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Wasps going into admin & the impact on CCFC (8 Viewers)

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

Well-Known Member
  • Oct 31, 2022
  • #6,896
Nick said:
Wait, does that mean they spent £13m on the repairs but didn't pay OR it means it needs £13m still?
Click to expand...

I think the work needs doing, isn't £13m what they asked WMCA for?
 
Reactions: Brylowes and SkyBlueSam01
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HuckerbyDublinWhelan

Well-Known Member
  • Oct 31, 2022
  • #6,897
Skyblueweeman said:
W@$ps literally loaded all their debt onto the stadium so they could resurrect so much easier.

W@nkers.
Click to expand...
Good job we didn’t let SISU have the arena…
 
Reactions: Brylowes, duffer, torchomatic and 2 others
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HuckerbyDublinWhelan

Well-Known Member
  • Oct 31, 2022
  • #6,898
Frostie said:
I think the work needs doing, isn't £13m what they asked WMCA for?
Click to expand...
If we buy it - can we now make that request?
 
Reactions: MusicDating

BornSlippySkyBlue

Well-Known Member
  • Oct 31, 2022
  • #6,899
 
Reactions: RegTheDonk, duffer, junglej13 and 6 others

lord_garrincha

Well-Known Member
  • Oct 31, 2022
  • #6,900
BornSlippySkyBlue said:
Click to expand...
This will only make it more heartbreaking when they play at the Bescot tomoz!
 
Reactions: RegTheDonk, skybluepm2, Skyblueweeman and 1 other person
C

Cranfield Sky Blue

Well-Known Member
  • Oct 31, 2022
  • #6,901
Sky Blue Pete said:
Won’t the offer be a percentage of the debt owed to the debtors??
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Not necessarily. You could offer say £2 million and then when the sums are done the debtors would get x% to the pound they are owed. Sounds like that could be a really low number.
 
Reactions: Sky Blue Pete

Sky Blue Pete

Well-Known Member
  • Oct 31, 2022
  • #6,902
BornSlippySkyBlue said:
Click to expand...
Good keeping everyone updated
 
Reactions: clint van damme, skybluepm2, AOM and 1 other person

fernandopartridge

Well-Known Member
  • Oct 31, 2022
  • #6,903
Unless they've procured the works the £13m of work needed is not debt at all, it has nothing to do with the administration.

Unless they're in breach of some lease obligations on maintenance?
 
Reactions: shmmeee, mark82, CCFCSteve and 1 other person

tisza

Well-Known Member
  • Oct 31, 2022
  • #6,904
Nick said:
Wait, does that mean they spent £13m on the repairs but didn't pay OR it means it needs £13m still?
Click to expand...
How the hell can a stadium that cost 56/57 million need a min of 13 m of repairs after 17 years? Refurb would be understandable ( not 13m worth!!)
 

Nick

Administrator
  • Oct 31, 2022
  • #6,905
fernandopartridge said:
Unless they've procured the works the £13m of work needed is not debt at all, it has nothing to do with the administration.

Unless they're in breach of some lease obligations on maintenance?
Click to expand...

Yeah that's what confused me as to whether they had it done but didn't pay.

Would the bonds / lease not have a maintenance obligation?
 

Nick

Administrator
  • Oct 31, 2022
  • #6,906
Also, could the update from the club mean ACL are somehow avoiding Administration today and have another extension?
 

lord_garrincha

Well-Known Member
  • Oct 31, 2022
  • #6,907
fernandopartridge said:
Unless they've procured the works the £13m of work needed is not debt at all, it has nothing to do with the administration.

Unless they're in breach of some lease obligations on maintenance?
Click to expand...
A bit like a double glazing salesman saying you need to replace all your windows in your house with our ultra expensive ones.
 

Nick

Administrator
  • Oct 31, 2022
  • #6,908
I can't see why Wasps would have made up it needs £13m of work though, it would only make it harder for them to refinance it?
 
H

HuckerbyDublinWhelan

Well-Known Member
  • Oct 31, 2022
  • #6,909
Nick said:
Also, could the update from the club mean ACL are somehow avoiding Administration today and have another extension?
Click to expand...
Nah wouldn’t have thought so, admin shouldn’t be an issue, it’s when it’s liquidated the issues start. Ideally we need to limp to the World Cup - the it can be liquidated
 

MAFF

Well-Known Member
  • Oct 31, 2022
  • #6,910
Nick said:
Also, could the update from the club mean ACL are somehow avoiding Administration today and have another extension?
Click to expand...
Probably just spoke to the administrator?
 

lord_garrincha

Well-Known Member
  • Oct 31, 2022
  • #6,911
IMissMAF said:
Probably just spoke to the administrator?
Click to expand...
... whilst exchanging contracts & handing over keys...
 
Reactions: junglej13 and MAFF

Evo1883

Well-Known Member
  • Oct 31, 2022
  • #6,912
Nick said:
Also, could the update from the club mean ACL are somehow avoiding Administration today and have another extension?
Click to expand...
Only liquidation means we can't play at the arena
 
Reactions: Sick Boy, MusicDating, Skyblueweeman and 1 other person
S

SBT

Well-Known Member
  • Oct 31, 2022
  • #6,913
Skyblueweeman said:
So the Parasites literally spent no money on the bonds, no money on upkeep of their new home, not enough money to HMRC, not enough money to their suppliers.

So all they spent their money on was the rugby side of things and they failed to achieve anything? Wow.

Oh, and flags. They bought lots of flags. That'll explain it.
Click to expand...

