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

  • Thread starter Alkhen
  • Start date Sep 21, 2022
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C

CCFCSteve

Well-Known Member
  • Oct 18, 2022
  • #3,921
SHUNT31 said:
It’s a myth that SISU do not have any money.

If they don’t at least attempt to buy the ground then what is the point? All the court action etc is for nothing. They have to be making some kind of move, if not for the arena then putting the club up for sale.


Sent from my iPhone using Tapatalk
Click to expand...

Im not so sure. I don’t get the impression they’ve got loads of spare cash. whether they can raise some to fund something like the stadium purchase, who knows

Agree that this is a time for them to put up or shut up (and piss off) though
 

MalcSB

Well-Known Member
  • Oct 18, 2022
  • #3,922
Brighton Sky Blue said:
The same principle can apply
Click to expand...
It won’t, for reasons in my edited post.
 
Reactions: Brighton Sky Blue
C

CCFCSteve

Well-Known Member
  • Oct 18, 2022
  • #3,923
Nick said:

Agenda for Council on Tuesday, 18th October, 2022, 2.00 pm - Coventry City Council

Committees and meetings at Coventry City Council
edemocracy.coventry.gov.uk
Click to expand...

Thanks….I’ll just await your updates though
 
Reactions: Sky Blue Pete

Nick

Administrator
  • Oct 18, 2022
  • #3,924
MalcSB said:
Don’t get me wrong, I can’t see how they could not make a bid for the arena at around £35 million and then talk about spending a similar amount on a new build unicorn.
Click to expand...

Why would somebody bid £35m when the lease isn't worth that?
 
C

CCFC54321

Well-Known Member
  • Oct 18, 2022
  • #3,925
Nick said:

Agenda for Council on Tuesday, 18th October, 2022, 2.00 pm - Coventry City Council

Committees and meetings at Coventry City Council
edemocracy.coventry.gov.uk

Nothing in the agenda for the council meeting but good to see Maton is still OK.
Click to expand...
 
Reactions: skybluepm2, montydon87, Sky Blue Pete and 3 others

MalcSB

Well-Known Member
  • Oct 18, 2022
  • #3,926
Nick said:
Why would somebody bid £35m when the lease isn't worth that?
Click to expand...
I don’t suppose any of us have any idea what the best part of a 250 year lease is worth. £35m would see the bondholders off on their merry way though.
 

olderskyblue

Well-Known Member
  • Oct 18, 2022
  • #3,927
Cllr male, cllr Semen. There’s a joke in there somewhere….
 
Reactions: Finham and wingy

SkyBlueCharlie9

Well-Known Member
  • Oct 18, 2022
  • #3,928
I love watching Council meetings online.
 
Reactions: GIMOC
B

Brighton Sky Blue

Well-Known Member
  • Oct 18, 2022
  • #3,929
A lot of Arsecrack IPA being shared yesterday

Wasps: Administration of Premiership club had players 'bawling their eyes out' - BBC Sport
 
C

CCFC54321

Well-Known Member
  • Oct 18, 2022
  • #3,930
CCFCSteve said:
Im not so sure. I don’t get the impression they’ve got loads of spare cash. whether they can raise some to fund something like the stadium purchase, who knows

Agree that this is a time for them to put up or shut up (and piss off) though
Click to expand...
Firstly no one is going to bid for the cbs until it’s gone into admin. That’s tripe talk from the administrator and he knows it. You can tell what type of guy he is already in his first interview.

Secondly SISU will bid for the cbs but you know and I know they won’t have the capital to win the bid and will use the we tried but we’re out bid to save face.
 

SHUNT31

Well-Known Member
  • Oct 18, 2022
  • #3,931

Made me chuckle.


Sent from my iPhone using Tapatalk
 
Reactions: AStonesThrow, larry_david, TwistAndShoutCCFC1987 and 14 others

shmmeee

Well-Known Member
  • Oct 18, 2022
  • #3,932
Nick said:

Agenda for Council on Tuesday, 18th October, 2022, 2.00 pm - Coventry City Council

Committees and meetings at Coventry City Council
edemocracy.coventry.gov.uk
Click to expand...

Two more items by the looks of it then questions.

So much pointless grandstanding about national party politics I’ve got to say.
 

olderskyblue

Well-Known Member
  • Oct 18, 2022
  • #3,933
Now cllr Brown…. a Rolf Harris look alike
 

Nick

Administrator
  • Oct 18, 2022
  • #3,934
MalcSB said:
I don’t suppose any of us have any idea what the best part of a 250 year lease is worth. £35m would see the bondholders off on their merry way though.
Click to expand...

They couldn't get finance on it..
 

Nick

Administrator
  • Oct 18, 2022
  • #3,935
Ridley is on one about a loan to Tom White calling them out about Due Diligence and suing them and being "sold a pup"
 

Grendel

Well-Known Member
  • Oct 18, 2022
  • #3,936
Nick said:
They couldn't get finance on it..
Click to expand...

That would be more the risk of the company defaulting than the lease value - I suspect anyway the HSBC loan was also associated with other consortium finance and far more in total than £35m
 

jordan210

Well-Known Member
  • Oct 18, 2022
  • #3,937
Ridley appears to be one of the few competent councillors in the country
 
Reactions: CCFC54321 and Gynnsthetonic

MalcSB

Well-Known Member
  • Oct 18, 2022
  • #3,938
Nick said:
They couldn't get finance on it..
Click to expand...
almost certainly not commercially, would existing investors stump up more if combining the club and the arena could lead to a sale? As someone else has posted, I would imagine that bidders will wait until it ends up being a fire sale under administration.
 

