CBS issues (3 Viewers)

[KenilworthSkyBlue]

And …

Come winter the pitch will be in a terrible state if it's not maintained appropriately.

The club shouldn't be expected to bear sole responsibility for its upkeep.

 

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[glamour76]

Surely this all leads to us owning half of stadium. Wasps get some cash to pay the bills, CCFC get a say in all off field ventures & owners get half a stadium to make us an attractive option.

 

[Nick]

Surely this all leads to us owning half of stadium. Wasps get some cash to pay the bills, CCFC get a say in all off field ventures & owners get half a stadium to make us an attractive option.

Half their debt as well?

 

[MalcSB]

Do you know if there was any caveat/condition in the return agreement that payments would be based on a suitable playing surface or something of that ilk?

If we've signed a deal but there's no mention of a good standard of pitch being available (and ability for non-rent payment if not), that wouldn't be the smartest thing we've ever done.

Hopefully we've not dropped the ball on it.

EFL will have had to approve the terms of the ground share: pitch quality and primacy are requirements

 

[alexccfc99]

Do we think we are on for Tuesday?? Or still up in the air

 

[MalcSB]

This is a very interesting and it usually on takes on significant bond holder to decide to cut their loses and seek to recover some value for contagion within other financial institutions to take grip. So …. How much do they think the stadium is worth?

They need 75% by value of bonds to approve the consent solicitation.

 

[MalcSB]

We are going to end up moving this season, aren’t we?

If wasps get liquidated I’m sure the council will be in no rush to get us in the stadium, even as tenants.

The best case scenario is probably we sell a key player to fund a new pitch being laid and wasps let us take ownership of pitch maintenance.

We have a subtenancy that would stay in place. Bit like selling a rental property with a tenant, not vacant possession.

 

[MalcSB]

I t

I don’t think it matters what is in the contract , wasps have no money to rectify the pitch , do any improvements , investment in a new pitch

We can take them to court for breach of contract , we can withhold rent payments etc

They stop us playing at the stadium, you can see from their statement yesterday how they feel

hink there would be a difference between withholding rent which would be a breach of contract. And taking legal action for Wasps breach of contract

 

[Johnnythespider]

How can we take ownership of the pitch?

What happens if they want a concert on?

It's like saying you own a carpet in a house

It's not even a whole carpet

 

[MalcSB]

I bloody well hope people with more influence than me are speaking to both parties to get them talking about a solution!!

Come In Andy Street!

If asps are trading insolvently, which even some on Drunken Wasps now believe, I doubt there’s much that Andy Street can do. That is, other than bung them a £13m grant. However, who in their right mind would do that with an insolvent company, could be political suicide.

 

[MalcSB]

I said best case, not most likely!

Primacy and precedent requirement of EFL

 

[chiefdave]

I bloody well hope people with more influence than me are speaking to both parties to get them talking about a solution!!

Come In Andy Street!

Reeves is getting the cheque book out as we speak

 

[MalcSB]

Off the back of believers comments

Im preparing for us to be leaving the CBS again in the very near future

And what would the building societies take on that be?

 

[chiefdave]

Going back to the pitch issue its very quiet from Wasps. Apart from their toys out the pram statement there's been nothing on how they plan to address the issue.

How do drop in pitches work, if a new pitch is prepared elsewhere how long does the CBS need to be out of action for it to be installed there? Could we somehow get the current pitch good enough to get through to the World Cup break and then have a drop in pitch installed then?

Wasps only have one home league game in the break, they could potentially reschedule that. They also have a hope cup game but isn't that the comp that about 3 people turn up to, could they potentially play that game elsewhere?

 

[KenilworthSkyBlue]

And what would the building societies take on that be?

That's a problem for Vaughan surely?

 

[Grendel]

Anyone have any idea of a solution

We aren’t in a position to make a solution are we.

I raised the issue last year we had a declining lease and no home and you just said we’ve got years left

I’m afraid this is the issue - we are the only club who keeps doing short term deals here there and everywhere. There’s no new ground and there’s no long lease. We are reliant and at the behest of other businesses all the time and while this company retains ownership we are always one minute away from another potential disaster

 

[Grendel]

Going back to the pitch issue its very quiet from Wasps. Apart from their toys out the pram statement there's been nothing on how they plan to address the issue.

