Boddy Update (3 Viewers)

[higgs]

I really do hope we get to build our own stadium and put all this shit behind us and hopefully get back some of the fans we have lost along the way

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[mark82]

If your Wasps now, dont you just sit quiet and not say anything further?

What have they got to lose, i think they already know not many CCFC fans will go and watch them, why would they care if they piss us off any more or we dont believe them.

This is their opportunity to fully cut ties.

SISU can then come out and say "see we were being honest, it was down to Wasps because they didnt argue" but in reality we are then up the creek until the new ground is ready!

i dont see why Wasps would make another statement and think they will let it blow over.

Not really sure what SISUs play is here, i'd love Wasps to disappear but dont think it will be as quick as some do, surely they have to get digging at Warwick Uni sharpish. Im not sure we can survive 5 years in Birmingham to be honest......

I agree, particularly if what they've said isn't 100% true.

As always, I'm not giving my opinion on whether they should care, just my opinion on whether they seem to. I can see why the Ricoh has more of an impact on their bottom line than CCFC fans feelings though. Surely you can see that? I don't see the economic imperative for them to reach a deal while they believe it gives them power to make Sisu stop.

It's a game of poker isn't it? While Wasps believe Sisu might be bluffing they won't fold. If you get two sides who both think the other is bluffing, you get a fat pot and someone goes bust usually. That seems the case to me. Point is, nowhere in that equation are the fans other than Sisu need to keep them onside while it plays out. Wasps can be hated all we like and they won't care. Just like we've seen with CCFC, even if people are very worked up it tends to have very little impact on attendances, people go or not based on the product not morality.

Yeah, you're probably are right. They should've cared over the last few years but that potential audience is probably lost now anyway.

Maybe in future they could just be honest and tell people that unless CCFC sign away certain rights they won't do a deal, rather than stringing us all along for months.

 

[shmmeee]

Have a look at how the bonds drop on certain dates when news come out and link them.

I can totally see why people act like they do, hence I figured out why you and your old man were making up things about me. The same as it took a year for the Trust to grasp who it was making them look bad on social media. The same as I called Wasps being involved with the Consortium (to which you said conspiracy).

What the fuck? I’ve not made anything up about you? The only time I talk about you with Dad it goes like this.

Him: “That Nicks a twat”
Me: “Yeah he can be frustrating but he’s alright really”
Him: “Still think he’s a Twat”
Me: “Ok Dad”

Jesus. I’ve made a fairly benign point about how CCFC fans have little power in this situation and you’ve gone off the handle.

Mate. All slagging off aside. I think you need to take a step back. I’m saying this as a mate. You’re losing the plot with this stuff and ultimately it doesn’t make any difference. We aren’t going to resolve it on here. Look after yourself man.

 

[Mucca Mad Boys]

My view is that SISU have taken a calculated gamble for next season assuming that Covid will mean vastly reduced crowds, it wouldn't make a difference to attendances whether we're at Ricoh or St Andrews.
I can't then see us back at the Ricoh the season after as Wasps have to find £35m on May 2022 and SISU certainly wouldn't want to assist with that.

Until the NDA is waived, we’ll never truly know.

But, it doesn’t really make sense for them to that since even with reduced capacities, we’d still be losing more money at St Andrews.

 

[Nick]

What the fuck? I’ve not made anything up about you? The only time I talk about you with Dad it goes like this.

Him: “That Nicks a twat”
Me: “Yeah he can be frustrating but he’s alright really”
Him: “Still think he’s a Twat”
Me: “Ok Dad”

Jesus. I’ve made a fairly benign point about how CCFC fans have little power in this situation and you’ve gone off the handle.

Mate. All slagging off aside. I think you need to take a step back. I’m saying this as a mate. You’re losing the plot with this stuff and ultimately it doesn’t make any difference. We aren’t going to resolve it on here. Look after yourself man.

I'm not flying off the handle in the slightest?

I think you may have an issue with your memory so hopefully that does get sorted.

