Wasps going into admin & the impact on CCFC (11 Viewers)

[shmmeee]

That would have definitely triggered legal action by the bondholders. And I'd guess would have meant a buyer paying more than via a pre-pack without paying the bondholders back, otherwise why would MA have paid £1.2m for exclusivity...

Bit of a weird threat to make then?

 

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[shmmeee]

Council always have I think.

Yeah always attend MIPIM along with everyone else in the property industry.

 

[MusicDating]

He set up 3 companies

ARENA QUARTER COVENTRY LTD - Other letting and operating of own or leased real estate
AQ 1 LIMITED - Development of building projects
AQ 2 LIMITED - Construction of commercial buildings

I assume the grant for the common wealth stuff was used by this company he set up

COMMONWEALTH CONVENTION CENTRE LTD - Letting and operating of conference and exhibition centres

Must be another Derek Richardson, cos the Wasps one is lovely and he said -

Wasps owner reveals motives for Ricoh Arena takeover

Millionaire Derek Richardson says he is not interested in land around Coventry stadium

www.coventrytelegraph.net

 

[skybluetony176]

You got a link? Or even better a screenshot, I can’t read accounts

It’s pretty easy. Go to BETA companies house, put Arena Coventry in the search and the top 2 companies are ACL & ACL2006, look at their last set of filed accounts and it states that in 2019 & 20 ACL made £6k one year, £7k the other and ACL2016 didn’t even register £1k either year. It’s stated as gross profit also so I’m assuming that net profit was considerably less, maybe even a loss.

 

[Nick]

 

[skybluetony176]

He isn’t buying Wasps

I don’t believe so also. Not sure he could make anything resembling a business case for that. I know you could say the same for any football team but compared to wasps it’s not even close.

 

[shmmeee]

It’s pretty easy. Go to BETA companies house, put Arena Coventry in the search and the top 2 companies are ACL & ACL2006, look at their last set of filed accounts and it states that in 2019 & 20 ACL made £6k one year, £7k the other and ACL2016 didn’t even register £1k either year. It’s stated as gross profit also so I’m assuming that net profit was considerably less, maybe even a loss.

This bit?



That’s 6&7 million, it’s in thousands.

 

[SHUNT31]

This bit?

View attachment 27266

That’s 6&7 million, it’s in thousands.

That’s also gross profit, not net.

 

[skyblueeyesrevisited]

And the real mystery: why has the tiny scoreboard on the posh stand not been turned on since Wasps went into admin?

Wasps hid the switch

 

[MalcSB]

Yet now he is a director of his own company that is listed as "Development of building projects" & another one that is " Construction of commercial buildings"

Exactly, his true intent with the move to Coventry and still Wasps supporters think he is an innocent in all this.

 

[MalcSB]

One of Wasps directors attended a property development expo and describe Wasps as a property development company that just happened to have a rugby club attached.

Someone must have been telling porkies then.

 

[Nick]

Exactly, his true intent with the move to Coventry and still Wasps supporters think he is an innocent in all this.

Oh yeah Wasps fans love him.

Love Grendel's mate who says he is a nice man and you can't say anything about him unless you have shared a room with him.

 

[MalcSB]

He set up 3 companies

ARENA QUARTER COVENTRY LTD - Other letting and operating of own or leased real estate
AQ 1 LIMITED - Development of building projects
AQ 2 LIMITED - Construction of commercial buildings

I assume the grant for the common wealth stuff was used by this company he set up

COMMONWEALTH CONVENTION CENTRE LTD - Letting and operating of conference and exhibition centres

That was the problem for Wasps, the projects that could have made money for them were all set up by, and for Richardson.

 

[OldBedrocker]

I wouldn't be surprised or necessarily be angered by this as long as that would have been available unless you mean it basically covers the value of this deal for him to progress foreward from there

I still refer to Simon Jordan remarks about turning the ground around,a new one being built , where and who let him in on that

Must be some outline plan somewhere,?

What’s this big about the ground must’ve missed it?

 

[wingy]

What’s this big about the ground must’ve missed it?

Do you Simon Jordan?

 

[Frostie]

One of Wasps directors attended a property development expo and describe Wasps as a property development company that just happened to have a rugby club attached.

I met Nick Eastwood at a similar event & he was largely spouting the same thing. This was around the time CCFC moved to St Andrews & he pretty smugly announced that it was inevitable as "ground shares never work".

Also said that they stumbled upon the Ricoh almost by accident & that CCC are the most supportive & helpful authority they've ever worked with...

 

[MalcSB]

I met Nick Eastwood at a similar event & he was largely spouting the same thing. This was around the time CCFC moved to St Andrews & he pretty smugly announced that it was inevitable as "ground shares never work".

Also said that they stumbled upon the Ricoh almost by accident & that CCC are the most supportive & helpful authority they've ever worked with...

Eastwood sounds like a twat.

