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Wasps going into admin & the impact on CCFC (6 Viewers)

  • Thread starter Alkhen
  • Start date Sep 21, 2022
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hutch1972

Well-Known Member
  • Oct 18, 2022
  • #4,201
duffer said:
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.
Click to expand...
He also failed to mention that Labour cllrs were whipped to vote it through, despite some having reservations.
 
Reactions: robbiethemole and duffer

MalcSB

Well-Known Member
  • Oct 18, 2022
  • #4,202
oldfiver said:
Still there then ? Just not progressed

Spot the sideways shuffle from WH to another entity outside the group ?
Click to expand...
Further to my earlier response, just checked agenda and papers for the October meeting. The Richardson loan application for £12.5m loan for a hotel is no longer on the relevant dashboard. So - application withdrawn or fell by the wayside.
 
Reactions: duffer

1ccfc

Well-Known Member
  • Oct 18, 2022
  • #4,203
So Ashley purchases the stadium and saves wasps who spend one season in the Championship. Sisu refuse to sell the club, so we end up being tenants, paying rent to wasps. This could only happen to us.
 
Reactions: djr8369 and Saddlebrains
C

CCFC54321

Well-Known Member
  • Oct 18, 2022
  • #4,204
1ccfc said:
So Ashley purchases the stadium and saves wasps who spend one season in the Championship. Sisu refuse to sell the club, so we end up being tenants, paying rent to wasps. This could only happen to us.
Click to expand...
And Ashley loses £10m a year…
 

GaryMabbuttsLeftKnee

Well-Known Member
  • Oct 18, 2022
  • #4,205
oldfiver said:
There have been no significant improvements to the stadium but some £20m defects have been highlighted
Click to expand...

Where has this figure come from?


Sent from my iPhone using Tapatalk
 
S

steve cooper

Well-Known Member
  • Oct 18, 2022
  • #4,206
Sky Blue Heaven said:
Taken from the administrators interview with the Coventry Telegraph:

“I am sure if in the fullness of time, there is a new owner for that business (ACL) because that's going through an AMA (accelerated mergers and acquisitions) process as well, which we're running, that they would want to have Wasps as a tenant. Because obviously it's important to have the tenant for the income and I am sure that is where they would look to play”.

"The real thrust now, must be to find a preferred party. We've been talking to somebody today, and are reasonably hopeful, confident, I would say that tomorrow we will be pushing them forward and pushing them in front of the RFU to get that process going”

I wonder who this is….guess we’ll find out soon enough!
Click to expand...
All that means nothing.
Armstrong and Terminum Capital are no longer interested apparently, A few days ago they were seen as favourites.

Wasps takeover bid collapses after financial 'hammer blow'

Former chief executive David Armstrong had been regarded as one of the favourites to take over the stricken club
www.telegraph.co.uk
 
Reactions: MAFF, MusicDating and bulko

MalcSB

Well-Known Member
  • Oct 18, 2022
  • #4,207
GaryMabbuttsLeftKnee said:
Where has this figure come from?


Sent from my iPhone using Tapatalk
Click to expand...
It’s a story that been bandied around for a while, but I have never seen any definitive evidence that supports it. Someone else may have a source but I haven’t seen it quoted.
 
Reactions: duffer and GaryMabbuttsLeftKnee
R

rexo87

Well-Known Member
  • Oct 18, 2022
  • #4,208
steve cooper said:
All that means nothing.
Armstrong and Terminum Capital are no longer interested apparently, A few days ago they were seen as favourites.

Wasps takeover bid collapses after financial 'hammer blow'

Former chief executive David Armstrong had been regarded as one of the favourites to take over the stricken club
www.telegraph.co.uk
Click to expand...
Yeah I'm hoping the person the admin is talking about is that Armstrong as he's been ruled out for good today

Sent from my SM-G991B using Tapatalk
 
Reactions: bulko and steve cooper

MalcSB

Well-Known Member
  • Oct 18, 2022
  • #4,209
rexo87 said:
Yeah I'm hoping the person the admin is talking about is that Armstrong as he's been ruled out for good today

Sent from my SM-G991B using Tapatalk
Click to expand...
Today was the day the administrators were hoping to push someone in front of the RFU.
 
S

Seamus1

Well-Known Member
  • Oct 18, 2022
  • #4,210
bawtryneal said:
Words that may come back to haunt you
Click to expand...

Please God, let this imply you know of something positive that is bubbling away.
 

SkyBlueCharlie9

Well-Known Member
  • Oct 19, 2022
  • #4,211
bawtryneal said:
Words that may come back to haunt you
Click to expand...
I think maybe G was talking about back in 2014.
 

Philosoraptor

Well-Known Member
  • Oct 19, 2022
  • #4,212
steve cooper said:
All that means nothing.
Armstrong and Terminum Capital are no longer interested apparently, A few days ago they were seen as favourites.

