What would be funny is if we quietly rearrange the seats that spell out Wasps in the stands while the game is going on so when everyone leaves it no longer says Wasps.That would be funny us all wearing black armbands tomorrow evening
Is it better for us if ACL go into administration as well?
I think if ACL go into admin the council will be forced to revoke the lease. If that happens, would the administrator be able to sell the lease? Not sure.
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Going in to Admin is CCC' s biggest nightmare so will wriggle in any direction to prevent it
I agree but there’s only so much they can do.
Not a penny in the bank of ACL apparently.
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And what didn’t you hear about SISU’s angle..?A lot of what is happening and has happened re Wasps was put to me weeks ago by a so called itk. Took at the time with a pinch of salt but looks to be correct, I’m now interested in the sisu angle and looking forward to a happy xmas.
Bobby Bridge from the heart:
The darkest day in Wasps' history.
Well, let us digest that statement.
We were expecting Wasps to go into administration, but the most shocking line is that 'joint Administrators were required to make 167 employees redundant, including all members of the playing squads and coaching staff'.
This was the worst-case scenario for fans of the club, and for those employed by Wasps.
They are now out of work. Everything that was built by head coach Lee Blackett and his group, is now in ruins.
Young men whose dreams of playing in black and gold, crushed.
Men and women who depend on the club to pay their bills, now without an income.
The vast majority of these employees live in the real world financially. Modest incomes without great pools of reserves. This isn't football, the rewards in rugby are far, far smaller.
As the statement says, it's a dark day. The darkest in Wasps' history.
And the biggest tragedy of all. I will have to pay for a Rugby Shirt from now on
Ah that's why the chopper's been idle for six days.I think Seppala is locked in a drinking contest with Ashley in the Tavern. First one to chunder into a fireplace loses
One thing that is odd is still no confirmation of admin on public records
With a rocket launcherI've never enjoyed twitter as much as i have the last couple of weeks
Like shooting fish in a barrel
Wasn’t it reported that they’ve reached their overdraft limit?I agree but there’s only so much they can do.
Not a penny in the bank of ACL apparently.
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One thing that is odd is still no confirmation of admin on public records
Perhaps we should rearrange it to 'SWAPS' ?What would be funny is if we quietly rearrange the seats that spell out Wasps in the stands while the game is going on so when everyone leaves it no longer says Wasps.
If you own a leasehold home, in theory once the lease expires the property standing on the leasehold ground then belongs to the leaseholder. This doesn't usually happen in practice (if the lease is extended prior to expiry).
Depending on the terms of the lease, that may apply to the arena, in which case if CCC revoke the lease upon admin, then the administrator has nothing to sell, and the arena belongs to CCC. I am assuming that is correct.
There is supposedly a forfeiture clause in the case of insolvency in the head lease. However, CCC would have to trigger that clause once the insolvency is known (and for ACL it isn‘t known yet). The bondholders, who hold a legal mortgage over the stadium, would have the right to challenge any forfeiture in court, as indicated in the bonds prospectus. Some of the bondholders point to legal precedent as suggesting they would win such a challenge.If you own a leasehold home, in theory once the lease expires the property standing on the leasehold ground then belongs to the leaseholder. This doesn't usually happen in practice (if the lease is extended prior to expiry).
Depending on the terms of the lease, that may apply to the arena, in which case if CCC revoke the lease upon admin, then the administrator has nothing to sell, and the arena belongs to CCC. I am assuming that is correct.
See my post 3 minutes before yoursDoes our ccc have any input who can take over the CBS.
It’s also infuriating that this is the reason they don’t understand our anger towards thsmIt's mad how little the Wasps fans seem to know.
Maybe it was before they got given a free flag?
Put an image on my personal FB yesterday and had a response about those poor Wasps employees. Was quite happy to put that person back in their place and they had no comeback...
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Nearly all of the few that followed wasps I knew didn’t know about the huge debt that they had around them.It's mad how little the Wasps fans seem to know.
Maybe it was before they got given a free flag?
There is supposedly a forfeiture clause in the case of insolvency in the head lease. However, CCC would have to trigger that clause once the insolvency is known (and for ACL it isn‘t known yet). The bondholders, who hold a legal mortgage over the stadium, would have the right to challenge any forfeiture in court, as indicated in the bonds prospectus. Some of the bondholders point to legal precedent as suggesting they would win such a challenge.
There is also supposedly a clause giving the council the power of veto against prospective purchasers. I would be surprised if that couldn’t also be challenged by bondholders if the application of the veto would reduce the proceeds from the sale.
Got curious so checked the 2019 accounts. There was 12.5m CVC cash and they revalued the P share upwards by 4.1m. otherwise they would have lost around 11m that year. So one off income of 16.6m hiding the fact that it was always a business still losing around 10m a year.£5M was in 2020. When quotes figures it is usually group results
Vaughan should be asked what was the net cash flow loss from Covid.
They received payroll reliefs plus a big receipt from PRL plus I suspect others
Got curious so checked the 2019 accounts. There was 12.5m CVC cash and they revalued the P share upwards by 4.1m. otherwise they would have lost around 11m that year. So one off income of 16.6m hiding the fact that it was always a business still losing around 10m a year.
Or at 17 pound a ticket over 20 home games a they would have needed to sell an extra 29,411 tickets per game. So basically sellout crowds wouldn't have seen ACL into profit. All this before addressing outstanding loan debt.
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