Wasps going into admin & the impact on CCFC (144 Viewers)

[The Philosopher]

We’ve got a ten year lease though, more than sufficient time to build a new stadium !

Doesn’t any business lease over 7 years give protected rights? CCFC should be hard to shift if the lease was registered properly

 

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[Samo]

i fear the worse. Seems if ACL go into admin, it’ll be sold to the highest bidder and the council will have no say it’s sold too. with NEC hoovering and the rumours of them not wanting sports involved.

But isn't there some legals about there being a sporting element?

 

[Calista]

Conviently ignoring the fact that every Councillor voted for the deal on the understanding that it would not negatively impact either CCFC or CRFC.

Basically they accepted a load of promises from Wasps, "play on Sundays", "build a training ground and create jobs in the city", "always a place for CCFC", and did literally nothing to make the deal legally contingent on those promises.

They also gave zero consideration to the impact on the club of being frozen out of any income from the arena.

Last but not least, they did it all in secret and never offered anything even close to the deal that Wasps got to the club.

That deal was either incompetent or malignant, and has been the primary source of our woes ever since. Cllr Duggins to try to deflect by saying "you voted for it too", is just piss poor.

This is the absolute crux of it

 

[Deleted member 5849]

For the last time, it's Heineken

But that's bigger pisswater

 

[shmmeee]

The Council were never partners were they? Your sterling defence of these idiots in allowing a totally inept company to take the "community asset" and run it into the ground is hardly a source of amusement

You don’t think the single freeholder of a suitable stadium in the city is a partner?

And you’re questioning the intelligence of others?

Your problem from the start of you’re blinded by politics. Go touch some grass, of course the local authority is a huge stakeholder for a business like CCFC, even if they didn’t own the ground.

 

[duffer]

but going by the meeting today. it’s out of everyone hands. no guarantees we will be playing there in 2 weeks time. listen back and the words used. duggins emphasised the word ‘ambition to keep the club’ in the city

We'll still have a sub-lease in two weeks time, whatever happens to ACL, admin or not. That remains regardless of the who the head lease belongs to.

If you think it all of the way through, no matter who buys the lease, our sub-lease remains intact. And who would want to kick us out anyway, as long as we're paying the rent and bringing footfall into the other businesses at the arena (which also benefit the head leaseholder)?

 

[Alan Dugdales Moustache]

Vaughans lack of grip on reality is extraordinary

I want my local Rugby Town FC to move all their home matches to Villa Park.

 

[Nick]

Won't the council have a say over to the lease goes to? Do they have to sign it over as free holder?

 

[olderskyblue]

Ridley on the right there just logging on to skybluestalk

View attachment 26680

Cllr O and Cllr Q are also male…..

 

[wingy]

20m??? what the fuck have they built it with

Hi Alumina.

 

[rexo87]

There was a point after Ridley had asked Duggins about whether Sisu could buy the stadium, Duggins said ‘WHEN Sisu make a bid for the stadium it’ll be down to the administrators’ or something along those lines. He could have meant to say if rather than when but thought it was interesting


Sent from my iPad using Tapatalk

 

[Skyblueweeman]

20m??? what the fuck have they built it with

Yeah this. A stadium that's what, less than 20 years old, has racked up in essence, £1m worth of defects a year??

The construction companies should be queried on this. I get that 'spruce ups' are needed etc but not to the tune of £20m. That implies something structural needs fixing. Wow.

 

[Philosoraptor]

Fuck sake, O'Boyle sounds like a complete waste of space.

Oh, and...

BBC NEWS | England | Coventry/Warwickshire | Boycott campaigner gets Peugeot

news.bbc.co.uk

Do as I say and not do as I do...

 

[HuckerbyDublinWhelan]

Yeah this. A stadium that's what, less than 20 years old, has racked up in essence, £1m worth of defects a year??

The construction companies should be queried on this. I get that 'spruce ups' are needed etc but not to the tune of £20m. That implies something structural needs fixing. Wow.

