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Wasps going into admin & the impact on CCFC (8 Viewers)

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

Well-Known Member
  • Oct 18, 2022
  • #4,026
Nick said:
My biggest thought from all this is that Richardson will be one of the bidders (like SISU were) but will end up the owner again with the tax and bonds gone.
Click to expand...

Its a different situation and the Rugby element has to be built up again. Its possible but not the same manufactured admin Sisu created
 

TomRad85

Well-Known Member
  • Oct 18, 2022
  • #4,027
Thanks for the link. Ridley pulling them apart but not really difficult when dealing with incompetence and lies, similar to how easy it is to pull Truss apart on a bigger stage.

Sent from my SM-G973F using Tapatalk
 
Reactions: Nick

Nick

Administrator
  • Oct 18, 2022
  • #4,028
Grendel said:
Its a different situation and the Rugby element has to be built up again. Its possible but not the same manufactured admin Sisu created
Click to expand...

No I get that because they were the only ones owed.

How much different is it with the tax man and bondholders?
 

skybluetony176

Well-Known Member
  • Oct 18, 2022
  • #4,029
Just looked at the accounts for ACL & ACL 2006 in 2020 (last period of filled accounts) and it looks like this profitable group of companies barely made £10k in combined profit as I read it.


What was interesting was when I searched companies house I initially searched under ACL not Arena Coventry and top of the list for companies starting with ACL was this newly registered overseas company. I’m sure it’s a coincidence and unconnected but still.

ACL DEVELOPMENT LIMITED overview - Find and update company information - GOV.UK

ACL DEVELOPMENT LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity
find-and-update.company-information.service.gov.uk
 

COVKIDSNEVERQUIT

Well-Known Member
  • Oct 18, 2022
  • #4,030
Nick said:
It's mad how little the Wasps fans seem to know.

Maybe it was before they got given a free flag?
Click to expand...


Just like the people of Russia and Putin's propaganda.
 

Nick

Administrator
  • Oct 18, 2022
  • #4,031
O'boyle has fuck all about him. Looks like a proper gimp down the rugby club.
 

Senior Vick from Alicante

Well-Known Member
  • Oct 18, 2022
  • #4,032
Nick said:
My biggest thought from all this is that Richardson will be one of the bidders (like SISU were) but will end up the owner again with the tax and bonds gone.
Click to expand...

It makes you laugh really if that happens. Hes basically mugged off a load of bond holders to pay off the debts to both him and the council and would end up with the arena for a lot less than the 36 million. legal theft.
 

Grendel

Well-Known Member
  • Oct 18, 2022
  • #4,033
Nick said:
No I get that because they were the only ones owed.

How much different is it with the tax man and bondholders?
Click to expand...

Sisu had a trail of manufactured debt to protect the bid and I fail to see his motive anymore in truth
 
Reactions: CCFCSteve

TomRad85

Well-Known Member
  • Oct 18, 2022
  • #4,034
Nick said:
My biggest thought from all this is that Richardson will be one of the bidders (like SISU were) but will end up the owner again with the tax and bonds gone.
Click to expand...
Surely we won't be seeing that crafty fucker again. That would be madness.

Sent from my SM-G973F using Tapatalk
 
C

CCFCSteve

Well-Known Member
  • Oct 18, 2022
  • #4,035
Nick said:
My biggest thought from all this is that Richardson will be one of the bidders (like SISU were) but will end up the owner again with the tax and bonds gone.
Click to expand...

Only if he’s the highest bidder, unless something happens prior to administration

As has been mentioned before this is different to CCFC admin where SISU were by far the largest creditor and only one with security. Basically they picked their own administrator and were the only ones with a real economic interest in the outcome so could control/influence everything
 
Reactions: ccfcrob

ccfcrob

Well-Known Member
  • Oct 18, 2022
  • #4,036
GIMOC said:
The greens councillor is an absolute drip
Click to expand...
You seem suprised
 
Reactions: Kingokings204, GIMOC and TomRad85

Nick

Administrator
  • Oct 18, 2022
  • #4,037
CCFCSteve said:
Only if he’s the highest bidder, unless something happens prior to administration

As has been mentioned before this is different to CCFC admin where SISU were by far the largest creditor and only one with security
Click to expand...

Yeah in theory, I just can't see how he won't have any further tricks up his sleeve?
 
C

CCFC54321

Well-Known Member
  • Oct 18, 2022
  • #4,038
Senior Vick from Alicante said:
It makes you laugh really if that happens. Hes basically mugged off a load of bond holders to pay off the debts to both him and the council and would end up with the arena for a lot less than the 36 million. legal theft.
Click to expand...
I doubt that would be allowed to happen and would create such a shit show if it was allowed like never before.
 
