Wasps going into admin & the impact on CCFC (4 Viewers)

[Frostie]

Anyone else think SISU are hoping ACL go in to admin so they can bid peanuts for the CBS as they can’t afford it otherwise?

Not so much can't afford it, more don't think the valuation is attractive given the supposed investment/remedial works needed.

 

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[oldfiver]

Vaughan said it was pre-Covid so maybe a bit early for Commonwealth games? Plus Commonwealth games cash probably went to ACL?

£5M was in 2020. When quotes figures it is usually group results

Vaughan should be asked what was the net cash flow loss from Covid.

They received payroll reliefs plus a big receipt from PRL plus I suspect others

 

[JAM See]

But they could get around that by going back to Heineken

Speaking of which...

EXCLUSIVE: Heineken axed beer from Wasps stadium amid financial woes

EXCLUSIVE BY MATT HUGHES: Sportsmail has learned that several of Wasps' suppliers have been told they are unlikely to be paid this month as the club face being put into administration.

www.dailymail.co.uk

 

[jordan210]

There are still more twist and turns to come in this I feel.

If the CBS does need repair work or isn’t up to standard that could open a whole other kettle of fish for investors and the valuation.

 

[MusicDating]

Anyone else think SISU are hoping ACL go in to admin so they can bid peanuts for the CBS as they can’t afford it otherwise?

If the bond repayment didn't exist, then yes.

 

[Calista]

Here's one of the petitions from Wasps supporters at that time.

Sign Petition: Keep Wasps RFC in/around London

Wasps RFC (formerly London Wasps) has been based in/around London since its inception in 1867. However, recent rumours have linked (2970 signatures on petition)

www.thepetitionsite.com

#AllAboutTheMoney

I’m afraid that petition goes to the heart of what made the move to Cov possible. I mean if you start a petition you get your aunts and uncles and the neighbour’s bloody dog to sign it don’t you? For fans of a famous sports team to only get 2968 online signatures from the population ‘in and around London’ is staggering.

Put that together with Sisu’s catastrophic mishandling of the politics around the Ricoh, and cocky rugby club owners with a sales pitch about massive investment bringing elite sport to Coventry, and it was a recipe for disaster.

The mindset of Wasps fans seems like something from another planet to me, but I can’t take pleasure in them (or the Wasps staff and players) being distraught. We need to know what’s going to happen to us.

 

[Paxman II]

If something is pushed as a "bargain" in the property world - it probably isn't!

Question would be, how do you value a lease where the leaseholder has gone broke? Yes the arena may have other smaller areas of income stream, but not enough to sustain it as a going concern without the football clubs being there. You can't add value becuase you have a tenant in CCFC who could end their tenancy at any time. So value would be nominal at best, which is why the council would surely step in and nulify the lease under agreement, and then remarket the lease, or even offer the freehold perhaps?

 

[chiefdave]

If the CBS does need repair work or isn’t up to standard that could open a whole other kettle of fish for investors and the valuation.

Might not ever be made public, or leaked, but I'd be very interested to know what sort of offers come in. The valuations for the bond always seemed high and rather conveniently always above the amount they needed them to be.

 

[Greggs]

I’m afraid that petition goes to the heart of what made the move to Cov possible. I mean if you start a petition you get your aunts and uncles and the neighbour’s bloody dog to sign it don’t you? For fans of a famous sports team to only get 2968 online signatures from the population ‘in and around London’ is staggering.

Put that together with Sisu’s catastrophic mishandling of the politics around the Ricoh, and cocky rugby club owners with a sales pitch about massive investment bringing elite sport to Coventry, and it was a recipe for disaster.

The mindset of Wasps fans seems like something from another planet to me, but I can’t take pleasure in them (or the Wasps staff and players) being distraught. We need to know what’s going to happen to us.

Working in professional sport is a cut throat business, they all knew the risks when signing up to work in it, i doubt any of them will become homeless, get some perspective.

 

[fernandopartridge]

Labour councillor. Suggest internal divisions there.

