Wasps going into admin & the impact on CCFC (145 Viewers)

MalcSB · Oct 12, 2022

fernandopartridge said:
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.
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Far from an expert on the admin process but wasn't the reason that Otium were the preferred bidder when Sisu put the club into admin because effectively the debt was owed to Sisu. So in theory Otium's offer to repay nearly all the debt (by just moving money around) represented the best offer for the creditors (Sisu). This is a bit different as the debt is owed to HMRC, bond holders and other external parties. Ie. Wasps under a different guise couldn't fabricate a best offer for the rugby club.
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Richardson is a big creditor though and its whether there is any precedence in the debts which is the big issue. I still think that a likely outcome of this process is that another Richardson controlled entity is able to buy the assets.
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The bondholders are the biggest creditor and an administrator is supposed to get the best deal for creditors, I don’t think Richardson has enough money to satisfy the bond holders.

fernandopartridge · Oct 12, 2022

Waiting for the latest Shugs take?

The Exeter game being cancelled is just standard practice while they sort Heineken out

Nick · Oct 12, 2022

fernandopartridge said:
Waiting for the latest Shugs take?

The Exeter game being cancelled is just standard practice while they sort Heineken out

I heard it's just a tactic to get Oranjeboom to pay more sponsorship.

Robinshio · Oct 12, 2022

as part of CCFC lease - what do we rent from wasps however, and how will that be impacted
Food and drink/ Stewards/ club shop etc
I guess the administrators have a duty to keep everything going so long as it is not costing them more to do so than closing the doors
What about Cov building society, can they tear up the sponsorship deal

interesting times ahead, just hope it doesnt lead to even more games postponed for the city

oldfiver · Oct 12, 2022

They contacted CRFC last Saturday

Nick · Oct 12, 2022

SHUNT31 · Oct 12, 2022

oldfiver said:
They contacted CRFC last Saturday

I assume you’re talking about Wasps re groundshare?

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Terry Gibson's perm · Oct 12, 2022

Come on which of you naughty lot put this on twitter

fernandopartridge · Oct 12, 2022

oldfiver said:
They contacted CRFC last Saturday

I guess they have not been offered a credit facility

skybluetony176 · Oct 12, 2022

chiefdave said:
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.

I can’t help but think that their statement reads like a come and get us now or we’ll pull the trigger line. I find it hard to take their statement like any of their statements regarding finances seriously, there always seems to be bluff in them one way or the other. The line about cancelling the game because it wouldn’t be fair on wasps or Exeters players, staff or fans for instance? I bet Exeter we’re relishing the prospect of playing them under these circumstances. Not counting my chickens just yet. My initial excitement has now become let’s see where we are close of business on Monday before I get the bunting out.

Nick · Oct 12, 2022

Anybody still hear off peter knatchbull-hugessen?

Where does that leave the passive charity income?

Nick · Oct 12, 2022

skybluetony176 said:
I can’t help but think that their statement reads like a come and get us now or we’ll pull the trigger line. I find it hard to take their statement like any of their statements regarding finances seriously, there always seems to be bluff in them one way or the other. The line about cancelling the game because it wouldn’t be fair on wasps or Exeters players, staff or fans for instance? I bet Exeter we’re relishing the prospect of playing them under these circumstances. Not counting my chickens just yet. My initial excitement has now become let’s see where we are close of business on Monday before I get the bunting out.

Wasn't that what they did 2 weeks ago?

Sick Boy · Oct 12, 2022

Gynnsthetonic said:
What's Duggins going to do with his Wasp scarf, stick it where the sun don't shine is my preferred option

Whatever floats your boat.

Terry Gibson's perm · Oct 12, 2022

They don’t seem to be getting a lot of sympathy on Twitter Saracens seem to be enjoying it more than most.

skybluetony176 · Oct 12, 2022

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Don't think rugby is like football with its preferred creditors rule.
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I meant more as a general rule. If the assets are liquidated to pay the debt HMRC take what’s owed to them first and anything that’s left goes to the other creditors as X amount of pennies in the pound.

Sick Boy · Oct 12, 2022

Nick said:
Anybody still hear off peter knatchbull-hugessen?

Where does that leave the passive charity income?