Wasps takeover bid collapses after financial 'hammer blow'

Former chief executive David Armstrong had been regarded as one of the favourites to take over the stricken club
www.telegraph.co.uk
Click to expand...

One would think they would have already known that the 'P' share would be unobtainable, which would lead to a good assumption that the bid was never a goer and the story placed in the media to try to put a heavily inflated price on the Arena et al.

Who is really going to spend any kind of money on the Arena, where your business profit mostly relies on another business staying and running a successful sports team from the ground. This seems very much like Déjà vu.

I do have a question for the business heads out there, which I believe would need an answer.

What happens to a subsidiary company when the main holding company goes into administration?

If the criteria for removing the head-lease has been reached, then why hasn't CCC done this already to protect the Arena and the future events at the Arena?
 
Reactions: shmmeee

The Philosopher

Well-Known Member
  • Oct 19, 2022
  • #4,213
GaryMabbuttsLeftKnee said:
Where has this figure come from?


Sent from my iPhone using Tapatalk
Click to expand...
The £20/£25m figure for repairs sounds a bit like tactics to me.

The CBS needs a good scrub and a lick of paint but £25m would imply some serious structural issues - which would imply some safety issues meaning it possibly unfit for use.

Whoever is banding the figure about wants to influence CCC or any prospective rival bidder.
 

hill83

Well-Known Member
  • Oct 19, 2022
  • #4,214
Day 3 not as much fun. It's the uncertainty.
 
Reactions: AStonesThrow, djr8369, AOM and 4 others

Skyblueweeman

Well-Known Member
  • Oct 19, 2022
  • #4,215
hill83 said:
Day 3 not as much fun. It's the uncertainty.
Click to expand...

Think about day 1 again. Happy days.
 
Reactions: You'll Never Beat McPake, robbiethemole, hill83 and 3 others
M

Macca

Well-Known Member
  • Oct 19, 2022
  • #4,216
I have this horrible feeling that the worst is yet to come in this whole repulsive saga
 
Reactions: Bad Boy

Saddlebrains

Well-Known Member
  • Oct 19, 2022
  • #4,217
Hypothetical question

Say we get shafted and stay as tenants with sisu in control

Could you carry on? Because tbh i would find it very very difficult dragging myself up there knowing we were going to be constantly skint, never a cat in hells chance of making the prem and knowing we will never ever get rid of them bastards who control us
 
Reactions: chickentikkamasala, skybluepm2, RedSalmon and 5 others

Flying Fokker

Well-Known Member
  • Oct 19, 2022
  • #4,218
Liquid Gold said:
They showed no sympathy when our staff were put out of work when they forced us to play in Birmingham.
[/QU
Click to expand...
Grendel said:
Its uncertainty isn’t it as we have no control of our destiny
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Someone needs to tip Joy up and see if she has any money to follow through with the stadium plans. She has had long enough. Whoever buys the stadium/club won’t be doing it for the love of city anyway.
 
Reactions: Gynnsthetonic
M

Macca

Well-Known Member
  • Oct 19, 2022
  • #4,219
Saddlebrains said:
Hypothetical question

Say we get shafted and stay as tenants with sisu in control

Could you carry on? Because tbh i would find it very very difficult dragging myself up there knowing we were going to be constantly skint, never a cat in hells chance of making the prem and knowing we will never ever get rid of them bastards who control us
Click to expand...


I’m more than happy to know we will never get into the Premiership but would be nice to be able to afford some players and have some exciting football
 
Reactions: djr8369, Sick Boy, Saddlebrains and 1 other person

hill83

Well-Known Member
  • Oct 19, 2022
  • #4,220
Saddlebrains said:
Hypothetical question

Say we get shafted and stay as tenants with sisu in control

Could you carry on? Because tbh i would find it very very difficult dragging myself up there knowing we were going to be constantly skint, never a cat in hells chance of making the prem and knowing we will never ever get rid of them bastards who control us
Click to expand...

I'd 100% carry on.
 
Reactions: AStonesThrow, AOM, B-Ban-Boogie and 9 others

Flying Fokker

Well-Known Member
  • Oct 19, 2022
  • #4,221
Brighton Sky Blue said:
He wanted Derby plus their stadium in a lower division. Surely he’ll at least have considered the option here.
Click to expand...
NEC Coventry? Good for none linked to the businesses already sponsoring us?
 

Flying Fokker

Well-Known Member
  • Oct 19, 2022
  • #4,222
Saddlebrains said:
Hypothetical question

Say we get shafted and stay as tenants with sisu in control

Could you carry on? Because tbh i would find it very very difficult dragging myself up there knowing we were going to be constantly skint, never a cat in hells chance of making the prem and knowing we will never ever get rid of them bastards who control us
Click to expand...
If you went to Northampton or Brum, maybe you need to slap yourself and ask why you were doing that? If not, you’ll still be a city fan anyway.
 