If that’s true, the club are better off building a new stadium

 

[djr8369]

Im not so sure. I don’t get the impression they’ve got loads of spare cash. whether they can raise some to fund something like the stadium purchase, who knows

Agree that this is a time for them to put up or shut up (and piss off) though

The way that I see it is whatever cash they do have they will have to weigh spending/investment of it against all the other opportunities available. They are a hedge fund and need to make the best return on capital they can. Unlikely to put any of their “own” money into a stadium, IMO.

 

[Brighton Sky Blue]

The way that I see it is whatever cash they do have they will have to weigh spending/investment of it against all the other opportunities available. They are a hedge fund and need to make the best return on capital they can. Unlikely to put any of their “own” money into a stadium, IMO.

They’ve been in charge of CCFC for 15 years think it’s safe to say return on investment isn’t their forte

 

[jordan210]

Wonder if ACL's account will ever be filed. As a profitable standalone business. There is no need not to file them.

 

[Skyblue_CP]

For me that basically settles it, if anyone was in for the club and the ground you would assume things like that would be leaked by now. Nothing stays quiet in the football world too long, especially if Ashley is involved. When NEC take over, we have to hope they’re more amicable as our landlords than Wasps were.

 

[Senior Vick from Alicante]

No ones going to buy the stadium before it goes into administration, you would have to not give a shit about the value. The question is if Wasps paid 15 million for the lease and the Stadium needs upwards of £15 million spending on it whats the lease actual worth, 3 or 4 million?

 

[Calista]

What was interesting was when I searched companies house I initially searched under ACL not Arena Coventry and top of the list for companies starting with ACL was this newly registered overseas company. I’m sure it’s a coincidence and unconnected but still.

ACL DEVELOPMENT LIMITED overview - Find and update company information - GOV.UK

ACL DEVELOPMENT LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity

find-and-update.company-information.service.gov.uk

Registered 5 days ago - that's one hell of a coincidence as you say, but does seem unrelated.

Off topic (only slightly!), but I hate this murky underworld of financial smartarses that are screwing us all.

'Overseas entity'
‘540 companies at this address’
‘VIRGIN ISLANDS, BRITISH’
‘holds 80 appointments at 80 active companies, has resigned from 130 companies and held 119 appointments at 119 dissolved companies’
‘combined total current assets value of £135m with a total current liabilities of £137m and a total current net worth of £84m’

The sad thing is that I fear similar types of people to this hold the fate of CCFC in their hands right now, and the fans are helpless bystanders. It would be brilliant if someone genuinely interested in football invested in CCFC, but I’ll believe it when I see it.

 

[duffer]

Won't the council have a say over to the lease goes to? Do they have to sign it over as free holder?

I stand to be corrected, but I don't think it works that way, Nick. There might be some covenants/restrictions as to use, but I don't think the freeholder can stand in the way of a sale of the lease to another party.

So if SISU came knocking and had the right amount of money, I don't think the council could stop it going through, if that's what you're thinking.

Who knows though, these guys love making QCs richer.

Landlord’s consent when selling your business lease | Commercial Property - Saracens Solicitors

saracenssolicitors.co.uk

 

[thekidfromstrettoncamp]

We’ve got a ten year lease though, more than sufficient time to build a new stadium !

In 2013 over 9 years ago it was stated by Sisu that they intended to build their own stadium been reiterated many times since by our owner.So I don't think the rest of our 10 year lease is "sufficient time" maybe wrong.

 

[chiefdave]

There have been no significant improvements to the stadium but some £20m defects have been highlighted

would be nice to have confirmation of that. another thing the Wasps supporters claimed we'd made up that wasn't true.

 

[SHUNT31]

Duggins said he knows there have been multiple offers for millions when talking about bridging finance. He said the buyer should provide the bridging finance as he has seen the size of the offers.

