Just a quick question....... (1 Viewer)

robbiethemole · Jun 17, 2022

has anyone here decided to chip in to help our poor landlords in their time of need?
I know they're asking for a bail out of £13.4m, but surely the kindhearted folk on here could come up with £20 each, a bit like contributing to the season ticket thread...........NO? ok
No way should a private enterprise be given any public money to stave off bankruptcy due to overspending and inability to meet debts, FUCK THEM!!

fatso · Jun 17, 2022

robbiethemole said:
has anyone here decided to chip in to help our poor landlords in their time of need?
I know they're asking for a bail out of £13.4m, but surely the kindhearted folk on here could come up with £20 each, a bit like contributing to the season ticket thread...........NO? ok
No way should a private enterprise be given any public money to stave off bankruptcy due to overspending and inability to meet debts, FUCK THEM!!

Jees, anyone would think you didn't like them!

robbiethemole · Jun 17, 2022

fatso said:
Jees, anyone would think you didn't like them!

can you get all that from one post ? hahaha

Paxman II · Jun 17, 2022

I think I'll try that route, and get funding for my business that was shut down during the pandemic!
What the council contrived to do back when they sold that lease to them looks more and more ridiculous.
if they can't meet their debts and obligations then they should cancel the lease of the stadium and find new buyers.
Oh I wonder who that could be?

sotvtoday · Jun 17, 2022

Paxman II said:
I think I'll try that route, and get funding for my business that was shut down during the pandemic!
What the council contrived to do back when they sold that lease to them looks more and more ridiculous.
if they can't meet their debts and obligations then they should cancel the lease of the stadium and find new buyers.
Oh I wonder who that could be?

It would be Groundhog day with SISU trying to screw the council through the floor again.

robbiethemole · Jun 17, 2022

Paxman II said:
I think I'll try that route, and get funding for my business that was shut down during the pandemic!
What the council contrived to do back when they sold that lease to them looks more and more ridiculous.
if they can't meet their debts and obligations then they should cancel the lease of the stadium and find new buyers.
Oh I wonder who that could be?

If I recall, the Council wouldn't sell to SISU cos they would raise a debt against the Arena, haven't fecking W+sps done just that and more and screwed the whole business up? Fuck 'em let them go under asap

Earlsdon_Skyblue1 · Jun 17, 2022

Lol someone get Wasps a gofundme.

HuckerbyDublinWhelan · Jun 17, 2022

You joke… but who’s genuinely half expecting the trust to chime in with a call to help

Greggs · Jun 17, 2022

Day drinking caught up with you Robert? Hope you've enjoyed the sunshine and worn sunglasses to protect those pathetic moley little eyes.

robbiethemole · Jun 17, 2022

Greggs said:
Day drinking caught up with you Robert? Hope you've enjoyed the sunshine and worn sunglasses to protect those pathetic moley little eyes.

Nah been on grandad duty and yep wearing sunglasses. Have you some issue with my opinion cos if you do, I don’t care Owly

Philosoraptor · Jun 18, 2022

HuckerbyDublinWhelan said:
You joke… but who’s genuinely half expecting the trust to chime in with a call to help

In all serious, though, it is time to reform the Trust. Time to throw out the dead wood, which will be the people whom are running it at the moment, who seem, after working out how to try to turn a profit with whoever signed up to the Trust, with something that is totally against the rules of the trust, haven't really said a word about anything for the last few months.

Should we organize our own slate over here to bring the Trust up to the standards that it needs to be?

I am prepared to open up a thread on this so anyone who has ideas about the Trust, and how it can be better representative of the views of fans than the half-arsed attempt with what's going on over there at the moment.

I do think it needs to be moved from where it is at the moment to over here, where everyone can vote about issues which they could bring forward.

Just putting ideas together at the moment. What do people think?

Sky Blue Harry H · Jun 18, 2022

Instead of a 'Go Fund Me' page, could we set up a 'Go Fu** 'Em' page instead?

fatso · Jun 18, 2022

Paxman II said:
I think I'll try that route, and get funding for my business that was shut down during the pandemic!
What the council contrived to do back when they sold that lease to them looks more and more ridiculous.
if they can't meet their debts and obligations then they should cancel the lease of the stadium and find new buyers.
Oh I wonder who that could be?

It makes you wonder why the Council didn't do any due dilligance on wasps.
Their financial model relied on totally unpredictable income. A blind man could see the forecasts were pure fantasy.

I think the truth is that Sisu had pushed the council into a corner, and they were happy to offload the Ricoh to any fucker at any price. The individuals concerned would of known they would be out of office by the time the whole sorry pack of cards collapses, which is now what's happening. (Only delayed slightly by the ill conceived rights issue)

The irony is the stadium needs on going extensive maintenance work, which is probably beyond the budget of wasps, and will massively reduce the value of their major asset. So maybe a local football club with real fans might end up owning it on the cheap.

better days · Jun 18, 2022

fatso said:
It makes you wonder why the Council didn't do any due dilligance on wasps.
Their financial model relied on totally unpredictable income. A blind man could see the forecasts were pure fantasy.

I think the truth is that Sisu had pushed the council into a corner, and they were happy to offload the Ricoh to any fucker at any price. The individuals concerned would of known they would be out of office by the time the whole sorry pack of cards collapses, which is now what's happening. (Only delayed slightly by the ill conceived rights issue)

The irony is the stadium needs on going extensive maintenance work, which is probably beyond the budget of wasps, and will massively reduce the value of their major asset. So maybe a local football club with real fans might end up owning it on the cheap.

Brilliant post

wingy · Jun 18, 2022

How has an 18 yr old stadium got such a high level of faults?
Towards 25% of its build cost or excluding the land preparation etc more like 50% .
If it really has any serious faults litigation of the contractor would be an option .If the £13M is for a coat of paint ,well.

