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Wasps going into admin & the impact on CCFC (2 Viewers)

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

Well-Known Member
  • Nov 1, 2022
  • #8,261
Saddlebrains said:
Used to work with this lad, proper Toon fan

Didnt think of it this way. .....

View attachment 26940
Click to expand...

Dont think this will happen. Surely if anything is agreed with SISU there will be a long term contract in place where they lease at a price for next 30+ years etc. Ashley would be a fool to conduct business this way...he would be better off staying away from SISU.
 
D

Deleted member 5849

Guest
  • Nov 1, 2022
  • #8,262
Evo1883 said:
Doub't the EFL would let us move again , so sisu could well be forced out?
Click to expand...
At the risk of stating the obvious, would depend on circumstances. You'd think they'd want some kind of movement at some stage over our fantasy stadium, mind you...
 
Reactions: Evo1883
H

HuckerbyDublinWhelan

Well-Known Member
  • Nov 1, 2022
  • #8,263
Starting to sound like Wasps fans here.. what with what we’re saying about Keys
 

torchomatic

Well-Known Member
  • Nov 1, 2022
  • #8,264
Evo1883 said:

If true that's extremely deflating news
Click to expand...

Still waiting patiently for the takeover he promised us would happen in December 2011.
 
Reactions: Skybluefaz, TwistAndShoutCCFC1987, no_loyalty and 6 others

Evo1883

Well-Known Member
  • Nov 1, 2022
  • #8,265
Deleted member 5849 said:
At the risk of stating the obvious, would depend on circumstances. You'd think they'd want some kind of movement at some stage over our fantasy stadium, mind you...
Click to expand...

To be fair , I'd hope we'd start demanding answers on a new stadium should this happen and Ashley doesn't buy us
 
Reactions: HuckerbyDublinWhelan

usskyblue

Well-Known Member
  • Nov 1, 2022
  • #8,266
I think we’re all guilty of wanting everything to happen at once. Step one for Ashley would be secure the stadium… then perhaps tackle SISU (that’s if talks haven’t already taken place) The Times article re; SISU would make more sense then wouldn’t it?
 
Reactions: no_loyalty, CCFCSteve and torchomatic

CCFC_Irish

Well-Known Member
  • Nov 1, 2022
  • #8,267
If SISU were to sell, how much would the sell for?
 
B

Brighton Sky Blue

Well-Known Member
  • Nov 1, 2022
  • #8,268
usskyblue said:
I think we’re all guilty of wanting everything to happen at once. Step one for Ashley would be secure the stadium… then perhaps tackle SISU (that’s if talks haven’t already taken place) The Times article re; SISU would make more sense then wouldn’t it?
Click to expand...

I suppose so. There's the question of 'not interested immediately', or 'not interested whatsoever'.
 
Reactions: usskyblue

olderskyblue

Well-Known Member
  • Nov 1, 2022
  • #8,269
usskyblue said:
I think we’re all guilty of wanting everything to happen at once. Step one for Ashley would be secure the stadium… then perhaps tackle SISU (that’s if talks haven’t already taken place) The Times article re; SISU would make more sense then wouldn’t it?
Click to expand...

be off with you with your sensible thoughts. This is bed wetting day !
 
Reactions: wingy and usskyblue

David O'Day

Well-Known Member
  • Nov 1, 2022
  • #8,270
Brighton Sky Blue said:
I suppose so. There's the question of 'not interested immediately', or 'not interested whatsoever'.
Click to expand...
or that keys talks shite 24/7
 
W

wingy

Well-Known Member
  • Nov 1, 2022
  • #8,271
Evo1883 said:

If true that's extremely deflating news
Click to expand...
0p0 of
RegTheDonk said:
I dunno how that would work but if it doesn't go to admin, haven't we got about 8/9 years left on our lease? Does that get ripped up?

Edit: sorry you're asking the same question!
Click to expand...
No admin lease intact?
 
H

HuckerbyDublinWhelan

Well-Known Member
  • Nov 1, 2022
  • #8,272
What if Ashley is trying to be an intermediary? Buys it cheap sells it on for double the price?

knows there will be takers for club and stadium? If he picks it up for say 10% of the debt price, admins it as the main creditor and sells it double?
 
B

BodicoteSkyBlue

Well-Known Member
  • Nov 1, 2022
  • #8,273
Wow, finished work drove home to find 7 pages. Speed read expecting some good news
 

Esoterica

Well-Known Member
  • Nov 1, 2022
  • #8,274
PVA said:
Usually the total opposite of everything Keys says is what actually happens.