We all laughed when Wasps and their fans got kicked out of the arena, but turns out some of those flags were actually load bearing.
 
Reactions: RegTheDonk, skybluetony176, SkyBlueSam01 and 3 others
O

oldfiver

Well-Known Member
  • Oct 31, 2022
  • #6,914
Evo1883 said:
Only liquidation means we can't play at the arena
Click to expand...

Why?
 

TomRad85

Well-Known Member
  • Oct 31, 2022
  • #6,915
In my mind it's going to play out in public, Wrestling style and last minute Ashley is going to strut in and tombstone Fisher.

Sent from my SM-G973F using Tapatalk
 
Reactions: JPG77
D

Deleted member 5849

Guest
  • Oct 31, 2022
  • #6,916
lord_garrincha said:
... whilst exchanging contracts & handing over keys...
Click to expand...
They'd be quicker than my bloody conveyancers then. Worth £35mil just for that!
 

Skyblueweeman

Well-Known Member
  • Oct 31, 2022
  • #6,917
Sky Blue Pete said:
Won’t the offer be a percentage of the debt owed to the debtors??
Click to expand...


 
Reactions: Sky Blue Pete

lord_garrincha

Well-Known Member
  • Oct 31, 2022
  • #6,918
oldfiver said:
Why?
Click to expand...
Waterlogged pitch.
 
Reactions: OldBedrocker and Calista

oldskyblue58

CCFC Finance Director
  • Oct 31, 2022
  • #6,919
Looks like a short extension to get deal done to me. Nothing going to happen today but reasonable to expect game Tuesday at the cbs
 
Reactions: clint van damme, DazzleTommyDazzle, duffer and 1 other person
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oldfiver

Well-Known Member
  • Oct 31, 2022
  • #6,920
lord_garrincha said:
Waterlogged pitch.
Click to expand...

Pissed off WASP and Sunderland fans?
 

chiefdave

Well-Known Member
  • Oct 31, 2022
  • #6,921
We all knew there was significant repair work was needed even if it was yet another thing the Wasps supporters kept insisting we had made up.

Anyone bidding is obviously going to factor that in to their offer.

No way Ashley is bidding for the stadium and not considering the football club at the same time. Who is the other bidder besides SISU and NEC?
 
Reactions: torchomatic

Terry Gibson's perm

Well-Known Member
  • Oct 31, 2022
  • #6,922
IMissMAF said:

ooooof
Click to expand...

What a great success
 
Reactions: CCFCSteve, duffer and Sky Blue Pete

Skyblueweeman

Well-Known Member
  • Oct 31, 2022
  • #6,923
BornSlippySkyBlue said:
Click to expand...

Ballsy to put that out in the public domain without being able to confirm.

Not reading into it that it means Sisu are getting the Arena but I guess the know it's likely a 'more positive' outcome than what it could've been.

Imagine the uproar if it goes ahead now in Walsall...
 
Reactions: duffer and Sky Blue Pete
D

Deleted member 5849

Guest
  • Oct 31, 2022
  • #6,924
chiefdave said:
We all knew there was significant repair work was needed even if it was yet another thing the Wasps supporters kept insisting we had made up.

Anyone bidding is obviously going to factor that in to their offer.

No way Ashley is bidding for the stadium and not considering the football club at the same time. Who is the other bidder besides SISU and NEC?
Click to expand...
Chris Rea
 

chiefdave

Well-Known Member
  • Oct 31, 2022
  • #6,925
oldskyblue58 said:
Looks like a short extension to get deal done to me. Nothing going to happen today but reasonable to expect game Tuesday at the cbs
Click to expand...
Hope there's an extension until the WC break and then they get something a bit longer term sorted while that's going on.

Not necessarily expecting a deal to be completed that quickly but at least get something in place so we're not waiting for confirmation every week that we can actually play.
 
Reactions: Sky Blue Pete, BodicoteSkyBlue and oldskyblue58

Skyblueweeman

Well-Known Member
  • Oct 31, 2022
  • #6,926
HuckerbyDublinWhelan said:
Good job we didn’t let SISU have the arena…
Click to expand...

Yeah right. Great foresight from the council.
 
Reactions: robbiethemole

Evo1883

Well-Known Member
  • Oct 31, 2022
  • #6,927
Terry Gibson's perm said:
What a great success
Click to expand...

Scumbags really , them bondholders must be furious
 
Reactions: RegTheDonk and Skyblueweeman

oldskyblue58

CCFC Finance Director
  • Oct 31, 2022
  • #6,928
Dilapidation costs will form part the negotiations certainly, will affect size of any offer or its structure. But they don't have to be paid day 1 and could well be programmed over several years
 
Reactions: junglej13, Otis and torchomatic

torchomatic

Well-Known Member
  • Oct 31, 2022
  • #6,929
HuckerbyDublinWhelan said:
Good job we didn’t let SISU have the arena…
Click to expand...

Absolutely. Some on here, who still post, were adamant SISU shouldn't get the stadium as the first thing they'll do is borrow against it. I wonder what Wasps did....
 
Reactions: vow, robbiethemole, montydon87 and 2 others

chiefdave

Well-Known Member
  • Oct 31, 2022
  • #6,930
How have they ended up owing loads to Delaware / Compass? Don't they run things themselves? I would have thought they'd take all the money and then pay ACL any share owned.

From all the press releases about record breaking deals it was made to sound like Delaware / Compass were paying ACL significant amounts not the other way round.
 
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