Wasps going into admin & the impact on CCFC (9 Viewers)

slowpoke · Nov 3, 2022

Despite all the rumour and speculation we still don’t know officially who is the preferred bidder for ACL Ashley is the big rumour and front runner so I accept one is likely to be him. Other names have been mentioned including Hoffman, Overson said to be sniffing about they might well be they have before but that was for the club, would they really want ground as well or just be happy with friendly and steady owners at ACL and stay a renter, sisu might think the same, whoever wants ACL knows fine well it comes with a football club at least.
Still a lot of water to go under this bridge yet, the big one for me is our football club sisu have run their course.

Deleted member 5849 · Nov 3, 2022

You also wouldn't buy the ground on the assumption you then agree a deal with the football club. You either agree that deal beforehand, or you don't really need the football club and if it comes up at some point then you'll deal with it and decide whether it's worth the hassle or not.

Terry_dactyl · Nov 3, 2022

Deleted member 5849 said:
You also wouldn't buy the ground on the assumption you then agree a deal with the football club. You either agree that deal beforehand, or you don't really need the football club and if it comes up at some point then you'll deal with it and decide whether it's worth the hassle or not.

There must’ve been conversations between interested parties right?

Deleted member 5849 · Nov 3, 2022

Terry_dactyl said:
There must’ve been conversations between interested parties right?

You'd assume so, but the result of those isn't necessarily that the club's for sale, is it. The result, in fact, might be that it's reiterated we're moving to Warwick Uni in eight years, so knock yourself out with buying the Arena.

Brighton Sky Blue · Nov 3, 2022

Deleted member 5849 said:
You'd assume so, but the result of those isn't necessarily that the club's for sale, is it. The result, in fact, might be that it's reiterated we're moving to Warwick Uni in eight years, so knock yourself out with buying the Arena.

Funnily enough you’d rather that be a lie

Sky Blue Pete · Nov 3, 2022

Terry_dactyl said:
There must’ve been conversations between interested parties right?

No one’s confirming it though

Liquid Gold · Nov 3, 2022

Sky Blue Pete said:
No one’s confirming it though

Could very well all be under NDAs

slowpoke · Nov 3, 2022

Terry_dactyl said:
There must’ve been conversations between interested parties right?

Certain I’d think it’s likely whoever wins the ACL purchase will influence the next step.

shmmeee · Nov 3, 2022

Astute said:
Yes look. And looked like others were being sold but were not. It looked like other offers were rejected.

And every player at every club has a price. Especially at our club.

Occams Razor says that it’s what it looks like. Rumours we are close to admin, HMRC debts, club clearly in trouble financially. O’Hare fell through last minute so we’re double fucked. And Sisu have been telling everyone they only want the stadium in admin so why would their partner gazump them?

Nick · Nov 3, 2022

shmmeee said:
Occams Razor says that it’s what it looks like. Rumours we are close to admin, HMRC debts, club clearly in trouble financially. O’Hare fell through last minute so we’re double fucked. And Sisu have been telling everyone they only want the stadium in admin so why would their partner gazump them?

Who has said we are close to admin? HMRC was a pretty standard thing because of cashflow.

shmmeee · Nov 3, 2022

Nick said:
Who has said we are close to admin? HMRC was a pretty standard thing because of cashflow.

ITKs over the summer. I’ll see if I can find the post.

Deleted member 5849 · Nov 3, 2022

Brighton Sky Blue said:
Funnily enough you’d rather that be a lie

I dunno, I genuinely think a proper multi purpose facility at Warwick Uni would be a better option than the Arena. The biggest travesty with SISU is they've completely discredited any possibilty of a new stadium for a generation whoever the owners are, even if it were to be the better option for the club.

There's no particular reason why Ashley needs the football club however, or why SISU need to sell to Ashley. Neither have any particular emotional tie to the area, so SISU might be quite happy renting if its a decent deal, and Ashley might be quite happy developing a leisure complex.

