Gosh there’s hundreds on here who would try and convince her.
Least the trust have read the room.
By the toilet ?????
I know we all said this before Wasps turned up but after the disaster its been for them can we really see another team giving it a go? Realistically who could come anywhere close to getting 10K let alone 30K?
The NEC Group has been diversifying in the last couple of years into owning and operating other venues so it fits pretty much perfectly for them.
How many stadiums in the country manage to exist with just a football club and zero concerts. Not sure why its not viable for Coventry when so many other cities in the country can manage it.
If they hadn’t of had another venue 20 miles up the road, I would agree.
I agree with your last point to an extent but to make it profitable is a different story. The fact still remains, we must own our own ground.
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Training ground caretaker says he's been made redundant too?
I'm not so sure, if you had a football nut owner why wouldn't you package the ground under CCFC?We will 100% never own the ground. Best to hope for was always a friendly parent company owned by the same people.
I'm not so sure, if you had a football nut owner why wouldn't you package the ground under CCFC?
I'm not really seeing why to be honest. There's plenty of companies similar to the NEC Group around the world that own and operate stadiums that have sports teams as anchor tenants and it doesn't seem to be an issue. Why would it be for us?But yes as stated on here previously NEC buying the place would be horrendous
Because for a variety of reasons you keep your businesses separate, especially property assets. Sisu have said outright any ground would be owned by a prop co.
Correct sorry should clear up, our lease for the next 8.5 years of course stands under any circumstance of a new stadium owner (if they dont also own the club)
But yes as stated on here previously NEC buying the place would be horrendous
Where’s DR and why stay in Coventry? Very strangeTheres a load of bollocks in that interview.
Right but the same principle applies.
CCFC would effectively be owners, albeit under a different entity.
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he's talking bollocks as per standardI'm no expert but I can't see any potential owner wanting to lose 500k footfall to the complex.
Depends how ownership is structured. Could just two Sisu/Mike Ashley companies.
The issue is, I don't think it's worth the £35 million that they are owed. Hence finance couldn't be raised.So just joining the dots here from the bond prospectus, to see where the council comes in etc..
Wasps Holdings (now in admin) are the 100% owners of ACL.
ACL (not in admin) are the 100% owners of ACL2006.
ACL2006 (not in admin) are the holders of the head lease (250-years).
Wasps Holdings and ACL are guarantors for the debt owed to the bondholders (i.e. they are liable for the £35m).
Key point: Bondholders security includes a legal mortgage granted by ACL and ACL2006 over their title to the Arena in Coventry. A mortgage, in effect, is a transfer of legal title. (Until you pay your mortgage off, the bank owns your house, so presumably, until the bondholders are paid, the trustee owns the Arena?)
CCC have reserved the right to forfeit the Head Lease if ACL2006 becomes insolvent, but ACL2006 is not in administration yet. Additionally, because of the mortgage I don't think claiming back the lease would be without challenge when or if administration of ACL2006 happens.
So, I think the bondholders (or in fact their trustee) will demand the sale of the lease to settle their £35m, or possibly of ACL/ACL2006 in total. Unless the council buy it (please God, no), I don't see how it ends up back in CCC hands.
More to the point, I definitely can't see any way that Wasps are ever our landlords again - and I don't think they'll be playing again in Coventry any time soon. If nothing else, that is a result.
Thanks for the input and a large pint to your friend.Just had a nice chat with a friend of mine
Works for the council
Can now also say he's Gilberts leak so line up to buy him a pint
From Duggins directly (of course i cannot share on here) wasps are dead. Kaput. Gone. Will no longer be a club let alone in Coventry
There will be a vote on funding ACL in the time being, this is to ensure our games still go ahead, as the stadium at the mo literally hasnt a pot to piss in and contrary to media reports there is NO credible buyer for the stadium
Sisu are being 'strangely quiet' and council and sisu relations are nowhere near as frosty as they were.
The NEC are the only interested party at the mo, have lost 8.5 million in revenue to the CBS and is a case of cant beat them join them however they would not give 2 hoots about CCFC and is the worst possible thing that can happen
Will keep you all posted
I am such a boring c**t.Thanks for the input and a large pint to your friend.
SISU really need to make a decision now, if indeed Ashley does come forward, and set a reasonable price to offload the club. If the NEC get the stadium, they'll have the clout to see things through, not much chance of distressing them and we'll forever be stuck as tennants if we want to stay at the CBS.
Get the Elvis LPs out Joy, its' now or never.
The issue is, I don't think it's worth the £35 million that they are owed. Hence finance couldn't be raised.
OrSo just joining the dots here from the bond prospectus, to see where the council comes in etc..
Wasps Holdings (now in admin) are the 100% owners of ACL.
ACL (not in admin) are the 100% owners of ACL2006.
ACL2006 (not in admin) are the holders of the head lease (250-years).
Wasps Holdings and ACL are guarantors for the debt owed to the bondholders (i.e. they are liable for the £35m).
Key point: Bondholders security includes a legal mortgage granted by ACL and ACL2006 over their title to the Arena in Coventry. A mortgage, in effect, is a transfer of legal title. (Until you pay your mortgage off, the bank owns your house, so presumably, until the bondholders are paid, the trustee owns the Arena?)
CCC have reserved the right to forfeit the Head Lease if ACL2006 becomes insolvent, but ACL2006 is not in administration yet. Additionally, because of the mortgage I don't think claiming back the lease would be without challenge when or if administration of ACL2006 happens.
So, I think the bondholders (or in fact their trustee) will demand the sale of the lease to settle their £35m, or possibly of ACL/ACL2006 in total. Unless the council buy it (please God, no), I don't see how it ends up back in CCC hands.
More to the point, I definitely can't see any way that Wasps are ever our landlords again - and I don't think they'll be playing again in Coventry any time soon. If nothing else, that is a result.
Just reading Stephen Vaughan’s comments how they had some many talented people at Wasps. Shame none of them were any good at finance……. bit like Liz Truss and her friend
If the owner wasn't SISU though they may choose to do something different especially if they wanted the club to have more to spend against the FFP cap.Because for a variety of reasons you keep your businesses separate, especially property assets. Sisu have said outright any ground would be owned by a prop co.
Who's this fucking fanny?
My understanding and I happy to be corrected but due to the considerable work required the stadium is not valued at £35m anymore?Might well not be worth the £35m, Nick, but the bondholders will want to recover what they can for it. Hence it inevitably being sold to someone, and us getting new landlords.
As said many times elsewhere, imagine if someone came in now, bought us and the stadium and tied it all back together (even as OpCo/PropCo).
Then, with someone half-decent running the stadium, the club isn't reliant solely on a benevolent owner for income - and there's wriggle room for FFP (if that actually becomes a real thing).
It's a dream, I know, but it is within the realms of possibility for a few weeks at least.
My understanding and I happy to be corrected but due to the considerable work required the stadium is not valued at £35m anymore?
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