Johnnythespider
Well-Known Member
Yeah them too
Wasps going into admin & the impact on CCFC (37 Viewers)
- Thread starter Alkhen
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HuckerbyDublinWhelan
Well-Known Member
That’s not gonna happen, it’s an old boys network. Wasps are one of the bigger boys. They’re going nowhere
David O'Day
Well-Known Member
jd is a utd fan
hutch1972
Well-Known Member
We also had a wage bill that must have been 90% less than wasps currently have.
Terry Gibson's perm
Well-Known Member
The arena doesn’t seem to sustainable with sports teams so has little chance without
Sky Blue Harry H
Well-Known Member
Have they turfed him out of rehab?
Brighton Sky Blue
Well-Known Member
They’re going nowhere
HuckerbyDublinWhelan
Well-Known Member
If we’re talking sports investors there’s potential you game 3 sports in one day if you take over
Great_Expectations
Well-Known Member
I wonder what Coventry Building Society are thinking about their stadium sponsorship.
By no means their fault or anything to do with them, but nothing but negative publicity surrounding the stadium thus far.
Shame for a Community based BS with a good reputation.
By no means their fault or anything to do with them, but nothing but negative publicity surrounding the stadium thus far.
Shame for a Community based BS with a good reputation.
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MusicDating
Euro 2016 Prediction League Champion!!
This riled me; 'Due to the impending threat of action from HMRC...'
You haven't fucking paid them!! What did you think would happen?!
At least SISU have never been that daft to owe anything to HMRC.
You really must be down to your last quid if you're choosing not to pay them...
You haven't fucking paid them!! What did you think would happen?!
At least SISU have never been that daft to owe anything to HMRC.
You really must be down to your last quid if you're choosing not to pay them...
MusicDating
Euro 2016 Prediction League Champion!!
Oh and while I'm on, it's not fucking black and gold. No one ever described a wasp as black and gold. They're yellow. You cunts.
shmmeee
Well-Known Member
Not sure if you’re on about Daizel, the rugger buggers, or the bloke with the shit podcast and need for attention, but agree 100%
Philosoraptor
Well-Known Member
At least by their own admission for their intention to appoint an administrator, their financial position is fucking disastrous.
Philosoraptor
Well-Known Member
If they are selling up, I think this action today can safely knock another couple of million off their sale price 
They sound absolutely desperate.
They sound absolutely desperate.
Gynnsthetonic
Well-Known Member
Would administrators not be able to claim Henley in Arden training centre too, surely transfer of ownership this recent was illegal practice. That's like tomorrow Wasp selling the stadium to CCC for £1 then nobody can make a claim on it.
fernandopartridge
Well-Known Member
I'd put my mortgage on Derek Richardson continuing to own the stadium beyond the administration
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No mention of impending action from Bond Holders?
It never was a WASPs Group Asset
Remember the Trustee and the Trust Deed he acts on were created by WASPs
The Bondholders urgently need to vote to order the Trustee to appoint a Receiver to act for them. Otherwise they could end up with WASPs appointment
Sky Blue Harry H
Well-Known Member
The trouble is, it's a potential millstone around his neck. If the CBS remains with 'him', creditors (HMRC aside) are going to get next to nothing, and all future dealings will be 'cash up front'. Not sure how they can do anything other than find a buyer for whatever it is they are selling. Cov City Council will look even bigger idiots (if that's possible) if he is able to embarrass them in that way. If Richardson has managed to shuffle the businesses/assets around, I wonder whether our rent agreement is affected? Could we renegotiate in our favour? They wouldn't want to lose us again, as they would be even more vulnerable, surely?
I thought they did at least for one year when ACL generated something like £21M but blew a lot of it on the Rugby element.
oldskyblue58
CCFC Finance Director
I would have thought the cleanest way out is to sell ACL & IEC rather than the group actually going in to administration
ACL owns the lease, is the part that generates income and under a specialist stadium owner could perhaps turn profits. Would leave ccfc and wasps with leases to be there so there is worth there for a new owner. Any sum wasps holdings receives could be applied to the bond and other charges.
Wasps holdings needs to raise much more than 35m. Could the stadium be sold for a suitable sum ?
Just a thought but if ccfc paid for the pitch under administration would be an unsecured creditor I assume
maybe not going to get it back?