Now about the bonds, although they aren't "CCFC fans are annoyed today, lets whack the prices down" they are impacted by PR in general. Look at how they fluctuated at the time of the dodgy accounts stuff, they were rolling people out to say "everything is OK". Nobody is saying that CCFC fans can dictate the bond prices but it's naive to say PR doesn't impact the Wasps bonds.

If it DID turn out that Wasps chose not to have CCFC there and were acting like dicks, it's then a decision for bond holders when Wasps can't meet the requirements surely?

 

[fernandopartridge]

Think it's the bond that's listed. I don't the the company are publicly listed.

The company is Wasps Finance PLC which is vehicle through which the bond is funnelled

 

[shmmeee]

I agree, particularly if what they've said isn't 100% true.



Yeah, you're probably are right. They should've cared over the last few years but that potential audience is probably lost now anyway.

Maybe in future they could just be honest and tell people that unless CCFC sign away certain rights they won't do a deal, rather than stringing us all along for months.

But we’ve known that since last year. We knew that before negotiations started. No one has been strung along. I said at the start I couldn’t see a deal for this reason, until all legal avenues are exhausted, or there’s a Legally binding resolution from Sisu to stop future legals nothing changes. Wasps still think they can get Sisu to call off the dogs, Sisu still think they can wear Wasps down. In reality all the power is with Wasps, Wasps could go “we aren’t having a deal because CCFC fans are too ugly to let in the ground” and they’d probably not be seriously impacted.

That’s been the case since the great break the lease plan backfired. We handed Wasps all the power. We should’ve started serious planning for a new ground that day and followed through with it.

Wasps have literally nothing to lose and we’re never going to change their mind. The only hope of a successful outcome before the legal stuff was over was always Sisu deciding to drop attempts to reverse the Ricoh sale. I suppose the question is given this why did Sisu come back to the table? They admit the talks broke down for the same reason as last time so what was their strategy?

You’ve got two hedge funds that see a massive prize on the horizon with very little cost to continuing the current action. Sisu have to worry a bit about losing fans and covering revenue but we’ve seen that in reality both football and rugby fans care more about entertainment than making a moral stand against bad business practices.

Hence my nihilism.

 

[Mucca Mad Boys]

I'm not flying off the handle in the slightest?

I think you may have an issue with your memory so hopefully that does get sorted.

Now about the bonds, although they aren't "CCFC fans are annoyed today, lets whack the prices down" they are impacted by PR in general. Look at how they fluctuated at the time of the dodgy accounts stuff, they were rolling people out to say "everything is OK". Nobody is saying that CCFC fans can dictate the bond prices but it's naive to say PR doesn't impact the Wasps bonds.

If it DID turn out that Wasps chose not to have CCFC there and were acting like dicks, it's then a decision for bond holders when Wasps can't meet the requirements surely?

My line of thinking is that an asset, the RICOH in this case, is worth more with a tenant, than without. Especially with added business the football fans would generate for surrounding businesses. For example, the casino.

 

[shmmeee]

I'm not flying off the handle in the slightest?

I think you may have an issue with your memory so hopefully that does get sorted.

Now about the bonds, although they aren't "CCFC fans are annoyed today, lets whack the prices down" they are impacted by PR in general. Look at how they fluctuated at the time of the dodgy accounts stuff, they were rolling people out to say "everything is OK". Nobody is saying that CCFC fans can dictate the bond prices but it's naive to say PR doesn't impact the Wasps bonds.

If it DID turn out that Wasps chose not to have CCFC there and were acting like dicks, it's then a decision for bond holders when Wasps can't meet the requirements surely?

If I were a bond holder I’d be very happy with Wasps current position. Besides the discussion was about how pissing off CCFC fans didn’t impact share price. And you’ve gone on about accounts.

 

[shmmeee]

My line of thinking is that an asset, the RICOH in this case, is worth more with a tenant, than without. Especially with added business the football fans would generate for surrounding businesses. For example, the casino.

Only if you keep the Ricoh (or aren’t fined/sued for Ricoh sized amounts). Otherwise it’s worth nothing.