What about condescending marry mongo, or whatever they were called?

Tommo1993 · Oct 12, 2022

Common thought is that this may be SISU’s best window to sell up and sling their hook. Would anyone disagree?

TomRad85 · Oct 12, 2022

Tommo1993 said:
Common thought is that this may be SISU’s best window to sell up and sling their hook. Would anyone disagree?

I feel that if they don't sell now, with the stadium also in play, they never will. They'll just pick away at our corpse for years... but let's just enjoy Wasps being fucked for now.

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skybluetony176 · Oct 12, 2022

Nick said:
Wasn't that what they did 2 weeks ago?

And two weeks before that. I think if no one has stepped in by close of business Monday that’s it isn’t it? The administrator will be opening up Tuesday morning. Could be wrong but as I see it they aren’t in administration until that point so this could still be game playing.

Sky Blue Harry H · Oct 12, 2022

GaryJones said:
Yeeeehaaaaa!

Have you run down the Parade in that mankini yet ?

Nick · Oct 12, 2022

Tommo1993 said:
Common thought is that this may be SISU’s best window to sell up and sling their hook. Would anyone disagree?

I'd hope so.

Although we don't know what happens with bondholders or ccc yet

Frankly_Mr_Shankly · Oct 12, 2022

coop said:
I put it on here before the start of summer that wasps couldn't afford to run the CBS or rugby team and they wanted to move to Birmingham.Good fucking riddance hopefully.

Villa Park would suit them

chiefdave · Oct 12, 2022

Nick said:
When they get relegated, the promotion system has been scrapped also hasn't it?

Would be funny if they couldn't get back up because they'd voted to make it a closed shop.

Sky Blue Harry H · Oct 12, 2022

First song after the 3 pm news on CWR, when they reported about Wasps 'Sweet Dreams are made of this' by Annie Lennox.

Promotion for whoever scheduled that !

jordan210 · Oct 12, 2022

I hope "complex negations" actually means no fuckers will have them

it does feel like they are trying to get someone to bite. before admin.

oldfiver · Oct 12, 2022

Nick said:
I'd hope so.

Although we don't know what happens with bondholders or ccc yet

Bondholders can appoint own Receiver- they 5 days after the Company Administration made

chiefdave · Oct 12, 2022

jordan210 said:
I hope "complex negations" actually means no fuckers will have them

They've been finishing these negotiations any day now since the bonds were due.

jordan210 · Oct 12, 2022

chiefdave said:
They've been finishing these negotiations any day now since the bonds were due.

I have heard HSBC are moments away from refinancing the bond. Sadly the pen ran out just as the paper work was about to be signed and cant get a replacement....

chiefdave · Oct 12, 2022

Players and staff have been told its 'still up in the air' whether they will receive their wages. They've been sent home and told not to come to training until further notice. That sounds very different to when we went into admin and it was basically business as usual on the footballing side.

They were also told 'that relegation was inevitable and that their suspension from this season's top flight was also a possibility'

Wasps players & staff salaries 'up in the air' as relegation message given

Emergency meeting was held at Wasps' Henley-in-Arden training ground base

www.coventrytelegraph.net

jordan210 · Oct 12, 2022

Fergusons_Beard · Oct 12, 2022

Bleeding brilliant news especially as they won’t now be playing games & ruining the pitch!

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wingy · Oct 12, 2022

oldfiver said:
Bondholders can appoint own Receiver- they 5 days after the Company Administration made

Does that require the trustee and indemnification?

Covcraig@bury · Oct 12, 2022

I’m just putting the champagne on ice and awaiting the news we all want .
#fuckoffyoupeskycockneyinsects .

NortonSkyBlue · Oct 12, 2022

Fergusons_Beard said:
Bleeding brilliant news especially as they won’t now be playing games & ruining the pitch!

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Unless we won’t be playing full stop. Nothing is clear cut, the only thing that is certain is that things will be different and whether that is positive is yet to be determined.

oldfiver · Oct 12, 2022

wingy said:
Does that require the trustee and indemnification?

Probably but he also has justify his actions if the bondholders take him on. He gets paid ahead of them anyway from proceeds and the fact admin is in process what's his risk

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