Wasps downward spiral... (10 Viewers)

Nick

Administrator
He's massively conflicted, ex ACL director heavily involved in the ACL / CCC / SISU dispute, massively invested his own reputation in the Wasps project. If only the Tories hadn't obliterated the independent Audit functions overseeing xentral and local government...
It's madness, surely it's not even allowed because of his links?
 

ccfc1234

Well-Known Member
If i was Sisu I would be firing low key warning shots to Martin Reeve, the West mids financing group and anyone else who is in support of state aid. Public funds are scarcer than ever, as Clint said above library's are crowd funding their existence. Millions of pounds to prop up a failing business is not in the interests of the wider public.
What is extra frustrating is that CCFC over the years would never get this sort of gold plated help, despite the fact that we have been the major sporting team in the City for many generations.
 

tisza

Well-Known Member
How about Richardson writes off his loans that would make bond refinancing easier;)
We were always fed stories about how much money certain ccfc directors wrote off to try and help their club
 

duffer

Well-Known Member
He's massively conflicted, ex ACL director heavily involved in the ACL / CCC / SISU dispute, massively invested his own reputation in the Wasps project. If only the Tories hadn't obliterated the independent Audit functions overseeing central and local government...

Absolutely spot on. This is extremely dubious at best given his history; it is entirely improper that he didn't consult with elected officials before acting on ACL/Wasps behalf and perhaps even recuse himself from the process.

We're paying this bloke approximately £200k p.a.. As someone appointed to public office, he's supposed to uphold the Nolan Principles. There's more than one that he might have broken, but these stand out for me...

Integrity: Holders of public office must avoid placing themselves under any obligation to people or organisations that might try inappropriately to influence them in their work.

Openness: Holders of public office should act and take decisions in an open and transparent manner.

It won't happen of course, but I'd be happy to see him sacked.
 

duffer

Well-Known Member
Last one of the evening, promise. Wasps have been here before of course, trying to leverage Wycombe District Council:


Once again using the implied threat of administration/liquidation if they didn't get their way. They ended up moving 82 miles away of course. Gosh, that would be a sad outcome...
 

jordan210

Well-Known Member
Last one of the evening, promise. Wasps have been here before of course, trying to leverage Wycombe District Council:


Once again using the implied threat of administration/liquidation if they didn't get their way. They ended up moving 82 miles away of course. Gosh, that would be a sad outcome...

If they go 82 miles North east by east they will end up in the Sea where they belong !
 
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Philosorapter

Well-Known Member
That drunk, I almost missed putting whiskey in the glass. This has been a long time coming. I think how this group has treated other sporting clubs (CCFC and Coventry RFC aside) has been absolutely abysmal.
 

Philosorapter

Well-Known Member
Just hope, if they do need to go into administration, the money will be taken from the wasp group and not from the stadium.

It needs protecting.
 

fernandopartridge

Well-Known Member
Shugs over on Drunken Wasps

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Liquid Gold

Well-Known Member
I hope after all is done and wasps are no longer here and in the spirit of reconciliation those from Cov that did go and support them are too embarrassed to ever go to the arena again and if they do attempt it any mention that they supported them gets them swiftly kicked the fuck out (of).
 

Peter Billing

Well-Known Member
Surely that would have been ring fenced though.

Looks good in accounts but has no material impact.

Unless there has been some misuse of funds or corruption in the contract, neither of which can be ruled out with this relationship.

If the funds are considered capital expenditure then the benefit would be material on the balance sheet. It suggests the £5m they secured before wasn't enough and this is the second go to try fill a gap in the security. Absolutely stinks of desperation.
 
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HuckerbyDublinWhelan

Well-Known Member
I hope after all is done and wasps are no longer here and in the spirit of reconciliation those from Cov that did go and support them are too embarrassed to ever go to the arena again and if they do attempt it any mention that they supported them gets them swiftly kicked the fuck out (of).
Reckon Jan will come crawling back?
 

Philosorapter

Well-Known Member
I think a question needs to be asked of how long has CCC known about this. Is this part of the reason Ann Lucas has suddenly disappeared from the scene?

She did want to talk about CCFC like it was urgent before she bowed out.
 

Liquid Gold

Well-Known Member
If the funds are considered capital expenditure then the benefit would be material on the balance sheet. It suggests the £5m they secured before wasn't enough and this is the second go to try fill a gap in the security. Absolutely stinks of desperation.
By material impact I mean in operating funds and cashflow.

I work for a charitable organisation and when we receive funds that are contracted for activities it is restricted to be spent on that. It still appears as income and is held as funds on a balance sheet but but if we either a, weren't holding enough cash or b, were spending the funds on something outside of the agreement we'd be in breach of contract and have to return the entirety.

If they were given £5m to do some renovations and haven't done them and the contract doesn't punish that then it's corrupt as fuck. If they're trying to do that twice then you shouldn't have to discuss anything else before you see how unscrupulous the behaviour of Wasps and CCC has been.
 

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