I suspect it's probably the same source that leaked the story about the bail out request in the summer.

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[jordan210]

Will we get to see the list of creditors and money owed?

 

[jordan210]

Might not ever be made public, or leaked, but I'd be very interested to know what sort of offers come in. The valuations for the bond always seemed high and rather conveniently always above the amount they needed them to be.

It feels like they are still trying to play someone off to invest/but ACL with the leaks that there are other buyers and so on

 

[Grendel]

Question would be, how do you value a lease where the leaseholder has gone broke? Yes the arena may have other smaller areas of income stream, but not enough to sustain it as a going concern without the football clubs being there. You can't add value becuase you have a tenant in CCFC who could end their tenancy at any time. So value would be nominal at best, which is why the council would surely step in and nulify the lease under agreement, and then remarket the lease, or even offer the freehold perhaps?

The football club accounts for less than 5% of ACL revenues

 

[Finham]

At last! Just in time to stop them doing any more damage to the pitch over the winter too, which could be vital.

 

[Somerset Sky Blue]

The football club accounts for less than 5% of ACL revenues

Does that include any revenue from parking, casino/hotel income on match days and sponsorship by cov building society?
Not sure it would be that much more though.

 

[Gibbo]

The football club accounts for less than 5% of ACL revenues

Was that a full year? Did the financial year coincide with the football year?

 

[shmmeee]

Does that include any revenue from parking, casino/hotel income on match days and sponsorship by cov building society?
Not sure it would be that much more though.

What else could you put on if we weren’t there though? Other sports, monster truck type events, more concerts, international sports.

I’d be surprised if CCFC is as vital to its financial success as we would like to think. After all we were there paying loads more in rent and it still wasn’t flourishing.

 

[junglej13]

Really good insight from someone who has been in a couple of roles with a view into the operations of Wasps since the move to Coventry. Pretty much hits the nail on the head in my eyes and highlights why they can't use covid as extraordinary circumstances

Where it went wrong for Wasps

Wasps have followed Worcester into administration and with their players being made redundant.

www.rugbypass.com

 

[Finham]

Not fully up to date with the politics of it all if I’m honest but am I right in saying ACL can fuck off as well? Wasn’t that Thatchroof Ballbaginson bloke all over the forum a few years back involved? I’m more than likely wrong.

Nice: Thatchroof Ballbaginson - Google Search

 

[OldBedrocker]

If the bond repayment didn't exist, then yes.

Surely in admin the stadium gets sold for the best offer and the bond holders get x pence in the pound based on the sale?

 

[chiefdave]

Has ACL even published any accounts for a period since we came back from St Andrews?

Not sure what people are thinking will happen with the stadium bowl. Unless you knock it down and build something else what would you replace our games with? Think it would be hard to find another sporting tenant and there's simply not that many events that require a venue of that size even if they whacked a roof on.

Was hardly a full diary when we were at Northampton. The Principality Stadium has a roof. Their diary shows 4 rugby matches, Harry Styles, Coldplay and a speedway event next September.

 

[tisza]

Has ACL even published any accounts for a period since we came back from St Andrews?

Not sure what people are thinking will happen with the stadium bowl. Unless you knock it down and build something else what would you replace our games with? Think it would be hard to find another sporting tenant and there's simply not that many events that require a venue of that size even if they whacked a roof on.

Was hardly a full diary when we were at Northampton. The Principality Stadium has a roof. Their diary shows 4 rugby matches, Harry Styles, Coldplay and a speedway event next September.

Yes. There's accounts available online.

 

[David O'Day]

Has ACL even published any accounts for a period since we came back from St Andrews?

Not sure what people are thinking will happen with the stadium bowl. Unless you knock it down and build something else what would you replace our games with? Think it would be hard to find another sporting tenant and there's simply not that many events that require a venue of that size even if they whacked a roof on.

