Exactly
ExactlyThe key unknown is the extent of the remedial works required. If the £20m is in anyway close to being true then that's either going to be knocked off the purchase price, assuming it was worth more than £20m in the first place, or enough to put people off.
Unless there's a bidding war why would you buy knowing it needs £20m spending on day one when you could let it revert back to the council, have them foot the bill then buy it when it is inevitably put back up for sale?
The key unknown is the extent of the remedial works required. If the £20m is in anyway close to being true then that's either going to be knocked off the purchase price, assuming it was worth more than £20m in the first place, or enough to put people off.
Unless there's a bidding war why would you buy knowing it needs £20m spending on day one when you could let it revert back to the council, have them foot the bill then buy it when it is inevitably put back up for sale?
Not really seeing that - the administrators control the process and need the best deal for creditors from the whole group including the PL share so bids will be taken and go quickly from there
No NW, as much as I'd like us to have our own ground our owners are never going to build one. I've never been so certain of that.You reckon...?
You're sure...?No NW, as much as I'd like us to have our own ground our owners are never going to build one. I've never been so certain of that.
Cov v Cornish Pirates
I'm not playing anymore NW.You're sure...?
Like the majority of clubs in the EFL you try and buy low and sell high I guess.Can you explain how we progress if we sell some or any of our stars
That would take them back to a situation where they are at war with the fans I think.Yes, I hope so, but as the worst case scenario for them if they can't get the sum they want is that we remain a captive high interest borrower, there isn't too much pressure to sell. They can just milk us for X number of years without a care as to which division we play in.
Was the land transferred to WPS too? The permission is on the land not the titleThe option to build went from WASPs to WPS in a blink - a Richardson company
Richardson applied for WMCA funding but withdrew. But it could be part of any negotiation?
Let's be honest , coventry care about revenue , cosying to fans that don't have a club creates revenue , as per the post ..
The rugby family is a big load of bollocks
In the land of the blind,the one eyed man is king.If I doesn’t happen, can I come down and poke you in they eye? In a fit of blind, disappointed rage?
Should a new operator emerge, of course they want us as tenants but would they be able to re-negotiate F&B, car parking etc and shut that part of our agreement out.The following has some caveats
1) The figures are for 2020 so a long way out of date, but are the last published accounts available
2) The figures have been very much simplified and do not have any adjustments to show an ACL group set of figures. A group report would contra out any ACL group inter company trading and balances leaving only external 3rd Party trading and balances
3) in any sale or administration the assets are likely to be discounted and additional liabilities crystallised.
4) figures should be taken as a guide they wont be accurate to current situation
ACL Group Individual company balance sheets 2020 ACL Ltd ACL 2006Ltd IEC Exp Ltd Totals Fixed assets Current assets Current Liabilities Deferred tax Reserves & shares Inter company Owed by group co Owed by ACL to ACL2006 Owed to group co Owed to ACL 2006 by ACL
It looked like in 2020 the net debt owed to other WH group members was £8m
That said ACL & ACL 2006 remain guarantors to the bond full or in part for £35m
Charges registered are as follows
- ACL 2006 Ltd charges registered due to Bond & Compass
- ACL Ltd charges registered due to Bond & Compass
- IEC Experience Ltd none
As for what is going on presently, I think that the stadium will be sold to an experienced hospitality operator this coming week. Sadly, I do not see ACL/stadium being owed by CCFC or SISU, but I could easily be wrong. It wont in its self change anything for CCFC for the next 8 years. We have a lease to play there and no hospitality or event group is going to write off that footfall off, quite the reverse they will want to exploit it to maximise income streams from the site.
Rugby family waking up to the realities of being a fully professional sport and having to be a business first and foremost.Let's be honest , coventry care about revenue , cosying to fans that don't have a club creates revenue , as per the post ..
The rugby family is a big load of bollocks
I agreeRugby family waking up to the realities of being a fully professional sport and having to be a business first and foremost.