 

[Nick]

But we’ve known that since last year. We knew that before negotiations started. No one has been strung along. I said at the start I couldn’t see a deal for this reason, until all legal avenues are exhausted, or there’s a Legally binding resolution from Sisu to stop future legals nothing changes. Wasps still think they can get Sisu to call off the dogs, Sisu still think they can wear Wasps down. In reality all the power is with Wasps, Wasps could go “we aren’t having a deal because CCFC fans are too ugly to let in the ground” and they’d probably not be seriously impacted.

That’s been the case since the great break the lease plan backfired. We handed Wasps all the power. We should’ve started serious planning for a new ground that day and followed through with it.

Wasps have literally nothing to lose and we’re never going to change their mind. The only hope of a successful outcome before the legal stuff was over was always Sisu deciding to drop attempts to reverse the Ricoh sale. I suppose the question is given this why did Sisu come back to the table? They admit the talks broke down for the same reason as last time so what was their strategy?

You’ve got two hedge funds that see a massive prize on the horizon with very little cost to continuing the current action. Sisu have to worry a bit about losing fans and covering revenue but we’ve seen that in reality both football and rugby fans care more about entertainment than making a moral stand against bad business practices.

Hence my nihilism.

Wasps have bonds to pay back to people, that's the difference in it all.

I am pretty sure if CCFC didn't go back to the table this pre-season then you would be saying "why didn't they try to get a deal now we are promoted?".

Again, the break the lease plan. Weren't ACL happy to break the lease themselves because they thought they were forcing a takeover?

 

[Nick]

If I were a bond holder I’d be very happy with Wasps current position. Besides the discussion was about how pissing off CCFC fans didn’t impact share price. And you’ve gone on about accounts.

I am going on about PR, the example I gave is the PR they were doing to say the dodgy accounts were made up. (You have probably chosen to ignore that).

The more they piss people off (not just CCFC fans remember), the more negative it will get. There are already city fans saying they used to watch Wasps and didn't think they had done anything wrong but they won't go again.

Yeah, they won't lose millions from that but over time if they get more and more bad PR then those numbers increase.

Why would you be happy if you were a bondholder with Wasps current position?

 

[shmmeee]

Wasps have bonds to pay back to people, that's the difference in it all.

I am pretty sure if CCFC didn't go back to the table this pre-season then you would be saying "why didn't they try to get a deal now we are promoted?".

Again, the break the lease plan. Weren't ACL happy to break the lease themselves because they thought they were forcing a takeover?

What has any of this got to do with anything? Jesus mate stick to a point.

What’s your explanation for Wasps current actions? If according to you Sisu have agreed to everything they wanted and being seen as the bad guy is so terrible for them. Why not just fold? Get some cash in? Be a hero?

 

[shmmeee]

I am going on about PR, the example I gave is the PR they were doing to say the dodgy accounts were made up. (You have probably chosen to ignore that).

The more they piss people off (not just CCFC fans remember), the more negative it will get. There are already city fans saying they used to watch Wasps and didn't think they had done anything wrong but they won't go again.

Yeah, they won't lose millions from that but over time if they get more and more bad PR then those numbers increase.

Can you honestly not see the difference to a bond holder between dodgy accounts and a few hundred upset football fans? Really?

 

[Nick]

What has any of this got to do with anything? Jesus mate stick to a point.

What’s your explanation for Wasps current actions? If according to you Sisu have agreed to everything they wanted and being seen as the bad guy is so terrible for them. Why not just fold? Get some cash in? Be a hero?

You genuinely can't see how bad PR for Wasps would affect their bond pricing? Try to keep up.

Maybe while we force information about the new stadium (rightly so) we can get the media to dig more about Wasps involvement with Hoffman and CCC.

