Wasps downward spiral... (79 Viewers)

[Philosoraptor]

If you’ve got insider info - which way i they expecting to go with this? They going bust or are we getting our hopes up?

Imagine the PR disaster for A Street if the WMCA give this the green light.

 

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[Philosoraptor]

For a Mayor who is struggling to get any recognition for the organization he runs, this could be the nail in the coffin for anyone from Coventry for the WMCA.

 

[Philosoraptor]

I guess this what happens when you force an organization onto people, then not giving the people a say on how they want to be governed.

 

[Philosoraptor]

Ann Lucas said in her reply to joining the WMCA, I believe, that Martin Reeves could not find any reason why we can't join the WMCA without a vote, or words to that general expression. I believe this is contrary to what Demsoc said about the process.

Well, I believe, I can't find a reason why we shouldn't give Martin Reeves due process and then sack him, or a change of Chief Executive because of this advice.

 

[Gynnsthetonic]

Whoa, I am seeing in triple vision, am I drunk?

I think what he's trying to imply is that they are making a statement at the end of the month

 

[Grendel]

I suspect we will be moving grounds again very soon

 

[Gynnsthetonic]

I suspect we will be moving grounds again very soon

Don't we have 9 years left on the lease

 

[oldfiver]

9

So what do we know

Interesting that acl companies are the only ones with charges from compass. Wasps holdings and finance don't.

Each of acl , acl 2006 wasps holdings and wasps finance secure the bond

Insolvency value of the lease would be well below current value.

Wasps finance the biggest creditor of acl. Acl owes wasps finance, then it is wasps finance that owes the bondholders.

Do we know where all the assets currently are. It is completely legal transfer assets around group companies especially if the security not affected

Accounts for ACL acl2006 & iec not filed and all could still be struck off but the Crown would seize any assets and any creditors would likely challenge the striking off- so not going to be allowed to happen

Default notice issued by bond trustees which is 30 day notice of action.

All assets are revalued in an insolvency and sold to the highest or preferred bidder. Liabilities are paid off at a discount.

Wasps not acl as far as has been said have applied for 13m assistance from WMCA.

These are serious financial people involved in this. They are not stupid. There is a plan.

Just thoughts it might not mean anything. Could easily be completely wrong I don't know.

If the Bonds are not paid it all collapses because of guarantees etc.

It would be interesting to see who is raisng the new finance - WF or WASPs Holdings or ACL. But if the suggestion is the £13m is not for the Bond Holders - what is this for?

 

[shepardo01]

But if the suggestion is the £13m is not for the Bond Holders - what is this for?

They promise it is for repairs on the stadium, and they promise that none will find its way into financing the bond.

 

[oldfiver]

I suspect we will be moving grounds again very soon

Why?

 

[Moff]

Right now we don’t know what the £13m is for (or certainly I don’t). You throw the definition of ‘state aid‘ around to sensationalise it but have the rugby club received state aid or is that just your interpretation ?

Yes you could argue they are living beyond their means but you could say that about any outfit that has received funding for something unrelated to the playing side.

It’s interesting how many have now jumped on the cheating topic because of a reported £13m funding application but not before (if I’ve missed it before then I apologise)

You consider it ‘almost’ cheating…. the rights and wrongs of how the stadium business is run is unrelated to the players …. I accept I will be in the minority here with that view ….. so be it

State is government. The regional authority is local government. You can argue the semantics of that all you want.

I raised the issue about 'cheating' If people jump on the bandwagon that's up to them. Complain to them not me.

I know the game of rugby and how it works, you may not like that as you seem to take the view that us football fans don't understand your game, but accept it, and that I have a good idea on how Wasps are and will be viewed, certainly by other fans that I know.

 

[oldfiver]

They promise it is for repairs on the stadium, and they promise that none will find its way into financing the bond.

I think Mr Street won't get caught with that one.

 

[Grendel]

Why?

If the money is awarded I can’t see Sisu not taking some action

 

[Sky Blue Pete]

If you’ve got insider info - which way i they expecting to go with this? They going bust or are we getting our hopes up?

Im sure parties spin it how in a way that shows them in the best light. Steven Vaughan said funding in place and I assume the announcement will be in line with that

 

[Sky Blue Pete]

I suspect we will be moving grounds again very soon

What makes you say that?

 

[Dubai-Dodger]

State is government. The regional authority is local government. You can argue the semantics of that all you want.

I raised the issue about 'cheating' If people jump on the bandwagon that's up to them. Complain to them not me.

I know the game of rugby and how it works, you may not like that as you seem to take the view that us football fans don't understand your game, but accept it, and that I have a good idea on how Wasps are and will be viewed, certainly by other fans that I know.

State aid is not simply any government funding. Funding originating from a government entity is not always considered state aid. Reality is it doesn’t matter it’s £13m coming from somewhere which I have agreed is concerning.

I’m well aware you are familiar with rugby, I’ve seen your posts before and certainly wasn’t trying to suggest otherwise.

Im quite sure some of your Saints mates do view Wasps badly, nothing new there, that was the case long before the Coventry move.