No doubt Wasps took some support and other income from Cov rugby. Seems right and sensible Cov rugby try and capitalize on the situation - they aren't responsible in anyway for Wasps misfortunes.
I received exactly the same email today.Had quite a late but long reply from a local Councillor
Dear Ben,
Thank you for your email regarding the Wasps and the story covered by media outlets on Friday.
There are three essential points to cover on the topic. We are not proposing and never have proposed a financial package to bail out Wasps. To quote Councillor Duggins: “Contrary to inaccurate reporting by some media last week, the Council was never interested in “staving off the administration” of Wasps or bailing them out. So everyone is clear, there was never any intention of funding Wasps.”
A meeting placeholder was put in the diary on Friday for the sole purpose of updating Labour Councillors about the ongoing situation. The Friday meeting did not go ahead as it was not deemed as needed. ACL is a going concern, and we hope it gets a new buyer to enable it to continue to thrive.
Finally, we want to ensure CCFC can continue to play at the Coventry Building Society arena. The company that operates the Arena has successfully secured an extension to a notice to enter administration, meaning the facility could remain open. As Councillor Duggins said during Full Council this Tuesday, we hope during this extension a buyer can be found as the Arena itself – which has been a catalyst for regeneration in the north of the city – is a successful business that makes a significant contribution to this city’s economy.
Warmest regards,
Councillors Dr Kindy Sandhu, Becky Gittins and Ant Tucker
Sent from my SM-G991B using Tapatalk
I received exactly the same email today.
Almost as if they are getting ducks in a row
Had quite a late but long reply from a local Councillor
Dear Ben,
Thank you for your email regarding the Wasps and the story covered by media outlets on Friday.
There are three essential points to cover on the topic. We are not proposing and never have proposed a financial package to bail out Wasps. To quote Councillor Duggins: “Contrary to inaccurate reporting by some media last week, the Council was never interested in “staving off the administration” of Wasps or bailing them out. So everyone is clear, there was never any intention of funding Wasps.”
A meeting placeholder was put in the diary on Friday for the sole purpose of updating Labour Councillors about the ongoing situation. The Friday meeting did not go ahead as it was not deemed as needed. ACL is a going concern, and we hope it gets a new buyer to enable it to continue to thrive.
Finally, we want to ensure CCFC can continue to play at the Coventry Building Society arena. The company that operates the Arena has successfully secured an extension to a notice to enter administration, meaning the facility could remain open. As Councillor Duggins said during Full Council this Tuesday, we hope during this extension a buyer can be found as the Arena itself – which has been a catalyst for regeneration in the north of the city – is a successful business that makes a significant contribution to this city’s economy.
Warmest regards,
Councillors Dr Kindy Sandhu, Becky Gittins and Ant Tucker
Sent from my SM-G991B using Tapatalk
Well there aren't redundant gas holders there anymore I guess.'Catalyst for regeneration in the North of the city'
Has it?
'Catalyst for regeneration in the North of the city'
Has it?
Well there aren't redundant gas holders there anymore I guess.
Still trying to figure out how opening a huge supermarket and sports stadium leads to regeneration. Surely they would have the opposite effect both socially and economically, unless the benefits of having a successful sports team there outweighs this.
Besides job creation, I guess they would argue that more secondary businesses could also have opened in the area to complement increased activity on matchdays and events.
Besides job creation, I guess they would argue that more secondary businesses could also have opened in the area to complement increased activity on matchdays and events.
The problem is always going to be what happens if the primary business moves on, and that is definitely not the ACL.
'Catalyst for regeneration in the North of the city'
Has it?
No, the Tesco store and shopping park has been more successful in that regard.
I do remember the big fanfare of a large, fantastic local library being in the Arena Shopping Centre. Until it wasn't.
It's still there. Just don't spill any piri piri on the books.
No, the Tesco store and shopping park has been more successful in that regard.
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