Nick
Administrator
Really wish I could find that video of the Trust applauding Wasps.
Ashley is in prime position and will take the club and the arena i think
They discussed this on TalkSport this evening.... Darren Bent was saying that he lives near the Ricoh and it was a "massive loss" to Coventry and the community.
They did have a rugby expert on who vaguely pointed out some animosity from the football club. But it was about as in-depth a discussion as you'd expect from TalkSport.
He taking over Rolls Royce too?It does seem to link in with that Ansty stuff as well.
Ashley is in prime position and will take the club and the arena i think
Be all the sweeter if they end up outside of itthis "Rugby Family" is so hypocritical it defies belief...
Wasps were quick enough to help pull up the drawbridge on the rest of the rugby pyramid and close the Premiership off.
He taking over Rolls Royce too?
this "Rugby Family" is so hypocritical it defies belief...
Wasps were quick enough to help pull up the drawbridge on the rest of the rugby pyramid and close the Premiership off.
Likely to be a break clause if taken over by a party that doesn't align to CBS's values of course.What happens to Cov Building Society? Who did the actually have the agreement wit?
Will it make their agreement null and void?
As in CCFC or WRFC?
this "Rugby Family" is so hypocritical it defies belief...
Wasps were quick enough to help pull up the drawbridge on the rest of the rugby pyramid and close the Premiership off.
I haven't seen city fans so unified for years.
This threads got to over 50 pages with barely across word, unprecedented.
He has said he will buy wasps as part of the package
Get back to celebrating you bell end!This threads got to over 50 pages with barely across word, unprecedented.
Surely he'll cut them loose when possible-can't see how someone like him wants to volunteer £10 million a year for a failing rugby club
John Deziel is having a stinker on twitter. Ironic because he was abused for weeks by Wasps fans when they employed him.
Nellywelly thinking they have pre packaged admin as the website went down and will be news tomoz in the morning
"
But, and this is important, we are as mushrooms in this. What could have happened already? Just supposition ...
Wasps approached an Insolvency Practitioner (IP) who agreed to act should the decision be made, and Wasps asked that IP to talk with the creditors in advance, to get a creditor's committee together (typically representing more than 50% of creditors by total debt). Usually, HMRC are in there. Many creditors give their proxy to the IP.
So that, by the time the Court approves the administration, a so-called pre-pack is in place.
Now, the IP has to advertise their appointment in the London Gazette, but it can take a day or two for that to appear. If the IP does not speak directly to the media, you have only small clues that the business went in to administration. Such as ... social media goes silent and website, online shop, etc. go offline (they did BTW).
The doors to the premises are locked. No idea if that happened. Staff are called to a meeting (I think BB said that happened this afternoon) to meet the IP and the directors.
If the pre-pack is in place, contracts would be signed within hours, and the deal announced publicly (after, a rescue is a 'good' thing, so the media are spoken to). This has not happened. That is odd, as the UK business day is now over. Maybe the buyer is overseas in a country/timezone where the business day is different.
Money has to flow. For an overseas transfer to the UK of that size, the IP might not officially see it until early morning UK time, but will already have had proof it has been sent on its way. An American resident buyer for example.
IF a pre-pack was in place, and IF the administration was this afternoon, you could expect the new buyer to emerge tomorrow morning, on media channels local to Coventry (I can't see it making national news on air). Say, around 8am.
Of course, as a pre-pack, this will have been arranged in advance. The media station that will 'break' the news will already know. Staff at the IP will know. Staff at Wasps and directors (some at least) will know. Wasps' most important assets (the players) will know. Some will speak to friends, some to wives/partners/husbands/family, and rumours will appear.
I get the feeling this is what will happen. I get the feeling the RFU already know Wasps are in Administration, and THAT triggered the suspension.
I think they will hold fire on announcing the relegation to see if Wasps can limit the lost games to just the Chiefs one. If Wasps can manage that and get playing again, they will get hit with a 35 points deduction, but no relegation.
Worcester fans will say, what about us? The RFU will reply, do you still have players under contract, because Wasps do? Do you have a ground you can play at, because Wasps do? Do you even have an owner, because Wasps do.
Nice and neatly, the PRL becomes 12 teams again. And other clubs who are teetering know what they have to do. See how Wasps started this process just after paying the players and all staff, so they could all remain under contract? That's how you do a pre-pack insolvency."
[/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.
Yes, it's exactly the same principle. And Cov Rugby have a far more successful and high profile history than just about every other Rugby club.
It shouldn't happen, and that's that.
Serious question here as someone suggested tonight could the wasps directors be under any criminal investigation for the £35m bond and allowing the business to run massive debts? Even though back in 2018 the auditors declared the business wasn’t a going concern.
Personally I can’t see any way this can be proven that there was no intention of paying the bond back and I very much doubt this was the intention and it was all done in good faith, but it does raise the question if they could face an investigation?
Even more so if relegated.
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