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The Bastards Owed Us £465K (7 Viewers)

  • Thread starter torchomatic
  • Start date Dec 8, 2022
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Nick

Administrator
  • Dec 8, 2022
  • #36
Sick Boy said:
I’ll say it again, where is their financing coming from? There’s more chance of MA investing in them than us at the moment considering he actually held talks with them.
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I wouldn't be surprised if him and Richardson are now best mates
 
Reactions: nicksar

jordan210

Well-Known Member
  • Dec 8, 2022
  • #37
I put this int he other thread. But might be more relevant here. The monies they owed CCC was apparently for unpaid business rates



But was the council giving wasps favours that goes against the standard business rate process?

As if behind on business rates and fail to keep up with payments. The right to instalments is withdrawn and you should be sent to magistrates court.

“ Since 1 April 2017, if a reminder notice is issued and you do not bring your instalments up to date within 14 days, then the right to pay by instalments will be withdrawn. If full payment is not received you will be sent a Magistrates' Court summons and you will have to pay additional court costs as well as your Business Rates charge. The Council will apply to the Court for a liability order against the account, which grants us further powers to collect the money outstanding. The account may then be issued to an Enforcement Agent, who will collect the money on our behalf, referred for insolvency proceedings or back to Magistrates' Court for committal to prison proceedings.”


No idea how long they had not been paying their rates for. As I guess without this info we will never know
 
Reactions: Skyblueweeman, Sick Boy and nicksar

Sick Boy

Super Moderator
  • Dec 8, 2022
  • #38
The whole thing is a disgrace.
 
Reactions: duffer, SBQuin, TomRad85 and 1 other person

shmmeee

Well-Known Member
  • Dec 8, 2022
  • #39
jordan210 said:
I put this int he other thread. But might be more relevant here. The monies they owed CCC was apparently for unpaid business rates



But was the council giving wasps favours that goes against the standard business rate process?

As if behind on business rates and fail to keep up with payments. The right to instalments is withdrawn and you should be sent to magistrates court.

“ Since 1 April 2017, if a reminder notice is issued and you do not bring your instalments up to date within 14 days, then the right to pay by instalments will be withdrawn. If full payment is not received you will be sent a Magistrates' Court summons and you will have to pay additional court costs as well as your Business Rates charge. The Council will apply to the Court for a liability order against the account, which grants us further powers to collect the money outstanding. The account may then be issued to an Enforcement Agent, who will collect the money on our behalf, referred for insolvency proceedings or back to Magistrates' Court for committal to prison proceedings.”


No idea how long they had not been paying their rates for. As I guess without this info we will never know
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RV of the Arena is £650k according to VOA, standard rates are 51.2p in the pound so a years rates would be about £330k though reading that it seems if you miss a payment you’re expected to pay in full. So total guess but I’d say not paid since Spring/Summer maybe? It’s ten payments so each would be about £33k, and £240k is after 2-3 payments maybe? I assume it starts in April but not sure.
 
Reactions: jordan210

jordan210

Well-Known Member
  • Dec 8, 2022
  • #40
shmmeee said:
RV of the Arena is £650k according to VOA, standard rates are 51.2p in the pound so a years rates would be about £330k though reading that it seems if you miss a payment you’re expected to pay in full. So total guess but I’d say not paid since Spring/Summer maybe? It’s ten payments so each would be about £33k, and £240k is after 2-3 payments maybe? I assume it starts in April but not sure.
Click to expand...

So really they should had lost the right of a payment plan and been summoned and the council should have taken them to court.

I assume this dint happen as the council would not have wanted them to go insolvent over this.
 
Reactions: duffer, Skyblueweeman, rexo87 and 1 other person

tisza

Well-Known Member
  • Dec 8, 2022
  • #41
Should take a leaf out of Hungarian book ( can't believe I'm saying that!!). Can't restart a similar business after admin until tax debt settled from previous entity.
As for restarting in Coventry won't be at CBS. Ashley not going to be handing out cheap rents. Rugby income not on a par with Championship football so rent would be way too expensive for them.
 
Reactions: Sky_Blue_Dreamer, Skyblueweeman and duffer

shmmeee

Well-Known Member
  • Dec 8, 2022
  • #42
jordan210 said:
So really they should had lost the right of a payment plan and been summoned and the council should have taken them to court.

I assume this dint happen as the council would not have wanted them to go insolvent over this.
Click to expand...

Probably hoping for a new owner and not to put ACL into admin for obvious reasons.
 
Reactions: jordan210

Nick

Administrator
  • Dec 8, 2022
  • #43
Would have been better if they were liquidated.
 

shmmeee

Well-Known Member
  • Dec 8, 2022
  • #44
Nick said:
Would have been better if they were liquidated.
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Id imagine at the first sniff they’d have done what they did in October just earlier.
 

RegTheDonk

Well-Known Member
  • Dec 8, 2022
  • #45
fernandopartridge said:
It's pretty clear they're finished in Coventry, the individuals behind playing here are all gone.
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Other than the crooks left on the Council.
 
