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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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hutch1972

Well-Known Member
  • Oct 22, 2022
  • #4,621
chiefdave said:
If they've got £5m knocking around shouldn't that be going to pay their debts?
Click to expand...
They are planning to raise cash using a " bond scheme" , whatever that is.
 
Reactions: OldBedrocker, Skyblueweeman, Peter Billing Eyes and 4 others
S

steve cooper

Well-Known Member
  • Oct 22, 2022
  • #4,622
jordan210 said:
Wonder if it is being sold next week. Or some more creative use of using press to try and push someone to buying it.
Click to expand...
I wouldn't read anything into that statement. These reporters generally know no more than anyone else, although they like to pretend they do.
 

shmmeee

Well-Known Member
  • Oct 22, 2022
  • #4,623
jordan210 said:
Wonder if it is being sold next week. Or some more creative use of using press to try and push someone to buying it.
Click to expand...

Or just a guess based on that’s when the extension runs up.
 

Gynnsthetonic

Well-Known Member
  • Oct 22, 2022
  • #4,624
Surely to maximise the sale you'd put it on the open market before admin unless Richardson buys it for a £1 off himself
 

Grendel

Well-Known Member
  • Oct 22, 2022
  • #4,625
chiefdave said:
If they've got £5m knocking around shouldn't that be going to pay their debts?
Click to expand...

Admin does help deal with that and pre pack admin as we well know
 
O

oldfiver

Well-Known Member
  • Oct 22, 2022
  • #4,626
Grendel said:
Admin does help deal with that and pre pack admin as we well know
Click to expand...
chiefdave said:
If they've got £5m knocking around shouldn't that be going to pay their debts?
Click to expand...

P share £9m+ ? Loan security?
 

shmmeee

Well-Known Member
  • Oct 22, 2022
  • #4,627
Gynnsthetonic said:
Surely to maximise the sale you'd put it on the open market before admin unless Richardson buys it for a £1 off himself
Click to expand...

It is on the open market isn’t it?
 
Reactions: CCFCSteve

tisza

Well-Known Member
  • Oct 22, 2022
  • #4,628
Stephen Hunt said:
According to the Times, CBS lease to be sold next week.

The Times & The Sunday Times

News and opinion from The Times & The Sunday Times
t.co
Click to expand...
Surely the issue for players is that all the teams are on a salary cap that was mainly filled before the season started. There isn't any money to pay these players what they were on. No team is going to have the Launchbury 400k wage space at this stage of the season
 
Reactions: duffer

MalcSB

Well-Known Member
  • Oct 22, 2022
  • #4,629
oldfiver said:
P share £9m+ ? Loan security?
Click to expand...
If the P share goes for £9m, it’s ring-fenced for the bondholders. The administrators should sell it back to PRL.
 
Reactions: duffer
C

CCFC54321

Well-Known Member
  • Oct 22, 2022
  • #4,630
jordan210 said:
Wonder if it is being sold next week. Or some more creative use of using press to try and push someone to buying it.
Click to expand...
The stadium won’t be sold next week. Administration next Friday then the vultures circle.

SISU then say we tried but got out bid and we’re continuing with the Warwick project… yawn.
 
Reactions: MusicDating

Gynnsthetonic

Well-Known Member
  • Oct 22, 2022
  • #4,631
shmmeee said:
It is on the open market isn’t it?
Click to expand...
Fuck knows?
 

Wyken Sky Blue

Well-Known Member
  • Oct 22, 2022
  • #4,632
skyblu3sk said:
What happened last night?
Click to expand...
Last night a DJ saved my life

Sent from my Pixel 6 using Tapatalk
 
S

skyblu3sk

Well-Known Member
  • Oct 22, 2022
  • #4,633
skyblue1991 said:
Last night a DJ saved my life

Sent from my Pixel 6 using Tapatalk
Click to expand...

 
Reactions: Gynnsthetonic, Wyken Sky Blue, Philosoraptor and 1 other person

zuni

Well-Known Member
  • Oct 22, 2022
  • #4,634
Isn't it too quiet from sisu, gut feel is something big happening behind the scenes but could just be my dire need for something good to happen to us/city for once

Sisu said sell at the top of the curve which for me is now, at some point Mr will leave, we will get the transfer market wrong, lack of transfer action (always a risk we could get relegated) and the ground up for grabs..the shit heads are gone...its gotta be our time surely
 
Reactions: duffer, TomRad85 and robbiethemole
D

Deleted member 5849

Guest
  • Oct 23, 2022
  • #4,635
zuni said:
Isn't it too quiet from sisu
Click to expand...
No
 
Reactions: Hiraeth

Grendel

Well-Known Member
  • Oct 23, 2022
  • #4,636
Is it less than a week to go before the administration is confirmed for the arena?

still no even serious rumours about a buyer before that happens
 
Reactions: Evo1883

Sky Blue Pete

Well-Known Member
  • Oct 23, 2022
  • #4,637
Grendel said:
Is it less than a week to go before the administration is confirmed for the arena?

still no even serious rumours about a buyer before that happens
Click to expand...
Surely no one will act before admin?
 
O

oldfiver

Well-Known Member
  • Oct 23, 2022
  • #4,638
Sky Blue Pete said:
Surely no one will act before admin?
Click to expand...

