Wasps going into admin & the impact on CCFC (7 Viewers)

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HuckerbyDublinWhelan

Well-Known Member
I’d also hazard a guess if an acceptable bid had been made - the bond holders would be more optimistic than they are now
 

Colin Steins Smile

Well-Known Member
Have the NEC [Blackstone] factored in the obvious possibility that they'll be left with a stadium and no resident club. SISU have a consistent track record of relocating CCFC. It seems a strange decision to buy the CBS with SISU owning CCFC
 

oldskyblue58

CCFC Finance Director
There will be three way negotiations

Buyer - Richardson - Administrator

The buyer will be offering a figure to take ACL off Richardson and he will take the money and run, this is why he reappointed himself director recently.

They will also be offering the administrator a pre-pack to pay % in the £ on the debt and then come out with the arena in the event of ownership of ACL.

But ACL is owned by wasps holdings not Richardson. As such any proceeds from a share sale go to wasps holdings

If ACL sell just the assets of ACL receive the cash from said sale and because of the charges in place those receipts get applied to the secured liabilities.
 

Nick

Administrator
But ACL is owned by wasps holdings not Richardson. As such any proceeds from a share sale go to wasps holdings

If ACL sell just the assets of ACL receive the cash from said sale and because of the charges in place those receipts get applied to the secured liabilities.

On the companies House page it has him as persons in control rather than wasps Holdings?

Doesn't it usually have the limited company on there like it does for otium?
 

Brighton Sky Blue

Well-Known Member
But ACL is owned by wasps holdings not Richardson. As such any proceeds from a share sale go to wasps holdings

If ACL sell just the assets of ACL receive the cash from said sale and because of the charges in place those receipts get applied to the secured liabilities.

Equally is Richardson not a substantial creditor of Holdings?
 

steve cooper

Well-Known Member
I am puzzled. Unless it's been mentioned somewhere, why are NEC bidding if they don't need the stadium, what with them already having Birmingham and the events and facilities there?

Seems people are saying they won't be interested in the club or the stadium, but at the same time they don't need the events part of the Arena, because they already have Birmingham.

🤔🤷
Which is exactly why I don't think their bid will be very high. We'll soon see though.
 

wingy

Well-Known Member
The only rumoured talks he has had to buy a club is with Wasps isn't it?
Maybe he's going to start selling Cotton Trader's elasticated trousers to Rugby's fan's.
Of course anything can happen but his history is shopping empires and football.
Going to them at that point he had to foot in the door, all the info.
 

Calista

Well-Known Member
I am puzzled. Unless it's been mentioned somewhere, why are NEC bidding if they don't need the stadium, what with them already having Birmingham and the events and facilities there?

Seems people are saying they won't be interested in the club or the stadium, but at the same time they don't need the events part of the Arena, because they already have Birmingham.

🤔🤷
Not one of your better ones Otis. Did you forget to include the punchline?
 

jordan210

Well-Known Member
Careful - thats not what I said

The bondholders agreed to the Trustee document or more likely did not read it

It's a realy backwards process that the bond holders if want to get any sort of control have to get a minimum to agree and it has to go from trustee to broker and back again. Also impossible for them to do anything.
 

Nick

Administrator
It's a realy backwards process that the bond holders if want to get any sort of control have to get a minimum to agree and it has to go from trustee to broker and back again. Also impossible for them to do anything.
Wolf of wall Street shit
 
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Deleted member 5849

Guest
I am puzzled. Unless it's been mentioned somewhere, why are NEC bidding if they don't need the stadium, what with them already having Birmingham and the events and facilities there?

Seems people are saying they won't be interested in the club or the stadium, but at the same time they don't need the events part of the Arena, because they already have Birmingham.

🤔🤷
Well, better to own the competition than somebody else does.

But tbf I don't see why they wouldn't want a stadium bowl if they could make it work, either. Back in the dark days of Northampton, one of the hot rumours of *our* stadium site was the NEC - so we're just bringing the mountain to Mohammed instead.
 

oldskyblue58

CCFC Finance Director
On the companies House page it has him as persons in control rather than wasps Holdings?

Doesn't it usually have the limited company on there like it does for otium?

he is a director yes and at the moment can influence (or PSC) the process until administration. However it is wasps holdings that own the shares in ACL not richardson.

he controls or controlled it because he controlled wasps holdings. But legally speaking ACL is owned by wasps holdings
 

SBT

Well-Known Member
The Premier league is huge , and would attract much more interms of sponsorship , bring money to the casino , hotel coventry itself ..

It has to be the aim , its a goldmine

The EPL jackpot isn’t contingent on owning the stadium though - if CCFC is such a goldmine, where are the other investors?

To be clear, I’d also bet Ashley wants to buy CCFC too. But I think a lot of people are assuming it’s nailed on when it might not be so straightforward. We already know the stadium business is attractive enough on its own for at least one company to line up a bid.
 

Nick

Administrator
Gilbert just said on the radio the council are being very active in liasing with "bidders". They seem to be very hands on.

Also that sisu could link up with the American guy.

Again, I don't trust reeves not to be involved in fucking us over to benefit others.
 

speedie87

Well-Known Member
On the companies House page it has him as persons in control rather than wasps Holdings?

Doesn't it usually have the limited company on there like it does for otium?

it does and states because he owns >75% of the shares
 

Nick

Administrator
he is a director yes and at the moment can influence (or PSC) the process until administration. However it is wasps holdings that own the shares in ACL not richardson.

he controls or controlled it because he controlled wasps holdings. But legally speaking ACL is owned by wasps holdings
Did it used to say wasps Holdings that have control or always Richardson?

It says Richardson has over 75% of the shares.

Could this has been changed when he was added as director for this reason?
 

Evo1883

Well-Known Member
The EPL jackpot isn’t contingent on owning the stadium though - if CCFC is such a goldmine, where are the other investors?

To be clear, I’d also bet Ashley wants to buy CCFC too. But I think a lot of people are assuming it’s nailed on when it might not be so straightforward. We already know the stadium business is attractive enough on its own for at least one company to line up a bid.
I don't think its nailed on I would just be surprised if he wasn't interested in us
 
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Evo1883

Well-Known Member
Gilbert just said on the radio the council are being very active in liasing with "bidders". They seem to be very hands on.

Also that sisu could link up with the American guy.

Again, I don't trust reeves not to be involved in fucking us over to benefit others.

The thing we have on our side is the council SURELY don't want to make the same mistake twice
 
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Deleted member 5849

Guest
I don't think its nailed on I would just be surprised if he wasn't interested in us
Many would be interested in us at the right price. There's always a small obstacle to that, though!
 
D

Deleted member 5849

Guest
The thing we have on our side is the council SURELY don't want to make the same mistake twice
Politically, now Wasps are dead it's sensible for them to stay at arm's length. But of course as the freeholder they'll be talking to potential bidders! Also remember all the demands SISU made about a new stadium - that CCC built a road infrastructure etc for them etc - and potential bidders will want to know what's possible, and what isn't.
 

Liquid Gold

Well-Known Member
Hang on, so another possibility here is Richardson, as director of ACL, will sell the stadium before admin then let the company go into admin with no assets?

1. What does he gain out of that?
2. How on earth is that legal?
 
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