[/QUOTE]Waiting on a statement from CCC.
QUOTE="MusicDating, post: 2605883, member: 2140"]
From the prospectus -
Risks relating the head lease of the Arena granted to ACL2006
Under the terms of the head lease granted by Coventry City Council (“CCC”) to Arena Coventry (2006) Limited (“ACL2006”) in respect of the Arena (the “Head Lease”), CCC have reserved the right to forfeit the Head Lease if ACL2006 becomes insolvent.
Insolvency in this scenario means a situation where ACL2006 becomes unable to pay its debts, has a receiver/administrator/provisional liquidator appointed over its assets, has assets seized in order to pay debts of ACL2006 or has a winding-up order made against it.
The effect of forfeiture would be that the 250 year Head Lease would fall away and that ACL would then become the tenant of CCC at the Arena for the remaining 38 years of its existing lease.
However, the right of CCC to claim forfeiture of the Head Lease is not an automatic right. If CCC made a claim for such forfeiture, this could be contested by ACL2006, any third party that held security over ACL2006 and any subtenants of ACL2006 by making application to a court in England.
Further, if an administrator was to be appointed over the assets of ACL2006, then CCC would not be able to forfeit the Head Lease without the consent of the appointed administrator or with the leave of the courts.
Didn't he slag off CCFC fans a few weeks back?
Been scrolling through and can't find anything... Although this is nearly as good
View attachment 26519
That looks like "wash" to me and it just won't, will it.
But but advanced talksGET THE FUCK IN HAHAHAHAHAHA
I don't really do Twitter... has anyone abused Maton yet?
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I don't really do Twitter... has anyone abused Maton yet?
Sent from my SM-G973F using Tapatalk
Screenshot tweeted to him
Don’t HMRC take priority? Might not be anything left for the bond holders or anyone else once they’ve taken what they’re owed, or maybe even part of what they’re owed. If the figures being touted around are anywhere near true it could be doubtful that the administrator can’t even raise enough to pay HMRC.Any 3rd party will be the bondholders. I don’t see how the council will be able to revoke the lease. In my opinion it will be sold to the administrators favoured party and the proceeds distributed to the bondholders at a discounted rate. If the admin procedure is anything like CCFC’s, this may be bad news for us as it could still end up in Wasps hands, albeit under a different entity.
Having said that, Wasps reportedly will lose the P share and be relegated meaning there’s no chance of them staying at the CBS, surely? Could they share at the Butts or move to the Alexandra Stadium in Birmingham?
Interesting days/weeks ahead.
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Listened to my baby girls heartbeat for the first time and Wasps are in the bin.
What a day.
Think a lot of other rugby clubs' fans will be having a snicker too. Wasps telling the world they were going to number 1 rubbed many up the wrong way.As i've said before, I have some sympathy for the fans down south who had their club stolen from them but would be delighted to see them go the wall and consigned to history. Horrible club and fans.
Not sure its time to celebrate yet. We're never this lucky. Knowing how things go for us someone will probably swoop in and save them.
Although you do wonder why anyone waiting in the wings who had an actual interest in Wasps, rather than getting some of their assets on the cheap, would let them go into admin and be relegated, unless that's the only point at which they can afford to take the club on which isn't great news for them in terms of funding the club longer term.
Nothing in the Cov Tel as of yet, is that because Wasp have stopped funding it already
There is - just not headlines as it used to be. Relegated (pun intended) to lower down the siteNothing in the Cov Tel as of yet, is that because Wasp have stopped funding it already
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