Wasps going into admin & the impact on CCFC (3 Viewers)

[wingy]

What time does the court malarkey get under way tomorrow?

10-30.

 

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[wingy]

Arnt the bond holders due intrest soon, as Acl isn’t in admin surely they should still be paid or owed.

Passed by on the 13th no?

 

[Grendel]

Well he seems a winner

This Poor Guy Is Ranked The Worst Hedge Fund Manager In The World Right Now

 

[oldfiver]

Gilbert inferring that...
Bondholders are looking at having representation in court tomorrow.
If they manage to delay the hearing, then exclusivity ends.
Although that would not be without consequence for ACL - currently costing 0.5m a month to operate.

Is Doug funding the bondholders representative and trying to de-rail the prepack ?

No they have raised £25k+ among themselves off their own site

 

[Kneeza]

Bid in?

BBC CWR - CWR Breakfast with Phil Upton, 17/11/2022

Phil has the latest news, your stories, and Good Morning, Bad Morning.

www.bbc.co.uk

 

[Kneeza]

Bloody hell. A 25 page thread elsewhere already? You guys got nothing else to do?

 

[duffer]

The requirements for the EFL are basically....."proof of funds" + "no unspent convictions". However, the 10m year guarantee is a stumbling block, as King can't guarantee that.....at the moment & if MA secures the arena tomorrow, then it's outside of Kings control.

In truth mate, I think expecting the EFL or FA to step isn't particularly likely.

Whether that's positive or negative here I'm honestly not sure, but evidence suggests they rarely step up in these situations. For better or worse I'd guess this one plays out in court. It's like deja vu all over again.

 

[jordan210]

 

[BornSlippySkyBlue]

 

[NorthernWisdom]

He looks like he should be in court, not reporting on it!

 

[jordan210]

Anyone know what time Kick off is and if its on the red button ?

 

[Brighton Sky Blue]

The whole statement reads


Coventry City can confirm it intends to submit a bid of £25m for the CBS Arena (subject to confirmatory due diligence) and has the requisite proof of funds available.

We will be represented in this morning’s court proceedings and would welcome clarity on the administration process.

CCFC’s bid is the only one which can guarantee that the Sky Blues can continue to play home games in Coventry over the long term.

This is an opportunity for a new start for the Club, the city, and our fans. We must grasp it.’

Pretty clear what they’re threatening if Ashley succeeds

 

[duffer]

Anyone know what time Kick off is and if its on the red button ?

10:30am kick off, but it's only available from abroad on ifollow.

I hate these early kick offs, no time for a pint beforehand...

 

[BornSlippySkyBlue]

The whole statement reads


Coventry City can confirm it intends to submit a bid of £25m for the CBS Arena (subject to confirmatory due diligence) and has the requisite proof of funds available.

We will be represented in this morning’s court proceedings and would welcome clarity on the administration process.

CCFC’s bid is the only one which can guarantee that the Sky Blues can continue to play home games in Coventry over the long term.

This is an opportunity for a new start for the Club, the city, and our fans. We must grasp it.’

Pretty clear what they’re threatening if Ashley succeeds

Build a new stadium at Warwick University?

 

[duffer]

He looks like he should be in court, not reporting on it!

"Sorry Sir, this is the Old Bailey. The 'warm bank' is two doors down."

 

[hutch1972]

The whole statement reads


Coventry City can confirm it intends to submit a bid of £25m for the CBS Arena (subject to confirmatory due diligence) and has the requisite proof of funds available.

We will be represented in this morning’s court proceedings and would welcome clarity on the administration process.

CCFC’s bid is the only one which can guarantee that the Sky Blues can continue to play home games in Coventry over the long term.

This is an opportunity for a new start for the Club, the city, and our fans. We must grasp it.’

Pretty clear what they’re threatening if Ashley succeeds

8 mill in excess of MA. Hard to see how it could be turned down, unless a bidding war starts, that is.

