Flying Fokker
Well-Known Member
It hasn’t happened yet! The sun is shining over the CBS.
Wasps going into admin & the impact on CCFC (86 Viewers)
- Thread starter Alkhen
- Start date
- Status
Cityandproud87
Well-Known Member
Who is conor McGregor?
Cityandproud87
Well-Known Member
Grendel
Well-Known Member
i don’t get your point. As with wasps owners the blame stops with owners and directors
We have been owned for 15 years by an organisation that adopts short termIsm strategies and shows no interest in developing a long term secure base. Wasps and Sisu actually are the same in that they treat their supporter base like idiots with foolish clearly false statements and have no plan when the inevitable happens
chiefdave
Well-Known Member
If, as is being suggested by some, there is no interest in ACL and it is to be liquidated the lease will revert to the council won't it? So unless they're planning to close the place permanently / knock it down then either they're going to continue to run it themselves or attempt to sell the lease again.
In either of those scenarios surely a better option to have the place open and trading, not exactly a good advertisement for the place if things are being cancelled and us being unable to play and deducted points would be bound to generate a lot of negative press around the stadium.
They can hardly claim there's no money given they seem to have a permanently open cheque book for the likes of Coombe and Tom White.
Nick
Administrator
Exactly, it's like 2012 again when ACL basically wants CCFC to fund them.
The Philosopher
Well-Known Member
Directors sometimes backdate their resignation in order to protect themselves from any legal consequences from breach of fiduciary duty and such. If they have been taking salaries / divs despite knowing the business was totally f—-Ed etc.
The probable reality is that they stepped back on the filing date.
So how does that answer the point there are still 8 years left on the lease?
SHUNT31
Well-Known Member
Now show it in context
You literally said ‘absolutely the clubs fault’.
That implies you put the blame solely at the clubs door.
You, 100% are Toughy from Twitter!
Still sore that your beloved Wasps have gone bust. Hid your tweets from non-followers so you can spout your anti sisu agenda without being criticised and then come on here under a generic name
Class A
They can say what date they like but if still acting as though Directors they are deemed to still be - in a Shadow Capacity
Cityandproud87
Well-Known Member
You literally said ‘absolutely the clubs fault’.
That implies you put the blame solely at the clubs door.
You, 100% are Toughy from Twitter!
Still sore that your beloved Wasps have gone bust. Hid your tweets from non-followers so you can spout your anti sisu agenda without being criticised and then come on here under a generic name
Class A
The clubs fault we don’t have our own ground you muppet.
You’ve lost the plot mate I hate wasps as you can see with my post history. As you never leave this thread you probably haven’t noticed.
Grendel
Well-Known Member
EFL rules require 10 year security. At some point you are going to have to accept directorial accountability applies both ways. If as seems possible we are not going to play in the immediate future at home that responsibility is purely down to our owners who’ve played fast and loose for 15 years and done nothing to provide a secure base. Renting of an insolvent business which has clearly had problems is just a short term solution to a long term problem which the clubs owners have never addressed
The Philosopher
Well-Known Member
Pre administration oftentimes a bank or whoever who holds a debentures will appoint a “consultant” that acts a pre-administrator. Essentially they usurp the directors and control them on behalf of the debenture holder. They charge administrative rates ie north of £500/h. As I said, a racket.
I don’t know who has a debenture over ACL (might be a bank) but my shout is that it will be them calling the shots.
Grendel
Well-Known Member
You literally said ‘absolutely the clubs fault’.
That implies you put the blame solely at the clubs door.
You, 100% are Toughy from Twitter!
Still sore that your beloved Wasps have gone bust. Hid your tweets from non-followers so you can spout your anti sisu agenda without being criticised and then come on here under a generic name
Class A
The football club is responsible for ensuring games are played
Cityandproud87
Well-Known Member
Hes not the brightest, he thinks I’ve just signed up today
Nick
Administrator
Pretty sure there will be a plan B.
Whether fans are there and which stadium is a different story.
SHUNT31
Well-Known Member
Signed a ten year lease for that to happen.
Matters out of are control have and threaten to disrupt that. Not a lot we could have done under the circumstances.
If we are fronting money to ACL for the game to go ahead then what more do you want us to do?
Grendel
Well-Known Member
Id have thought not - doubt we will get it back
Cityandproud87
Well-Known Member
I go to every game home and away. I’m afraid that makes my opinion far more valid than yours.
Bit weird that you and the other sisu lover @Liquid Gold don’t live in Coventry. Says it all.
Grendel
Well-Known Member
Establish a secure business model so this never happened in the first place rather than come up with pretend nonsense about building a stadium
Cityandproud87
Well-Known Member
You’re making your motive on this forum so obvious. Even Tony comments on football more than you.
SHUNT31
Well-Known Member
Was a debenture last time , haven't heard anything similar this time?
Nick
Administrator
Exactly, how long can the club afford to chuck £150k per game?
Although Duggins was saying he wanted whoever was taking over to fund in the short term, however I am not sure why SISU would fund to keep them out of admin but be waiting for them to go into admin.
SHUNT31
Well-Known Member
You’re clearly a troll.
I want CCFC to succeed and have ownership of the arena.
I’m just not ignorant like most that can’t see past SISU this and SISU that.
Cityandproud87
Well-Known Member
Your PR overdrive isn’t working. People can see through it
chiefdave
Well-Known Member
Lets for a minute assume that when we signed that 10 year lease and announced the UoW stadium plan that the club was serious. Imagine that work started immediately, it wouldn't be open now so how would we be any better off? Its a complete red herring in this situation.
We have a 10 year lease, which you have to assume was agreed as acceptable by the EFL, and with many years remaining there's now the possibility we won't be able to play games. Don't really see how you can put the blame for that on the club.
You can of course argue that there's zero chance of a new stadium, and I doubt many would challenge that, you can argue that a lease longer than 10 years is needed but even if we had a 100 year lease what would be different today?
We have a 10 year lease, which you have to assume was agreed as acceptable by the EFL, and with many years remaining there's now the possibility we won't be able to play games. Don't really see how you can put the blame for that on the club.
You can of course argue that there's zero chance of a new stadium, and I doubt many would challenge that, you can argue that a lease longer than 10 years is needed but even if we had a 100 year lease what would be different today?
The Philosopher
Well-Known Member
Just checked, “US Bank Trustees Ltd.” have a first charge over the ACL Arena (don’t know the full details) Compass a second (later) charge.
USBTL used to be known as Bank of America Trustees.
I’m reaching here but I’m guessing they are pulling ropes here.
SHUNT31
Well-Known Member
I would say you’re probably in the minority to be fair.
Often if a party intends to take over a business they will fund it to keep running through the administration process so they can still fulfill the orders/services the business provides.
If it does come out that CCFC/Sisu has agreed to fund the rest of the games up to the world cup, with ACL in admin, I think we can be pretty sure there not doing it for a net-zero gain. I'd guess they'd of had some encouragement on the stadium.
If it does come out that CCFC/Sisu has agreed to fund the rest of the games up to the world cup, with ACL in admin, I think we can be pretty sure there not doing it for a net-zero gain. I'd guess they'd of had some encouragement on the stadium.
Cityandproud87
Well-Known Member
Yes clearly as I’m from Coventry and attend every game, unlike your sisu squad
Nick
Administrator
Absolutely nothing.
- Status