept that. It restricts its value

Why bother

 

[Philosoraptor]

No idea but I don't think any commercial business would accept that. It restricts its value

I think the Arena can't be classed as any normal commercial business.

 

[Philosoraptor]

I think the last thing CCC would want to see is the sale of the company that runs the Arena to an entity which is separate from the team which plays there.

 

[JAM See]

Six-teen nil up and you fucked it up...

 

[oldskyblue58]

I think the last thing CCC would want to see is the sale of the company that runs the Arena to an entity which is separate from the team which plays there.

Most leases have a clause that requires the freehold owner approval on disposal, so CCC I would think has to be consulted and approve.

 

[Philosoraptor]

Most leases have a clause that requires the freehold owner approval on disposal, so CCC I would think has to be consulted and approve.

So this information on the consultation and decision will be in Public domain, so it can be scrutinised seeing that CCC is the only freeholder?

 

[Grendel]

So this information on the consultation and decision will be in Public domain, so it can be scrutinised seeing that CCC is the only freeholder?

All owners of freehold have to grant an assignment to any new owner of a lease - this isn’t a staggering revelation

 

[fernandopartridge]

Their attendances have plummeted, not sure what a match day break even would be...

 

[Grendel]

The strange thing when their games are on the car parks look packed. This suggests most of the locals have probably given up

 

[fernandopartridge]

I think the rugby turnover maintaining despite decreasing attendances, really highlights that the attendances are flooded by freebies, so their rely on sponsorship and tv money which remains relatively static.

Sent from my SM-G965F using Tapatalk

And without any threat of relegation afaik not something that's at any great risk.

 

[fernandopartridge]

I think the last thing CCC would want to see is the sale of the company that runs the Arena to an entity which is separate from the team which plays there.

Why? It has always been run by separate entities.

 

[Evo1883]

 

[Philosoraptor]

All owners of freehold have to grant an assignment to any new owner of a lease - this isn’t a staggering revelation

I understand this, but I think it is not going to be as straight forward as what is being projected here.

 

[Evo1883]

 

[Evo1883]

Depending on behind the goal , I'd be gobsmacked if there was 5000 there

 

[Liquid Gold]

That is piss poor. What figure did they announce?

Also good to see them on Sunday and us on Saturday. Means we've got the primacy.

 

[Evo1883]

 

[Tommo1993]

That is piss poor. What figure did they announce?

Also good to see them on Sunday and us on Saturday. Means we've got the primacy.

Knowing them, 10,000

 

[Evo1883]

Looks less than a checkatrade game against somebody like Exeter