Wasps going into admin & the impact on CCFC (7 Viewers)

[Frostie]

Wait, does that mean they spent £13m on the repairs but didn't pay OR it means it needs £13m still?

I think the work needs doing, isn't £13m what they asked WMCA for?

 

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[HuckerbyDublinWhelan]

W@$ps literally loaded all their debt onto the stadium so they could resurrect so much easier.

W@nkers.

Good job we didn’t let SISU have the arena…

 

[HuckerbyDublinWhelan]

I think the work needs doing, isn't £13m what they asked WMCA for?

If we buy it - can we now make that request?

 

[BornSlippySkyBlue]

 

[lord_garrincha]

This will only make it more heartbreaking when they play at the Bescot tomoz!

 

[Cranfield Sky Blue]

Won’t the offer be a percentage of the debt owed to the debtors??

Not necessarily. You could offer say £2 million and then when the sums are done the debtors would get x% to the pound they are owed. Sounds like that could be a really low number.

 

[Sky Blue Pete]

Good keeping everyone updated

 

[fernandopartridge]

Unless they've procured the works the £13m of work needed is not debt at all, it has nothing to do with the administration.

Unless they're in breach of some lease obligations on maintenance?

 

[tisza]

Wait, does that mean they spent £13m on the repairs but didn't pay OR it means it needs £13m still?

How the hell can a stadium that cost 56/57 million need a min of 13 m of repairs after 17 years? Refurb would be understandable ( not 13m worth!!)

 

[Nick]

Unless they've procured the works the £13m of work needed is not debt at all, it has nothing to do with the administration.

Unless they're in breach of some lease obligations on maintenance?

Yeah that's what confused me as to whether they had it done but didn't pay.

Would the bonds / lease not have a maintenance obligation?

 

[Nick]

Also, could the update from the club mean ACL are somehow avoiding Administration today and have another extension?

 

[lord_garrincha]

Unless they've procured the works the £13m of work needed is not debt at all, it has nothing to do with the administration.

Unless they're in breach of some lease obligations on maintenance?

A bit like a double glazing salesman saying you need to replace all your windows in your house with our ultra expensive ones.

 

[Nick]

I can't see why Wasps would have made up it needs £13m of work though, it would only make it harder for them to refinance it?

 

[HuckerbyDublinWhelan]

Also, could the update from the club mean ACL are somehow avoiding Administration today and have another extension?

Nah wouldn’t have thought so, admin shouldn’t be an issue, it’s when it’s liquidated the issues start. Ideally we need to limp to the World Cup - the it can be liquidated

 

[MAFF]

Also, could the update from the club mean ACL are somehow avoiding Administration today and have another extension?

Probably just spoke to the administrator?

 

[lord_garrincha]

Probably just spoke to the administrator?

... whilst exchanging contracts & handing over keys...

 

[Evo1883]

Also, could the update from the club mean ACL are somehow avoiding Administration today and have another extension?

Only liquidation means we can't play at the arena

 

[SBT]

So the Parasites literally spent no money on the bonds, no money on upkeep of their new home, not enough money to HMRC, not enough money to their suppliers.

So all they spent their money on was the rugby side of things and they failed to achieve anything? Wow.

Oh, and flags. They bought lots of flags. That'll explain it.

We all laughed when Wasps and their fans got kicked out of the arena, but turns out some of those flags were actually load bearing.

 

[oldfiver]

Only liquidation means we can't play at the arena

Why?

 

[TomRad85]

In my mind it's going to play out in public, Wrestling style and last minute Ashley is going to strut in and tombstone Fisher.

Sent from my SM-G973F using Tapatalk

 

[Deleted member 5849]

... whilst exchanging contracts & handing over keys...

They'd be quicker than my bloody conveyancers then. Worth £35mil just for that!

 

[Skyblueweeman]

Won’t the offer be a percentage of the debt owed to the debtors??

 

[lord_garrincha]

Why?

Waterlogged pitch.

 

[oldskyblue58]

Looks like a short extension to get deal done to me. Nothing going to happen today but reasonable to expect game Tuesday at the cbs

 

[oldfiver]

Waterlogged pitch.

Pissed off WASP and Sunderland fans?

 

[chiefdave]

We all knew there was significant repair work was needed even if it was yet another thing the Wasps supporters kept insisting we had made up.

Anyone bidding is obviously going to factor that in to their offer.

No way Ashley is bidding for the stadium and not considering the football club at the same time. Who is the other bidder besides SISU and NEC?

 

[Terry Gibson's perm]

ooooof

What a great success

 

[Skyblueweeman]

Ballsy to put that out in the public domain without being able to confirm.

Not reading into it that it means Sisu are getting the Arena but I guess the know it's likely a 'more positive' outcome than what it could've been.

Imagine the uproar if it goes ahead now in Walsall...

 

[Deleted member 5849]

We all knew there was significant repair work was needed even if it was yet another thing the Wasps supporters kept insisting we had made up.

Anyone bidding is obviously going to factor that in to their offer.

No way Ashley is bidding for the stadium and not considering the football club at the same time. Who is the other bidder besides SISU and NEC?

Chris Rea

 

[chiefdave]

Looks like a short extension to get deal done to me. Nothing going to happen today but reasonable to expect game Tuesday at the cbs

Hope there's an extension until the WC break and then they get something a bit longer term sorted while that's going on.

Not necessarily expecting a deal to be completed that quickly but at least get something in place so we're not waiting for confirmation every week that we can actually play.

 

[Skyblueweeman]

Good job we didn’t let SISU have the arena…

Yeah right. Great foresight from the council.

 

[Evo1883]

What a great success

Scumbags really , them bondholders must be furious

 

[oldskyblue58]

Dilapidation costs will form part the negotiations certainly, will affect size of any offer or its structure. But they don't have to be paid day 1 and could well be programmed over several years

 

[torchomatic]

Good job we didn’t let SISU have the arena…

Absolutely. Some on here, who still post, were adamant SISU shouldn't get the stadium as the first thing they'll do is borrow against it. I wonder what Wasps did....

 

[chiefdave]

How have they ended up owing loads to Delaware / Compass? Don't they run things themselves? I would have thought they'd take all the money and then pay ACL any share owned.

From all the press releases about record breaking deals it was made to sound like Delaware / Compass were paying ACL significant amounts not the other way round.