Samo · Jun 18, 2022

robbiethemole said:
has anyone here decided to chip in to help our poor landlords in their time of need?
I know they're asking for a bail out of £13.4m, but surely the kindhearted folk on here could come up with £20 each, a bit like contributing to the season ticket thread...........NO? ok
No way should a private enterprise be given any public money to stave off bankruptcy due to overspending and inability to meet debts, FUCK THEM!!

I would rather stab myself in the knees

The Philosopher · Jun 18, 2022

Another question is one of maths:

Let’s say SISU buys the arena and Wasps become renters.

Does the rent CCFC pay plus the other income streams that are associated plus rent Wasps would pay create enough money to service a (say) £40m debt?

SISU should have access to funds, and let’s say the debt costs £2m (5%) to service.

Surely it needs thinking about and the timing of the deal where Wasps are distressed, might be optimal.

chiefdave · Jun 18, 2022

The Philosopher said:
Does the rent CCFC pay plus the other income streams that are associated plus rent Wasps would pay create enough money to service a (say) £40m debt?

The debt seems to have been the problem since day one. If it was a problem back when it was a much smaller debt then you'd have to say servicing £40m is a non-starter. I would guess anyone who took on the stadium in the future would just buy the assets and not the debt and that will be a factor in any offer made. The idea they could at some point sell on the lease for £40m or more just doesn't seem realistic to me.

The Philosopher · Jun 18, 2022

chiefdave said:
The debt seems to have been the problem since day one. If it was a problem back when it was a much smaller debt then you'd have to say servicing £40m is a non-starter. I would guess anyone who took on the stadium in the future would just buy the assets and not the debt and that will be a factor in any offer made. The idea they could at some point sell on the lease for £40m or more just doesn't seem realistic to me.

It wasn’t a problem. SISU thought they were being clever by distressing the bank and Council and it backfired.

Now they pay rent. Different circus, different monkeys.

skyblue025 · Jun 19, 2022

Is the CBS complex actually making any money?

Sky_Blue_Dreamer · Jun 19, 2022

The Philosopher said:
Another question is one of maths:

Let’s say SISU buys the arena and Wasps become renters.

Does the rent CCFC pay plus the other income streams that are associated plus rent Wasps would pay create enough money to service a (say) £40m debt?

SISU should have access to funds, and let’s say the debt costs £2m (5%) to service.

Surely it needs thinking about and the timing of the deal where Wasps are distressed, might be optimal.

Wasps wouldn't rent it - they'd bugger off somewhere else.

slyblue57 · Jun 19, 2022

Does everyone really think the Council will let London Wasps go bust?
They will squirm their way out of it, the Council will somehow get the WMCA to loan them the money or find “ funds” themselves to help poor little London Wasps.
The Council have shown they could nt care less about public opinion .

stevefloyd · Jun 19, 2022

robbiethemole said:
Nah been on grandad duty and yep wearing sunglasses. Have you some issue with my opinion cos if you do, I don’t care Owly

Raptors at war

The Philosopher · Jun 19, 2022

Sky_Blue_Dreamer said:
Wasps wouldn't rent it - they'd bugger off somewhere else.

Then they’d have some maths to do:

Rent cost elsewhere, loss of some fan base (they’ve built a bit up locally, that can’t be denied).

Not sure they’d just buzz off.

Grendel · Jun 19, 2022

fatso said:
It makes you wonder why the Council didn't do any due dilligance on wasps.
Their financial model relied on totally unpredictable income. A blind man could see the forecasts were pure fantasy.

I think the truth is that Sisu had pushed the council into a corner, and they were happy to offload the Ricoh to any fucker at any price. The individuals concerned would of known they would be out of office by the time the whole sorry pack of cards collapses, which is now what's happening. (Only delayed slightly by the ill conceived rights issue)

The irony is the stadium needs on going extensive maintenance work, which is probably beyond the budget of wasps, and will massively reduce the value of their major asset. So maybe a local football club with real fans might end up owning it on the cheap.

Why would they have done due diligence

They offloaded the lease, the loan, the loss making ACL and liability on repairs.

Then if they went bust in all probability the lease reverts back to the council and they can sell it again

Grendel · Jun 19, 2022

The Philosopher said:
Another question is one of maths:

Let’s say SISU buys the arena and Wasps become renters.

Does the rent CCFC pay plus the other income streams that are associated plus rent Wasps would pay create enough money to service a (say) £40m debt?

SISU should have access to funds, and let’s say the debt costs £2m (5%) to service.

Surely it needs thinking about and the timing of the deal where Wasps are distressed, might be optimal.

It’s never happening

Grendel · Jun 19, 2022

Sky_Blue_Dreamer said:
Wasps wouldn't rent it - they'd bugger off somewhere else.

They have 50 year lease why would they pay money to go elsewhere

fatso · Jun 19, 2022

Sky_Blue_Dreamer said:
Wasps wouldn't rent it - they'd bugger off somewhere else.

You mean buzz off surely!

rob9872 · Jun 19, 2022

If they owed a million it's their problem. Owing 35m is everyone else's problem. They know this and the creditors will be scared to push too hard or they'll end up with nothing. The issue is the maintenance. If it was all fine then it would be business as usual, but if they can't pass safety obligations then they're in trouble and that's when SISU can rely put pressure on.

Paxman II · Jun 20, 2022

They will get refinanced with HSBC and pay the bonds. The real problem is sustainability of a London Rugby club having their home in Coventry and lacking the support they need for a stadium the size of the CBS. It simply can't go on repeat, rinse, repeat surely?

slyblue57 · Jun 20, 2022

It can go on for as long as CCC assist London Wasps. CCC can nt let their wonderful London asset fail.

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