Is CCFC agreement at CBS still valid under Ashley? (1 Viewer)

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Sick Boy

Sick Boy

Well-Known Member
MalcSB said:
ACL 2006 holds and manages the head lease from CCC whilst ACL is responsible for operational management of the arena business. IEC was majority owned by ACL.

Those 3 companies went in to administration and were immediately bought by House of Fraser Group. Assets won’t be realised for distribution, HoF payment for the three companies is the totality of what is available for distribution to creditors from those 3 companies, There is no need for them to be dissolved and it would be in the new owners interest to maintain all current contracts for use of the stadium in place. But hopefully not Wasps!
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Aren’t they required to play at their previous ground?
 
Nick

Nick

Administrator
MalcSB said:
ACL 2006 holds and manages the head lease from CCC whilst ACL is responsible for operational management of the arena business. IEC was majority owned by ACL.

As I understand it, those 3 companies went in to administration and were immediately bought by House of Fraser Group. Assets won’t be realised for distribution, HoF payment for the three companies is the totality of what is available for distribution to creditors from those 3 companies, There is no need for them to be dissolved and it would be in the new owners interest to maintain all current contracts for use of the stadium in place. But hopefully not Wasps!
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Doesn't that mean the debts are also still in place if all agreements are?
 
Nuskyblue

Nuskyblue

Well-Known Member
Sick Boy said:
Aren’t they required to play at their previous ground?
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For 3 or 5 years...

But then they did hey fucked off to Cov with ease so what's the difference you have to ask.

It would be interesting to see if there is a president for franchising in Prem Rugby
 
Nick

Nick

Administrator
Guess it depends if they paid up front of yearly. If they paid up front the money is gone.
 
chiefdave

chiefdave

Well-Known Member
Nick said:
Guess it depends if they paid up front of yearly. If they paid up front the money is gone.
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The rumour was CBS had paid next to nothing. it was a face saving exercise for Wasps who had spent years saying they were lining up a new sponsor, even engaging a third party to sell the naming rights, but couldn't get a deal in place.

If that's true would be interesting to know if there's any get out for a new owner or will surely even want to maximise the return or promote their own brands.
 
C

CCFC54321

Well-Known Member
chiefdave said:
The rumour was CBS had paid next to nothing. it was a face saving exercise for Wasps who had spent years saying they were lining up a new sponsor, even engaging a third party to sell the naming rights, but couldn't get a deal in place.

If that's true would be interesting to know if there's any get out for a new owner or will surely even want to maximise the return or promote their own brands.
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And CCFC had to be back at the arena if there was to be any sponsorship of the ground.
 
SW-Sky Blues

SW-Sky Blues

Member
It's Mike Ashley. Unfortunately for us with him anything is possible. This is the guy that had no problem renaming St James Park and treated his Sports Direct staff like animals. 80% of their workforce are on Zero hour contracts.

Ultimately it all depends on what is in the actual lease contract. Which none of us actually know.
 
S

skyblu3sk

Well-Known Member
chiefdave said:
The rumour was CBS had paid next to nothing. it was a face saving exercise for Wasps who had spent years saying they were lining up a new sponsor, even engaging a third party to sell the naming rights, but couldn't get a deal in place.

If that's true would be interesting to know if there's any get out for a new owner or will surely even want to maximise the return or promote their own brands.
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I think that CBS certainly got a good deal. There will be an element of is the Ashley group someone they want to be associated with anyway. Think only time will tell on that front.
 
R

rexo87

Well-Known Member
oldfiver said:
The lease was novated to a Newco which included CCFC as tenant

The papers were all prepared ready to go yesterday
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So this secures our tenancy at the same rate for 8 years? Or am I being stupid

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