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Wasps going into admin & the impact on CCFC (11 Viewers)

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

Well-Known Member
  • Oct 28, 2022
  • #5,811
Liquid Gold said:
Is the problem that the arena is not a going concern at all so will end up being liquidated but once that happens it will take CCC some time to take ownership again?

On Monday they enter admin, if there is no money to appoint admin then they are liquidated, what is the time frame then for CCC to take ownership?

If they go into admin then it means someone has paid administrators, as Wasps are going to be dead it won't be them, it means it will have to be either CCC, CCFC or an interested buyer. We shouldn't do it but if CCC do then they are keeping it going in the chance of a buyer, if a buyer does it means they think they can make it a going concern, either way they wouldn't want to break the lease with the football club so will be doing what they can to ensure games are played.
Click to expand...
Can't see that otherwise the trustee would appoint .it was very much in Wasps interest to get their own.
 

The Philosopher

Well-Known Member
  • Oct 28, 2022
  • #5,812
Sky Blue Pete said:
Who from?
Click to expand...
I’m beginning to think that this might well be the case.

Why would SISU give £ to the admin - it essentially gives them breathing space.

SISU will be wanting the situation as distressed as possible.

Their 10 year lease is being breached - straight compo situation accrues.

I don’t know but Joy should be in the driving seat right now.

If the ACL administrator has nothing to play with it’s unlikely they’ll use their own funds to insure / light / secure.

(Cue TF to be parading around with a balaclava lighter and fuel can outside the arena just to ramp up pressure Monday night)
 

Skybluedownunder

Well-Known Member
  • Oct 28, 2022
  • #5,813
jordan210 said:
Click to expand...

Hmmmm, at this point I’d personally take looking to play at BCFC for the remainder of the season to secure some safety of playing our matches and not getting points deductions. As we are dangling down the bottom of the league we can’t afford any deductions and ideally this would mean no money helping prop up ACL. Quicker they fall over the better and save our money to buy the stadium.

Thoughts?


Sent from my iPhone using Tapatalk
 

chiefdave

Well-Known Member
  • Oct 28, 2022
  • #5,814
Bugsy said:
Just emailed Duggins again.
Shit reply but wasn't expecting anything other to be honest...


View attachment 26842
Click to expand...
That's a shift in position from Duggins isn't it, albeit a subtle one. Seems to have gone from doing everything we can to nothing to do with us speak to the administrator. Bit tricky given as far as anyone is aware ACL isn't yet in administration.
 

Liquid Gold

Well-Known Member
  • Oct 28, 2022
  • #5,815
wingy said:
Can't see that otherwise the trustee would appoint .it was very much in Wasps interest to get their own.
Click to expand...
Agreed.

It all leads me to think liquidation is likely to happen and CCC don't really know how they take back ownership.
 

TwistAndShoutCCFC1987

Well-Known Member
  • Oct 28, 2022
  • #5,816
Skybluedownunder said:
Hmmmm, at this point I’d personally take looking to play at BCFC for the remainder of the season to secure some safety of playing our matches and not getting points deductions. As we are dangling down the bottom of the league we can’t afford any deductions and ideally this would mean no money helping prop up ACL. Quicker they fall over the better and save our money to buy the stadium.

Thoughts?


Sent from my iPhone using Tapatalk
Click to expand...
At the start of the season it was suggested that we asked Blues and they said no - they don’t want us back there
 

Liquid Gold

Well-Known Member
  • Oct 28, 2022
  • #5,817
TwistAndShoutCCFC1987 said:
At the start of the season it was suggested that we asked Blues and they said no - they don’t want us back there
Click to expand...
They are probably limited by their council on how many events they can have there given how much of it has been deemed unsafe
 
Reactions: TwistAndShoutCCFC1987

Flying Fokker

Well-Known Member
  • Oct 28, 2022
  • #5,818
Skybluedownunder said:
Hmmmm, at this point I’d personally take looking to play at BCFC for the remainder of the season to secure some safety of playing our matches and not getting points deductions. As we are dangling down the bottom of the league we can’t afford any deductions and ideally this would mean no money helping prop up ACL. Quicker they fall over the better and save our money to buy the stadium.

