Wasps going into admin & the impact on CCFC (5 Viewers)

[Alkhen]

So looks like the inveitable is happening to our landlords. Admin and relegation. cant say i'm sheding many tears but do feel bad for the original fans.

Can someone explain what impact this will have on CCFC? will our 10 year agreement still stand?

 

[Liquid Gold]

CRFC v Wasps

Pack the Butts

 

[usskyblue]

View attachment 26253

So looks like the inveitable is happening to our landlords. Admin and relegation. cant say i'm sheding many tears but do feel bad for the original fans.

Can someone explain what impact this will have on CCFC? will our 10 year agreement still stand?

 

[shepardo01]

Could we be locked out of the stadium??

 

[Liquid Gold]

Our sub lease will be protected.

Nothing to worry about here.

Lets just start ripping down their signs knowing they can't afford to put them back.

 

[Alkhen]

Our sub lease will be protected.

Nothing to worry about here.

Lets just start ripping down their signs knowing they can't afford to put them back.

Yeah I did assume there are safeguards for this sort of thing, just as long as we dont get lumbered with a load of bills for running the stadium, staff, groudskeepers etc

 

[chiefdave]

Could we be locked out of the stadium??

no chance, any administrator will want to keep things running. the bigger concern may be ever getting back the money we paid up front to get the pitch sorted.

 

[shepardo01]

no chance, any administrator will want to keep things running. the bigger concern may be ever getting back the money we paid up front to get the pitch sorted.

Wasps have applied for/likely to get compo from CWG organisers- or they had/were...!!!

 

[shepardo01]

...so the training ground transferred to a company outside of Wasps... guess that will stay untouched by any admin!?... cheeky feckers...

 

[pusbccfc]

Will be wonderful to see them rattling around a 3000 seater stadium in some small town in Surrey or Kent next year.

 

[Skybluefaz]

Cov Rugby are looking forward to telling them to fuck off when they come knocking at the butts for a ground share.

 

[jordan210]

...so the training ground transferred to a company outside of Wasps... guess that will stay untouched by any admin!?... cheeky feckers...

Surprised they havent tried to turn it in to a housing estate yet

 

[pusbccfc]

no chance, any administrator will want to keep things running. the bigger concern may be ever getting back the money we paid up front to get the pitch sorted.

We haven't put a penny towards the pitch. CWG committee paid for the repairs.

 

[usskyblue]

We should get Simon on the blower

 

[pusbccfc]

We should get Simon on the blower

More chance of Simon Gilbert answering.

 

[shepardo01]

Could their debts be wiped so to speak, then Derek picks up the CBS on the cheap from admins, moves the training ground back over and voila, debt free but as you were with no need to pay bonds???... obviously based on a total lack of full understanding!

 

[AFCCOVENTRY]

Well this was inevitable as we knew this was coming.
Here’s the reality. Wasps are buggered but so are we. We can’t afford this league and now is the chance for someone to potentially own both clubs.
However we know the same owner can reappear from an administration. We have first hand experience of that.

 

[shepardo01]

Surprised they havent tried to turn it in to a housing estate yet

They will sell parts for housing...they were having archaeological digs done right from the off...

 

[Philosoraptor]

Does a notice of intention to appoint an administrator automatically make the lease revert back to CCC?

 

[Seaside-Skyblue]

Blimey, another another complicated administration story to follow. Let me get my notes...

Sent from my SM-A908B using Tapatalk

 

[Nick]

It explains the over drive with the emphasis on ccfc and how we are relegated and going bust.

 

[AFCCOVENTRY]

Their training ground was transferred to another entity and the stadium is under a different one I believe.

 

[jordan210]

Joy, now is your time to shine. Get the cheque book out of the hermes handbag.

 

[AFCCOVENTRY]

 

[chiefdave]

Could their debts be wiped so to speak, then Derek picks up the CBS on the cheap from admins, moves the training ground back over and voila, debt free but as you were with no need to pay bonds???... obviously based on a total lack of full understanding!

Possibly but not sure how they'd do that given the ground is the security for the bonds. Suspect there's many more twists to come in this tale, not time to celebrate yet.

 

[Nick]

Their training ground was transferred to another entity and the stadium is under a different one I believe.

Shady golden share situation.

Although the training ground was never owned by wasps.

 

[Liquid Gold]

Brilliant business decision

 

[Legia Sky Blue]

I guess Wasps get to choose the Administrator. What's Appleton up to these days?

 

[AFCCOVENTRY]

Shady golden share situation.

Although the training ground was never owned by wasps.

Yeah I suspect their owner could do something similar? I’m not familiar with how it works in rugby with golden share etc.

What is interesting is the bond holder might be first in line for repayment. £35m. That cash was used to purchase the CBS lease. Surely that might be up for sale now to repay the debt? Now do Sisu have a game plan? I suspect they knew this was coming.

 

[Liquid Gold]

Sisu were able to pull the dodgy admin act because they were the only real creditor.

I don't know how Wasps manage it when they owe £35m externally.

 

[Winny the Bish]

Could their debts be wiped so to speak, then Derek picks up the CBS on the cheap from admins, moves the training ground back over and voila, debt free but as you were with no need to pay bonds???... obviously based on a total lack of full understanding!

Buyers will need to put up money to pay creditors (one of which will be the bondholders). It won't be £35m but a good chunk of it will still need to be covered.

 

[chiefdave]

Sisu were able to pull the dodgy admin act because they were the only real creditor.

I don't know how Wasps manage it when they owe £35m externally.

its not all the same company though. which part is going into admin and which part owes the money?

 

[mark82]

Could their debts be wiped so to speak, then Derek picks up the CBS on the cheap from admins, moves the training ground back over and voila, debt free but as you were with no need to pay bonds???... obviously based on a total lack of full understanding!

No, the bonds are secured against the ground. They could come to an agreement to pay a reduced amount but not sure bond holders would accept that.

@oldskyblue58 or @oldfiver probably best placed to comment.

 

[Frankly_Mr_Shankly]

View attachment 26253

So looks like the inveitable is happening to our landlords. Admin and relegation. cant say i'm sheding many tears but do feel bad for the original fans.

Can someone explain what impact this will have on CCFC? will our 10 year agreement still stand?

Original fans can sod off back to London

 

[duffer]

Well this was inevitable as we knew this was coming.
Here’s the reality. Wasps are buggered but so are we. We can’t afford this league and now is the chance for someone to potentially own both clubs.
However we know the same owner can reappear from an administration. We have first hand experience of that.

Why on earth would we want to get involved with the utter moral disgrace and complete financial ruin that is Wasps (and pretty much Premiership rugby as a whole)? That would be madness.

It might however be a good time for a substantial investor to step in and negotiate taking on a 250-year lease on terms favourable to the club.