If true, it doesn’t get to admin.

 

[Skyblue_CP]

In 2013 over 9 years ago it was stated by Sisu that they intended to build their own stadium been reiterated many times since by our owner.So I don't think the rest of our 10 year lease is "sufficient time" maybe wrong.

Their intentions will be quite obvious if they don’t bid for the CBS, you will never build an arena to anywhere near the same specification as the CBS for even double the price it’s up for grabs for now.

 

[jordan210]

Registered 5 days ago - that's one hell of a coincidence as you say, but does seem unrelated.

Off topic (only slightly!), but I hate this murky underworld of financial smartarses that are screwing us all.

'Overseas entity'
‘540 companies at this address’
‘VIRGIN ISLANDS, BRITISH’
‘holds 80 appointments at 80 active companies, has resigned from 130 companies and held 119 appointments at 119 dissolved companies’
‘combined total current assets value of £135m with a total current liabilities of £137m and a total current net worth of £84m’

The sad thing is that I fear similar types of people to this hold the fate of CCFC in their hands right now, and the fans are helpless bystanders. It would be brilliant if someone genuinely interested in football invested in CCFC, but I’ll believe it when I see it.

I did some digging. Its registered to a satellite address in London.

Under the name

MARCUS SIMON COOPER.

google shows MARCUS SIMON COOPER as a Marcus Cooper Group is an investment, development and property trading group.

The DOB on the ACL development and Marcuss company house profile match

 

[HuckerbyDublinWhelan]

Maybe suggests Ashley? Any buyer will need to deal with the bond holders. He was close to refinancing

 

[SHUNT31]

I did some digging. Its registered to a satellite address in London.

Under the name

MARCUS SIMON COOPER.

google shows MARCUS SIMON COOPER as a Marcus Cooper Group is an investment, development and property trading group.

I wonder if we know any property developers connected to Wasps? Hmmmm, what about Derek Richardson?

 

[Sky Blue Pete]

Can’t see sisu taking on the lease. It’s not sustainable. I don’t know where we go from here.

 

[clint van damme]

Fuck sake, O'Boyle sounds like a complete waste of space.

Oh, and...

BBC NEWS | England | Coventry/Warwickshire | Boycott campaigner gets Peugeot

news.bbc.co.uk

Do as I say and not do as I do...

at least he's not involved in any hugely important regeneration projects inthe city



Oops!

 

[ccfc922]

Can’t see sisu taking on the lease. It’s not sustainable. I don’t know where we go from here.

Surely our revenues should be higher with 20k gates, Championship football and TV money to make it sustainable compared to Wasps business model?

 

[Sky Blue Pete]

Surely our revenues should be higher with 20k gates, Championship football and TV money to make it sustainable compared to Wasps business model?

There’s no hidden millions of pounds. I’d love to be proved wrong but if they can’t stump up money to relay the pitch I am in no doubt the lease or a new ground is not possible. I don’t get what if anything is possible

 

[duffer]

I did some digging. Its registered to a satellite address in London.

Under the name

MARCUS SIMON COOPER.

google shows MARCUS SIMON COOPER as a Marcus Cooper Group is an investment, development and property trading group.

The DOB on the ACL development and Marcuss company house profile match

Nice work mate. If the FA ever get serious about doing a genuine, thorough, 'fit and proper' owners test, they should talk to this place first.

 

[duffer]

Can’t see sisu taking on the lease. It’s not sustainable. I don’t know where we go from here.

Don't lose heart Pete. We need you.

I'm still genuinely convinced we'll be in a better place for all of this, getting rid of the franchise rugby team is just an added bonus.

 

[shmmeee]

Yeah this. A stadium that's what, less than 20 years old, has racked up in essence, £1m worth of defects a year??

The construction companies should be queried on this. I get that 'spruce ups' are needed etc but not to the tune of £20m. That implies something structural needs fixing. Wow.

What’s the time limit on claims against construction companies like that?