 

[Liquid Gold]

He's a canley lad aswell , his circle of friends are all nice lads tbh

Oh shit sorry didn’t realise it was Canley. Sorry if I offended you sir

 

[HuckerbyDublinWhelan]

If the money is awarded I can’t see Sisu not taking some action

I’d imagine the WMCA would be more competent than CCC so the likelyhood is that it would definitely be above board

 

[fernandopartridge]

Oh shit sorry didn’t realise it was Canley. Sorry if I offended you sir

Evo is from the other side of the track I think

 

[mds]

Did SISU play the long game perfectly, pushed and pushed with all the legal procedings ending up at the EU to then suddenly drop them using Warwick Uni to mask it.
They are a business built around money i wonder if they knew something, maybe inside info on the Wasps finances.

Whether they did or didnt IDGAF as long as Wasps end up in London where they started. Fuck em corrupt bunch of cnuts

 

[Philosoraptor]

Evo is from the other side of the track I think

Something, something, something: dark side.

 

[Philosoraptor]

Are all the Unite councillors still barred from the Union. I need something tonight to cheers me up.

 

[HuckerbyDublinWhelan]

Say what you will about Simon Gilbert - but the guy has extremely thick skin. Takes a battering from us, and now taking one from Wasps - guy really makes light of it

 

[Sky Blue Pete]

Say what you will about Simon Gilbert - but the guy has extremely thick skin. Takes a battering from us, and now taking one from Wasps - guy really makes light of it

Nice bloke too

 

[Colin Steins Smile]

How does the £13m comply with competition law or illegal state aid?
Asking for a friend

 

[Peter Billing Eyes]

If the stadium does require 13 million in reparations (and the defects have been defined as structural), I wonder if that offers any leverage towards tearing up the rental agreement and moving again until the proverbial dust settles? It’s not something I would necessarily agree with but can see why this may be something to consider.
It would also be a tall ask finding a landlord with space for 12k> season ticket holders. Just putting this out there for debate….

 

[clint van damme]

Imagine the PR disaster for A Street if the WMCA give this the green light.

Let's hope he doesn't adopt the mantra of his doppelganger the Wealdstone Raider, 'you want some, I'll give it to ya'.

 

[oldfiver]

If the money is awarded I can’t see Sisu not taking some action

On what grounds? If they do then many others will as well. But I suspect the counter argument from WASPs would be they should make their own applications

 

[Covkid1968#]

If karma was working then the outcome of all of this would be CCFC owning the arena and CRFC being given a Premiership share.
[/QUOTE]
If Carlsberg did outcomes…….

 

[CCFC54321]

Say what you will about Simon Gilbert - but the guy has extremely thick skin. Takes a battering from us, and now taking one from Wasps - guy really makes light of it

Good response….

 

[Flying Fokker]

Did SISU play the long game perfectly, pushed and pushed with all the legal procedings ending up at the EU to then suddenly drop them using Warwick Uni to mask it.
They are a business built around money i wonder if they knew something, maybe inside info on the Wasps finances.

Whether they did or didnt IDGAF as long as Wasps end up in London where they started. Fuck em corrupt bunch of cnuts

They are not that good. Maybe they learned something about trying to stress companies like ACL? A complete failure that put us into years of angst.

 

[mr_monkey]

Good response….

I've definitely given him a kicking over the years but fair play to him for all of this and the good grace he's taking it in (although I'll never forgive him for the book announcement hype )

 

[Flying Fokker]

If the stadium does require 13 million in reparations (and the defects have been defined as structural), I wonder if that offers any leverage towards tearing up the rental agreement and moving again until the proverbial dust settles? It’s not something I would necessarily agree with but can see why this may be something to consider.
It would also be a tall ask finding a landlord with space for 12k> season ticket holders. Just putting this out there for debate….

We should never leave Coventry again. I’m also certain the fanbase would be decimated. A bit like last time really. I can’t see any reason to think 12k season ticket holders would follow.

 

[Terry Gibson's perm]

I am sure the people of Henley in Arden will be delighted if Wasps get bailed out as well.

 

[duffer]

If the stadium does require 13 million in reparations (and the defects have been defined as structural), I wonder if that offers any leverage towards tearing up the rental agreement and moving again until the proverbial dust settles? It’s not something I would necessarily agree with but can see why this may be something to consider.
It would also be a tall ask finding a landlord with space for 12k> season ticket holders. Just putting this out there for debate….

I think if the stadium had serious structural issues, we wouldn't get a safety certificate for all or part of it (like Blues, perhaps). But I couldn't imagine it's that serious.

I also can't see any reason why CCFC would want to break their sub-lease at the moment.

Similarly, even if Wasps end up losing the head lease to either the council or the bondholders, in law I believe the sub-lease remains in force.

In any case, why would the new landlord want to kick out a paying tenant even if they could?

Personally, I don't see any great risk to CCFC from Wasps woes.

Maybe SISU get the 250-year head lease on the cheap as a result of all this, or maybe they don't, but I think we're safe with the remainder of the current sub-lease at least.