Reactions: Astute, TomRad85, Skyblueweeman and 1 other person

fatso

Well-Known Member
  • Dec 8, 2022
  • #46
I'm waiting for a statement from the cunts at CCC, it should make for interesting reading.
What a fucking brilliant idea it was to sell the Arena to the London cunts in the first place, as if they couldn't forsee this shit happening.

Maybe Sisu will sue CCC to recoup the money they are owed by wasps, as they could blame CCC for instigating this cluster fuck of a situation in the first place.
 

Skyblueweeman

Well-Known Member
  • Dec 8, 2022
  • #47
fatso said:
I'm waiting for a statement from the cunts at CCC, it should make for interesting reading.
What a fucking brilliant idea it was to sell the Arena to the London cunts in the first place, as if they couldn't forsee this shit happening.

Maybe Sisu will sue CCC to recoup the money they are owed by wasps, as they could blame CCC for instigating this cluster fuck of a situation in the first place.
Click to expand...

You laugh but that's something I could see happening!
 

fernandopartridge

Well-Known Member
  • Dec 8, 2022
  • #48
shmmeee said:
The only official stuff that’s comes out has all suggested Wasps want to stay here and indeed have been told by the rugby authorities they should.
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But those people are irrelevant now and in any event proven dreamers. The companies are all being wound up. Wasps are to be taken over by a group of ex players with apparent designs on a return to London.
 

Earlsdon_Skyblue1

Well-Known Member
  • Dec 8, 2022
  • #49
duffer said:
Wasps shit on everyone they ever did business with; took the taxpayer for an absolute fortune, cost the club almost half a million directly and much more indirectly, and the Council that supported them every step of the way (and even looked at bailing them out!) are just going to walk away from it? Un-fucking-believable.
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What makes it worse is that some of our very own supporters went along and propped up that regime. Some of these people are in hiding, others post stuff on this very forum and try to pretend as if they are now repulsed by Wasps so they don't get questioned.

'I just want to watch Premiership quality Rugby'.
'I got a free ticket'.
'It was SISU's fault'.
'Wasps is a good day out'.

Pathetic.
 
Reactions: Astute, Fergusons_Beard, Bertola and 4 others

Cata

Well-Known Member
  • Dec 8, 2022
  • #50
Covkid1968# said:
Wonder what it was for…the pitch repairs, Food and Bev share maybe?
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According to Simon Gilbert on twitter it was for Food & Bev sales at matches
 
Reactions: nicksar

nicksar

Well-Known Member
  • Dec 8, 2022
  • #51
Cata said:
According to Simon Gilbert on twitter it was for Food & Bev sales at matches
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They have literally thieved money from Coventry City fans then.
 
Reactions: duffer and Saddlebrains

Evo1883

Well-Known Member
  • Dec 8, 2022
  • #52
jordan210 said:
Click to expand...

Fantastic deal , completely what was best for the city and the taxpayers .

Wankers
 
Reactions: robbiethemole and TomRad85

Evo1883

Well-Known Member
  • Dec 8, 2022
  • #53
Sick Boy said:
The whole thing is a disgrace.
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Coventry council made it feel like the football club were a problem .

Now who at the council is going to pay for the lost 21 million ? Arseholes , worst council in England surely
 
Reactions: duffer, no_loyalty, clint van damme and 4 others
T

theferret

Well-Known Member
  • Dec 8, 2022
  • #54
One thing I would say, Simon Gilbert has played a blinder in the last few weeks.

Unsurprisingly, no mention whatsoever on the CT site of what is a very significant local story.

Edit: it is on Cov Live, but somewhat buried.
 
Reactions: duffer, no_loyalty, RegTheDonk and 6 others

shmmeee

Well-Known Member
  • Dec 8, 2022
  • #55
Evo1883 said:
Coventry council made it feel like the football club were a problem .

Now who at the council is going to pay for the lost 21 million ? Arseholes , worst council in England surely
Click to expand...

The £21m is £7m to HMRC and £14m in Sport England Covid loans. It’s not council funds. Council were owed £230k business rates and another £40k or so.
 

Nick

Administrator
  • Dec 8, 2022
  • #56
fernandopartridge said:
But those people are irrelevant now and in any event proven dreamers. The companies are all being wound up. Wasps are to be taken over by a group of ex players with apparent designs on a return to London.
Click to expand...

Will certainly be interesting to see what happens with their takeover and who is involved etc.

Their kitman who is seemingly employed at the training ground by the ex Wasps director seems to drone on about stuff happening.
 

Saddlebrains

Well-Known Member
  • Dec 8, 2022
  • #57
shmmeee said:
The £21m is £7m to HMRC and £14m in Sport England Covid loans. It’s not council funds. Council were owed £230k business rates and another £40k or so.
Click to expand...


You proper love the council don't you i cant fathom it
 
Reactions: clint van damme

shmmeee

Well-Known Member
  • Dec 8, 2022
  • #58
Saddlebrains said:
You proper love the council don't you i cant fathom it
Click to expand...