He's wrong about literally everything.

And a c**t.
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It's called reading the Keys Leaves. He trims some of his hand hair into a cup and then uses the patterns to always incorrectly predict the future.
 
Reactions: SkyBlueSam01 and Saddlebrains

Liquid Gold

Well-Known Member
  • Nov 1, 2022
  • #8,275
BodicoteSkyBlue said:
Wow, finished work drove home to find 7 pages. Speed read expecting some good news
Click to expand...

 
Reactions: RegTheDonk, torchomatic and BodicoteSkyBlue
B

Brighton Sky Blue

Well-Known Member
  • Nov 1, 2022
  • #8,276
David O'Day said:
or that keys talks shite 24/7
Click to expand...

Even a broken Keys smashes it twice a day
 
Reactions: Blind-Faith, MAFF and MusicDating
D

Deleted member 5849

Guest
  • Nov 1, 2022
  • #8,277
Evo1883 said:
To be fair , I'd hope we'd start demanding answers on a new stadium should this happen and Ashley doesn't buy us
Click to expand...
We should be demanding answers regardless. shmmeee(?) got a load of shit for suggesting the current risk of homelessness is our fault, but it is to an extent. SISU are the the ones who promised a new ground and have failed to deliver it - SISU are the ones who've left us hostage to the fortunes of parties away from us - nobody else. Sure, the immediate events aren't of our making, but the fact we're in a position to be affected by them is.
 
Reactions: Brylowes and shmmeee

Sick Boy

Super Moderator
  • Nov 1, 2022
  • #8,278
TomRad85 said:
No way Ashley picks up the CBS and just leaves ccfc. Although my twisted mind has dreamt up the most Cov scenario ever in which he uses the rent we pay him to help purchase the takeover of another club.

Sent from my SM-G973F using Tapatalk
Click to expand...
….and then moves them to Coventry.
 
Reactions: Sky Blue Pete and TomRad85
S

SBT

Well-Known Member
  • Nov 1, 2022
  • #8,279
I blame myself for suggesting Ashley might not want to buy us……didn’t realise I’d summon Richard fucking Keys ffs.
 
Reactions: GaryMabbuttsLeftKnee, Sky Blue Pete, Saddlebrains and 3 others
Y

Yorkshire SB

Well-Known Member
  • Nov 1, 2022
  • #8,280
Looks quite bleak if Ashley isn’t interested in the club.
 
Reactions: no_loyalty, covcity4life and Saddlebrains

Esoterica

Well-Known Member
  • Nov 1, 2022
  • #8,281
Sick Boy said:
….and then moves them to Coventry.
Click to expand...
SISU to announce they’re building a new stadium in London in partnership with Wasps
 
Reactions: Sick Boy

Philosoraptor

Well-Known Member
  • Nov 1, 2022
  • #8,282
Of course, he's interested.
 

shmmeee

Well-Known Member
  • Nov 1, 2022
  • #8,283
Just caught up again, some thoughts:

- Obviously any bidder will want to talk to the council. Even if they weren’t freeholders any development would need their support.
- I thought we always knew Sisu weren’t interested until admin?
- Ashley vs Seppala sounds like the worst timeline so will almost certainly happen cos it’s Cov innit?
- Too many “Americans” to keep track of, and now Ashley might be the American??
- Re: keeping ACL afloat. There’s every chance it would cost more to move with refunds and rent than it would to pay over the odds and hopefully be able to recoup from an eventual owner on future rent.
- I really don’t understand what the current bidding process is. If Wasps are in admin and they own ACL is it them accepting bids or just the ACL board?
- Richard Keys is a hairy prick.
 
Reactions: Sky Blue Pete and wingy

pusbccfc

Well-Known Member
  • Nov 1, 2022
  • #8,284
Nick said:
Are you in the VIP section or something? There are literally queues out the door
Click to expand...

Not in Singers Corner there isn't. Even at half time, you're in within minutes. Compare that to most grounds where you're waiting ages.
 
Reactions: ccfcrob and Skybluecol

The Philosopher

Well-Known Member
  • Nov 1, 2022
  • #8,285
Recap as it looks:

A company can sell assets and then go into admin so long as the sale was at a fair value with a fair process.

In this case, the lease.

If the company enters admin after, any money / assets left are distributed between creditors in order (secured - HMRC - unsecured etc.)

