Wasps going into admin & the impact on CCFC (12 Viewers)

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MalcSB

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fernandopartridge said:
Any 3rd party will be the bondholders. I don’t see how the council will be able to revoke the lease. In my opinion it will be sold to the administrators favoured party and the proceeds distributed to the bondholders at a discounted rate. If the admin procedure is anything like CCFC’s, this may be bad news for us as it could still end up in Wasps hands, albeit under a different entity.
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Far from an expert on the admin process but wasn't the reason that Otium were the preferred bidder when Sisu put the club into admin because effectively the debt was owed to Sisu. So in theory Otium's offer to repay nearly all the debt (by just moving money around) represented the best offer for the creditors (Sisu). This is a bit different as the debt is owed to HMRC, bond holders and other external parties. Ie. Wasps under a different guise couldn't fabricate a best offer for the rugby club.
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Richardson is a big creditor though and its whether there is any precedence in the debts which is the big issue. I still think that a likely outcome of this process is that another Richardson controlled entity is able to buy the assets.
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The bondholders are the biggest creditor and an administrator is supposed to get the best deal for creditors, I don’t think Richardson has enough money to satisfy the bond holders.
 
Robinshio

Robinshio

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as part of CCFC lease - what do we rent from wasps however, and how will that be impacted
Food and drink/ Stewards/ club shop etc
I guess the administrators have a duty to keep everything going so long as it is not costing them more to do so than closing the doors
What about Cov building society, can they tear up the sponsorship deal

interesting times ahead, just hope it doesnt lead to even more games postponed for the city
 
skybluetony176

skybluetony176

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chiefdave said:
Not sure its time to celebrate yet. We're never this lucky. Knowing how things go for us someone will probably swoop in and save them.

Although you do wonder why anyone waiting in the wings who had an actual interest in Wasps, rather than getting some of their assets on the cheap, would let them go into admin and be relegated, unless that's the only point at which they can afford to take the club on which isn't great news for them in terms of funding the club longer term.
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I can’t help but think that their statement reads like a come and get us now or we’ll pull the trigger line. I find it hard to take their statement like any of their statements regarding finances seriously, there always seems to be bluff in them one way or the other. The line about cancelling the game because it wouldn’t be fair on wasps or Exeters players, staff or fans for instance? I bet Exeter we’re relishing the prospect of playing them under these circumstances. Not counting my chickens just yet. My initial excitement has now become let’s see where we are close of business on Monday before I get the bunting out.
 
Nick

Nick

Administrator
skybluetony176 said:
I can’t help but think that their statement reads like a come and get us now or we’ll pull the trigger line. I find it hard to take their statement like any of their statements regarding finances seriously, there always seems to be bluff in them one way or the other. The line about cancelling the game because it wouldn’t be fair on wasps or Exeters players, staff or fans for instance? I bet Exeter we’re relishing the prospect of playing them under these circumstances. Not counting my chickens just yet. My initial excitement has now become let’s see where we are close of business on Monday before I get the bunting out.
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Wasn't that what they did 2 weeks ago?
 
Terry Gibson's perm

Terry Gibson's perm

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They don’t seem to be getting a lot of sympathy on Twitter Saracens seem to be enjoying it more than most.
 
skybluetony176

skybluetony176

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Don't think rugby is like football with its preferred creditors rule.
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I meant more as a general rule. If the assets are liquidated to pay the debt HMRC take what’s owed to them first and anything that’s left goes to the other creditors as X amount of pennies in the pound.
 
skybluetony176

skybluetony176

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Nick said:
Wasn't that what they did 2 weeks ago?
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And two weeks before that. I think if no one has stepped in by close of business Monday that’s it isn’t it? The administrator will be opening up Tuesday morning. Could be wrong but as I see it they aren’t in administration until that point so this could still be game playing.
 
jordan210

jordan210

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I hope "complex negations" actually means no fuckers will have them




it does feel like they are trying to get someone to bite. before admin.
 
chiefdave

chiefdave

Well-Known Member
Players and staff have been told its 'still up in the air' whether they will receive their wages. They've been sent home and told not to come to training until further notice. That sounds very different to when we went into admin and it was basically business as usual on the footballing side.

They were also told 'that relegation was inevitable and that their suspension from this season's top flight was also a possibility'

www.coventrytelegraph.net

Wasps players & staff salaries 'up in the air' as relegation message given

Emergency meeting was held at Wasps' Henley-in-Arden training ground base
www.coventrytelegraph.net www.coventrytelegraph.net
 
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