Strange that Richardson was reappointed a director of acl in August 2022
ACL owns the lease, is the part that generates income and under a specialist stadium owner could perhaps turn profits. Would leave ccfc and wasps with leases to be there so there is worth there for a new owner. Any sum wasps holdings receives could be applied to the bond and other charges.
Wasps holdings needs to raise much more than 35m. Could the stadium be sold for a suitable sum ?
Just a thought but if ccfc paid for the pitch under administration would be an unsecured creditor I assume
maybe not going to get it back?Strange that Richardson was reappointed a director of acl in August 2022
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Sky Blue Harry H
Well-Known Member
Just a thought but if ccfc paid for the pitch under administration would be an unsecured creditor I assume
But if we're paying rent, we'd just deduct it from our rent payments, surely? Thought that was the intention from the offset, so not sure why that would change. If we were to be paying said rent to a 'new' company, then we'd renegotiate the rent down accordingly. They can't have it both ways!
oldskyblue58
CCFC Finance Director
Only if the lease agreement allows you to do that.
There is no obligation for a new owner of ACL to do that on an existing lease
Maybe we are starting to see the real battle that played out. CCFC worried about investing money in a pitch they were unlikely to see back but eventually had to give in and do it anyway as Wasps didn't care about the rent as they were already fucked.
Wasn't there another screenshot yesterday where ACL are applying too?I would have thought the cleanest way out is to sell ACL & IEC rather than the group actually going in to administration
ACL owns the lease, is the part that generates income and under a specialist stadium owner could perhaps turn profits. Would leave ccfc and wasps with leases to be there so there is worth there for a new owner. Any sum wasps holdings receives could be applied to the bond and other charges.
Wasps holdings needs to raise much more than 35m. Could the stadium be sold for a suitable sum ?
Just a thought but if ccfc paid for the pitch under administration would be an unsecured creditor I assume
Sky Blue Harry H
Well-Known Member
Surely the agreement of CCFC paying for something like that will have been drawn up by CCFC; then signed off by Wasps outside of the lease agreement (unless it was already covered by it). Even CCFC aren't that stupid, given that they knew Wasps were in dire straits.
I would have thought the cleanest way out is to sell ACL & IEC rather than the group actually going in to administration
ACL owns the lease, is the part that generates income and under a specialist stadium owner could perhaps turn profits. Would leave ccfc and wasps with leases to be there so there is worth there for a new owner. Any sum wasps holdings receives could be applied to the bond and other charges.
Wasps holdings needs to raise much more than 35m. Could the stadium be sold for a suitable sum ?
Just a thought but if ccfc paid for the pitch under administration would be an unsecured creditor I assume
Strange that Richardson was reappointed a director of acl in August 2022
I suppose it depends on whether ACKs liabilities outweigh the potential value of the lease/stadium. I’m not sure what security/cross guarantees etc might be in place as well
Also, uncertain future income with Wasps potentially struggling to survive (certainly in Prem) and SISUs longer term ‘own stadium’ plans
. I think buying the stadium only really makes sense if we’re 100% staying long term, hence the situation lending itself to someone wanting stadium and us…if there’s anyone out there with a few quid spare !robbiethemole
Well-Known Member
I thought there were reports of the Commonwealth Committee have paid for the repairs, so no outlay for SISU or Wasps. You can bet your life Richardson has a plan to stay in control of things, just like Otium/ SBSL/ Arvo did, by buying themselves out of Admin. The whole thing stinks and I wonder if the bond holders are going to be screwed over by it ( not that I give a shit).
Grendel
Well-Known Member
It sounds o me a lot of so called terms were based on handshakes and trust
Sky Blue Harry H
Well-Known Member
Post number 315 on here (yet only 90 on onceawasp) Tells you a lot about their support, and a number of the posts come from those who don't even go. Shugs is full of 'keep the faith' and I almost (only almost) felt sorry for him, until I recalled some of his previous looking down his nose at us posts. This feels like a pivotal moment in the direction of CCFC, so I've got everything crossed that it is a positive thing for us, regardless of whatever awaits Wasps. We really ought to be looking at turning the Middlesboro game into an 'event' regarding support for CCFC in terms of numbers and football club potential.
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