Wasps going into admin & the impact on CCFC (129 Viewers)

[shmmeee]

I'm starting to think ACL being liquidated is the best option for us.

Hopefully it would open it up to more potential people who would then want to have the club too and effectively a fresh start with it all.

Same TBH. Ashley clearly doesn’t want us and if he does it’s no time soon and probably after a load of disruptive shite.

Problem is if the council decide who gets it it won’t be a simple highest bid thing, and Ashley can promise a lot more to the city as a whole than Sisu I’d assume. I hope Joys got her stadium design crew working on a proposal to put in front of the council that goes beyond “we should have it cos CCFC”

 

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[shmmeee]

How real is this Byng bloke and how dangerous is his supposed bid/interest to MAs apparent preferred bid status.

He/Sisu would only come into play if Ashley’s bid falls through and ACL get liquidated.

 

[HuckerbyDublinWhelan]

I'm starting to think ACL being liquidated is the best option for us.

Hopefully it would open it up to more potential people who would then want to have the club too and effectively a fresh start with it all.

Was always the best option. It effectively starts every contract again. We’d benefit from running it from the ground up in terms of sponsorship etc

 

[Nick]

Was always the best option. It effectively starts every contract again. We’d benefit from running it from the ground up in terms of sponsorship etc

I now think that if Ashley and Co get it, it's going to be project fuck the club up as much as possible.

 

[oldfiver]

I'm starting to think ACL being liquidated is the best option for us.

Hopefully it would open it up to more potential people who would then want to have the club too and effectively a fresh start with it all.

If liquidated the Arena reverts to the BHs so long as they still have the charge

 

[Sky Blue Pete]

Byng not acting on behalf of sisu he’s not all there

 

[HuckerbyDublinWhelan]

If liquidated the Arena reverts to the BHs

Nah their charge is only over ACL - if that disappears there’s technically just the bricks and mortar which solely belongs to the council

I now think that if Ashley and Co get it, it's going to be project fuck the club up as much as possible.

I’m still convinced he’s taking over. It’s way to quiet on our end

 

[oldfiver]

Red Button: Could Chinese moneymen fast-track Coventry City into new Byng dynasty?

Football 'not the real motive' behind Michael Byng's bid to buy Sky Blues

www.coventrytelegraph.net

 

[Calista]

Where is he saying this

See post #11,868

 

[Danceswithhorses]

I'm starting to think ACL being liquidated is the best option for us.
Hopefully it would open it up to more potential people who would then want to have the club too and effectively a fresh start with it all.

Surely that would leave us homeless again ?
Wouldn't our lease be null and void, and we'd be playing games out of the city again, for however long, until a deal could be sorted ?

 

[Samo]

Was always the best option. It effectively starts every contract again. We’d benefit from running it from the ground up in terms of sponsorship etc

But won't liquidation mean the doors being locked?

 

[fernandopartridge]

1.2m sounds like 1m plus VAT to the administrator to me to try to get the stadium on the cheap.

Administrators = crooked. Never met à straight one.

Why is it on the cheap?

The administrator is only collecting VAT on behalf of the government - the payment to them is £1m.

 

[HuckerbyDublinWhelan]

But won't liquidation mean the doors being locked?

Yes. But we’ve got a month to sort that issue.

 

[Nick]

Surely that would leave us homeless again.
Wouldn't our lease be null and void, and we'd be playing games out of the city again, for however long, until a deal could be sorted ?

In said dream, the new owner of the stadium and club would have everything in place for the new year.

As they would be the same people, it wouldn't be a case of haggling or agreeing a deal.

It's only an "ideal" scenario now.

 

[Samo]

Yes. But we’ve got a month to sort that issue.

That would be a very uncomfortable month.

 

[Nick]

Why is it on the cheap?

The administrator is only collecting VAT on behalf of the government - the payment to them is £1m.

Does that £1m go to the Administrators or is that part of the purchase price that will be shared out?

 

[oldfiver]

Nah their charge is only over ACL - if that disappears there’s technically just the bricks and mortar which solely belongs to the council

I’m still convinced he’s taking over. It’s way to quiet on our end

ACL ASTUTE 2022 LIMITED charges - Find and update company information - GOV.UK

ACL ASTUTE 2022 LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity

find-and-update.company-information.service.gov.uk

Trustee for BH has charge on Arena

 

[oldfiver]

But won't liquidation mean the doors being locked?

