Wasps going into admin & the impact on CCFC (232 Viewers)

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Greggs

Greggs

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jordan210 said:
What I don’t get is why people talk about Joy/Sisu like she is stupid, she’s worth more than all of us combined.

She is going to do what’s maximises her assets.

With high net worth individuals What they say publicly and privately are completely different.
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but, but, but Sisu are skint as they didn't throw 5 million at the squad last January............
 
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oldfiver

Well-Known Member
duffer said:
Incidentally, I know it's never going to happen, but I emailed the administrator yesterday to see how a supporter funded bid might work. No response as yet, maybe he's playing hardball. 😁

I'm going to back to them tonight and offer a tenner out of my own pocket (I'll enclose a photo as proof of funds). If nothing else they can't claim to have had no bids then!

If I win it, we're all having a kick about on the pitch before I go bust. 😀
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You still have to contact Arena Coventry Directors as there is no Administrator - Richardson and Eastwood are best bet !
 
Grendel

Grendel

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Can’t see any way Sisu will purchase the lease
 
duffer

duffer

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shmmeee said:
Still annoyed I wasn’t allowed a flask of tea in the ground last night. they’d probably confiscate your babybel for being a potential missile.




That’s what we all assume our owners plan is (and has been since this all kicked off). Wrinkle is there’s apparently a clause that means if an “insolvency event” (I.e. admin or liquidation) happens the lease reverts back to the council. The council who do not get on with Sisu at all (hence the last decade).

There’s every chance the council could take the view that they want to market the arena to get best value, and every chance our owners say if they don’t get it they’ll move the club, which seriously hampers the attractiveness of the arena.

So we go back to the Mexican standoff we’ve had the last decade.
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Unless the council want to spend a long time in court again, I think the lease has to go to the bondholders, for it to be sold on their behalf - they have a mortgage on it.

That's unless ACL really does go for voluntary liquidation, in which case the liquidator can disclaim the lease. Are they really saying that a business which includes a hotel and casino lease (and share of the takings for the latter) has no chance of trading profitably? This sounds dubious to me....
 
Grendel

Grendel

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duffer said:
Unless the council want to spend a long time in court again, I think the lease has to go to the bondholders, for it to be sold on their behalf - they have a mortgage on it.

That's unless ACL really does go for voluntary liquidation, in which case the liquidator can disclaim the lease. Are they really saying that a business which includes a hotel and casino lease (and share of the takings for the latter) has no chance of trading profitably? This sounds dubious to me....
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Its nothing to do with trading profitably it’s to do with the ability to keep paying outgoings from cash. If bills are escalating and incomings are less and cash has gone it’s bust

The council then take ownership - the risks are clear in the prospectus
The bond holders will end up with very little in the end
 
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oldfiver

Well-Known Member
duffer said:
Unless the council want to spend a long time in court again, I think the lease has to go to the bondholders, for it to be sold on their behalf - they have a mortgage on it.

That's unless ACL really does go for voluntary liquidation, in which case the liquidator can disclaim the lease. Are they really saying that a business which includes a hotel and casino lease (and share of the takings for the latter) has no chance of trading profitably? This sounds dubious to me....
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If ACL goes to Liquidation doesnt he sell and distribute funds to the BH Trustee who then pays out to BHs
 
duffer

duffer

Well-Known Member
oldfiver said:
If ACL goes to Liquidation doesnt he sell and distribute funds to the BH Trustee who then pays out to BHs
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That would be the usual process you'd imagine, but if the liquidator disclaims the lease then the value of ACL obviously plummets. I can't see how that action wouldn't be subject to legal challenge.
 