Thoughts?


Sent from my iPhone using Tapatalk
Click to expand...
If it happens, so be it. I‘m not sure 13k season ticket holders would be traveling. it‘s tough on them.
 

Skybluedownunder

Well-Known Member
  • Oct 28, 2022
  • #5,819
TwistAndShoutCCFC1987 said:
At the start of the season it was suggested that we asked Blues and they said no - they don’t want us back there
Click to expand...

Aren’t they in a bit of financial mess themselves or has that been sorted now? Maybe if we went back with a better offer or perhaps if there is any other neighbouring clubs that might help us in the interim while this mess gets sorted.

I think this time if we moved out of home our fans would be a lot more understanding this time round as it’s for the greater good of ‘hopefully’ owning the lease on the stadium so we don’t have to do this ever again (providing our owners can stump up the cash to buy the lease)


Sent from my iPhone using Tapatalk
 
Reactions: TwistAndShoutCCFC1987

Skybluedownunder

Well-Known Member
  • Oct 28, 2022
  • #5,820

Coventry City explore other venues amid stadium uncertainty

Coventry City look at alternative venues for home games, with Arena Coventry Limited at risk of administration.
www.bbc.com


Sent from my iPhone using Tapatalk
 

pusbccfc

Well-Known Member
  • Oct 28, 2022
  • #5,821
I hope it's Walsall for Tuesday. What an achievement it would be to say we've played at 6 grounds in 20 years.
 
Reactions: The Penguin, TwistAndShoutCCFC1987, Matt smith and 4 others

MusicDating

Euro 2016 Prediction League Champion!!
  • Oct 28, 2022
  • #5,822
pusbccfc said:
I hope it's Walsall for Tuesday. What an achievement it would be to say we've played at 6 grounds in 20 years.
Click to expand...
Doing the 92...
 
Reactions: MalcSB

Colin Steins Smile

Well-Known Member
  • Oct 28, 2022
  • #5,823
pusbccfc said:
I hope it's Walsall for Tuesday. What an achievement it would be to say we've played at 6 grounds in 20 years.
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That's a question that could be asked on "Who wants to be a millionaire" for the £1m.
 
O

oldfiver

Well-Known Member
  • Oct 28, 2022
  • #5,824
Skybluedownunder said:

Coventry City explore other venues amid stadium uncertainty

Coventry City look at alternative venues for home games, with Arena Coventry Limited at risk of administration.
www.bbc.com


Sent from my iPhone using Tapatalk
Click to expand...

Perhaps it will stir the Counsellors into getting us back at CBS Tuesday

However that would mean making a decision of their own and not being coerced by the Council Leader
 

duffer

Well-Known Member
  • Oct 28, 2022
  • #5,825
Bugsy said:
Just emailed Duggins again.
Shit reply but wasn't expecting anything other to be honest...


View attachment 26842
Click to expand...

Though of course, ACL aren't currently in administration. Yet.

I made the same mistake recently, in fairness, but then I'm not paid to stay on top of this... I just do it for love.
 

David O'Day

Well-Known Member
  • Oct 28, 2022
  • #5,826
duffer said:
Though of course, ACL aren't currently in administration. Yet.

I made the same mistake recently, in fairness, but then I'm not paid to stay on top of this... I just do it for love.
Click to expand...
yeah, but it's likely to be the same administrator if acl go into admin
 
B

Brighton Sky Blue

Well-Known Member
  • Oct 28, 2022
  • #5,827
Skybluedownunder said:
Hmmmm, at this point I’d personally take looking to play at BCFC for the remainder of the season to secure some safety of playing our matches and not getting points deductions. As we are dangling down the bottom of the league we can’t afford any deductions and ideally this would mean no money helping prop up ACL. Quicker they fall over the better and save our money to buy the stadium.

Thoughts?


Sent from my iPhone using Tapatalk
Click to expand...

Would be an extra spit in the face of the record haul of season ticket holders and an even better job of making sure they don't return next season than the relegation we can expect with a few points deductions added in.

