Wasps going into admin & the impact on CCFC (85 Viewers)

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tisza

Well-Known Member
Wait, does that mean they spent £13m on the repairs but didn't pay OR it means it needs £13m still?
How the hell can a stadium that cost 56/57 million need a min of 13 m of repairs after 17 years? Refurb would be understandable ( not 13m worth!!)
 

Nick

Administrator
Unless they've procured the works the £13m of work needed is not debt at all, it has nothing to do with the administration.

Unless they're in breach of some lease obligations on maintenance?

Yeah that's what confused me as to whether they had it done but didn't pay.

Would the bonds / lease not have a maintenance obligation?
 

Nick

Administrator
Also, could the update from the club mean ACL are somehow avoiding Administration today and have another extension?
 

lord_garrincha

Well-Known Member
Unless they've procured the works the £13m of work needed is not debt at all, it has nothing to do with the administration.

Unless they're in breach of some lease obligations on maintenance?
A bit like a double glazing salesman saying you need to replace all your windows in your house with our ultra expensive ones.
 

Nick

Administrator
I can't see why Wasps would have made up it needs £13m of work though, it would only make it harder for them to refinance it?
 

HuckerbyDublinWhelan

Well-Known Member
Also, could the update from the club mean ACL are somehow avoiding Administration today and have another extension?
Nah wouldn’t have thought so, admin shouldn’t be an issue, it’s when it’s liquidated the issues start. Ideally we need to limp to the World Cup - the it can be liquidated
 

SBT

Well-Known Member
So the Parasites literally spent no money on the bonds, no money on upkeep of their new home, not enough money to HMRC, not enough money to their suppliers.

So all they spent their money on was the rugby side of things and they failed to achieve anything? Wow.

Oh, and flags. They bought lots of flags. That'll explain it.

We all laughed when Wasps and their fans got kicked out of the arena, but turns out some of those flags were actually load bearing.
 

TomRad85

Well-Known Member
In my mind it's going to play out in public, Wrestling style and last minute Ashley is going to strut in and tombstone Fisher.

Sent from my SM-G973F using Tapatalk
 

Skyblueweeman

Well-Known Member
Won’t the offer be a percentage of the debt owed to the debtors??


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chiefdave

Well-Known Member
We all knew there was significant repair work was needed even if it was yet another thing the Wasps supporters kept insisting we had made up.

Anyone bidding is obviously going to factor that in to their offer.

No way Ashley is bidding for the stadium and not considering the football club at the same time. Who is the other bidder besides SISU and NEC?
 
D

Deleted member 5849

Guest
We all knew there was significant repair work was needed even if it was yet another thing the Wasps supporters kept insisting we had made up.

Anyone bidding is obviously going to factor that in to their offer.

No way Ashley is bidding for the stadium and not considering the football club at the same time. Who is the other bidder besides SISU and NEC?
Chris Rea
 

chiefdave

Well-Known Member
Looks like a short extension to get deal done to me. Nothing going to happen today but reasonable to expect game Tuesday at the cbs
Hope there's an extension until the WC break and then they get something a bit longer term sorted while that's going on.

Not necessarily expecting a deal to be completed that quickly but at least get something in place so we're not waiting for confirmation every week that we can actually play.
 

oldskyblue58

CCFC Finance Director
Dilapidation costs will form part the negotiations certainly, will affect size of any offer or its structure. But they don't have to be paid day 1 and could well be programmed over several years
 

torchomatic

Well-Known Member
Good job we didn’t let SISU have the arena…

Absolutely. Some on here, who still post, were adamant SISU shouldn't get the stadium as the first thing they'll do is borrow against it. I wonder what Wasps did....
 

chiefdave

Well-Known Member
How have they ended up owing loads to Delaware / Compass? Don't they run things themselves? I would have thought they'd take all the money and then pay ACL any share owned.

From all the press releases about record breaking deals it was made to sound like Delaware / Compass were paying ACL significant amounts not the other way round.
 
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