I thought the CCC loan was still in place, certainly the charge they hold still is. So if the CCC loan is still there how does that equate to Richardson paying roughly £20m? ACL still owe the loan to CCC don't they? They might be owned by Richardson but Company law quite clearly defines each company as a separate legal entity and shareholders are only liable for the unpaid amounts on the shares that are issued. So if ACL went bust owing CCC 14m would Richardson be liable to pay the loan off? - in short no.
He hasn't paid £20m for it ....... he paid for the shares only..... the loan seems to have stayed in place and because it has depressed the value that Richardson had to pay for the shares
Wasps only had a £1m debt ....... really? its not what the accounts say before or after Mr Richardson's takeover. Long term debt in June 2012 £12m and June 2013 £17m. The balance sheet was negative by £13m and £14m respectively
Yes Wasps do have 365 days a year income and strangely they own the long lease not the freehold. It didn't have to be 250 years to be a long leasehold interest usually anything over 50yrs is considered to be long
He might not be a property developer but I bet he still has the option to bring in one to develop the non income generating land. It wouldn't make sense to do nothing with it. Let me see he could agree a long sub lease, a franchise, a partnership etc....... he doesn't have to do it himself, nor does the club but the rights to it are valuable and could reduce loans etc
