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

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Grendel

Grendel

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GIMOC said:
He didn’t get all the 200 million mate. I know that for a fact. He didn’t get anywhere near that figure, loads of parties involved in his business.
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I know he didnt get all of it but he clearly has a fair element and was in a consortium of buyers to purchase the club at one point
 
Colin Steins Smile

Colin Steins Smile

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chiefdave said:
Looking at the events happening next week there' s no signs of any concern or arrangements being made to move or postpone. There's exhibitors posting on social media that they're ready for events there at the start of next week.

Obviously there's lots of unknowns but I don't think assuming the worst case scenario based potentially based on nothing but a couple of posts on the Wasps forum, which isn't exactly known for reliable information, is really helping.

Forget about the football club, will the council really want a load of events cancelled, that's not likely to attract a buyer when they try and shift the lease again.
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I think that any administrator would want to continue to realise income streams for the arena. This would give them more time to seek a buyer at the best price possible.
They might slim down the staffing to maximise revenues, so staff in management positions would be reduced as they'll be the most expensive.
 
jordan210

jordan210

Well-Known Member
chiefdave said:
Looking at the events happening next week there' s no signs of any concern or arrangements being made to move or postpone. There's exhibitors posting on social media that they're ready for events there at the start of next week.

Obviously there's lots of unknowns but I don't think assuming the worst case scenario based potentially based on nothing but a couple of posts on the Wasps forum, which isn't exactly known for reliable information, is really helping.

Forget about the football club, will the council really want a load of events cancelled, that's not likely to attract a buyer when they try and shift the lease again.
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I’d guess it’s no different from wasps selling tickets up until the last minute.

End suppliers are always the last to find out. I would bet most companies that have booked exhibitions have been checking they have insurance that covers issues like this.
 
pusbccfc

pusbccfc

Well-Known Member
GIMOC said:
He didn’t get all the 200 million mate. I know that for a fact. He didn’t get anywhere near that figure, loads of parties involved in his business.
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Exactly. Even if he's worth a few million (which is an outrageous amount of money), he's not going to throw over £100,000 on a pitch that will need replacing.

The changing rooms at Ryton were an investment long term and were nowhere near that figure.
 
S

Specs WT-R75

Well-Known Member
Colin Steins Smile said:
I think that any administrator would want to continue to realise income streams for the arena. This would give them more time to seek a buyer at the best price possible.
They might slim down the staffing to maximise revenues, so staff in management positions would be reduced as they'll be the most expensive.
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Yes basically boils down to can the arena be run at cashflow-positive...if not then the massive red flag this week from Wasps asking bond holders for more money to keep it going. An administrator with no money has two options. 1. Sell anything it can to get cash to continue operations (unclear if there is anything to sell?) and 2. Move to liquidation.
 
Grendel

Grendel

Well-Known Member
pusbccfc said:
Exactly. Even if he's worth a few million (which is an outrageous amount of money), he's not going to throw over £100,000 on a pitch that will need replacing.

The changing rooms at Ryton were an investment long term and were nowhere near that figure.
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Well he said in this interview he wants to put money in and not expect a return and I assume here is talking a bit more than a pitch relay

www.coventrytelegraph.net

Revealed: Coventry City takeover bid's multi-millionaire backer

He has spoken exclusively to the Telegraph
www.coventrytelegraph.net www.coventrytelegraph.net
 
The Philosopher

The Philosopher

Well-Known Member
If you’ve ever dealt with an Administrator you’ll know that the only revenue stream they are interested in is the one that gets the most for them and their connected pals.

No f—s will be given about Bondholders, CCFC, SISU, CCC or anyone else.

It’s a racket and needs to be properly regulated.
 