 

[Mucca Mad Boys]

But we’ve known that since last year. We knew that before negotiations started. No one has been strung along. I said at the start I couldn’t see a deal for this reason, until all legal avenues are exhausted, or there’s a Legally binding resolution from Sisu to stop future legals nothing changes. Wasps still think they can get Sisu to call off the dogs, Sisu still think they can wear Wasps down. In reality all the power is with Wasps, Wasps could go “we aren’t having a deal because CCFC fans are too ugly to let in the ground” and they’d probably not be seriously impacted.

That’s been the case since the great break the lease plan backfired. We handed Wasps all the power. We should’ve started serious planning for a new ground that day and followed through with it.

Wasps have literally nothing to lose and we’re never going to change their mind. The only hope of a successful outcome before the legal stuff was over was always Sisu deciding to drop attempts to reverse the Ricoh sale. I suppose the question is given this why did Sisu come back to the table? They admit the talks broke down for the same reason as last time so what was their strategy?

You’ve got two hedge funds that see a massive prize on the horizon with very little cost to continuing the current action. Sisu have to worry a bit about losing fans and covering revenue but we’ve seen that in reality both football and rugby fans care more about entertainment than making a moral stand against bad business practices.

Hence my nihilism.

I agree with a lot of this.

But, Wasps do have a lot to lose too. Their finances are poor and the bond they used to finance the RICOH is maturing in 2022. Having a tenant in the RICOH probably boosts the bond price and gives them a boost to their own finances. In fairness, it doesn’t plug the gap.

The attendances have been dwindling since they moved in, and that is probably in part down to the alienation caused by this stadium mess. Among other factors too, of course.

 

[Nick]

Can you honestly not see the difference to a bond holder between dodgy accounts and a few hundred upset football fans? Really?

Again, it isn't just football fans they are pissing off is it? You have got people trying their hardest to stop their training ground at every chance, for example.

 

[olderskyblue]

According to Boddy, the deal was almost done last time, the champagne was on ice, and then the EU issue came to light and it all stopped. I don’t recall a damning statement from him last time?

difference this time? We are in a higher division so maybe rent etc being asked for will be higher, but the indemnity is still being touted as the issue. I’m still surprised with the words he used this time, as he stressed at a meeting what a great relationship he had with the wasps people.
What else has changed?

 

[shmmeee]

I agree with a lot of this.

But, Wasps do have a lot to lose too. Their finances are poor and the bond they used to finance the RICOH is maturing in 2022. Having a tenant in the RICOH probably boosts the bond price and gives them a boost to their own finances. In fairness, it doesn’t plug the gap.

The attendances have been dwindling since they moved in, and that is probably in part down to the alienation caused by this stadium mess. Among other factors too, of course.

I won’t pretend to know about rugby enough to say what happens. I’m basing this of OSBs comments around how the uncertainty around the Ricoh will affect refinancing. If they are in trouble then that just makes it even more vital doesn’t it? I need a remortgage a lot more when Big Dave is about to break my legs.

So the calculation has to be: how much extra finance can Wasps get if the Ricoh uncertainty goes away? And against that how much is the bad will costing them for not having CCFC (rent etc too)?

Equally on the other side of the table you’ve got CCFC calculating how much it’ll cost to stay in Brum or wherever vs how much they could get from whatever action they’ve got planned.

Annoyingly forus the suns involved seem to be in the tens of millions bracket which means the few hundred thousand a year lost from the current situation is a price worth paying for the bigger prize.

This also makes me think the ground isn’t happening. Because why sink tens of millions into a ground when you are still chasing the other one? And if the answer is “to pay for it” why waste seven years before starting?

I don’t want to believe this. But it’s where the logic leads me and it’s another five plus years away from Cov. And all I care about is how the fuck are we going to stay in the Championship and how my daughters will miss out on a home team experience for half their childhood just as they’ve both started to show an interest in going. But neither of those things concern either hedge fund.

 

[Nick]

According to Boddy, the deal was almost done last time, the champagne was on ice, and then the EU issue came to light and it all stopped. I don’t recall a damning statement from him last time?

difference this time? We are in a higher division so maybe rent etc being asked for will be higher, but the indemnity is still being touted as the issue. I’m still surprised with the words he used this time, as he stressed at a meeting what a great relationship he had with the wasps people.
What else has changed?