Should be dismissed out of hand
 
T

thekidfromstrettoncamp

Well-Known Member
  • Oct 28, 2022
  • #5,828
Sbarcher said:
Heard he wanted to attend but was still 24 hours away.
Click to expand...
Was he travelling with Gene Pitney and it wasn't Tulsa they were going to by any chance.
 
Reactions: better days
B

Brighton Sky Blue

Well-Known Member
  • Oct 28, 2022
  • #5,829
Grendel said:
You don’t have to wait for debt removed it’s a red herring
Click to expand...

If that's the case why no offers?
 

Johnnythespider

Well-Known Member
  • Oct 28, 2022
  • #5,830
oldskyblue58 said:
Could be that the working capital has been extracted to other wasps group members, or that suppliers will only supply if paid upfront because of the situation, or supply costs are at a premium or a mix of all that. Or even the potential administrator has had to be paid. I doubt it is straightforward as it may seem.

Delaware for example are a significant creditor and putting the game on carries extra risk financially for them, and if it goes insolvent they may never get paid for that game let alone anythingelse they are owed.

That said 150k seems over the top to me

Ccfc have had to assess what costs more putting the event on in those circumstances or not
Click to expand...
If it was 50k for the game Tuesday could the 150k cover the 3 games before the world cup ?
 
Reactions: wingy
O

oldfiver

Well-Known Member
  • Oct 28, 2022
  • #5,831
Johnnythespider said:
If it was 50k for the game Tuesday could the 150k cover the 3 games before the world cup ?
Click to expand...

No. They have said only for Tomorrow

No more after that
 
Reactions: Johnnythespider

COVKIDSNEVERQUIT

Well-Known Member
  • Oct 28, 2022
  • #5,832
AFCCOVENTRY said:
View attachment 26837
Click to expand...


Oh here we go again.




 

skybluebeduff

Well-Known Member
  • Oct 28, 2022
  • #5,833
I just can't get my brain to understand why SISU would spend so much money on court cases, for us to not be in for the CBS right now.

If we are homeless soon because of this stadium, and SISU are not actively doing something about that, which keeps us in Coventry, then we may aswell all say our goodbyes now...

This fanbase I fear won't survive mother move, which inevitably would mean neither would the club.
 
Last edited: Oct 28, 2022
Reactions: skybluepm2, Pricey1984 and covcity4life

chiefdave

Well-Known Member
  • Oct 28, 2022
  • #5,834
skybluebeduff said:
I just can't get my brain to understand why SISU would spend so much money on court cases, for us to not be in for the CBS right now.

If we are homeless soon because of this stadium, and SISU are not actively doing something about that, which keeps us in Coventry, then we aswell all say our goodbyes now...

This fanbase I fear won't survive mother move, which inevitably would mean neither would the club.
Click to expand...
I think it very much depends on the circumstances. Being forced to play elsewhere accompanied by a statement saying they offered to pay costs over and above the rent to ensure games went ahead and are actively working to purchase the lease would be a very different situation to just having let it happen and doing nothing to try and gain control of the stadium.
 
Reactions: Sick Boy, skybluebeduff, shepardo01 and 1 other person

slowpoke

Well-Known Member
  • Oct 28, 2022
  • #5,835
Skybluedownunder said:
Hmmmm, at this point I’d personally take looking to play at BCFC for the remainder of the season to secure some safety of playing our matches and not getting points deductions. As we are dangling down the bottom of the league we can’t afford any deductions and ideally this would mean no money helping prop up ACL. Quicker they fall over the better and save our money to buy the stadium.

Thoughts?


Sent from my iPhone using Tapatalk
Click to expand...
Bloody long walk from Aus.
 

The Philosopher

Well-Known Member
  • Oct 28, 2022
  • #5,836
It’s prediction time just for the sake of it and one can get mocked if one is wrong.

My take:

1) There’ll be a last minute extension attempt where there seems to be some dubious claim of progress.

2) This will fail with straightaway or soon after.

3) CCFC will play at Walsall on Tuesday either way due to uncertainty / insurance etc.

4) The temporary administration team in place now will be appointed administrators

5) The administrators will have no money to juggle or pay lawyers with, without some funds from bondholders or others.

6) Council will be put under pressure to revert lease with advocates pointing to the Butts precedent.