GIMOC

GIMOC

Well-Known Member
Cityandproud87 said:
Why do you keep pretending to be itk when you said this right before we announced the game is on?

www.skybluestalk.co.uk

Wasps going into admin & the impact on CCFC

Can’t see any way Sisu will purchase the lease For why? I don’t either just interested
www.skybluestalk.co.uk www.skybluestalk.co.uk
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pretending lol. I have many contacts. I knew the team news for Tuesday game at 3pm and posted on here. i was informed Wednesday that Saturday game was in doubt due to staffing issues. Thankfully nothing materialised but no-one has certainties Tuesday will go ahead.
 
M

MalcSB

Well-Known Member
For clarity, the administrators of Wasps Holdings and potential administrators of ACL and ACL 2006 have told the bondholders that, if funding for marketing isn’t forthcoming from bondholders “in short order”, the ACLs are likely to go straight in to liquidations as the objectives of administration would be unachievable.

it wasn’t a couple of posts on Wasps forum and liquidation is (possibly literally) a game changer. It could just be a threat to hurry potential bidders along as, for Sisu as an example, I would imagine it would be far easier operationally to buy as a pre-pack or out of administration than to pick up from liquidation with all current contracts cancelled.
 
Senior Vick from Alicante

Senior Vick from Alicante

Well-Known Member
Specs WT-R75 said:
The lease wasn't gifted. They paid 1m in consideration. That said I am aware that the lease can go back to the council, but I assume that is a "fail-safe" clause. Pretty sure the council would be sued by the bond holders quicker than you could say "state aid".
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How could they sue if its within their legal right? They would just be makjng sure there freehold asset was operational wouldnt they?
 
The Philosopher

The Philosopher

Well-Known Member
MalcSB said:
For clarity, the administrators of Wasps Holdings and potential administrators of ACL and ACL 2006 have told the bondholders that, if funding for marketing isn’t forthcoming from bondholders “in short order”, the ACLs are likely to go straight in to liquidations as the objectives of administration would be unachievable.

it wasn’t a couple of posts on Wasps forum and liquidation is (possibly literally) a game changer. It could just be a threat to hurry potential bidders along as, for Sisu as an example, I would imagine it would be far easier operationally to buy as a pre-pack or out of administration than to pick up from liquidation with all current contracts cancelled.
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Not sure that a liquidation would be so bad. Might cause some operational delays thought.

The administrator might well be connected to the liquidator but in these cases it’s either one or the other that gets the money.

The administrator, as I’ve said, would want to milk this process as long as is possible. Any income (such as CCFC rent) will end up going straight to them and talk of pence in pound going to bondholders is for the sparrows.
 
B

Brighton Sky Blue

Well-Known Member
pusbccfc said:
We could have said that for most days in the past 20 years.

Lots say about Derby, Birmingham etc. No club, besides Bury, have had anything close to what we've had to deal with. Others have had a difficult few years but found a way out. We've had to deal with this for decades.
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The difference except in Bury’s case is that a white knight always appears, replaces the baddie and sorts things out. We have been stuck with SISU for 15 years and been exiled twice and gone down to the bottom tier. Yet they’re still here.
 
chiefdave

chiefdave

Well-Known Member
jordan210 said:
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Sensible approach from the club in the circumstances. If something does happen and they hadn't looked into other options I'm sure there wouldn't be plenty of people on here ready to lay into them for not being prepared.

Of course we all know the owners won't fund all this extra expenditure so yet again we will see the budget Robins has to work with affected unless someone like Overson steps in but doubt he's going to keep throwing money at this.

Needs Lucas and her cronies on the radio being questioned. Sure we all remember the 'this deal wouldn't have happened if it would negatively affect CCFC' bollocks she was saying at the time.
 
Old Warwickshire lad

Old Warwickshire lad

Well-Known Member
GIMOC said:
He didn’t get all the 200 million mate. I know that for a fact. He didn’t get anywhere near that figure, loads of parties involved in his business.
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Not to start an argument , but I don’t think what he is or isn’t worth is not something we should be discussing on here.
And as he is not the owner or a director, whatever he is worth is his business.
 
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