Wasps going into admin & the impact on CCFC (13 Viewers)

[chiefdave]

How many are actually employed by wasps and not the caterers etc?

Wasn't there an article recently that they'd cut staff to the minimum and some positions were being replaced with volunteers.

 

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[Brighton Sky Blue]

I blame Melchett

 

[ccfc922]

Hasn’t their season already started? How are they going to sort out relegation?

Didn't another club have the same a couple of seasons ago? Relegated automatically still played all their games where winning meant effectively nothing?

 

[chiefdave]

Hasn’t their season already started? How are they going to sort out relegation?

some people suggested they were desperately trying to string things out until they'd played their first game to prevent automatic relegation but surely with only a handful of games played you just void those results if needed.

 

[duffer]

Acl own the lease

And are 100% secured against the bonds I believe.

Blimey, if only someone had told me how exciting accountancy could be when I was at school. I wouldn't have wasted so much time trying to make it as a fighter pilot.

 

[Grendel]

Up until May I didn't think it would happen. They should have been able to sort something but it would seem piss poor management means they carried on regardless. The situation must have gone significantly worse since June 2021

Clearly in the end I was wrong.

Won't shed not one tear for them. I don't feel sorry for them at all. Should never have been here.

I do feel sorry for the ordinary stadium staff who won't get paid and could lose their jobs. The staff who had to find out about it on social media, couldn't even tell the staff first, that's a disgrace in its self

I do wonder if this has been planned to clear the debts then carry on .... a pre pack situation. Some twists and turns to come I think.

Richardson will be protecting his interests this isn’t over yet

 

[SheafIsGod]

Personally don’t get the joy over this. We won’t own the stadium as a result. We were a mess long before Wasps arrived and we’ll be a mess long after they’ve gone

 

[oldskyblue58]

Acl owe something like 23m of the bond to wasps finance who then owes the bondholders 35m

Acl however jointly and severally secure the bond so could be held responsible for all of it

 

[Liquid Gold]

We need a Dellaglio statement

 

[Grendel]

We need a Dellaglio statement

There is one due imminently

 

[duffer]

Personally don’t get the joy over this. We won’t own the stadium as a result. We were a mess long before Wasps arrived and we’ll be a mess long after they’ve gone

Quite possibly, but if you haven't already understood the visceral dislike of (London) Wasps pitching up here, fucking over the local rugby and football club, and disenfranchising their own supporters, I guess it's a bit late for me to try to explain.

 

[Legia Sky Blue]

Have never really understood the machinations of the administration process, but could notifying an 'intention' to enter administration still be part of Wasps negotition strategy with their bond holders in the hope that the bond holders might then accept a lower settlement, rather than risk the outcome of administration?

 

[Liquid Gold]

There is one due imminently

He's either a liar or he's been lied to.

Can't wait to see the angle he's taking.

 

[torchomatic]

My thoughts are with the Sky Blue Trust at this incredibly difficult time.

 

[procdoc]

This has cheered me right up

 

[Nick]

He's either a liar or he's been lied to.

Can't wait to see the angle he's taking.

Probably the same one Andy goode took.

 

[Liquid Gold]

My thoughts are with the Sky Blue Trust at this incredibly difficult time.

I had a look to see if they had the brass neck to tweet about it. Nothing.

 

[Otis]

I had a look to see if they had the brass neck to tweet about it. Nothing.

They did start one, but realised they had kept typing "we", so are now rehashing it so it will read "them."

 

[Liquid Gold]

Go on then Wasps forum, give me a semi

 

[Terry_dactyl]

I mean, it’s clearly good news right? Even if it doesn’t impact on us in any tangible way.
They need to fuck off.

 

[Philosoraptor]

Personally don’t get the joy over this. We won’t own the stadium as a result. We were a mess long before Wasps arrived and we’ll be a mess long after they’ve gone

It's like mud wrestling. Don't care who wins as long as it goes the distance.

 

[Otis]

Go on then Wasps forum, give me a semi

View attachment 26272

Ooh, I like this guy. Got a number for him?

 

[Terry_dactyl]

Go on then Wasps forum, give me a semi

View attachment 26272

Yeah I read that.
Im with a couple of others on here, trying not to get too excited but fuck me it’s good reading!

 

[CCFCSteve]

Personally don’t get the joy over this. We won’t own the stadium as a result. We were a mess long before Wasps arrived and we’ll be a mess long after they’ve gone

It potentially puts the stadium/long lease on the open market for sale, which as suggested before might attract offers for CCFC and stadium

 

[oldskyblue58]

https://www.thegazette.co.uk/insolvency/content/104038#:~:text=Their%20duties%20must%20be%20exercised,make%20a%20distribution%20to%20creditors

.

These are the duties of an administrator. Yes to get best benefit for the creditors but also if best for creditors to save the company

Wonder if some assets have moved location

 

[Philosoraptor]

 

[Johnnythespider]

@Johnnythespider tried liking your reply mate but its gone!

Yeah sorry mate, thought it was a bit personal so deleted it.

 

[Nick]

https://www.thegazette.co.uk/insolvency/content/104038#:~:text=Their%20duties%20must%20be%20exercised,make%20a%20distribution%20to%20creditors

.

These are the duties of an administrator. Yes to get best benefit for the creditors but also if best for creditors to save the company

Wonder if some assets have moved location

How does that work if things are secured on them? Doesn't it work like car finance etc etc that if you get rid with something secured on it, it can still be claimed back?

 

[clint van damme]

Yeah sorry mate, thought it was a bit personal so deleted it.

It was funny mate, and I've been told 'I'm abit cunty' on here today so your post was fine!

 

[3generations skyblue]

Surprised they havent tried to turn it in to a housing estate yet

 

[chiefdave]

Go on then Wasps forum, give me a semi

View attachment 26272

If, and its still a big if IMO, Wasps lose control of the ground to the bondholders, is there a strong case for them staying at the CBS? 5K in a stadium that holds over 30K isn't fun as we've experienced when we've had some cold nights in the early rounds of the paint pot cup and will only get worse if the current results are maintained and we head into winter. Would that be the point at which they admit the experiment has failed.

Of course that leaves the question of where they would go. Brentford would be the obvious answer being literally minutes from where the club was previously based but having told their supporters that wasn't an option as rugby wouldn't be allowed there London Irish have moved in.

 

[duffer]

Yeah sorry mate, thought it was a bit personal so deleted it.

Well that's never going to catch on hereabouts, is it.

 

[Liquid Gold]

Worcester Wasps is lovely alliteration

 

[chiefdave]

Worcester Wasps is lovely alliteration

Wonder how Worcester fans would take that idea. Would they swap Warriors for Wasps if it meant still having a club?

 

[Nick]

Wonder what legal advice the council are getting?