There was a statement last time, Tynan Scope even did one with Mike Reid effectively saying the same sort of thing.

 

[cc84cov]

Again, it isn't just football fans they are pissing off is it? You have got people trying their hardest to stop their training ground at every chance, for example.

Agreed the tide is now turning gathering momentum,shame it’s too so long for a lot of people to open their eyes

 

[clint van damme]

Can you honestly not see the difference to a bond holder between dodgy accounts and a few hundred upset football fans? Really?

it's not about upsetting football fans though is it?
It's about taking action that will reduce foot fall to the arena in addition to the already considerable reduction caused by Covid.

If I was a bond holder alarm bells would be ringing, not least because I'd be wondering if this complaint had legs given what wasps are prepared to sacrifice in order to try and get it dropped/delayed/ indemnified against.

 

[Nick]

it's not about upsetting football fans though is it?
It's about taking action that will reduce foot fall to the arena in addition to the already considerable reduction caused by Covid.

If I was a bond holder alarm bells would be ringing, not least because I'd be wondering if this complaint had legs given what wasps are prepared to sacrifice in order to try and get it dropped/delayed/ indemnified against.

Especially when the investigation would happen regardless of where we play.

 

[shmmeee]

it's not about upsetting football fans though is it?
It's about taking action that will reduce foot fall to the arena in addition to the already considerable reduction caused by Covid.

If I was a bond holder alarm bells would be ringing, not least because I'd be wondering if this complaint had legs given what wasps are prepared to sacrifice in order to try and get it dropped/delayed/ indemnified against.

No. If you were a CCFC fan you’d think that. If you were a bond holder you’d see the attempt to mitigate a large risk at very little cost.

I’ll ask the same question. If not cold finance, why do you think Wasps are acting how they are?

 

[win9nut]

Had no idea. Do we have any evidence that their stock price is affected by CCFC fan's feelings? Did previous actions move it?

I can see how we'd hope so, just looking for some evidence. Seems the Ricoh ownership is far more important than CCFC fans liking them to me. Happy to see evidence to the contrary.

This makes an interesting read - The feelings and thoughts of some Wasps Bond holders.

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Basically, they are concerned with the valuation of the Ricoh (£51m) when that valuation included having us as tenants.

Every bond holder knows they are going to have "take a haircut"

Now that the total value of bonds is hovering around £10m, rather than building a stadium, it might be easier just attempting to buy a big percentage of them, then trying to appoint a sympathetic administrator when the shit hits the fan (maybe Hill's mate!)

Of course we need somewhere to play in the meantime, and EFL were looking for progress, if they accept that the "partnership" with UoW is progress, then that's that box ticked for another year. (Maybe a touch cynical of me!)

As far as I can see, the lease will only revert to CCC if ACL is insolvent.

If Wasps Holdings is insolvent, they have assets they could sell - Wasps Rugby and ACL.

ACL won't be insolvent any time soon. Especially as they have insurance covering the unforeseen closure of the Arena (as per the Wasps Accounts). The bond is secured on ACL. If ACL goes insolvent, Directors would be up for a hiding by Bond Holders

When the bond repayment is due, I suspect we'll hear more about Ricoh ownership.

That's my wacky theory anyway...

 

[cc84cov]

This makes an interesting read - The feelings and thoughts of some Wasps Bond holders.

ADVFN

uk.advfn.com

Basically, they are concerned with the valuation of the Ricoh (£51m) when that valuation included having us as tenants.
View attachment 16080
Every bond holder knows they are going to have "take a haircut"

Now that the total value of bonds is hovering around £10m, rather than building a stadium, it might be easier just attempting to buy a big percentage of them, then trying to appoint a sympathetic administrator when the shit hits the fan (maybe Hill's mate!)

Of course we need somewhere to play in the meantime, and EFL were looking for progress, if they accept that the "partnership" with UoW is progress, then that's that box ticked for another year. (Maybe a touch cynical of me!)