MalcSB

MalcSB

Well-Known Member
oldfiver said:
You still have to contact Arena Coventry Directors as there is no Administrator - Richardson and Eastwood are best bet !
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Interesting point - so why are Wasps Holdings administrators asking for funds to market an asset of a company not yet in administration? Is it that the ACL companies are themselves assets of WH?
 
pusbccfc

pusbccfc

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Skyblue_CP said:
Yeh, I’d imagine he wouldn’t be divulging SISUs game plan in all this with some fans at a train station.
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I've sat next to/spoke to Tim on the way back from Cov away games towards the south. Once he's had a few beers/bottles of wine, he spouts everything out. He's not the worst bloke in the world but in recent months I've genuinely thought he's struggling with alcohol.
 
Grendel

Grendel

Well-Known Member
duffer said:
That would be the usual process you'd imagine, but if the liquidator disclaims the lease then the value of ACL obviously plummets. I can't see how that action wouldn't be subject to legal challenge.
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a legal challenge from who?
 
Rusty Trombone

Rusty Trombone

Well-Known Member
chiefdave said:
Is that actually a rule or was it just some random steward that didn't like you
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www.ccfc.co.uk

NEWS: Coventry City and Ricoh Arena clarify what can and can’t be brought into the stadium on Sky Blues matchdays.

Following feedback in the wake of Friday night’s game against Burton Albion, Coventry City and the Ricoh Arena have today discussed clarifying what personal items and food/drinks can or can’t be brought into the stadium on Sky Blues matchdays.
www.ccfc.co.uk www.ccfc.co.uk

The steward didn't like him, assuming the link represents the latest rules.
 
duffer

duffer

Well-Known Member
MalcSB said:
Interesting point - so why are Wasps Holdings administrators asking for funds to market an asset of a company not yet in administration? Is it that the ACL companies are themselves assets of WH?
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They are indeed, 100% owned by WH according to the prospectus. Sounds fishy, doesn't it?
 
1966_and_all-that

1966_and_all-that

Well-Known Member
shmmeee said:
Still annoyed I wasn’t allowed a flask of tea in the ground last night. they’d probably confiscate your babybel for being a potential missile.




That’s what we all assume our owners plan is (and has been since this all kicked off). Wrinkle is there’s apparently a clause that means if an “insolvency event” (I.e. admin or liquidation) happens the lease reverts back to the council. The council who do not get on with Sisu at all (hence the last decade).

There’s every chance the council could take the view that they want to market the arena to get best value, and every chance our owners say if they don’t get it they’ll move the club, which seriously hampers the attractiveness of the arena.

So we go back to the Mexican standoff we’ve had the last decade.
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Struth!
 
Bad Boy

Bad Boy

Well-Known Member
Just pull the fucking arena down and let's play at the Memorial Park. Utterly pissed off with the whole rotten lot of them.
I know that's a childish attitude but I can't help it.
 
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chiefdave

chiefdave

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Danceswithhorses said:
If it's true that SISU have miraculously found the funds to buy the stadium, and they're in pole position (per saddlebrain's post), Is it possible that everyone's favourite vomiter, Mike Ashley, has stumped up the funds...hence why he's disappeared as a bidder ?
It would be smarter for an interested buyer to have less competition, and maybe keep the price on the lower side ?
If he's the source of funds, maybe he does want the club+stadium combo ?
Oh, and 2+2= 11ty billion 🤡
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Wonder if Ashley and Seppella's paths have ever crossed before. Unlikley but they both deal in buying up distressed businesses so you never know.
 
C

CCFC54321

Well-Known Member
pusbccfc said:
I've sat next to/spoke to Tim on the way back from Cov away games towards the south. Once he's had a few beers/bottles of wine, he spouts everything out. He's not the worst bloke in the world but in recent months I've genuinely thought he's struggling with alcohol.
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I seen him with a belly full at St. Andrews and it did cross my mind as well.
 
Evo1883

Evo1883

Well-Known Member
shmmeee said:
Not gonna lie I’d prefer Mike Ashley, but if there’s involvement of money with Sisu and it finds it way to the squad and not just the arena I’ll take it. We desperately need cash before Jan.
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Sisu being a part owner of the stadium (example ) suddenly means the football club is worth money and a sellable asset doesn't it?
 
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