Sky Blue Pete

Well-Known Member
  • Oct 19, 2022
  • #4,223
Saddlebrains said:
Hypothetical question

Say we get shafted and stay as tenants with sisu in control

Could you carry on? Because tbh i would find it very very difficult dragging myself up there knowing we were going to be constantly skint, never a cat in hells chance of making the prem and knowing we will never ever get rid of them bastards who control us
Click to expand...
Sisu is Ms Seppalla she won’t go on forever there’s a timescale for the club to be moved to a new ownership model. When? Who knows. For me so long as we are in Coventry there’s no question to my support
 
Reactions: bulko and Saddlebrains

hill83

Well-Known Member
  • Oct 19, 2022
  • #4,224
Anyway DAY 3!

 
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TomRad85

Well-Known Member
  • Oct 19, 2022
  • #4,225
If SISU do absolutely nothing it will make no sense whatsoever, this is what they've been waiting for. Also refuse to believe any sane thinking owner would want the insects back in the CBS. Believe lads, whatever happens it will be better.

Sent from my SM-G973F using Tapatalk
 
Reactions: Saddlebrains

Sky Blue Pete

Well-Known Member
  • Oct 19, 2022
  • #4,226
TomRad85 said:
If SISU do absolutely nothing it will make no sense whatsoever, this is what they've been waiting for. Also refuse to believe any sane thinking owner would want the insects back in the CBS. Believe lads, whatever happens it will be better.

Sent from my SM-G973F using Tapatalk
Click to expand...
Given the history and what we know or think we know what are you thinking the owners may do?
 
S

skyblu3sk

Well-Known Member
  • Oct 19, 2022
  • #4,227
hill83 said:
Day 3 not as much fun. It's the uncertainty.
Click to expand...
Can we just fast forward to the bit where we know now please...
 
T

Travs

Well-Known Member
  • Oct 19, 2022
  • #4,228
Flying Fokker said:
If you went to Northampton or Brum, maybe you need to slap yourself and ask why you were doing that? If not, you’ll still be a city fan anyway.
Click to expand...

U wot?
 

Saddlebrains

Well-Known Member
  • Oct 19, 2022
  • #4,229
See what you're all saying, and of course id still be a fan, I can never change that. Hell I've even brought the kids up as Cov fans and they didn't do anything to deserve that

I suppose I mean more like id pick and choose my games, ST holder for umpteen years now, In this climate and with 0 chance of success id find it very difficult to think stumping up almost 500 nicka when there's no owner backing at all

Probably being dramatic and we end up with the ground and we all shag each other in happiness, never know
 
Reactions: ccfcrob, duffer and Sky Blue Pete
H

HuckerbyDublinWhelan

Well-Known Member
  • Oct 19, 2022
  • #4,230
Sky Blue Pete said:
Given the history and what we know or think we know what are you thinking the owners may do?
Click to expand...
Given the history and what we know or think we know…… we’ll never know what the owners may do. SISU have found new and ingenious ways to confuse and distress us for the last 14 years
 
Reactions: Sky Blue Pete
O

oldfiver

Well-Known Member
  • Oct 19, 2022
  • #4,231
MalcSB said:
Further to my earlier response, just checked agenda and papers for the October meeting. The Richardson loan application for £12.5m loan for a hotel is no longer on the relevant dashboard. So - application withdrawn or fell by the wayside.
Click to expand...

Thats only the financing application
 

hill83

Well-Known Member
  • Oct 19, 2022
  • #4,232
Can't believe we've had Sisu for 14 years. Feels like 50 and 2 at the same time.
 
Reactions: Otis, Skyblueweeman, duffer and 3 others

MalcSB

Well-Known Member
  • Oct 19, 2022
  • #4,233
oldfiver said:
Thats only the financing application
Click to expand...
If only Sisu knew you can build things with no money.
 
Reactions: duffer and Sky Blue Pete

TomRad85

Well-Known Member
  • Oct 19, 2022
  • #4,234
Sky Blue Pete said:
Given the history and what we know or think we know what are you thinking the owners may do?
Click to expand...
Hopefully flog us. We're at our peak value with the stadium also in play, in the Championship and with a few players worth a bit. We'll never be worth more under them. If they don't sell now I can't really see what their game is.

Sent from my SM-G973F using Tapatalk
 
Reactions: Senior Vick from Alicante and Danceswithhorses

Sky Blue Pete

Well-Known Member
  • Oct 19, 2022
  • #4,235
TomRad85 said:
Hopefully flog us. We're at our peak value with the stadium also in play, in the Championship and with a few players worth a bit. We'll never be worth more under them. If they don't sell now I can't really see what their game is.

Sent from my SM-G973F using Tapatalk
Click to expand...
Needs a buyer though
 
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