Nick

Administrator
  • Oct 18, 2022
  • #3,939
"A classic example of why local government shouldn't be sticking their noses in with businesses"
 

Nick

Administrator
  • Oct 18, 2022
  • #3,940
jordan210 said:
Ridley appears to be one of the few competent councillors in the country
Click to expand...

O'Boyle has fuck all to say back in response.

Ridley is up to 8/10 on the match thread.
 
Reactions: You'll Never Beat McPake, Sky Blue Pete, Peter Billing Eyes and 6 others

jordan210

Well-Known Member
  • Oct 18, 2022
  • #3,941
Nick said:
O'Boyle has fuck all to say back in response.
Click to expand...

He is just mumbling and now talking about party politics

haha CCC open and honest
 
C

CCFCSteve

Well-Known Member
  • Oct 18, 2022
  • #3,942
CCFC54321 said:
Firstly no one is going to bid for the cbs until it’s gone into admin. That’s tripe talk from the administrator and he knows it. You can tell what type of guy he is already in his first interview.

Secondly SISU will bid for the cbs but you know and I know they won’t have the capital to win the bid and will use the we tried but we’re out bid to save face.
Click to expand...

Agree about parties probably only wanting to buy the stadium/long lease once the company’s gone into administration but the sale can be lined up during the accelerated sale process and completed as soon as company enters administration (pre-pack). So I’d imagine there will already be various discussions happening with interested parties on that basis.
 

Nick

Administrator
  • Oct 18, 2022
  • #3,943
jordan210 said:
He is just mumbling and now talking about party politics

haha CCC open and honest
Click to expand...

Wow, he has absolutely fuck all.

"If this helps the local economy and climate change then we should do it"

In regards to bailing out Tom White. Fucking hell.

I really don't trust him when it comes to bailing out Wasps.
 
B

Brighton Sky Blue

Well-Known Member
  • Oct 18, 2022
  • #3,944
This is an
Nick said:
O'Boyle has fuck all to say back in response.

Ridley is up to 8/10 on the match thread.
Click to expand...

He sent me a very smarmy email back in 2014 when he said that selling to Wasps was fully consistent with Labour Party values. Wish I still had it
 

shmmeee

Well-Known Member
  • Oct 18, 2022
  • #3,945
Green man looking and sounding how you’d expect
 
Reactions: CCFCSteve and AiS86

The Philosopher

Well-Known Member
  • Oct 18, 2022
  • #3,946
MalcSB said:
I don’t suppose any of us have any idea what the best part of a 250 year lease is worth. £35m would see the bondholders off on their merry way though.
Click to expand...
It depends on the cost of money and the likely revenue streams.

Up until recently the cost of borrowing was cheap. For the sake of fag packet maths £35m might have cost 2.5 over base- call it 3% total, let’s say £1m per year.

Gov bonds yielded less so finance houses like HSBC might have refinanced ACL as part of their investment spread. This is on the basis that CCFC with rent and the add ons related brought in £1m (fagpacket again) plus any income from hotel, conferences etc., less running costs.

With CCFC paying rent it might be that ACL was potentially able to service a finance cost to HSBC of £1m per year (fagpacket).

Think how a buy to let mortgage works - kinda like that.

Now interest rates are going up it looks like HSBC needed to move the Rugby posts (pun) and £1m needed to become £2m with a line of uncertainty that it might become 3 or 4 or 5m and not workable.
 

olderskyblue

Well-Known Member
  • Oct 18, 2022
  • #3,947
shmmeee said:
Green man looking and sounding how you’d expect
Click to expand...
Another Rolf Harris look a like?
 
Reactions: shmmeee and CCFCSteve

shmmeee

Well-Known Member
  • Oct 18, 2022
  • #3,948
Fucks sake Innis. Read the room
 
H

HuckerbyDublinWhelan

Well-Known Member
  • Oct 18, 2022
  • #3,949
so I take it we’re gonna some how end up… still tenants to Wasps?
 

Nick

Administrator
  • Oct 18, 2022
  • #3,950
Wow, watching this about Tom White. I can see how the Wasps shite went through.

The way Labour are defending it.

"Ridley: We shouldn't be piling more tax payer cash into a business that isn't making money"
"O'Boyle and Innes: Yeah but Lizz Truss"

Who the fuck is this Lakha bloke? Off his head. Just ranted in broken English "we should move on and just support a bailout".
 

shmmeee

Well-Known Member
  • Oct 18, 2022
  • #3,951
Nick said:
Wow, watching this about Tom White. I can see how the Wasps shite went through.

The way Labour are defending it.
Click to expand...

Its been really poor.
 

Nick

Administrator
  • Oct 18, 2022
  • #3,952
shmmeee said:
Its been really poor.
Click to expand...

None of the labour ones are actually referencing whats said.

It's hilarious, worse than threads on here.
 
Reactions: ccfcrob

TomRad85

Well-Known Member
  • Oct 18, 2022
  • #3,953
What's going on then? What are these slippery cunts upto now?

Sent from my SM-G973F using Tapatalk
 

Nick

Administrator
  • Oct 18, 2022
  • #3,954
TomRad85 said:
What's going on then? What are these slippery cunts upto now?

Sent from my SM-G973F using Tapatalk
Click to expand...

Was on about a bailout for Tom White.

Ridley has had their pants down again about Labour Cllrs who are suspended for Anti Semitism but are still on licencing committees.
 

Irish Sky Blue

Well-Known Member
  • Oct 18, 2022
  • #3,955
CCFC54321 said:
What a twonk.
Click to expand...
It shows his limited knowledge of the city and it’s sports clubs. He obviously doesn’t know of Cov and it’s history as one of the premier English rugby teams.
 
Reactions: Red House Coaches, duffer, I_Saw_Shaw_Score and 1 other person
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