As far as I can see, the lease will only revert to CCC if ACL is insolvent.

If Wasps Holdings is insolvent, they have assets they could sell - Wasps Rugby and ACL.

ACL won't be insolvent any time soon. Especially as they have insurance covering the unforeseen closure of the Arena (as per the Wasps Accounts). The bond is secured on ACL. If ACL goes insolvent, Directors would be up for a hiding by Bond Holders

When the bond repayment is due, I suspect we'll hear more about Ricoh ownership.

That's my wacky theory anyway...

And so they should be concerned #TickTock

 

[shmmeee]

This makes an interesting read - The feelings and thoughts of some Wasps Bond holders.

ADVFN

uk.advfn.com

Basically, they are concerned with the valuation of the Ricoh (£51m) when that valuation included having us as tenants.
View attachment 16080
Every bond holder knows they are going to have "take a haircut"

Now that the total value of bonds is hovering around £10m, rather than building a stadium, it might be easier just attempting to buy a big percentage of them, then trying to appoint a sympathetic administrator when the shit hits the fan (maybe Hill's mate!)

Of course we need somewhere to play in the meantime, and EFL were looking for progress, if they accept that the "partnership" with UoW is progress, then that's that box ticked for another year. (Maybe a touch cynical of me!)

As far as I can see, the lease will only revert to CCC if ACL is insolvent.

If Wasps Holdings is insolvent, they have assets they could sell - Wasps Rugby and ACL.

ACL won't be insolvent any time soon. Especially as they have insurance covering the unforeseen closure of the Arena (as per the Wasps Accounts). The bond is secured on ACL. If ACL goes insolvent, Directors would be up for a hiding by Bond Holders

When the bond repayment is due, I suspect we'll hear more about Ricoh ownership.

That's my wacky theory anyway...

Funny you should mention that. I did hear a whisper that Sisu were asking for part ownership during negotiations. Nothing reliable, but would also give a reason for Sisu to play hardball if they felt Wasps were in a worse situation than last year.

Which would also explain why Sisu went back to the table with no intentions of giving in, yet also raises the question of why the big flounce right now.

 

[djr8369]

But we’ve known that since last year. We knew that before negotiations started. No one has been strung along. I said at the start I couldn’t see a deal for this reason, until all legal avenues are exhausted, or there’s a Legally binding resolution from Sisu to stop future legals nothing changes. Wasps still think they can get Sisu to call off the dogs, Sisu still think they can wear Wasps down. In reality all the power is with Wasps, Wasps could go “we aren’t having a deal because CCFC fans are too ugly to let in the ground” and they’d probably not be seriously impacted.

That’s been the case since the great break the lease plan backfired. We handed Wasps all the power. We should’ve started serious planning for a new ground that day and followed through with it.

Wasps have literally nothing to lose and we’re never going to change their mind. The only hope of a successful outcome before the legal stuff was over was always Sisu deciding to drop attempts to reverse the Ricoh sale. I suppose the question is given this why did Sisu come back to the table? They admit the talks broke down for the same reason as last time so what was their strategy?

You’ve got two hedge funds that see a massive prize on the horizon with very little cost to continuing the current action. Sisu have to worry a bit about losing fans and covering revenue but we’ve seen that in reality both football and rugby fans care more about entertainment than making a moral stand against bad business practices.

Hence my nihilism.

Hard to disagree with any of this. What I don’t get is what either side hope to achieve. I can’t see SISU getting control of the Ricoh and it seems unlikely rent from the club is going to enough money to save wasps but what do I know. Like a football club they’ll probably just keep restructuring their debt - which takes us around in circles as SISU never get the Ricoh.

The only viable plan seems to be another stadium. Council shenanigans aside we should be further along in that process.

 

[chiefdave]

There was a statement last time, Tynan Scope even did one with Mike Reid effectively saying the same sort of thing.

