Wasps going into admin & the impact on CCFC (9 Viewers)

A new NOI has just appeared for Arena Coventry Limited

Liquid Gold said:

Almost like those in charge foresaw this eventuality like the rest of us...

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Same as the proposed hotel site moved from Wasps to a separate Richardson company

It’sabatch87 said:

As soon as they are in admin can we take those stupid badges off and fill in that lettering in Tesco stand?⚽️

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Would it be cheaper to just add 'Fuck off' above the existing letters? I can bring a permanent marker if needed.

And now a new NOI for Arena 2006

jordan210 said:

A new NOI has just appeared for Arena Coventry Limited

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Isn't that the one that did their first NOI a week later than Wasps Holdings? So potentially 7 more days for the arena before admin?

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rexo87 said:

Isn't that the one that did their first NOI a week later than Wasps Holdings? So potentially 7 more days for the arena before admin?

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Is it 2 weeks?

jordan210 said:

A new NOI has just appeared for Arena Coventry Limited

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How often can they do that.

MalcSB said:

How often can they do that.

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I assume its on the basis a buyer can be found for the 250 year lease and prevent it collapsing.

I doubt anyone will be supplying anything to them unless you get the cash upfront!

Grendel said:

I assume its on the basis a buyer can be found for the 250 year lease and prevent it collapsing.

I doubt anyone will be supplying anything to them unless you get the cash upfront!

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I don’t understand why the council are keen to keep ACL running, it would be more beneficial for any buyer to have it encumbered

mark82 said:

Would it be cheaper to just add 'Fuck off' above the existing letters? I can bring a permanent marker if needed.

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Finally a good excuse to rip out a bunch of seats in a fit of rage.

I wonder if the team has gone but the arena has tangible assets so there’s still hope of a bailout of some sorts.

Its like transfer deadline day

eastwoodsdustman said:

Its like transfer deadline day

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But they can't afford to keep the lights on at the arena

Grendel said:

It never owned the training ground - they will have been a supply and rental arrangement

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Hopefully WHL hasn't paid the rent!

Meetings are underway
So the meetings at the CBS Arena and the Henley-in-Arden training centre are underway.
All Wasps Holdings Limited employees were invited to attend, but it wasn't mandatory as information would be shared by post too.
This is likely to be followed by a statement soon.

Party Poppers at the ready!

Grendel said:

They have been taking bookings and incurring man costs - Richardson publicly declared they were not entering administration a few weeks ago - all the indicators point one way and the funding - even it was ever really there - would not have covered all the increasing number of creditors

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You would say it wasn't entering administration if you thought you had a line of credit. If that is pulled then and that was your working capital that's the point you'd probably need to hold your hands up. Unless of course other options were available.

Seaside-Skyblue said:

Time for us lot to fill in and make sure this game is on then. So...first things first, who knows how to pull a pint?

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At least we got God to mow the grass.

WASPS in ADMIN !!



Wasps Holdings Limited (the “Company”) was placed into Administration on 17 October 2022 and immediately ceased to trade. Further information is available here.

The affairs, business and property of the Company are being managed by Andrew Martin Sheridan and Rajnesh Mittal of FRP who were appointed Joint Administrators. The Joint Administrators act as agents of the Company and without personal liability.

Please note that Arena Coventry Limited and IEC Experience Limited, which operate the businesses at arena in Coventry, are not in Administration and continue to trade as normal.

It’s a bit like waking up at 3am to see if Santa has been outside the front room as a kid!!!!

Get the jelly out boys

Andrew Sheridan and Rajnesh Mittal of FRP were appointed as Administrators of Wasps Holdings Limited (“Wasps”) 17 October 2022.

Please note that Arena Coventry Limited and IEC Experience Limited, which operate the businesses at arena in Coventry, are not in Administration and continue to trade as normal.



What does ‘in Administration’ mean?

Administration is a formal UK insolvency procedure that is available to a company that is insolvent. The procedure involves placing the company under the control of insolvency practitioners and the protection of the UK courts.

Administration includes a moratorium which applies for the period of time in which the company is in administration. This stops any legal action or process against a company from proceeding, unless the Administrators or the English Court give permission.



What does the administration mean for Wasps season ticket and match ticket holders?

Unfortunately all future Wasps matches are currently cancelled and therefore match tickets, season tickets and hospitality packages cannot be honoured. Wasps is unable to provide any refunds.

If you paid by credit or debit card, you may be able to get your money back by claiming a refund from your card issuer. Please contact your card issuer as soon as you can if this may apply to you. Further information including on time limits that apply is available from UK Finance.

If you are unable to claim a refund from a card provider you can register a claim against Wasps. Details of how to register a claim will be provided to ticket holders. Registering a claim in this way does not necessarily mean that you will receive any payment. That will be determined at a later date and you will be contacted again if there is any prospect of a payment.



Will events still happen at the Arena in Coventry?

The only events which are cancelled as the result of the administration are Wasps matches. The administration of Wasps does not impact:

• Coventry City FC ticket holders and hospitality packages
• Rugby League World Cup ticket holders and hospitality packages
• Conference and event bookings
• Hotel bookings
• Music event ticket holders

What will happen to merchandise orders from the club shop and website?

The club store (at the CBS Arena and online) is not impacted by the administration of Wasps.



I am a Wasps bondholder, what does the administration mean for me?

A separate link for bondholder questions can be found here.



Do I need to use a third party to get my money back?

No. Any claims against Wasps or card issuers can be made directly by you.



How can I contact the Joint Administrators?

The Administrators are unable to deal with calls from individual ticket holders. All available information will be provided on this web page and creditors of Wasps will be provided the access details for a creditors portal.



Any queries relating to Wasps including Wasps Mens, Wasps Ladies, Wasps Netball, and the respective Academies and Pathways activities should be directed to the Joint Administrators via wasps@frpadvisory.com.

Will events still happen at the Arena in Coventry?

The only events which are cancelled as the result of the administration are Wasps matches. The administration of Wasps does not impact:

• Coventry City FC ticket holders and hospitality packages
• Rugby League World Cup ticket holders and hospitality packages
• Conference and event bookings
• Hotel bookings
• Music event ticket holders

Boys. We did it!

Joy Seppala…. The crazy son of a bitch did it…

she had a plan… and it worked

This is the sad site of the event.

Now for the club to get some stability by getting some of the ground.

A simple gif will suffice.

Fumigation squads en route to CBS to remove those insects clinging to the stadium

Best chance ever of getting a stake of some description in the CBS

Is it yellow and black on purpose

So where does this leave us? ACL still being run by Wasps even though Wasps have gone pop? Does this mean ACL need council funds to keep going?

jordan210 said:

This is the sad site of the event.

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Agreed. It’s a lot of people out of work at a difficult time.

Now let’s just hope all this leads to CCFC and the stadium being reconnected…and SISU selling up