I proper love facts
 
Reactions: hopesprings and Sky Blue Pete

shepardo01

Well-Known Member
  • Dec 8, 2022
  • #59
It is a disgrace that anything bearing the name Wasps is allowed back at even the level of the championship....
 
Reactions: nicksar

Nick

Administrator
  • Dec 8, 2022
  • #60
shmmeee said:
I proper love facts
Click to expand...

Fact is, the mayor was gloating to city fans about how Wasps are always successful etc and was giving it the big one.
Fact is, all the involved companies owed millions and a hell of a lot of that was to local businesses
Fact is, we keep heating Duggins and Maton go on about jobs and the economy but how many jobs are impacted by Wasps getting things on finance they had no intention to pay.
Fact is, Reeves was looking to try and throw more money at them.
 
Reactions: duffer, MusicDating, Frostie and 7 others

Paxman II

Well-Known Member
  • Dec 8, 2022
  • #61
What a shambles. How were they allowed to keep trading? They forced us to stay in Birmingham 2 seasons when they could have had the rent money, food and beverage money etc. What kind of people were they running that club?
It was always clear to me a rugby club was never going to sustain itself with a stdium of that size. The council members must all be thick as two short planks in allowing it to happen just to spite SISU tbh.
 
Reactions: SBQuin and nicksar

jordan210

Well-Known Member
  • Dec 8, 2022
  • #62
Remember when the council said it would be great for local business.

Well using the CV postcode wasps owned £851,330 to 46 companies.

From Carpenters, Design agencies, cash and carry and even the Hilton at the arena.

and us
 
Reactions: duffer, Fergusons_Beard, OldBedrocker and 3 others

fernandopartridge

Well-Known Member
  • Dec 8, 2022
  • #63
Saddlebrains said:
You proper love the council don't you i cant fathom it
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I'm no fan of the council but he's right
 
Reactions: Fergusons_Beard, Deleted member 5849, Evo1883 and 1 other person

Grendel

Well-Known Member
  • Dec 8, 2022
  • #64
shmmeee said:
No I agree. Just saying these sorts of figures for debt are common in sport and they shouldn’t be.
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They are not common at all.

CCFC "debt" is internal debt so as a going concern there is zero issue. Same for most clubs. The internal debt for Wasps is £16m - sports clubs are no different to anyone else - they can't not pay external creditors just as they are sports clubs. They have the same legal recourse as anyone else.

Its inconceivable to me that the Directors were not aware for months that they were trading insolvently. HMRC pulled the plug as it was clear that they were going to not get paid. I hope the directors are challenged as this seems to be a clear breach of director responsibility. The fact Reeves was even trying to get funding to support this is laughable. I can't fathom how they had cash to carry on - well I guess they just stopped paying everybody. Then they strung a series of lies to keep the bond payment at bay and also not to refloat.

Absolute disaster

Ashley also will I suspect blow stupid Anne Lucas and the unencumbered freehold drivel out the water very soon
 
Reactions: Paxman II, Fergusons_Beard, Frostie and 9 others

Nick

Administrator
  • Dec 8, 2022
  • #65
Grendel said:
Ashley also will I suspect blow stupid Anne Lucas and the unencumbered freehold drivel out the water very soon
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It effectively is unencumbered and debt free now, for £17m
 

Sky Blue Pete

Well-Known Member
  • Dec 8, 2022
  • #66
jordan210 said:
Remember when the council said it would be great for local business.

Well using the CV postcode wasps owned £851,330 to 46 companies.

From Carpenters, Design agencies, cash and carry and even the Hilton at the arena.

and us
Click to expand...
That’s a big story that it’s a lot of money
 
Reactions: jordan210

Nick

Administrator
  • Dec 8, 2022
  • #67
Sky Blue Pete said:
That’s a big story that it’s a lot of money
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Exactly and how many jobs have been lost because of it?
 
Reactions: jordan210 and Sky Blue Pete
A

Ashdown

Well-Known Member
  • Dec 8, 2022
  • #68
shmmeee said:
No I agree. Just saying these sorts of figures for debt are common in sport and they shouldn’t be.
Click to expand...
They are all at it in the Rugby Union Premiership. Take a look at the debt table related to them all…..Wasps were top but many others are basically insolvent.
 
Reactions: shmmeee
A

Ashdown

Well-Known Member
  • Dec 8, 2022
  • #69
Their supporters ( wearing colours) were in plenty of evidence at Cov Rugby last Saturday. You would think they’d be too ashamed to admit they were backing a load of Cuckoos !
 

shmmeee

Well-Known Member
  • Dec 8, 2022
  • #70
Ashdown said:
They are all at it in the Rugby Union Premiership. Take a look at the debt table related to them all…..Wasps were top but many others are basically insolvent.
Click to expand...

Football clubs too to some extent. I reckon it’s the way they can pull at heart strings other businesses couldn’t so they get special treatment.
 
Reactions: Sky Blue Pete
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