Wasps going into admin & the impact on CCFC

[duffer]

Worcester Wasps is lovely alliteration

I'm not sure Worcester fans (best described as 'long-suffering') would agree. I wonder if a ground share would suit both parties though. Time for Wasps to pull that 'nomad' card again?

 

[chiefdave]

Wonder what legal advice the council are getting?

Presumably they're slightly worried about whats happening to the lease given the bondholders will surely now be wanting their security.

Said it before but I was surprised there didn't seem to be any clause that saw the lease return to the council if something like this happened.

 

[CCFCSteve]

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

Save the company would require all creditors to be paid in full or exit Admin via CVA (creditors agreeing to compromise their liabilities and receive Xp in the pound - HMRC will be all over this if that happened !)

On a personal level I don’t really give a toss about Wasps/trading side of things, I’m just interested in the stadium ie Who’s controlling that process and who are they obligated to

 

[Nick]

Presumably they're slightly worried about whats happening to the lease given the bondholders will surely now be wanting their security.

Said it before but I was surprised there didn't seem to be any clause that saw the lease return to the council if something like this happened.

Or how to bail them out.

Surely the council consented to the security against the lease though? After all that's why they would never have given it to ccfc.

 

[hill83]

HA HA

Can’t even be arsed with a gif. Fuck off and die.

 

[chiefdave]

Or how to bail them out.

Surely the council consented to the security against the lease though? After all that's why they would never have given it to ccfc.

that really wound me up. there is, or at least was, notes on the council website about a meeting where the football club ending up owning the lease was discussed and they spoke about how if that happened there must be a clause to prevent the club using it as security on finance.

 

[shmmeee]

Is it fair to say we have no idea where this will go or do we have verified info on say the contents of the lease or whatever?

Never happy when someone does their own admin, especially after playing hide the ball with assets just before. Too many bad memories of our own to think there won’t be some stupid loophole where they come out the other side clean.

 

[Terry Gibson's perm]

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.

Brentford won’t want those lumps ruining their pitch and the money they might bring wouldn’t be enough to make it worthwhile

 

[Grendel]

Presumably they're slightly worried about whats happening to the lease given the bondholders will surely now be wanting their security.

Said it before but I was surprised there didn't seem to be any clause that saw the lease return to the council if something like this happened.

In administration there is a clause and it’s not in administration yet

 

[hill83]

 

[duffer]

Presumably they're slightly worried about whats happening to the lease given the bondholders will surely now be wanting their security.

Said it before but I was surprised there didn't seem to be any clause that saw the lease return to the council if something like this happened.

There is exactly that clause in the lease CD, it was even in the bond prospectus as a risk.

There may well be a proper legal bunfight between the bondholders and CCC over this in due course. (That's as long as the person at Wasps working Maton's gob takes his arm out of his arse for a while, of course.)

 

[chiefdave]

In administration there is a clause and it’s not in administration yet

if it reverts to the council what happens to the bondholders security, are they completely fucked?

 

[Grendel]

if it reverts to the council what happens to the bondholders security, are they completely fucked?

Oh I’m sure Mr Richardson is finding ways to make that happen - it doesn’t automatically go back to the council either - moonstone will make a claim

 

[Terry Gibson's perm]

Maton’s Twitter must be blocked or broken as he has stopped tweeting.

 

[chiefdave]

Maton’s Twitter must be blocked or broken as he has stopped tweeting.

Shugs has lost his login for both Wasps forums as well

 

[duffer]

Maton’s Twitter must be blocked or broken as he has stopped tweeting.

What a day. Will the good news never end!

 

[Nick]

Shugs has lost his login for both Wasps forums as well

Probably the same person.

 

[fernandopartridge]

Arena coventry aswell.

ACL2006 is the key one?

Sent from my SM-G935F using Tapatalk

 

[Earlsdon_Skyblue1]

There's two school's of thought here:

1) Does this benefit CCFC?
2) Does it mean Wasps will fuck off and die?

Even if it is only number 2, I'm still really happy to be honest. I'll never forgive them, or the people that enabled them. That includes the council, and 'fans' that jumped ship because they wanted to watch 'premiership rugby' whilst CCFC were stuck gasping for air. Seriously, fuck all of them.

 

[AFCCOVENTRY]

Interesting statement by Wasps just now. Say they’re in talks with a number of parties to secure the long term future of the Wasps group.

 

[hill83]

Sorry for doing a swear rugby boys

 

[Brighton Sky Blue]

There's two school's of thought here:

1) Does this benefit CCFC?
2) Does it mean Wasps will fuck off and die?

Even if it is only number 2, I'm still really happy to be honest. I'll never forgive them, or the people that enabled them. That includes the council, and 'fans' that jumped ship because they wanted to watch 'premiership rugby' whilst CCFC were stuck gasping for air. Seriously, fuck all of them.

It's going to be pretty beautiful if there ends up being a double header against Cov RFC who Wasps didn't think should have the right to get promoted.

 

[hill83]

Interesting statement by Wasps just now. Say they’re in talks with a number of parties to secure the long term future of the Wasps group.

They will probably pull something out of their arse but for now I’m not thinking about it too much.

 

[Terry Gibson's perm]

Interesting statement by Wasps just now. Say they’re in talks with a number of parties to secure the long term future of the Wasps group.

One will be hmrc

 

[Sky Blue Harry H]

Wonder what legal advice the council are getting?

Probably bad.

 

[theferret]

That statement muddies the water a bit

 

[clint van damme]

Interesting statement by Wasps just now. Say they’re in talks with a number of parties to secure the long term future of the Wasps group.

Weren't they in talks to restructure finance for the bond a few days ago?

 

[AFCCOVENTRY]

That statement muddies the water a bit

Buying more time it seems.

 

[hill83]

That statement muddies the water a bit

Stick it in a shat in pint and neck it

 

[Nick]

Weren't they in talks to restructure finance for the bond a few days ago?

They have been for months, haven't they? They agreed it months ago.

 

[Sky Blue Harry H]

Presumably they're slightly worried about whats happening to the lease given the bondholders will surely now be wanting their security.

Said it before but I was surprised there didn't seem to be any clause that saw the lease return to the council if something like this happened.

Probably a daft question, but can Wasps try and shaft every other creditor (bondholders included) yet continue to stump up the leasehold payments to the Council to maintain a grip on the stadium?

 

[Nick]

Interesting statement by Wasps just now. Say they’re in talks with a number of parties to secure the long term future of the Wasps group.

They have been saying that for months...

 

[Grendel]

Stick it in a shat in pint and neck it

It seems and has been for a while fairly obvious they are trying to sell and Richardson is not getting the deal he wants. It doesn’t have to be re financing it could be a sale and this triggers the buyer into action

 

[AFCCOVENTRY]

Wasps reassure players and staff that the club are NOT going bust

At a time of financial turmoil in the English game, the Coventry-based club were forced to take drastic action, to stave off the threat of a winding-up order from HMRC.

www.dailymail.co.uk

 

[duffer]

That statement is pretty much exactly the same as they've been saying since before the bonds were due for repayment.