Its happened before that as well. There was the time Chris Anderson was negotiating, Wasps and CCFC both quoted in the CT that everything was going brilliantly then Wasps walked away. There was another time when the club said they were going to announce details of an extension to cover the 2018/19 and then it didn't happen for months. Eakin let slip that it had all been agreed then Wasp withdrew.

 

[clint van damme]

No. If you were a CCFC fan you’d think that. If you were a bond holder you’d see the attempt to mitigate a large risk at very little cost.

I’ll ask the same question. If not cold finance, why do you think Wasps are acting how they are?

I agree they're trying to mitigate a potential huge loss but you'd still be concerned if you were a bond holder, especially as the official line has always been that sisus actions are frivolous.

You keep saying the feelings of football supporters won't affect the bonds performance and I agree, but wasps recent actions and the noise around this saga definitely will. In the middle of the pandemic when most companies incomes have taken a hit including theirs they've just turned away what I'd imagine (and I think it's safe to say), a decent income stream.

 

[Nick]

No. If you were a CCFC fan you’d think that. If you were a bond holder you’d see the attempt to mitigate a large risk at very little cost.

I’ll ask the same question. If not cold finance, why do you think Wasps are acting how they are?

How are they mitigating it if it would happen if we were at the Ricoh or at St Andrews? "very little cost"? If you were a bond holder, would you find it strange at Wasps willing to throw a few million away a year in an attempt to try and get any "damages" covered? Also, would it bother you they are adding that they want a third party indemnified too?

Maybe the "third party" are having a say

 

[djr8369]

This makes an interesting read - The feelings and thoughts of some Wasps Bond holders.

ADVFN

uk.advfn.com

Basically, they are concerned with the valuation of the Ricoh (£51m) when that valuation included having us as tenants.
View attachment 16080
Every bond holder knows they are going to have "take a haircut"

Now that the total value of bonds is hovering around £10m, rather than building a stadium, it might be easier just attempting to buy a big percentage of them, then trying to appoint a sympathetic administrator when the shit hits the fan (maybe Hill's mate!)

Of course we need somewhere to play in the meantime, and EFL were looking for progress, if they accept that the "partnership" with UoW is progress, then that's that box ticked for another year. (Maybe a touch cynical of me!)

As far as I can see, the lease will only revert to CCC if ACL is insolvent.

If Wasps Holdings is insolvent, they have assets they could sell - Wasps Rugby and ACL.

ACL won't be insolvent any time soon. Especially as they have insurance covering the unforeseen closure of the Arena (as per the Wasps Accounts). The bond is secured on ACL. If ACL goes insolvent, Directors would be up for a hiding by Bond Holders

When the bond repayment is due, I suspect we'll hear more about Ricoh ownership.

That's my wacky theory anyway...

This is all sounds very plausible. I hope we somehow manage a build at the uni but in financing it there a risk of a not too dissimilar situation arising in the future.

 

[Sky Blue Pete]

What has any of this got to do with anything? Jesus mate stick to a point.

What’s your explanation for Wasps current actions? If according to you Sisu have agreed to everything they wanted and being seen as the bad guy is so terrible for them. Why not just fold? Get some cash in? Be a hero?

And that’s the unanswerable question

 

[djr8369]

I agree they're trying to mitigate a potential huge loss but you'd still be concerned if you were a bond holder, especially as the official line has always been that sisus actions are frivolous.

You keep saying the feelings of football supporters won't affect the bonds performance and I agree, but wasps recent actions and the noise around this saga definitely will. In the middle of the pandemic when most companies incomes have taken a hit including theirs they've just turned away what I'd imagine (and I think it's safe to say), a decent income stream.

So the risk of having us as tenants is greater, whether due to the EU action or something else.

 

[olderskyblue]

Its happened before that as well. There was the time Chris Anderson was negotiating, Wasps and CCFC both quoted in the CT that everything was going brilliantly then Wasps walked away. There was another time when the club said they were going to announce details of an extension to cover the 2018/19 and then it didn't happen for months. Eakin let slip that it had all been agreed then Wasp withdrew.

I was talking specifically about Boddy, and what’s changed this time.