Reactions: ccfcrob

GIMOC

Well-Known Member
  • Oct 18, 2022
  • #4,039
i fear the worse. Seems if ACL go into admin, it’ll be sold to the highest bidder and the council will have no say it’s sold too. with NEC hoovering and the rumours of them not wanting sports involved.
 
C

CCFCSteve

Well-Known Member
  • Oct 18, 2022
  • #4,040
Nick said:
Yeah in theory, I just can't see how he won't have any further tricks up his sleeve?
Click to expand...

yeah, who knows. Just got to see how it plays out
 

shmmeee

Well-Known Member
  • Oct 18, 2022
  • #4,041
Seems pretty much what you’d expect, good to hear they’re leaving it up to the administrator. One area for wiggle room is they’d want regeneration plans, but you’d expect any bidder worth their salt (so maybe not Sisu) would be able to put something together to get past that. Good to hear no bridge funding for the stay of execution for ACL.

Wish we could get a camera in that “History of the Arena” meeting he suggested though

So two weeks is the first deadline, sounds positive that it’ll be resolved by then. If not then into admin, I suspect that’s what Sisu are waiting for but sounds like it won’t get that far. Also sounds like the plan is get Wasps and the Arena in the next week and try and keep the club afloat. Just got to wait and see who bids.

On another note: shocking answer there from Khan, knew he was a prick since he blocked me into my road when canvassing.
 
Reactions: better days

TomRad85

Well-Known Member
  • Oct 18, 2022
  • #4,042
GIMOC said:
i fear the worse. Seems if ACL go into admin, it’ll be sold to the highest bidder and the council will have no say it’s sold too. with NEC hoovering and the rumours of them not wanting sports involved.
Click to expand...
Why would they not want sports involved? Look at Wasps as an example of how good of a decision alienating the football club was. You want locals on side.

Sent from my SM-G973F using Tapatalk
 
Reactions: ccfcmad1 and Deleted member 5849
C

CCFCSteve

Well-Known Member
  • Oct 18, 2022
  • #4,043
GIMOC said:
i fear the worse. Seems if ACL go into admin, it’ll be sold to the highest bidder and the council will have no say it’s sold too. with NEC hoovering and the rumours of them not wanting sports involved.
Click to expand...

We’ve got a ten year lease though, more than sufficient time to build a new stadium !
 
Reactions: Deleted member 5849

GIMOC

Well-Known Member
  • Oct 18, 2022
  • #4,044
TomRad85 said:
Why would they not want sports involved? Look at Wasps as an example of how good of a decision alienating the football club was. You want locals on side.

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

who knows.but rumours of NEC are gathering pace and they are not interested in the sports side. More the exhibitions and concerts. Only time will tell
 

Grendel

Well-Known Member
  • Oct 18, 2022
  • #4,045
shmmeee said:
Seems pretty much what you’d expect, good to hear they’re leaving it up to the administrator. One area for wiggle room is they’d want regeneration plans, but you’d expect any bidder worth their salt (so maybe not Sisu) would be able to put something together to get past that. Good to hear no bridge funding for the stay of execution for ACL.

Wish we could get a camera in that “History of the Arena” meeting he suggested though

So two weeks is the first deadline, sounds positive that it’ll be resolved by then. If not then into admin, I suspect that’s what Sisu are waiting for but sounds like it won’t get that far. Also sounds like the plan is get Wasps and the Arena in the next week and try and keep the club afloat. Just got to wait and see who bids.

On another note: shocking answer there from Khan, knew he was a prick since he blocked me into my road when canvassing.
Click to expand...

Don't know why you say that - the Dumb as Fuck Council though Richardson would develop. Sepalla could just stick a Hotel application for build in her name then do nothing about it
 

GIMOC

Well-Known Member
  • Oct 18, 2022
  • #4,046
CCFCSteve said:
We’ve got a ten year lease though, more than sufficient time to build a new stadium !
Click to expand...

not once it goes into administration
 

Gynnsthetonic

Well-Known Member
  • Oct 18, 2022
  • #4,047
GIMOC said:
i fear the worse. Seems if ACL go into admin, it’ll be sold to the highest bidder and the council will have no say it’s sold too. with NEC hoovering and the rumours of them not wanting sports involved.
Click to expand...
As the freeholder there is hopefully something in place to protect it, we also have a lease
 

shmmeee

Well-Known Member
  • Oct 18, 2022
  • #4,048
Grendel said:
Don't know why you say that - the Dumb as Fuck Council though Richardson would develop. Sepalla could just stick a Hotel application for build in her name then do nothing about it
Click to expand...

