Wasps going into admin & the impact on CCFC (6 Viewers)

[robbiethemole]

Blimey.,, have I read this right. Stephen Vaughan is the e new CEO of Yorkshire cricket club. Lol..

The Yorkshire County Cricket Club today announces the appointment of Stephen Vaughan as Chief Executive Officer. He will officially begin the role on 7th November 2022.

Stephen joins the Club following three years at Wasps Group, which he joined as CEO of sports businesses in August 2019. He became Group Chief Executive in 2020, with additional responsibility for venues, overseeing the securing of stadium naming rights and the return of Coventry City Football Club to the city. During his time there, Stephen was responsible for the rollout of a comprehensive Equality, Diversity & Inclusion (ED&I) strategy, placing this at the heart of the group’s mission and values.

They’ve missed the bit about bankrupting Wasps owing £35m+ and screwing the bond holders over.

 

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[CCFCSteve]

Yeah there's no stadium although nobody knows how cheap it is yet.

Does that stuff usually get made public by Administrators?

If a sale is shortly after administration details should be in the administrators proposals which get filed within 8 weeks of appointment. If not, should be in future reports filed at companies house

 

[Nick]

Council leader George Duggins told BBC CWR that the stadium would continue to operate over the next few weeks, so Coventry City can fulfil their fixtures.

He said that allowing Wasps to move into the Arena eight years ago was "the right thing to do" at the time, but the council was now focused on securing its future.

What a fucking backstabbing,shit-spouting, gobshite this bloke is

Again, the council making the statements....

 

[SBT]

Blimey.,, have I read this right. Stephen Vaughan is the e new CEO of Yorkshire cricket club. Lol..

The Yorkshire County Cricket Club today announces the appointment of Stephen Vaughan as Chief Executive Officer. He will officially begin the role on 7th November 2022.

Stephen joins the Club following three years at Wasps Group, which he joined as CEO of sports businesses in August 2019. He became Group Chief Executive in 2020, with additional responsibility for venues, overseeing the securing of stadium naming rights and the return of Coventry City Football Club to the city. During his time there, Stephen was responsible for the rollout of a comprehensive Equality, Diversity & Inclusion (ED&I) strategy, placing this at the heart of the group’s mission and values.

“So why did you leave your last job?”

“Well……….can we talk a bit more about my diversity strategy?”

 

[Paul Anthony]

Council leader George Duggins told BBC CWR that the stadium would continue to operate over the next few weeks, so Coventry City can fulfil their fixtures.

He said that allowing Wasps to move into the Arena eight years ago was "the right thing to do" at the time, but the council was now focused on securing its future.

What a fucking backstabbing,shit-spouting, gobshite this bloke is

The lot of them make my blood boil. Arrogant tossers.

 

[Philosoraptor]

They’ve missed the bit about bankrupting Wasps owing £35m+ and screwing the bond holders over.

He did say over £100m, but with this amount it is just numbers. Wouldn't let him near running a tuck shop, to be honest with everyone.

It is the very definition of failure in the job, and just jumping straight into another job in similar circumstances is very scary.

 

[shmmeee]

Sticking with my prediction that the worst will happen.

Fully expect us at the start of next season to still be owned by Sisu, still having money problems, Wasps back at the CBS and SD logos everywhere.

 

[chiefdave]

He said that allowing Wasps to move into the Arena eight years ago was "the right thing to do" at the time, but the council was now focused on securing its future.

Sure everyone who is owed money will completely agree Wasps move was 'the right thing to do'.

 

[Nick]

At what point do the bond holders (the trustee) agree to an offer?

Would have thought that would have already been done?

 

[hutch1972]

If Ashley offered say £20m for the club she'd have to go back to her investors, they couldn't turn it down surely
[/QUOTE]
They were offered a deal worth around 15mill in league 2 and laughed it off. 20mill wouldn't even get a courtesy call.

 

[robbiethemole]

Again, the council making the statements....

Why are they getting involved in a deal between private companies? Can’t keep their fucking noses out of the trough

 

[Nick]

Why are they getting involved in a deal between private companies? Can’t keep their fucking noses out of the trough

Which is what I keep saying. They are very involved. Making all the statements, going through the bids etc

 

[Nick]

They were offered a deal worth around 15mill in league 2 and laughed it off. 20mill wouldn't even get a courtesy call.

Offered by who?

 

[The Philosopher]

At what point do the bond holders (the trustee) agree to an offer?

Would have thought that would have already been done?

At £35m they probably don’t have to agree. It’s just repaid.

That releases the charge over the lease so it can be sold.

Then there’s Compass and we don’t know their charge value.

Once those figures have been met the lease can be transferred and ACL into Admin pending liquidation.

The question is:

Has Ashley taken on the Lease for £35£40m plus dilapidations provision?

 

[Nick]

At £35m they probably don’t have to agree. It’s just repaid.