Admin with a pre pack looking likely?
 

Sky Blue Pete

Well-Known Member
  • Oct 23, 2022
  • #4,639
oldfiver said:
Admin with a pre pack looking likely?
Click to expand...
Pre packed by whom and for whom
 
O

oldfiver

Well-Known Member
  • Oct 23, 2022
  • #4,640
Sky Blue Pete said:
Pre packed by whom and for whom
Click to expand...

An IP agrees a deal on the assumption there is an Administration

Until agreed we might not know the buyer (assuming there is one)
 

Sky Blue Pete

Well-Known Member
  • Oct 23, 2022
  • #4,641
oldfiver said:
An IP agrees a deal on the assumption there is an Administration

Until agreed we might not know the buyer (assuming there is one)
Click to expand...
IP??
 

hutch1972

Well-Known Member
  • Oct 23, 2022
  • #4,642
oldfiver said:
Admin with a pre pack looking likely?
Click to expand...
The pre pack admin stuff seems slightly immoral to me, especially when it comes to those owed money.
 
O

oldfiver

Well-Known Member
  • Oct 23, 2022
  • #4,643
Sky Blue Pete said:
IP??
Click to expand...

Insolvency Practioner
 
Reactions: Sky Blue Pete
B

Brighton Sky Blue

Well-Known Member
  • Oct 23, 2022
  • #4,644
Sky Blue Pete said:
Surely no one will act before admin?
Click to expand...

Wouldn’t Saturday’s game be in doubt if ACL is put into admin on Friday, barring someone taking control at the same time?
 
O

oldfiver

Well-Known Member
  • Oct 23, 2022
  • #4,645
hutch1972 said:
The pre pack admin stuff seems slightly immoral to me, especially when it comes to those owed money.
Click to expand...

The theory

What is Pre Pack Administration?

Although administration and pre-pack administration are governed by the same best practice requirements.
www.begbies-traynorgroup.com
 

shmmeee

Well-Known Member
  • Oct 23, 2022
  • #4,646
So who is providing the funding right now? CCC said not them, Wasps are in Admin, Duggins said he expected bidders to pay for it, which suggests there’s a favourite bidder if it’s still going, right? Or have I missed something?
 
O

oldfiver

Well-Known Member
  • Oct 23, 2022
  • #4,647
Brighton Sky Blue said:
Wouldn’t Saturday’s game be in doubt if ACL is put into admin on Friday, barring someone taking control at the same time?
Click to expand...

If it goes in to Admin then control passes to the Receiver. Reports say they want to sell as a going concern which, I assume includes getting CCFC rent
 
B

Brighton Sky Blue

Well-Known Member
  • Oct 23, 2022
  • #4,648
oldfiver said:
If it goes in to Admin then control passes to the Receiver. Reports say they want to sell as a going concern which, I assume includes getting CCFC rent
Click to expand...

You wouldn’t have staff though?
 
W

wingy

Well-Known Member
  • Oct 23, 2022
  • #4,649
shmmeee said:
So who is providing the funding right now? CCC said not them, Wasps are in Admin, Duggins said he expected bidders to pay for it, which suggests there’s a favourite bidder if it’s still going, right? Or have I missed something?
Click to expand...
With Derby I think the administrator recouped it from the eventual bidder
 
O

oldfiver

Well-Known Member
  • Oct 23, 2022
  • #4,650
shmmeee said:
So who is providing the funding right now? CCC said not them, Wasps are in Admin, Duggins said he expected bidders to pay for it, which suggests there’s a favourite bidder if it’s still going, right? Or have I missed something?
Click to expand...

What Funding would Arena need?

Duggins said he would hope serious bidders would bridge the gap
 

shmmeee

Well-Known Member
  • Oct 23, 2022
  • #4,651
wingy said:
With Derby I think the administrator recouped it from the eventual bidder
Click to expand...

There’s no admin for ACL though is there? Or would Wasps admin pick up the tab?
 

ceetee

Well-Known Member
  • Oct 23, 2022
  • #4,652
When the Wasps Holding admin was announced the statement said that a number of employees would be retained to keep the stadium going. That suggests that the stadium staff are not employed by ACL. Have I misunderstood?
 
Reactions: shmmeee

shmmeee

Well-Known Member
  • Oct 23, 2022
  • #4,653
oldfiver said:
What Funding would Arena need?

Duggins said he would hope serious bidders would bridge the gap
Click to expand...

Electricity bills, security, paying wages of ACL staff. That’s the gap that needs bridging this week and next. So that’s my question: if funding is needed (which common sense and talk of both council and bidders potentially stumping up would suggest) who is paying it?

If no funding is needed immediately, what the he’ll was Gilbert’s big scoop all about?
 
B

Brighton Sky Blue

Well-Known Member
  • Oct 23, 2022
  • #4,654
shmmeee said:
There’s no admin for ACL though is there? Or would Wasps admin pick up the tab?
Click to expand...

There will be on Friday
 

shmmeee

Well-Known Member
  • Oct 23, 2022
  • #4,655
Brighton Sky Blue said:
There will be on Friday
Click to expand...

So is that when funding is needed from? I’m very confused. Why all the talk of the council having to provide emergency funding last week and Duggins saying it’s down to bidders and he hopes it doesn’t go to admin?
 
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