 

[OldBedrocker]

Do you Simon Jordan?

Yep only saw his original guff on TS saying he would be interested never saw anything about the ground

 

[itsabuzzard]

It’s pretty easy. Go to BETA companies house, put Arena Coventry in the search and the top 2 companies are ACL & ACL2006, look at their last set of filed accounts and it states that in 2019 & 20 ACL made £6k one year, £7k the other and ACL2016 didn’t even register £1k either year. It’s stated as gross profit also so I’m assuming that net profit was considerably less, maybe even a loss.

Can you do my tax return?

Sent from my MAR-LX1A using Tapatalk

 

[wingy]

Yep only saw his original guff on TS saying he would be interested never saw anything about the ground

Could have been guff but after enquiring about buying the club he came back with they want to much.
Then he went into it was complicated by some plan to turn the ground around in some way which sounded like building it afresh and moving it across .
Could bull or a way of telling him to go away.

 

[MalcSB]

This bit?

View attachment 27266

That’s 6&7 million, it’s in thousands.

The two ACLs lost £6m over 2019 and 2020

 

[OldBedrocker]

Could have been guff but after enquiring about buying the club he came back with they want to much.
Then he went into it was complicated by some plan to turn the ground around in some way which sounded like building it afresh and moving it across .
Could bull or a way of telling him to go away.

What would be the point in that?

 

[AOM]

Desperately trying to find an office gif that fits for this but I can’t.

 

[wingy]

What would be the point in that?

Maybe they already knew how it was about to play out?
Sounds implausible but be interesting to see if any of it occurs when all this plays out,if it's even remotely feasible .

 

[Flying Fokker]

Could have been guff but after enquiring about buying the club he came back with they want to much.
Then he went into it was complicated by some plan to turn the ground around in some way which sounded like building it afresh and moving it across .
Could bull or a way of telling him to go away.

so rotate the playing field 90 degrees? That‘s an interesting one. I can’t see much gain in that. The work that has gone on in the past 12 months would look out of place. Maybe room for a hotel or retail? Not much room there. 45 degrees? They might as well move it to Warwick University…oh, wait a minute.

 

[MAFF]

Could have been guff but after enquiring about buying the club he came back with they want to much.
Then he went into it was complicated by some plan to turn the ground around in some way which sounded like building it afresh and moving it across .
Could bull or a way of telling him to go away.

i think you may have interpreted what he said a little too literally...

 

[wingy]

i think you may have interpreted what he said a little too literally...

No doubt but an interesting point on copping out of something most thought was an unlikely bid.

 

[Philosoraptor]

I wonder if any companies of the Wasps Group owe CCC money?

 

[Calista]

Could have been guff but after enquiring about buying the club he came back with they want to much.
Then he went into it was complicated by some plan to turn the ground around in some way which sounded like building it afresh and moving it across .
Could bull or a way of telling him to go away.

Can't remember the exact phrase, but I suspect he said something about moving the ground across, which people took to mean a physical move but may have been about ownership or something?

 

[Skyblueweeman]

I wonder if any companies of the Wasps Group owe CCC money?

They'd probably be let off with it anyway.

Wasps: Hey, CCC. We owe you £1m.

CCC: Ah it's ok.

Wasps: Yeah but we want to pay you back.

CCC: Shuuuuush. There now. It's ok.

 

[Calista]

Can't remember the exact phrase, but I suspect he said something about moving the ground across, which people took to mean a physical move but may have been about ownership or something?

Correction, below is what Jordan actually said (28th Sept, reported in Cov Tel). It really does imply there could be plans to physically redevelop or move the ground. A bit mystifying really.

The talkSPORT pundit explained: “It’s a very difficult nut to crack because you have a stadium that may need to be moved or a stadium that may need to be redeveloped. You’ve got a property developer in the mix, you’ve got people who own the football club who have a slightly inflated idea of what it’s worth. So it’s a hard yard situation because you can take advantage of reconfiguring the stadium because of the decline of Wasps [RFC] and all that’s going on there, or you can take advantage of the fact that the council might want it back to redevelop to move it across and build another stadium. All of it makes it a more convoluted and complicated process and, to be honest with you, it’s too much like hard yards."​

 

[shmmeee]

Guessing he’s talking about the Warwick Uni ground plan? And if there’s no one in the bowl?

 

[Philosoraptor]

They'd probably be let off with it anyway.

Wasps: Hey, CCC. We owe you £1m.

CCC: Ah it's ok.

Wasps: Yeah but we want to pay you back.

CCC: Shuuuuush. There now. It's ok.

Wonder what the business rates would be in a place like that.

 

[MalcSB]

Guessing he’s talking about the Warwick Uni ground plan? And if there’s no one in the bowl?

I think basically he was talking shite.

 

[shmmeee]

The two ACLs lost £6m over 2019 and 2020

So either way CCFC aren’t the difference.