If that happens - they'll only be facing the same situation in a year (or two)'s time. Everybody will want cash up front from them - they will have burnt bridges with anybody they dump upon this time round. The biggest thing is, they really can't afford their current model, when crowds of 5k and 6k are the benchmark and the players *and it's a lot of them) earn more than they can afford.My money is on Wasps surviving, escaping relegation and still being leaseholder at the CBS this time next year.
Now, there's certainly a logic in economies of scale, getting the stadium used more than one day a week for one team. The problem in that respect has been that Wasps have been set up as primary user, whereas it needs to be flipped really. Isn't easy, and of course the teams have had difficulties, but Swansea, Hull, Huddersfield etc manage to run a Rugby team in the ground alongside the football team.
Another problem of course is Wasps are interlopers, and do you want to attach them to CCFC? A potential owner with balls / lack of empathy might well override that though, do some serious re-branding with Wasps to make them a Sky Blue Rugby team. Running Wasps as the extra could be a (relatively!) cheap way of getting more footfall / awareness for the arena and also indirectly for the football club. If they were secondary to the concerns of the football club you could reign in their sit or bust approach too, while also offering ticket bundles and offers across clubs to try and cross-pollinate.
Now... personally I don't want us near Wasps, I'd rather they withered and died. The above is also not without risk of course but... what isn't. It is however what a potential owner might consider, as ultimately the Wasps team part is a small add-on in comparison to the rest. If you then brought Cov Utd ladies back under the CCFC banner, you can start to do what Wasps made aspirations of doing, but maybe properly. As it's us of course, it'd all drag the football team down to oblivion as the rest fell!
Maybe he’d post drivel instead?I'm sorry for those at risk too, but when some absolute cretin like John Daziel speaks like he is the man of the people, when in reality he has no idea how the people of the city feel, then I just ignore the dribble he posts.
So not going into Admin then. More like buying time whilst they sort their shit out.
Maybe he’d post drivel instead?
Could be if it is pitched right.Are CCFC a creditor?
Has Richardson lost any money though, didn't the bond money just pay him back what he originally put in in the first place
Is it a smaller venue?Does anyone think this could be something to do with the Alexander Stadium in Birmingham? I remember seeing a rumour Wasps were interested. Could admin and restarting again at a smaller venue be viable?
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a financially incontinent rugby team?
Could be if it is pitched right.
My take on recent events is the move towards administration is:
a] To buy time for a last ditch attempt to refinance
b] Allow Wasps Holdings to appoint an administrator, if it comes to that course of action rather than HMRC or Bond holders
Regarding the value of the CBS arena - Pride park was reportedly sold for circa £20 - £22M. The CBS needs some maintenance work, but has the exhibition hall, etc, so might be worth £20 - £25M? However, given the distressed situation of Wasps Holdings would anyone pay that?
I would guess that rental payments are made in financial quarters, so potentially the club would have a schedule of payments for either April - June, then July - September or if they follow Otiums financial year from 30th June .....it would be July - September, etc.... Therefore, any agreement in a rescheduling of rent payments to Wasps following the cost of pitch could mean a reduced rent for the October - December payment. Hence, I think the club will get some value of it's funding of the pitch back. If Wasps go into administration at the end of September CCFC has an established agreement in place for reduced rent. I just hope Dave Body did his homework on this!
If this is not the case and the club becomes a creditor to Wasps holdings, then that would provide Joy Sepella with a lot of financial reports on the admin process. Not sure Richardson would like that idea, as she knows a lot about how to manipulate admin processes.
As for Richardson and becoming a director of ACL, then this will be another tactic to ensure he protects his assets.
I would think there was no security on any pitch payment given so that becomes an ordinary unsecured creditor and as i understand it any scheme of payment ceases once the administrator takes control
If Wasps enter into administration, then surely CCFC can renegotiate their rent with any new 'entity; that arises (be it Wasps 2, or another owner)
Mystic meg is back at it
Mystic meg is back at it
Unless there is specific provision in the lease I doubt it
But surely the lease is between Wasps and CCC
The rent agreement would be separate (or is this a lease agreement too? If it is, and is between us and Wasps, and they go belly up, surely it is affected?)
You would need to see the leaseBut surely the lease is between Wasps and CCC
The rent agreement would be separate (or is this a lease agreement too? If it is, and is between us and Wasps, and they go belly up, surely it is affected?)
All HMRC want is their money and will normally accept whatever plan Wasps or an administrator come up with, fold the business they get nowt.Can HMRC oppose this as or is it a watertight period that protects them from debt chasers?
Another turncoat who originally gave up on CCFC and welcomed Wasps with open arms
He really is something else. Has an negative opinion on anything CCFC. I think he just loves the attention.
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I assume just holding on to the Wasps = goodies and SISU = baddies view he used to post selfies at Wasps games and pushing their PR.
But surely the lease is between Wasps and CCC
The rent agreement would be separate (or is this a lease agreement too? If it is, and is between us and Wasps, and they go belly up, surely it is affected?)
Who's job is it to check bonds before they are put onto the market etc? Do they literally just chuck them on and leave it down to buyers to read small print?
Is it brokers who would be saying "buy these, they are secured on the ground?"
ie. IF the lease does move to the council and bondholders get nothing, who should have checked?
Jumped straight on the wasps bandwagon, I remember he even removed ccfc supporter from his bio and had a wasps season ticket.
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