Wasps (1 Viewer)
- Thread starter Citysince47
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chiefdave
Well-Known Member
To try and keep it brief SISU had, from day one, the option to buy 50% at the formula price - they never exercised this option. They made a bid at below the formula price which was accepted by Higgs, they then changed this offer and the deal fell apart, according to the judge in the JR neither side had any desire to complete the deal.
It appears that SISU have been successful in distressing, at least to some extent, ACL. As a result both CCC and Higgs accepted a lower price, and took a loss, than otherwise might have been accepted. The price Wasps have paid is seemingly fair but is cheap in the grand scheme of things due to SISU's cause of action in causing distress to ACL.
From here on the Ricoh now has a permanent tenant playing at the top level in their sport. This should add value and will mean that ACL should be worth more than Wasps paid.
D
Deleted member 5849
Guest
Dependent on whether Wasps works out or not, and/or if CCFC end up with a stadium materialising as if by magic.
Then the value may go down...
Not only that, but the naming rights are coming up soon. Maybe they get the purchase price ( not the loan ) back in one hit.
But sisu were trying to offering the same? Better educate fred the common sense king then
Really? SISU put in a similar offer, but with conditions ( according to Higg's ). It wasn't accepted as it wasn't exactly the same - or at least Higg's thought that Wasps offer was better than SISU's.
ccfcway
Well-Known Member
Focusing on this season being a great one !!!
I would suggest they need more focus !
J
Jack Griffin
Guest
But sisu were trying to offering the same? Better educate fred the common sense king then
SISU's offer hung on what they could negotiate with Yorkshire Bank. They were planning to pay back a fraction of the outstanding £14M loan from them.
However they never got any agreement with YB and the amount they said they'd need to pay back was unrealistic.
So in fact Nick, SISU's offer I'm sure you will agree was not like what Wasps, because it is understood that Wasps have taken on the whole loan and I think I read somewhere that they have to pay back over a shorter term than the one the council had restructured the original YB loan to.
This was all stated in the JR judgement.. http://www.coventrytelegraph.net/in...ece/binary/Judicial Review High Court verdict
letsallsingtogether
Well-Known Member
What Hocus Pocus by focus. not a bad track.
Or Iron Maiden and the one Grendel likes by Marillion:guitar2::guitar2:
Mary_Mungo_Midge
Well-Known Member
You don't expect an answer to that, do you? Posting factual data and exerts from the JR doesn't have the same currency as making things up, forgetting key facts, and extending a hypothesis based on 'ifs'...
Grendel
Well-Known Member
That's interesting as I have long asked what happened to the loan - including to Simon Gilbert and never had an answer
I am glad that is cleared up - can you please provide a link to your evidence?
Nick
Administrator
Was that both offers? Including the cash one for between 2 and 3 million (cant remember the exact amount) where people like Dongo were going batshit mental about starving children being ripped off?
Does anybody know what has happened to the loan now wasps are here?
skybluetony176
Well-Known Member
Is it too obvious for it to still be with ACL?
You know like every other arrangement with ACL. Or has the clubs current rent deal with ACL also mysteriously disapered too?
Grendel
Well-Known Member
I assume MMM's Internet has gone down.
Nick
Administrator
Nothing is ever too obvious though is it
Maybe intheknow can answer on the other thread when he turns off his laser sight from les reid.
skybluetony176
Well-Known Member
Nothing is ever too obvious though is it
So what reason do you have to think otherwise?
Nick
Administrator
That nobody seems to actually know 100% as it was all done in private. I am not saying that the full loan hasn't just been passed over, but nothing is that simple is it?
D
Deleted member 5849
Guest
It's the more likely answer in fact.
But fascinating that in the interests of an open accountable democracy, nobody wants to say and put the conspiracies to bed...
ACL will have to file accounts with Companies House at some time. So we will get to know then at the latest. If the deal has been completed, why can't we ask under the FOI act? Even if it is commercially sensitive, the deal is done now - so why the secrecy?
D
Deleted member 5849
Guest
Grendel
Well-Known Member
It will show loan payments - I don't see why it would show who the lender is .
Grendel
Well-Known Member
Perhaps the accounts will be a bit of a mess
But yes indeed, why the secrecy...?
If it's gone to the wasps consortium yes why. If it hasn't.......
D
Deleted member 5849
Guest
What we need is someone intheknow to enlighten us.
italiahorse
Well-Known Member
Originally Posted by [B said:
Thats not the same as a 'know it all' then ?
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So, ok. We will see the liabilities of ACL. If CCC are the lender, then surely we can ask under the FOI act. I don't see why there should be any secrecy now that the deal has been completed ( assuming it has been ). Maybe the final details have not been ratified?
Rusty Trombone
Well-Known Member
What do you mean 'passed over'?
What are peoples concerns over who the loan is owed to? If it's still with the Council, the Council will continue to make a profit on the interest, and will have security over the amount owed. If the balance has been paid to the Council, and is now owed to someone else then that's not a problem either is it?
J
Jack Griffin
Guest
So now a story about the where the loan has gone with a definite suggestion about it being written off or written down has started to do the rounds with no evidence to say what has happened, I'm afraid we shall all have to wait for some accounts before anyone can even try & piece together the details of the deal. In the mean time I'm sure there will be little hesitation about talking of the latest rumour as if it is a fact, and that's a fact!
D
Deleted member 5849
Guest
There's an easy way to stop that though, isn't there?
In a world where SISU are (rightly) condemned for being secretive and opaque, it seems surprising that the alternatives do no more when ushering in their Brave New World.
A lender generally takes security over the entity to which it provides the facility. That security is a matter of public record. Hope that helps.
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Mary_Mungo_Midge
Well-Known Member
Or I'm watching the England egg-chasing. Again, you've tried to change the debate.
Nick keeps harping on about SISU's offer being 'the same'. It's not. Their offer was conditional on getting the YB loan at a very low value. That's clearly evidenced in the JR papers, isn't it?
Do you have any evidence whatsoever that Wasps took over the loan at any less than face value? Any at all?
So, if the lender is CCC, they will have a charge over the 250 year lease. If Wasps default, the lease reverts to CCC - is that correct?
J
Jack Griffin
Guest
Cheers, you correctly spotted I backed up my statement with evidence, whereas Nick & Grendel just made something up to deflect attention from the facts, LOL
Why do you think Wasps have a 250 year lease?
D
Deleted member 5849
Guest
Do you answer every question with a question?
my question provides the answer