No the Liquidator ( or BHs if they take possession) can continue

 

[Nick]

ACL ASTUTE 2022 LIMITED charges - Find and update company information - GOV.UK

ACL ASTUTE 2022 LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity

find-and-update.company-information.service.gov.uk

Trustee for BH has charge on Arena

So if liquidated, it would be the bondholders who would just sell to the highest bidder to get as much as they could back?

Surely Reeves worst nightmare.

 

[oldfiver]

Does that £1m go to the Administrators or is that part of the purchase price that will be shared out?

Arena Company - technically (I think) there are no named Administrators yet

 

[Nick]

Arena Company - technically (I think) there are no named Administrators yet

Richardson then?

 

[Liquid Gold]

All sounds corrupt as fuck.

I'm going to raise a bond scheme to get £50m to bid for CCFC.

I'm going to secure that against Sky Blues Talk which an independent valuator (a pigeon that just flew past towards the east not the west) agreed is currently worth £100m.

Sound.

 

[oldfiver]

So if liquidated, it would be the bondholders who would just sell to the highest bidder to get as much as they could back?

Surely Reeves worst nightmare.

On a liquidation a Liquidator can act but he cannot undermine the BH security position

The BondHolders can sell to who they want

 

[Sky Blue Pete]

Are they staying silent if Byng is all over Twitter and talking to the Tomes?

yep they are for now

 

[oldfiver]

Richardson then?

You might say that - I cannot comment!

 

[chiefdave]

Same TBH. Ashley clearly doesn’t want us and if he does it’s no time soon and probably after a load of disruptive shite.

Its weird that people were dead against the NEC on the basis the club and stadium would have different owners but are in favour of Ashley taking over despite everything we've heard being that he has no interest in buying the club and has had no contact with the owners.

There's a scenario there where the next 10 plus years are Ashley and Sepalla using the club as a pawn in an ongoing dispute, we know how well that kind of thing turns out for the club.

 

[Nick]

On a liquidation a Liquidator can act but he cannot undermine the BH security position

The BondHolders can sell to who they want

So it would then be in the bondholders complete power to sell the lease to whoever, debt free once they are paid?

 

[Nick]

There's a scenario there where the next 10 plus years are Ashley and Sepalla using the club as a pawn in an ongoing dispute, we know how well that kind of thing turns out for the club.

Exactly my worry.

 

[chiefdave]

Surely that would leave us homeless again ?
Wouldn't our lease be null and void, and we'd be playing games out of the city again, for however long, until a deal could be sorted ?

Doesn't the 200 year extension fall away and the original 50 year lease ACL had, or whatever is left of it, revert back to the council. On that basis wouldn't the existing agreements stay in place with the council being owners of ACL until a new buyer is found and / or they the bondholders challenge ownership of the lease.

 

[HuckerbyDublinWhelan]

ACL ASTUTE 2022 LIMITED charges - Find and update company information - GOV.UK

ACL ASTUTE 2022 LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity

find-and-update.company-information.service.gov.uk

Trustee for BH has charge on Arena

They have a charge on the lease not the actually arena.

if ACL is liquidated the lease disappears. The actual freehold wasn’t in ACL or Wasps gift to offer.

 

[Londonccfcfan]

Way too many unknowns here and guess work going on.

Fact of matter talking immediate concerns:

Will Mike Ashley be a better landlord than Wasps? Whether he buys us or not.

Having a good landlord is key.

 

[oldfiver]

Doesn't the 200 year extension fall away and the original 50 year lease ACL had, or whatever is left of it, revert back to the council. On that basis wouldn't the existing agreements stay in place with the council being owners of ACL until a new buyer is found and / or they the bondholders challenge ownership of the lease.

Any Receiver/Liquidator will challenge any cancellation on the grounds the new owner does not prejudice the freeholders position

 

[Sky Blue Pete]

Reeves and the whole of the council still think it was a good idea to sell and allow the arena to be used as equity to raise money???
Thought so

 

[chiefdave]

Will Mike Ashley be a better landlord than Wasps? Whether he buys us or not.

Having a good landlord is key.

I'm not convinced he would be. Wasps were broke and realised they needed us here, same can't be said of Ashley.

Without knowing his motives for buying the stadium how he will act as a landlord is very much an unknown.

He doesn't seem to have involvement in similar businesses we can look to as a guide

 

[oldfiver]

They have a charge on the lease not the actually arena.

if ACL is liquidated the lease disappears. The actual freehold wasn’t in ACL or Wasps gift to offer.

The liquidation process includes the disposal of assets until then ACL is not liquidated