Wasps going into admin & the impact on CCFC (232 Viewers)
- Thread starter Alkhen
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duffer
Well-Known Member
Three possibilities here that I can see:
ACL enter another NOI. That means they keep trading, we play on Tuesday as normal. Seems unlikely if it's true that we're already having to pay to play today.
No NOI leads to the remaining two paths:
Administration: Potential buyer surely has to fund to keep the business going, we play as usual.
Liquidation: I can only see this happening if there genuinely are no buyers for the lease. In which case reversion to the council happens. If this happens I'd guess there will be massive pressure on the council to get the doors open again for all of the businesses that want to continue trading at the Arena, and are willing to pay to do so, including us. I can't see how even liquidation ends up with us out of the CBS in the long term, but maybe a few weeks to resolve?
ACL enter another NOI. That means they keep trading, we play on Tuesday as normal. Seems unlikely if it's true that we're already having to pay to play today.
No NOI leads to the remaining two paths:
Administration: Potential buyer surely has to fund to keep the business going, we play as usual.
Liquidation: I can only see this happening if there genuinely are no buyers for the lease. In which case reversion to the council happens. If this happens I'd guess there will be massive pressure on the council to get the doors open again for all of the businesses that want to continue trading at the Arena, and are willing to pay to do so, including us. I can't see how even liquidation ends up with us out of the CBS in the long term, but maybe a few weeks to resolve?
The 150K was just for today's game (so it has been said), but these seem to be rumours. Gilbert said 'a substantial amount' but hasn't confirmed exactly how much, but refused to deny it when somebody mentioned the 150K figure.
Grendel
Well-Known Member
Liquidation is the best option as it removes the lease from bondholder claims - administrators would struggle to find finances for matches to continue and potential buyers wouldn’t be funding - why would they?
It’s worrying because ACL could drag this out all season in theory while waiting for a mystical buyer who wants to take on all the debts. UNLESS there is something agreed already behind the scenes.
I’ve no background knowledge in all this stuff so purely speculation.
mmttww
Well-Known Member
No, Ta! I'll go support the team. If you think any kind of protest from us is going to make them go anywhere after every move they've pulled up to this point, you're a lot less smart then you make yourself look.
MusicDating
Euro 2016 Prediction League Champion!!
How did Derby get funded for a year in admin?
shmmeee
Well-Known Member
Then you don’t get to complain or mock when people are trying to work out the plan or unhappy with how it’s going so far.
Thanks. I just can’t see that figure being for one game. If that amount was paid there must be more to it ie maybe the club owed a proportion of it already. Who knows though.
duffer
Well-Known Member
In fairness mate, I'm not sure anyone really knows what's going on, at least you're honest about it!
If ACL are already begging for money, then I can't see how they can drag out an administration process, or apply for another NOI. If we're already having to pay extra to play, they must already be insolvent.
The only way I see ACL keep going is if a potential buyer funds them once they enter administration. No buyer means liquidation I guess.
The one thing I don't see is it dragging out indefinitely, but that is just my opinion rather than fact.
Would there be a difference if the bondholders had taken action and put their practicioner in .
I suspect so.
Liquidation does not remove any rights from Fixed Charge Holders.
The right to sell moves from the Company to the Charge Holder or Liquidator but the actual Charge is unmoved
Grendel
Well-Known Member
what will the bond holders actually be able to claim against though? Doesn’t it mean in that instance CCC will be as freeholders able to sell a lease to a new buyer with no constraint regarding debt to the bond Holder - I assume even if it goes into administration it would be wasps preferred administrator would it not?
baldy
Well-Known Member
Evo1883
Well-Known Member
I mean I'm not the sharpest tool in the box but it's obvious that potential buyers are not going to be showing their hands
Nick
Administrator
Why hasn't Mike Ashley sat down with Andy turner and detailed everything?
Grendel
Well-Known Member
it makes no difference in the end. Logically you would assume Sisu will make some sort of bid to purchase anyway as a sitting tenant who’ve claimed they will have up to £60 million of funding for a new stadium purchase
it’s beyond credence they won’t make a bid of sorts
Between two hedge funds.
Grendel
Well-Known Member
Why hasn't Mike Ashley sat down with Andy turner and detailed everything?
Ashley isn’t exactly publicity shy and it was stated he was given access to ACL finances and he stated he’s refinance bonds as an intent to purchase pre administration
MalcSB
Well-Known Member
And what’s a hone when it’s at home.
Nick
Administrator
Where has he said this?
The value of their security is another issue ( and a risk they took on ) they still have a charge and right to sell in priority
Liquidation also passes ownership of the Asset from ACL to them / Liquidator
If CCC took any action that affects the value or rights of that lease there are potential remedies
Brighton Sky Blue
Well-Known Member
Just waiting to see if they can get it minus all or most of the debt
Grendel
Well-Known Member
Ashley hasn’t denied it
Ex-Newcastle owner Mike Ashley held talks with Wasps about takeover
Former Newcastle owner Mike Ashley has held talks with Wasps about a potential takeover as the debt-ridden club battle for their survival. Ashley is understood to have signed a Head of Terms.
www.dailymail.co.uk
HOT's?
Nick
Administrator
Sisu haven't denied anything.Ashley hasn’t denied it
Ex-Newcastle owner Mike Ashley held talks with Wasps about takeover
Former Newcastle owner Mike Ashley has held talks with Wasps about a potential takeover as the debt-ridden club battle for their survival. Ashley is understood to have signed a Head of Terms.www.dailymail.co.uk
It's not the same thing
Where did he say it?
shmmeee
Well-Known Member
The issue isn’t the secrecy, it’s sending members onto here to attack anyone who has questions.
Terry_dactyl
Well-Known Member
Yes!
Evo1883
Well-Known Member
I can accept the previous anger in regards to the owners not buying the arena when they should have .
Let's also not forget the dodgy council , who have their hands in many dodgy pies already .
We've never owned the stadium .
To be angry at our owners because wasps and ACL are going bust is a new strange tbh
Let's also not forget the dodgy council , who have their hands in many dodgy pies already .
We've never owned the stadium .
To be angry at our owners because wasps and ACL are going bust is a new strange tbh
Sky Blue Harry H
Well-Known Member
shmmeee
Well-Known Member
Why hasn't Mike Ashley sat down with Andy turner and detailed everything?
Missed the posters who are mates with Ashley coming on here and exclusively attacking people who questioned him.
Is it Philosoraptor?
Philosoraptor
Well-Known Member
It's almost like ACL has been passed back in to Council hands, but no one wants to say it.
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