Was hardly a full diary when we were at Northampton. The Principality Stadium has a roof. Their diary shows 4 rugby matches, Harry Styles, Coldplay and a speedway event next September.

this is the thing, surely it's the busier hall any purchaser would be interested in

 

[chiefdave]

this is the thing, surely it's the busier hall any purchaser would be interested in

doubt one will be offered for sale without the other. some of the facilities are shared between the two so its not as simple as saying you'll sell the stadium bowl to one person and everything else to someone different.

 

[rexo87]

Incredible. Read the Vaughan interview and was thinking throughout the whole thing how disgusted I'd be if that was my CEO saying that nonsense after my club had just gone into admin. Go onto Once a Wasp and they are all lapping it up! They honestly think that they were making all the payments they should have been to HMRC and are also blaming HSBC for not loaning them the 35m! After everything that's came out in the last couple of weeks they really think the club was credit worthy to the tune of 35m. Delusional doesn't even cut it

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[David O'Day]

doubt one will be offered for sale without the other. some of the facilities are shared between the two so its not as simple as saying you'll sell the stadium bowl to one person and everything else to someone different.

yeah, what i mean is the hall is the attraction and if they can get a tenant who brings in 500k of people buying food and beer during the bowls quieter winter months then no sensible operator will be upset by that

 

[alexccfc99]

I’ll never forget them rocking up;

Looking down their nose at CCFC and it’s supporters

Turfing us out or changing rooms

Demanding the seats change colour

Climbing up and disrespecting the JH statue

Not maintaining the bricks and memorial garden

Being complicit in the St Ands. move

This summers pitch debacle

I hated them when they weren’t in admin and that hasn’t changed now, no faux sympathy from me I couldn’t care less - Good riddance to them

 

[alexccfc99]

Incredible. Read the Vaughan interview and was thinking throughout the whole thing how disgusted I'd be if that was my CEO saying that nonsense after my club had just gone into admin. Go onto Once a Wasp and they are all lapping it up! They honestly think that they were making all the payments they should have been to HMRC and are also blaming HSBC for not loaning them the 35m! After everything that's came out in the last couple of weeks they really think the club was credit worthy to the tune of 35m. Delusional doesn't even cut it

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They’re completely and utterly deluded and probs still think CCFC are the bad guys

Shows the wishy washy and happy clappy nature of Rugby really, if this was a football club it was happening too there would be hell on

 

[alexccfc99]

Also, I thought that just in the interests of being diplomatic CCFC would have commented on todays news

The fact they haven’t probably shows how rocky the relationship was

 

[Frostie]

I’ll never forget them rocking up;

Looking down their nose at CCFC and it’s supporters

Turfing us out or changing rooms

Demanding the seats change colour

Climbing up and disrespecting the JH statue

Not maintaining the bricks and memorial garden

Being complicit in the St Ands. move

This summers pitch debacle

I hated them when they weren’t in admin and that hasn’t changed now, no faux sympathy from me I couldn’t care less - Good riddance to them

Also removed access to hospitality etc. on our matchdays with less than 24 hours notice.

 

[junglej13]

I’ll never forget them rocking up;

Looking down their nose at CCFC and it’s supporters

Turfing us out or changing rooms

Demanding the seats change colour

Climbing up and disrespecting the JH statue

Not maintaining the bricks and memorial garden

Being complicit in the St Ands. move

This summers pitch debacle

I hated them when they weren’t in admin and that hasn’t changed now, no faux sympathy from me I couldn’t care less - Good riddance to them

Wasn't there something about James Haskell stood in the doorway of the casino laughing at our supporters protesting about something?

 

[hill83]

DAY 2

 

[skyblu3sk]

if we get the stadium...

 

[Sky Blue Harry H]

The football club accounts for less than 5% of ACL revenues

Does that include income at The Anecdote, Casino etc, or is that the basic rent? Not sure how CCC would factor it in, but there must be a few associated/local businesses who are affected by the presence of the football club (The Wheatsheaf/ Cherry Tree/Dhillons, even the Arena shopping area)

 

[Otis]

if we get the stadium...

We don't need the stadium. We have this.