How do drop in pitches work, if a new pitch is prepared elsewhere how long does the CBS need to be out of action for it to be installed there? Could we somehow get the current pitch good enough to get through to the World Cup break and then have a drop in pitch installed then?

Wasps only have one home league game in the break, they could potentially reschedule that. They also have a hope cup game but isn't that the comp that about 3 people turn up to, could they potentially play that game elsewhere?

The statement was fairly clear. They don’t really care they have no money do it yourself or fuck off

 

[KenilworthSkyBlue]

Going back to the pitch issue its very quiet from Wasps. Apart from their toys out the pram statement there's been nothing on how they plan to address the issue.

How do drop in pitches work, if a new pitch is prepared elsewhere how long does the CBS need to be out of action for it to be installed there? Could we somehow get the current pitch good enough to get through to the World Cup break and then have a drop in pitch installed then?

Wasps only have one home league game in the break, they could potentially reschedule that. They also have a hope cup game but isn't that the comp that about 3 people turn up to, could they potentially play that game elsewhere?

Aren't drop-in pitches just for cricket?

 

[Sky Blue Pete]

We aren’t in a position to make a solution are we.

I raised the issue last year we had a declining lease and no home and you just said we’ve got years left

I’m afraid this is the issue - we are the only club who keeps doing short term deals here there and everywhere. There’s no new ground and there’s no long lease. We are reliant and at the behest of other businesses all the time and while this company retains ownership we are always one minute away from another potential disaster

We’re a year and a bit into a 10 year one

 

[Sky Blue Pete]

We aren’t in a position to make a solution are we.

I raised the issue last year we had a declining lease and no home and you just said we’ve got years left

I’m afraid this is the issue - we are the only club who keeps doing short term deals here there and everywhere. There’s no new ground and there’s no long lease. We are reliant and at the behest of other businesses all the time and while this company retains ownership we are always one minute away from another potential disaster

Actually maybe there’s a solution from cbs given their profits in the last 12 months

 

[Sky_Blue_Dreamer]

One thing that hasn't been talked about is the possibility of recompense from the Commonwealth Games organisers.

You'd have thought that them taking over the stadium one of the terms would be that once they left the pitch would be suitable for its usual operations.

I know there was the thing about them having control of the Arena for longer and these two games fall inside that, and they'll argue that part of the money they paid was to cover such eventualities, but let's say that the pitch isn't ready for next midweek. Could they be chased to help sort it out? The pitch wasn't immaculate by any means but it's pretty obvious the damage the Games have caused.

 

[Grendel]

We’re a year and a bit into a 10 year one

hows it going?

 

[chiefdave]

Aren't drop-in pitches just for cricket?

Think they do it, or did in the past at Wembley. Of course the FA will throw money at Wembley which is a significant difference.

Wembley say football is the top priority but they need to replace the pitch several times a year to hold other events.

A decision on whether to replace the pitch again - this one has only been down for four weeks - will be made after the weekend.

The spokesperson added: "There is a unique challenge with the surface at Wembley and we are working with expert pitch consultants to get it right.

 

[Sky Blue Pete]

hows it going?

Not great

 

[SBT]

How do drop in pitches work, if a new pitch is prepared elsewhere how long does the CBS need to be out of action for it to be installed there?

Retractable pitch ftw!

 

[SkyBlue_Bear83]

Going back to the pitch issue its very quiet from Wasps. Apart from their toys out the pram statement there's been nothing on how they plan to address the issue.

How do drop in pitches work, if a new pitch is prepared elsewhere how long does the CBS need to be out of action for it to be installed there? Could we somehow get the current pitch good enough to get through to the World Cup break and then have a drop in pitch installed then?

Wasps only have one home league game in the break, they could potentially reschedule that. They also have a hope cup game but isn't that the comp that about 3 people turn up to, could they potentially play that game elsewhere?

By all accounts wasps don't have two pennies right now so they won't be installing a new pitch. Best we can hope is a patch up job to get it at least safe to play on.

 

[higgs]

By all accounts wasps don't have two pennies right now so they won't be installing a new pitch. Best we can hope is a patch up job to get it at least safe to play on.