Unifying ground and club isn't the only solution to this. It's one of them, but...

the rumpo kid · Nov 3, 2022

With The silence and secrecy that's always surrounded sisu I wouldn't be surprised in the slightest if one morning we woke up and they're gone . I don't think there are any in the knows who would dare speaking in public let alone on a forum like this, in fact I think there is hardly anyone who really knows what's going on , and with so much money at stake that's the way it will stay until there a big announcement or one party says it's over. We just have to wait. PUSB.

robbiethemole · Nov 3, 2022

Astute said:
Well that was a long read

So we don't know for sure that Ashley is the preferred bidder yet we seem to know for sure that there has been no communication between Ashley and SISU

CCFC has been for sale since SISU took over. The only problem is for most of the time we haven't been worth anywhere near what they would accept.

My guess would be that Ashley is the preferred bidder and has been in contact with Joy. Why would anyone be informed of private meetings? Those who have told us that Ashley has not been in discussion in taking over our club are not in a position to know. They might have been in contact for ages waiting to see what happens when the bonds were due.

My reasoning is the lack of player sales. The only player to be sold was after we knew that we had a lack of income at the start of the season. And it wasn't one of our main valuable players who would have raised even more money. SISU wouldn’t want to put another penny in if a deal had already been agreed. And what use would buying our club have if he couldn't purchase the ground? Ashley would be able to recoup half/most of the outlay for our club on players values/sales.

Cost? A total guess but ACL in administration. Offer 60p in the £. Most bond investors will still have made a profit on something that has gone so wrong. Total of 21m. 30m to SISU?

Could all be done by the January transfer deadline. Wouldn't take much for us to become a top 6 side. Already showing we have the nucleus of a good team. Just 6 months with promotion would gain Ashley more than double his initial outlay.

Good to see you back fella, this makes sense.

Liquid Gold · Nov 3, 2022

shmmeee said:
Occams Razor

Any opportunity to crowbar that in.

shmmeee · Nov 3, 2022

Liquid Gold said:
Any opportunity to crowbar that in.

It is my second favourite Razor

MusicDating · Nov 3, 2022

oldskyblue58 said:
From Ashley's point of view his best outcome is to buy us now or before January because?

Operation Premiership!!1!

shmmeee · Nov 3, 2022

shmmeee said:
ITKs over the summer. I’ll see if I can find the post.

Cant find it as it wasn’t SBB and searching “admin” on this forum is like a needle in a haystack. But if you read SBBs posts over the summer it’s clear we’re in trouble, particularly talk of not being able to kick the player sales can to January and how desperate we were for cash.

Nick · Nov 3, 2022

Saying that bond could be re structured rather than paid off

Skyblue_CP · Nov 3, 2022

the rumpo kid said:
With The silence and secrecy that's always surrounded sisu I wouldn't be surprised in the slightest if one morning we woke up and they're gone . I don't think there are any in the knows who would dare speaking in public let alone on a forum like this, in fact I think there is hardly anyone who really knows what's going on , and with so much money at stake that's the way it will stay until there a big announcement or one party says it's over. We just have to wait. PUSB.

We’ve all been waiting 10 years, starting to get impatient now.

shmmeee · Nov 3, 2022

Didn’t Ashley offer to refinance the bond or have I made that up?

HuckerbyDublinWhelan · Nov 3, 2022

shmmeee said:
Didn’t Ashley offer to refinance the bond or have I made that up?

He did, I don’t see what he gets out of paying that though

Liquid Gold · Nov 3, 2022

shmmeee said:
Didn’t Ashley offer to refinance the bond or have I made that up?

There was talk of it definitely. My assumption was he just used it as an excuse to do due diligence on the arena but maybe not.

Makes it even more mad if he intends to keep a debt on the place and not own the football club though.

jordan210 · Nov 3, 2022

ACL is so going to go in to admin/liquidated to clear debts.

No on is going to pay off the bonds.

zuni · Nov 3, 2022

Potential to remove competition who are waiting for full admin or not prepared to pay what he will? Who blinks first, by offering to cover some of the cost it puts him in pole position…bond holders get more, he gets what he wants

MusicDating · Nov 3, 2022

shmmeee said:
Didn’t Ashley offer to refinance the bond or have I made that up?

Yes, he did.

Ex-Newcastle owner Mike Ashley held talks with Wasps about takeover

Former Newcastle owner Mike Ashley has held talks with Wasps about a potential takeover as the debt-ridden club battle for their survival. Ashley is understood to have signed a Head of Terms.

www.dailymail.co.uk

Former Newcastle owner Mike Ashley has held talks with Wasps about a potential takeover as the debt-ridden club battle for their survival.