7) SISU will put huge legal pressure on Council and Administrator. Administrators will be very aware that they could be challenged and will tread carefully.

8) SISU will end up with the head lease in exchange for taking up liability for CBS repairs and for taking over TUPE liability for ACL employees and subleases to job centre etc etc. this will be touted as “taking up liabilities of £25m” or some such. SISU will capitalise this in their CCFC portfolio. SISU will pay administrators costs for doing this. 2-3m I guess.

I hope I’m totally wrong.
 
W

wingy

Well-Known Member
  • Oct 28, 2022
  • #5,837
Flying Fokker said:
If it happens, so be it. I‘m not sure 13k season ticket holders would be traveling. it‘s tough on them.
Click to expand...
thekidfromstrettoncamp said:
Was he travelling with Gene Pitney and it wasn't Tulsa they were going to by any chance.
Click to expand...
No he was definitely alone and crying
 

shepardo01

Well-Known Member
  • Oct 28, 2022
  • #5,838
chiefdave said:
I think it very much depends on the circumstances. Being forced to play elsewhere accompanied by a statement saying they offered to pay costs over and above the rent to ensure games went ahead and are actively working to purchase the lease would be a very different situation to just having let it happen and doing nothing to try and gain control of the stadium.
Click to expand...
The sad thing is CD, some people would not believe that they had even tried.
So easy, particularly for those who were/are avid Cov Tel readers, to just blame SISU. That mainly stems from a council PR campaign over the years.
 
Reactions: oldfiver

Liquid Gold

Well-Known Member
  • Oct 28, 2022
  • #5,839
The worlds first fully mobile football club,

We're already a circus just buy a big top and be done with it.
 
Reactions: JulianDarbyFTW, stupot07, Sky Blue Pete and 7 others

Frostie

Well-Known Member
  • Oct 28, 2022
  • #5,840
skybluetony176 said:
It’s a guideline not a rule. We didn’t have to 10 year agreement at Sixfields, we didn’t have a 10 year agreement when we first returned to the Ricoh, we didn’t have a 10 year agreement when we extended that agreement, we didn’t have a 10 year agreement at St Andrews either. This was the first 10 year agreement we’ve had in over 10 years.
Click to expand...

Yeah, it's not true that's why.
They only have to show security of tenure to last a season.
 
Reactions: skybluetony176
O

oldfiver

Well-Known Member
  • Oct 28, 2022
  • #5,841
chiefdave said:
I think it very much depends on the circumstances. Being forced to play elsewhere accompanied by a statement saying they offered to pay costs over and above the rent to ensure games went ahead and are actively working to purchase the lease would be a very different situation to just having let it happen and doing nothing to try and gain control of the stadium.
Click to expand...

Not while we have people in and around the Council who are clearly anti SISU and pro WASPS ,and worried silly about a serious failure of their past actions
 
Reactions: Sky Blue Pete, Ccfcfollower and shepardo01

COVKIDSNEVERQUIT

Well-Known Member
  • Oct 28, 2022
  • #5,842
Saddlebrains said:
Right lets all calm down.

It will be ok, im confident from what ive been told that all this worst case scenario talk isn't happening
Click to expand...


Apparently, on twitter, the club are looking at alternatives. Burton anyone.
 

JAM See

Well-Known Member
  • Oct 28, 2022
  • #5,843
Liquid Gold said:
The worlds first fully mobile football club,

We're already a circus just buy a big top and be done with it.
Click to expand...
Can't we groundshare with the Barbarians?
 
Reactions: Senior Vick from Alicante

TTG

Well-Known Member
  • Oct 28, 2022
  • #5,844
Cityandproud87 said:
My sources tell me they have no interest in building one. Maybe bullshit have to wait and see
Click to expand...
Now this is absolutely groundbreaking news
 
Reactions: skybluepm2, TwistAndShoutCCFC1987, thekidfromstrettoncamp and 4 others

covcity4life

Well-Known Member
  • Oct 28, 2022
  • #5,845
TTG said:
Now this is absolutely groundbreaking news
Click to expand...
Surely no ground breaking will be taking place?
 
Reactions: thekidfromstrettoncamp, robbiethemole, torchomatic and 5 others
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