That releases the charge over the lease so it can be sold.

Then there’s Compass and we don’t know their charge value.

Once those figures have been met the lease can be transferred and ACL into Admin pending liquidation.

The question is:

Has Ashley taken on the Lease for £35£40m plus dilapidations provision?

That's assuming he's going to pay the full amount for it?

 

[hutch1972]

At what point do the bond holders (the trustee) agree to an offer?

Would have thought that would have already been done?

Reading some of the bondholders posts, it seems they have been sidelined for months.

 

[Colin Steins Smile]

I worry that SISU may react with an asset stripping strategy of selling every sellable player in January to recoup as much money as possible. That could be circa £20m and then look to sell the club, as we get relegated.

 

[Gynnsthetonic]

Again, the council making the statements....

Can't stand the bloke but as freeholder why won't they be making statements

 

[Nick]

I worry that SISU may react with an asset stripping strategy of selling every sellable player in January to recoup as much money as possible. That could be circa £20m and then look to sell the club, as we get relegated.

If they go and we get a better owner I'd take that.

 

[Nick]

Can't stand the bloke but as freeholder why won't they be making statements

Are they usually that involved and making statements?

 

[Gynnsthetonic]

I worry that SISU may react with an asset stripping strategy of selling every sellable player in January to recoup as much money as possible. That could be circa £20m and then look to sell the club, as we get relegated.

They maybe gone before that, they could go with sell on clauses and promotion clauses in the deal to sell the club

 

[The Philosopher]

If Ashley offered say £20m for the club she'd have to go back to her investors, they couldn't turn it down surely

They were offered a deal worth around 15mill in league 2 and laughed it off. 20mill wouldn't even get a courtesy call.
[/QUOTE]
It wouldn’t surprise me if the entities who have invested in the Hedge Funds know that their money is tied up in the questionable value of CCFC. So long as they get an annual (or whatever) dividend type payment then no problem.

It’s almost an accidental Ponzi.

 

[Gynnsthetonic]

Are they usually that involved and making statements?

OK why are they making statements then, what's your reasoning?

 

[Evo1883]

Look I think the main question should be this



Can the stadium function without the football club ?

Does the football club bring more revenue and sponsorship to the stadium ?

 

[jordan210]

If anyone wants to punch their screen

 

[hutch1972]

Offered by who?

I remember it included cash up front, sisu keeping Ryton,( which has planning permission for housing), % of transfer fees for x years etc. They laughed at it.

 

[Gynnsthetonic]

If Ashley offered say £20m for the club she'd have to go back to her investors, they couldn't turn it down surely

They were offered a deal worth around 15mill in league 2 and laughed it off. 20mill wouldn't even get a courtesy call.
[/QUOTE]
I doubt it was £15m up front

 

[Gynnsthetonic]

If anyone wants to punch their screen

Fat bastard!

 

[steve cooper]

The offer in L2 was from a questionable source, and critically, not all cash up front IIRC

 

[The Philosopher]

I worry that SISU may react with an asset stripping strategy of selling every sellable player in January to recoup as much money as possible. That could be circa £20m and then look to sell the club, as we get relegated.

They need to get their on paper investment back (total guess £60m) or be able to generate 5-10% ROI (£3-6m) in added value or profit.

Relegation is the last thing they want or can afford.

Atm they have a chance to maybe get out of jail. I detailed it earlier.

 

[rexo87]

Has anyone listened to the Gilbert interview with Duggins?

Yup, Duggins comes across as an arrogant prick and contradicts himself loads of times during it


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[hutch1972]

They were offered a deal worth around 15mill in league 2 and laughed it off. 20mill wouldn't even get a courtesy call.

I doubt it was £15m up front
[/QUOTE]
No it wasn't, it did however include keeping Ryton.

 

[Senior Vick from Alicante]

If it’s he’s train set then it’s up to him.

If it’s 300k rent and 200k on beer and advertising (after costs and I’ve totally made those figures up) then that’s up to him. At the moment they probably have the income potential of a National League football team.

It’s income with potential to get to Rugby Prem in a year (remember they’ve got a few empty slots to fill) which is probably L1 level income.

I don’t want Wasps here, I’m just putting forward an angle.

The issue would be that PRL want the top division down to 10, it could take a while to get them back up.

 

[Gynnsthetonic]

I doubt it was £15m up front

No it wasn't, it did however include keeping Ryton.
[/QUOTE]
Any deal to buy the club would have to include the club keeping Ryton, isn't that what Robins mentioned Saturday that the club, stadium, training ground should all be under one umbrella and all part of the golden share

 

[eastwoodsdustman]

I worry that SISU may react with an asset stripping strategy of selling every sellable player in January to recoup as much money as possible. That could be circa £20m and then look to sell the club, as we get relegated.

I think that they knew that this day would come and so didn't really put any investment into the squad in the summer with an eye on selling when wasps went pop.