Wasps going into admin & the impact on CCFC (157 Viewers)

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theferret

Well-Known Member
SeaSeeEffCee said:
Well then, maybe SISU should have built the stadium they’ve been pretending is going to get built for nearly 10 years.

I’m looking at it from the viewpoint of the EFL and the other 23 clubs in the league who aren’t going to have the same Sky Blue tinted lens we do. From the outside looking in you can easily argue that the club is liable to find a suitable place to play, and if we’ve failed to do so, and are unable to fulfil fixtures, then we can expect to face the punishments laid out by the league for doing so. Of course it’s not our fault that Wasps are going bust and taking the arena with them, but that doesn’t mean that we won’t get punished for it if we continuously can’t play games.
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Eh? We signed a 10 year lease. There are many clubs operating in the EFL who own neither own the freehold or the head lease of the stadium they play in. Should they all be building a stadium on the side just in case?

Even if SISU had properly started the process of planning a new ground 3 years ago, it would still be nowhere near ready.
 
W

wingy

Well-Known Member
If money is changing hands to get the game on could that indicate it's coming from the eventual purchaser as part of what's accepted in the overall deal?
Not withstanding a chicanery move by Richardson?
 
O

oldfiver

Well-Known Member
oldskyblue58 said:
Having dealt recently with some administrators for clients I do know that for them to conduct the administration they require a large payment upfront to do anything. Is that what the notice to bondholders is really about not marketing?

It won't be a small sum either. The one I dealt with recently charged £100 per hour for a clerical assistant to file papers! Partners time north of £500 ph

I think that none of the interested parties want to see the doors shut Monday ( ccfc, ccc, acl, delaware etc) and are working together but perhaps the problem is who is prepared or able to pay the administration costs ?
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Allegedly there is an interested party who will fund Admin costs!
 
B

Brighton Sky Blue

Well-Known Member
Brylowes said:
Possibly in the short term, but although I don’t fully understand all the workings and potential scenarios of the impending administration etc, in my mind (and I might be miles out here ) our clubs future prospects look rosier today than any day I can remember for a very long time.
We had no realistic route out of the sorry dysfunctional situation ‘all involved parties had contrived to put us in, BUT!! Now we do, there is definitely light at the end of the tunnel now and potentially an exiting future for the club and fans.
Let‘s just hope all parties involved have learned from their many mistakes, are willing to work closely together in a concerted effort to finally reach the conclusion that was always the intention from day 1, club and stadium singing from the same hymn sheet.
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In the relegation zone, depleted tiny squad, uncertainty over whether fixtures can even be played.

You’re right it’s all ocean ahead of us
 
O

oldfiver

Well-Known Member
jordan210 said:
If we payed to get the game on. I assume we will never see that money back as just become another creditor
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CCFC we demanded to pay £50k by mid afternoon on Tuesday or gates would be closed

Yesterday ACL demanded £150k for tomorrow's game. Then told they could not play the Tuesday game

It looks like CCFC paid the ACL payroll and thus kept it going
 
chiefdave

chiefdave

Well-Known Member
jordan210 said:
If we payed to get the game on. I assume we will never see that money back as just become another creditor
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Hopefully its just a case of paying for stewards etc, costs that would normally be passed on to us, and not much more on top of that. We simply don't have the money, or the owners, to cover keep making extra payments to play games.
 
jordan210

jordan210

Well-Known Member
oldfiver said:
CCFC we demanded to pay £50k by mid afternoon on Tuesday or gates would be closed

Yesterday ACL demanded £150k for tomorrow's game. Then told they could not play the Tuesday game

It looks like CCFC paid the ACL payroll and thus kept it going
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So I guess we will never see that back.

What a ridiculous situation
 
Nick

Nick

Administrator
SeaSeeEffCee said:
Wigan were docked points when their owners suddenly decided they didn’t want to fund the club any more. The EFL don’t really care whether the club is at fault or not, if we continuously can’t fulfil our fixtures I think we’ll probably get a points deduction.
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That's completely different?
 
chiefdave

chiefdave

Well-Known Member
What are the options on Monday. Presumably a further NOI is out of the equation so are we looking at a simple choice between admin & ACL continuing to operating while a buyer is found or immediate liquidation?

If its liquidation doesn't that then revert everything back to the council who would then have to pretty swiftly pick up the ACL staff & costs to keep things running or shut the doors to all businesses and events not just us? Short term funding from the council for that seems a very different proposition to handing money over to Wasps.

And what are the timeframes for the potential scenarios. After Saturday we've only got 3 home games to get through before the WC break. Is it realistic to expect this to be sorted by the time the season resumes.
 
edgy

edgy

Well-Known Member
oldfiver said:
CCFC we demanded to pay £50k by mid afternoon on Tuesday or gates would be closed

Yesterday ACL demanded £150k for tomorrow's game. Then told they could not play the Tuesday game

It looks like CCFC paid the ACL payroll and thus kept it going
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Hold on. Who's demanding these sums?
 
Nick

Nick

Administrator
SeaSeeEffCee said:
You could argue it is within our hands though. We’ve made the decision to rent a stadium as opposed to owning one, I’m sure other clubs in the league will see us as liable if we’re unable to fulfil fixtures and they’ll be the ones complaining to the league.
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It really isn't are you writing letters to the EFL to get a points deduction too?
 
chiefdave

chiefdave

Well-Known Member
A points deduction would be very harsh. This is completely out of our control. Sure there would come a point where the EFL are pushed too far but the WC break might come at a convenient time for us. Gives a few weeks to sort things out, even if its the worst case scenario of having to play games elsewhere or behind closed doors.
 
O

oldfiver

Well-Known Member
SeaSeeEffCee said:
Wigan were docked points when their owners suddenly decided they didn’t want to fund the club any more. The EFL don’t really care whether the club is at fault or not, if we continuously can’t fulfil our fixtures I think we’ll probably get a points deduction.
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EFL have said play or lose 3 points plus penalty
 
Brylowes

Brylowes

Well-Known Member
Brighton Sky Blue said:
In the relegation zone, depleted tiny squad, uncertainty over whether fixtures can even be played.

You’re right it’s all ocean ahead of us
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As I’ve just replied to Calista, I posted that before catching up on the thread and reading Gilber’s update.
Tho I still think our overall prospects are better now Wasps are gone than at any point when they were here..
 
W

wingy

Well-Known Member
chiefdave said:
Hopefully its just a case of paying for stewards etc, costs that would normally be passed on to us, and not much more on top of that. We simply don't have the money, or the owners, to cover keep making extra payments to play games.
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Always thought the figure was around £50K .
Breakdown of our original rental agreement.
 
Sky Blue Pete

Sky Blue Pete

Well-Known Member
oldskyblue58 said:
Having dealt recently with some administrators for clients I do know that for them to conduct the administration they require a large payment upfront to do anything. Is that what the notice to bondholders is really about not marketing?

It won't be a small sum either. The one I dealt with recently charged £100 per hour for a clerical assistant to file papers! Partners time north of £500 ph

On that basis the acl group administration let alone the wasps group one is likely to be very numbers.

I think that none of the interested parties want to see the doors shut Monday ( ccfc, ccc, acl, delaware etc) and are working together but perhaps the problem is who is prepared or able to pay the administration costs ? Would they ever get that money back? Have they got the funds to do it ? How much control of the process would it give them ?
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It is an Martin and ccc seemingly think ccfc have lots of spare cash
 
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