Might be playable for rugby but can't see the surface improving enough to play nice crisp free flowing football on

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[SkyBlue_Bear83]

Might be playable for rugby but can't see the surface improving enough to play nice crisp free flowing football on

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But I don't think it's a football league requirement for the pitch to be a bowling green for fantastic football.

It will just be patched up to a standard that is deemed safe and the team will have to put up with the shit surface that's left.

 

[Skyblueweeman]

I don’t think it matters what is in the contract , wasps have no money to rectify the pitch , do any improvements , investment in a new pitch

We can take them to court for breach of contract , we can withhold rent payments etc

They stop us playing at the stadium, you can see from their statement yesterday how they feel

I mean, it does matter what's in the contract. If there was such a caveat in the contract and its not been fulfilled, Wasps are in breach of contract. That makes the withholding of rent more likely.

 

[martincov]

Someone just mentioned the bond paypack would need to be 75% of full value to get anywhere. That would be around £26 .25 million. so if wasps go bust on the stadium company not actual rugby club then is that not a reasonable price for a stadium? cheaper than a new build? didnt Derby's ground go for £23 / 24 million? I may be thick but with no other sanctions in rugby football then wasps as a club would survive but the owning of the stadium would not remain in their hands. Yes the ownership would stay with CCC but who else would take the stadium on other than CCFC? or am i being simplistic? £26 million with no planning costs, no design costs and other associated costs. Cant see SISU doing that, they will want it for £10 mill. Then again penny in the pound offer to a bust company.

 

[HuckerbyDublinWhelan]

Someone just mentioned the bond paypack would need to be 75% of full value to get anywhere. That would be around £26 .25 million. so if wasps go bust on the stadium company not actual rugby club then is that not a reasonable price for a stadium? cheaper than a new build? didnt Derby's ground go for £23 / 24 million? I may be thick but with no other sanctions in rugby football then wasps as a club would survive but the owning of the stadium would not remain in their hands. Yes the ownership would stay with CCC but who else would take the stadium on other than CCFC? or am i being simplistic? £26 million with no planning costs, no design costs and other associated costs. Cant see SISU doing that, they will want it for £10 mill. Then again penny in the pound offer to a bust company.

ACL needs to be busted. It’s a shitty web of companies that has never worked

 

[martincov]

ACL needs to be busted. It’s a shitty web of companies that has never worked

The Richardson fella will have protected his stuff best he can. I think he will only have put in what he can afford to lose. wasps rfc will survive. The arena company under whatever name will go and be up for grabs. CCC wil have to deal with whoever as they own the freehold and the lease ultimately. CCC will not want a white elephant they will want it off their hands if their wasps project fails. They also have a duty to the citizens of Coventry to do the best deal they can and not for themselves. I appreciate that CCFC have debts but wasps debts are way beyond what even premiership rugby can correct.

 

[higgs]

If the football club owned the cbs would it make money for us or are we better off renting and not having the up keep costs assuming new owners would provide us with a proper playing surface?

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[HuckerbyDublinWhelan]

If the football club owned the cbs would it make money for us or are we better off renting and not having the up keep costs assuming new owners would provide us with a proper playing surface?

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We’re Better off building a brand new stadium and starting new. Unfortunately with the current owners that is remote

 

[MalcSB]

Someone just mentioned the bond paypack would need to be 75% of full value to get anywhere. That would be around £26 .25 million. so if wasps go bust on the stadium company not actual rugby club then is that not a reasonable price for a stadium? cheaper than a new build? didnt Derby's ground go for £23 / 24 million? I may be thick but with no other sanctions in rugby football then wasps as a club would survive but the owning of the stadium would not remain in their hands. Yes the ownership would stay with CCC but who else would take the stadium on other than CCFC? or am i being simplistic? £26 million with no planning costs, no design costs and other associated costs. Cant see SISU doing that, they will want it for £10 mill. Then again penny in the pound offer to a bust company.

No, it’s not that at all. They need holders of 75% of the bonds value to agree to any proposal they put forward. Bondholders see the mortgage they hold as being worth £35 million and they will want as much if their money back as possible.