Sportsmail has learned that the negotiations stemmed from an offer from Ashley to refinance £35million worth of bonds taken out by the club’s owner, Wasps Holdings, to fund their move to Coventry in 2014 that were due to be repaid last May.

Ashley is understood to have signed a Head of Terms agreement with Wasps Holdings to refinance their debt, but the deal collapsed due to a shortage of time.

Wasps Holdings have since sounded out Ashley about buying the club and the Coventry Building Society Arena, with the Sports Direct magnate one of five interested parties as they urgently seek a buyer ahead of next Monday’s winding-up petition deadline set by HM Revenue and Customs.

Ashley retains an interest in Wasps at the right price, but has yet to make a formal offer and may not do so given the state of the club’s finances.

In addition to the £35m bond debt Wasps also owe £2m in unpaid taxes to HMRC, have an outstanding loan to Sport England that was provided to help them through Covid.

Wasps owner Derek Richardson is understood to be asking around £50m for the club, plus an immediate cash injection of £12m to cover short-term running costs.

robbiethemole · Nov 3, 2022

The only leaks will be the ok'd ones, because I don't think professional, experienced businessman Ashley will tolerate anyone getting a sniff of his deals.
Nobody outside of the parties involved, should know anything until it's completed, and that's how confidential deals should be done

shmmeee · Nov 3, 2022

Just putting this out there. But do we know Ashley isn’t a Wasps fan?

jordan210 · Nov 3, 2022

Liquid Gold said:
There was talk of it definitely. My assumption was he just used it as an excuse to do due diligence on the arena but maybe not.

Makes it even more mad if he intends to keep a debt on the place and not own the football club though.

Dint Vaughn try to spin it. there wasn't enough time to get the deal done.

My take is similar to yours. Ashley used it as a way to get more info and spotted the risk was far to high to just refinance them.

Grendel · Nov 3, 2022

oldskyblue58 said:
From Ashley's point of view his best outcome is to buy us now or before January because?

Exactly- what he wants to do is secure the stadium sake which is complex and the priority for him - the football club he’s got a long time to assess

skybluetony176 · Nov 3, 2022

Did anyone catch Gilbert on CWR this morning?

I’m assuming he just regurgitated what we already know (ie not much) and had nothing new to add.

duffer · Nov 3, 2022

Deleted member 5849 said:
You also wouldn't buy the ground on the assumption you then agree a deal with the football club. You either agree that deal beforehand, or you don't really need the football club and if it comes up at some point then you'll deal with it and decide whether it's worth the hassle or not.

I don't think there's any way that Ashley buys the ground without the intention to buy the club at some point. He obviously wants back into football somewhere.

The only question is whether there's already been discussions with SISU, or whether he'll wait until the club is in enough trouble that they'll have no choice but to deal with him - the end of the current lease being the obvious place where that happens.

SISU, or more correctly their investors, are obviously not in a place to fund CCFC beyond life support.

There's no new stadium coming and the EFL/FA surely aren't going to let us move again without punishment.

My honest opinion; they're gone within the next eight years, and probably sooner if they want to sell at the top of the cycle.

Brighton Sky Blue · Nov 3, 2022

Deleted member 5849 said:
I dunno, I genuinely think a proper multi purpose facility at Warwick Uni would be a better option than the Arena. The biggest travesty with SISU is they've completely discredited any possibilty of a new stadium for a generation whoever the owners are, even if it were to be the better option for the club.

There's no particular reason why Ashley needs the football club however, or why SISU need to sell to Ashley. Neither have any particular emotional tie to the area, so SISU might be quite happy renting if its a decent deal, and Ashley might be quite happy developing a leisure complex.

Unifying ground and club isn't the only solution to this. It's one of them, but...

I genuinely think being owned by an ambitious billionaire would be better than hedge fund charlatans who have mismanaged the club for 15 years

Deleted member 5849 · Nov 3, 2022

duffer said:
My honest opinion; they're gone within the next eight years,

Party in 2030 then

slowpoke · Nov 3, 2022

Ashley’s interest in the ACL situation I reckon have been there for months may even has been prompted by Derek Richardson, these types piss in the same pot. It could be the involvements of other parties that’s
mudded things

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