Wasps going into admin & the impact on CCFC (233 Viewers)

[SkyblueDad]

None of us know what’s really happening imo obviously what happens with the CBS might influence what happens with CCFC.
My guess is the Arena situation could be known, the likes of Hoffman and associates haven’t gone away have they and unlikely to have rested on their laurels.

 

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[Nick]

Remember the discussion on this back when it happened and we all got told we were wrong and that the sale price of both ACL and then the lease extension to Wasps weren't linked to the valuation Wasps gave for the purposes of issuing the bond but it never stacked up for me. Always stuggled to see how they would sell it for £35m if it came to it.

Guess there's still time for us all to be proven wrong.

Yeah, when questioning what they paid and then how it was suddenly worth shit loads more.

The experts went in hard to say how it was different and was right.

 

[Nick]

None of us know what’s really happening imo obviously what happens with the CBS might influence what happens with CCFC.
My guess is the Arena situation could be known, the likes of Hoffman and associates haven’t gone away have they and unlikely to have rested on their laurels.

Dale Evans?

 

[shmmeee]

Aren't they two separate things? For example the pubs that benefit from our games haven't appeared as a result of the stadium being built, in fact its a common complaint that there is a lack of facilities around the ground.

I was under the impression that the project was supposed to be a catalyst for regeneration in that part of the city but it seems to me that since the initial project very little has happened. That doesn't mean that the arena park itself hasn't created jobs or that existing businesses in the area don't benefit from the footfall.

Ah yes, everyone would be drinking at The Hub if we played at Highfield Road…

Crowds increased by 20%, we have international artists and exhibitions at the city we never had before, hundreds of jobs in the area have been created beyond what was ever at Highfield Road.

There’s transport links that wouldn’t have existed, community spaces and events that wouldn’t have existed in that area.

At some point lads you have to put the pitchforks down and the thinking hats on or you make yourselves look very silly.

 

[Nick]

At some point lads you have to put the pitchforks down and the thinking hats on or you make yourselves look very silly.

 

[oldfiver]

Aren’t they forced to give up the P Shares anyway just for going into admin? Can’t see them raising anywhere near enough to pay them back


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There is no charge on the Shares - only any proceeds that are needed so they do not want them sold

 

[shmmeee]

Plenty of jobs created in the area but all at £9 an hour in retail or "hospitality." Its why we get hopeless students or agency working in the bars etc at the CBS and never come back for a second shift.
Its also why the government can crow about full employment but all the jobs are min wage where you cant actually live on it. Not regeneration.

It’s an entertainment and events complex! What did you expect? Thousands of nuclear physicists and machine learning engineers?

 

[shmmeee]

In keeping with every examples in that song, no it’s not at all ironic.

 

[chiefdave]

Ah yes, everyone would be drinking at The Hub if we played at Highfield Road…

Crowds increased by 20%, we have international artists and exhibitions at the city we never had before, hundreds of jobs in the area have been created beyond what was ever at Highfield Road.

There’s transport links that wouldn’t have existed, community spaces and events that wouldn’t have existed in that area.

At some point lads you have to put the pitchforks down and the thinking hats on or you make yourselves look very silly.

I feel you're arguing a different point. I'm not saying there's no benefit to having the complex there, I'm saying it was touted as the initial part of wider regeneration in the area and other than the arena park itself there appears to be very little regeneration in the area.

 

[Terry Gibson's perm]

If the trust had and skill or credibility amongst the fans they would already have been looking to get control of the arena but obviously they wouldn’t want to upset the London team that used to play there.

 

[SkyblueDad]

I don’t think when the CBS goes into admin at the end of the week we will know what happens to it or when for a while there will be all sorts of rumours, going back to Gary Hoffman he was quoted that he spoke to fans saying things could be happening by xmas hears nothing since about that positive or negative.

 

[Gynnsthetonic]

Source where he is?

We don't know, you can't say he is interested or can't say he isn't, it's all a guessing game

 

[Gynnsthetonic]

I don’t think when the CBS goes into admin at the end of the week we will know what happens to it or when for a while there will be all sorts of rumours, going back to Gary Hoffman he was quoted that he spoke to fans saying things could be happening by xmas hears nothing since about that positive or negative.

Any interested buyers are going to keep things close to their chest, none going to show there cards before ACL go into admin

 

[Nick]

If they go into admin on Friday, what does that mean for Saturday's game?