You knack for spotting humour not diminished then. It was a playful reference to Sisus complete inability to do even the most basic attempts at cosying up to partners. But “whoosh” I guess
 

Gynnsthetonic

Well-Known Member
  • Oct 18, 2022
  • #4,049
GIMOC said:
not once it goes into administration
Click to expand...
We still have a lease
 

shmmeee

Well-Known Member
  • Oct 18, 2022
  • #4,050
Gynnsthetonic said:
As the freeholder there is hopefully something in place to protect it, we also have a lease
Click to expand...

You hope so, but equally you’d have thought if that was the case then that’s the obvious answer rather than “Well obviously no one would kick the club out” (which I agree with but sounds more hope than we have a cast iron legal clause)
 
B

Brighton Sky Blue

Well-Known Member
  • Oct 18, 2022
  • #4,051
We just desperately need someone who wants to buy the club and ground. We aren’t getting another chance-a stadium management company won’t do a Wasps
 
Reactions: Colin Steins Smile and AOM

TomRad85

Well-Known Member
  • Oct 18, 2022
  • #4,052
GIMOC said:
who knows.but rumours of NEC are gathering pace and they are not interested in the sports side. More the exhibitions and concerts. Only time will tell
Click to expand...
NEC is the worst case from the list of rumours but I'd still rather be their tennants than tennants of Wasps. Can't see the logic in them turfing out the football club.

Sent from my SM-G973F using Tapatalk
 
Reactions: Skyblueweeman
D

Deleted member 5849

Guest
  • Oct 18, 2022
  • #4,053
TomRad85 said:
NEC is the worst case from the list of rumours but I'd still rather be their tennants than tennants of Wasps. Can't see the logic in them turfing out the football club.

Sent from my SM-G973F using Tapatalk
Click to expand...
Better Carlsberg than Tennents
 
Reactions: TomRad85

Grendel

Well-Known Member
  • Oct 18, 2022
  • #4,054
shmmeee said:
You knack for spotting humour not diminished then. It was a playful reference to Sisus complete inability to do even the most basic attempts at cosying up to partners. But “whoosh” I guess
Click to expand...

The Council were never partners were they? Your sterling defence of these idiots in allowing a totally inept company to take the "community asset" and run it into the ground is hardly a source of amusement
 
Reactions: Bertola

GIMOC

Well-Known Member
  • Oct 18, 2022
  • #4,055
Gynnsthetonic said:
We still have a lease
Click to expand...

but going by the meeting today. it’s out of everyone hands. no guarantees we will be playing there in 2 weeks time. listen back and the words used. duggins emphasised the word ‘ambition to keep the club’ in the city
 

Joy Division

Well-Known Member
  • Oct 18, 2022
  • #4,056
Ridley on the right there just logging on to skybluestalk

 
Reactions: better days, TwistAndShoutCCFC1987, GaryMabbuttsLeftKnee and 8 others

duffer

Well-Known Member
  • Oct 18, 2022
  • #4,057
Nick said:
Duggins now saying to Ridley that the decision was unanimous to sell to Wasps.

Maton isn't letting Ridley reply.
Click to expand...

Conveniently ignoring the fact that every Councillor voted for the deal on the understanding that it would not negatively impact either CCFC or CRFC.

Basically they accepted a load of promises from Wasps, "play on Sundays", "build a training ground and create jobs in the city", "always a place for CCFC", and did literally nothing to make the deal legally contingent on those promises.

They also gave zero consideration to the impact on the club of being frozen out of any income from the arena.

Last but not least, they did it all in secret and never offered anything even close to the deal that Wasps got to the club.

That deal was either incompetent or malignant, and has been the primary source of our woes ever since. Cllr Duggins to try to deflect by saying "you voted for it too", is just piss poor.
 
Last edited: Oct 18, 2022
Reactions: WestEndAgro, montydon87, djr8369 and 5 others

duffer

Well-Known Member
  • Oct 18, 2022
  • #4,058
It is a relief that they're not in a place to influence the administrator of ACL at least, assuming that they're being honest about that.
 
Reactions: Skyblueweeman and ccfcrob
B

Brighton Sky Blue

Well-Known Member
  • Oct 18, 2022
  • #4,059
Joy Division said:
Ridley on the right there just logging on to skybluestalk

View attachment 26680
Click to expand...

Looks like he’s on SkyBlueSamHub
 

Calista

Well-Known Member
  • Oct 18, 2022
  • #4,060
Deleted member 5849 said:
Better Carlsberg than Tennents
Click to expand...
For the last time, it's Heineken
 
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