I guess it’s like selling a house in a divorce to some extent. Pay the mortgage off first, rest gets divided after secured loans are paid then split rest (or give to her in most cases by court order but that’s off subject)

I’m thinking the Trustees to Bondholders has to give permission to release the asset to be sold. Compass too.

Eg.

If MA offers 40m and that goes to bondholders (35) Compass (2? - don’t know don’t care) it’d leave 3 to go back into ACL bank account.

It may well be that ACL goes into admin after and that 3 gets split between remaining creditors.

Since the sale of asset has been dealt with (apparently) correctly then the director of the company at point of sale is unlikely to be held accountable after.

Similarly if the sale of asset is £50m and £37m to secured creditors (which triggers release of title) then £13 to ACL and to admin pot if applicable.

If the bid is £20m then the Trustees of the Bondholders might accept. If they do then they will release title / charge so that that asset can be transferred. The £20m will be split to bondholders but that’s no concern if ACL how.

MA / NEC won’t have to buy ACL in full I don’t think.

The council will probably have a transfer clause - hence their involvement.

I think that’s about right in layman’s terms. If I’ve got it wrong then let me know.
 

Evo1883

Well-Known Member
  • Nov 1, 2022
  • #8,286
As if the telegraph have ran a story based on keys tweet
 
W

wingy

Well-Known Member
  • Nov 1, 2022
  • #8,287
Why would he not.
Similar money for Derby in league 1.
What use would the stadium alone serve him?
 

hutch1972

Well-Known Member
  • Nov 1, 2022
  • #8,288
David O'Day said:
or that keys talks shite 24/7
Click to expand...
Richard always has his fingers on the pulse.
 

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skybluetony176

Well-Known Member
  • Nov 1, 2022
  • #8,289
Saddlebrains said:
Used to work with this lad, proper Toon fan

Didnt think of it this way. .....

View attachment 26940
Click to expand...
Don’t we have a 10 year rental agreement?
 
Reactions: shmmeee and Evo1883
D

Deleted member 5849

Guest
  • Nov 1, 2022
  • #8,290
wingy said:
Why would he not.
Similar money for Derby in league 1.
What use would the stadium alone serve him?
Click to expand...
Worth noting the likes of Ron Noades made their money from the football grounds that they owned after letting the football clubs associated with them move on to new owners.

A hard headed businessman won't care particularly, they'll be looking more at either the safe return, the potential for return, or the opportunity for expansion. Some of those can work without owning the football club, owning the football club might be the happy bonus, or even the millstone.
 

Philosoraptor

Well-Known Member
  • Nov 1, 2022
  • #8,291
shmmeee said:
Just caught up again, some thoughts:

- Obviously any bidder will want to talk to the council. Even if they weren’t freeholders any development would need their support.
- I thought we always knew Sisu weren’t interested until admin?
- Ashley vs Seppala sounds like the worst timeline so will almost certainly happen cos it’s Cov innit?
- Too many “Americans” to keep track of, and now Ashley might be the American??
- Re: keeping ACL afloat. There’s every chance it would cost more to move with refunds and rent than it would to pay over the odds and hopefully be able to recoup from an eventual owner on future rent.
- I really don’t understand what the current bidding process is. If Wasps are in admin and they own ACL is it them accepting bids or just the ACL board?
- Richard Keys is a hairy prick.
Click to expand...

Can't see anyone paying anything more than 50p and a bunch of grapes for ACL at the moment unless the debt is paid off by DR.
 

Philosoraptor

Well-Known Member
  • Nov 1, 2022
  • #8,292
I think NEC is just a stalking horse in all this.
 

Evo1883

Well-Known Member
  • Nov 1, 2022
  • #8,293
skybluetony176 said:
Don’t we have a 10 year rental agreement?
Click to expand...
Actually yes we do
 

clint van damme

Well-Known Member
  • Nov 1, 2022
  • #8,294
Saddlebrains said:
Used to work with this lad, proper Toon fan

Didnt think of it this way. .....

View attachment 26940
Click to expand...

Sisu, of course, are renown for honouring unfavourable rental agreements in order to keep the team in the city
 
Reactions: CCFCSteve and Colin Steins Smile

shmmeee

Well-Known Member
  • Nov 1, 2022
  • #8,295
Philosorapter said:
Can't see anyone paying anything more than 50p and a bunch of grapes for ACL at the moment unless the debt is paid off by DR.
Click to expand...

Me neither, yet here we are with two bidders…
 
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