 

[HuckerbyDublinWhelan]

I don’t think when the CBS goes into admin at the end of the week we will know what happens to it or when for a while there will be all sorts of rumours, going back to Gary Hoffman he was quoted that he spoke to fans saying things could be happening by xmas hears nothing since about that positive or negative.

Did that actually happen though? Or is it just someone bullshitting?

 

[skybluetony176]

Are ACL in the situation of buy them before admin and take on the debt, buy them out of administration and wipe the debt clean? Presumably then the lease reverts to the original term and an extended lease will have to be purchased from CCC again?

If that’s right then why would anyone buy them before admin?

 

[Nick]

 

[Samo]

Are ACL in the situation of buy them before admin and take on the debt, buy them out of administration and wipe the debt clean? Presumably then the lease reverts to the original term and an extended lease will have to be purchased from CCC again?

If that’s right then why would anyone buy them before admin?

I think the only reason anyone would do that is to avoid the post admin bidding war by paying slightly over the odds.

 

[Nick]

I think the only reason anyone would do that is to avoid the post admin bidding war by paying slightly over the odds.

They also take on all of the debt then though?

 

[Samo]

They also take on all of the debt then though?

How much debt is there?

 

[Sick Boy]

Is that the one @Grendel is stalking?

 

[Nick]

How much debt is there?

Shit loads.

 

[HuckerbyDublinWhelan]

They also take on all of the debt then though?

Wouldn’t that only be the case if ACL 2006 still exists? If it gets liquidated surely the council take back running of it and a new company (ACL 2022) is set up

 

[Nick]

Is that the one @Grendel is stalking?

If it is, then Wasps taking thousands of OAPs when they knew they were fucked. No better than Gypsies offering to clear a gutter for £5k.

 

[AndreasB]

It’s an entertainment and events complex! What did you expect? Thousands of nuclear physicists and machine learning engineers?

Hi
Thanks for correcting me and clarification that Regeneration means an oversized Tesco, a Pizza Hut and a football ground nobody really wants or can afford.
Actually there are the sort of jobs you talk about at Ansty Park so it can be done if your ambition is a little greater than the Council playing at property development.


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[Philosoraptor]

I think I'm only partly joking... 20,000 fans chucking in £500 each gets us to £10m. If we owned the stadium that's the club in Coventry forever. Who's going to start the campaign?

I think you're terribly overvaluing the stadium.

 

[Nick]

Wouldn’t that only be the case if ACL 2006 still exists? If it gets liquidated surely the council take back running of it and a new company (ACL 2022) is set up

Yeah but that wouldn't happen if they were bought before admin.

 

[HuckerbyDublinWhelan]

Yeah but that wouldn't happen if they were bought before admin.

It literally makes no sense whatsoever to buy ACL does it. Better off letting it get liquidated and clear the debts

 

[MalcSB]

ACL with the debt is worth less than nothing.

 

[SHUNT31]

It literally makes no sense whatsoever to buy ACL does it. Better off letting it get liquidated and clear the debts

It may do if the council revoke the lease and revert back to 50 year wouldn’t it? Get a 250 year lease is essentially owning the thing forever.

 

[HuckerbyDublinWhelan]

It may do if the council revoke the lease and revert back to 50 year wouldn’t it? Get a 250 year lease is essentially owning the thing forever.

The going rate for the 200 year extension was £1m Weren’t it? Why pay 35m, then 20m to fix it when you can pay the value (I’m sure they said £15m in the council meeting) then an extra 1m on top.

could probably buy a 250 year lease from the council for £1 if the caveat is you are to carry out the repairs

 

[steve cooper]

The more I think about it the more I think Sisu will make a bid, even if it's a cheeky low bid.
If they have any ambition of getting their money back they need the stadium, and it could go for peanuts, relatively speaking.

 

[Frostie]

I feel you're arguing a different point. I'm not saying there's no benefit to having the complex there, I'm saying it was touted as the initial part of wider regeneration in the area and other than the arena park itself there appears to be very little regeneration in the area.

Isn't the more pertinent point that Wasps committed to continuing regeneration of the area but have done absolutely nothing during their tenure? Not to mention not even managing basic upkeep of the stadium itself.

 

[Nick]

Isn't the more pertinent point that Wasps committed to continuing regeneration of the area but have done absolutely nothing during their tenure? Not to mention not even managing basic upkeep of the stadium itself.

Well yeah, all the promises they made as "conditions" of the sale.

 

[Grendel]

If they go into admin on Friday, what does that mean for Saturday's game?

A problem I suspect