 

[Brighton Sky Blue]

8 mill in excess of MA. Hard to see how it could be turned down, unless a bidding war starts, that is.

It’s to test his resolve. If he really wants the stadium he’ll pay whatever and can outbid the hedge funds who are ultimately bidding with other people’s money.

 

[BornSlippySkyBlue]

8 mill in excess of MA. Hard to see how it could be turned down, unless a bidding war starts, that is.

Why would they jump straight in with an offer £8m higher than the next best?

 

[duffer]

He looks like he should be in court, not reporting on it!

Quite the transformation.

He's gone from Lego Emmet to Lego Gandalf.

(With apologies if he ever reads this, but too hard to resist!)

 

[NorthernWisdom]

Quite the transformation.

He's gone from Lego Emmet to Lego Gandalf.

(With apologies if he ever reads this, but too hard to resist!)

He took the selfie, he opened himself up to it

 

[jordan210]

 

[oldfiver]

Gilbert inferring that...
Bondholders are looking at having representation in court tomorrow.
If they manage to delay the hearing, then exclusivity ends.
Although that would not be without consequence for ACL - currently costing 0.5m a month to operate.

Is Doug funding the bondholders representative and trying to de-rail the prepack ?

No they have raised £25k+ among themselves off their own site
Only to withdraw?

 

[Brighton Sky Blue]

"When we like stuff, we like stuff." But does he like butterscotch Angel Delight?

I sure do

 

[Nick]

Did anybody expect the people speaking on behalf of bondholders to actually oppose it?

 

[jordan210]

Wonder if someone with a large holding has slapped down the smaller holders trying to get legal

 

[TomRad85]

The only people I ever wish SISU well against is the council as they are just a shade cuntier. Fingers crossed.

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[Brighton Sky Blue]

The only people I ever wish SISU well against is the council as they are just a shade cuntier. Fingers crossed.

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And the insects

 

[Nick]

Bondholders seem to be thinking they are getting at least £13m?

 

[TomRad85]

And the insects

Wasps and the council are basically the same thing in my eyes.

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[Kneeza]

Abridged.
It must've got all too much for him.
(Apologies if already posted. Can't keep up).

 

[hutch1972]

Why would they jump straight in with an offer £8m higher than the next best?

With the claims that 20mill was ready to be offered by Dawkins, maybe they want to get ahead. Who knows?

 

[oldfiver]

With the claims that 20mill was ready to be offered by Dawkins, maybe they want to get ahead. Who knows?

Offer Ashley £2m to withdraw?

 

[BornSlippySkyBlue]

With the claims that 20mill was ready to be offered by Dawkins, maybe they want to get ahead. Who knows?

Surely all you need to do is offer more than the next best bid? Unless it’s just for public consumption and you have no intention of actually spending the extra £8m, t’s not like it’s a trivial amount.

Of course if all you want is the ability to say “but we offered significantly more than the bid that won”, then you can offer what you want.

 

[hutch1972]

Surely all you need to do is offer more than the next best bid? Unless it’s just for public consumption and you have no intention of actually spending the extra £8m, t’s not like it’s a trivial amount.

Of course if all you want is the ability to say “but we offered significantly more than the bid that won”, then you can offer what you want.

I agree, but having the club married up to the stadium again must be worth an extra few mill. With it being late in the day, it's possible they feel the need to show the court that creditors will receive significantly more returns.

 

[slowpoke]

How does this all work legally, the preferred bidder is reportedly offering to pay £15.8 million plus £1.2 million 17 in all & sisu, King whoever willing to offer £25 mill seemingly out of the blue. So had I won the Euros last night I could turn up this morning waving £30million under the judges’ nose which is basically what sisu are doing or saying I would think the judge will hear the preferred bid/offer that’s on the table today and rubber stamp it through, it’s nothing to do with who owns ccfc who are merely tenants at the moment as are the casino people for example. Basically a new landlord, Ashley takes over from the old landlord ACL. There was always a curve ball to be thrown and I suspect the Ashley camp expected one.