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Wasps going into admin & the impact on CCFC (3 Viewers)

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

Well-Known Member
  • Oct 12, 2022
  • #1,961
The good news is that Wasps Ruby shirts & kit are reduced to £1.99 and buy one get one free deal is on the cards - don’t expect a long queue at the club shop because in reality no one gives a shit!
 

Liquid Gold

Well-Known Member
  • Oct 12, 2022
  • #1,962
Nick said:
Click to expand...
Do they want to rugby world to go into mourning? A 10 day enforced period with a queue to view the arena all the way round the ring road?

Rugby is fucked because they mainly lose money, these clubs have made an effort to reduce that, fair play.
 
Reactions: Otis

Nick

Administrator
  • Oct 12, 2022
  • #1,963
 
Reactions: SBQuin, AStonesThrow, BananaFlats and 15 others

Nick

Administrator
  • Oct 12, 2022
  • #1,964
Liquid Gold said:
Do they want to rugby world to go into mourning? A 10 day enforced period with a queue to view the arena all the way round the ring road?

Rugby is fucked because they mainly lose money, these clubs have made an effort to reduce that, fair play.
Click to expand...

Oh they look like they are blaming Exeter if they get kicked out the league.

Ironically the same account gloats about Saracens.

 
Reactions: Evo1883
S

skyblu3sk

Well-Known Member
  • Oct 12, 2022
  • #1,965
Nick said:
Click to expand...

 
Reactions: hill83

hill83

Well-Known Member
  • Oct 12, 2022
  • #1,966
Nick said:
Click to expand...

OMG GUYS WE DON'T DO THINGS LIKE THAT IN THE RUGGER FAMILY THAT'S FOR THE FOOTBALL LOUTS. A PLAGUE A'BOTH YOUR CHINS
 
Reactions: Tommo1993, Terry Gibson's perm, MAFF and 7 others

jordan210

Well-Known Member
  • Oct 12, 2022
  • #1,967
The #onceawasp hashtag has some crackers on it
 
Reactions: Saddlebrains and Evo1883

Evo1883

Well-Known Member
  • Oct 12, 2022
  • #1,968
This is why the whole #rugbyfamily hashtag is a big nonce fest .
 
Reactions: hill83

Liquid Gold

Well-Known Member
  • Oct 12, 2022
  • #1,969
Nick said:
Click to expand...
 
Reactions: SBQuin, davy67, ccfcchris and 8 others

Evo1883

Well-Known Member
  • Oct 12, 2022
  • #1,970
And one more time for shits and giggles
 
Reactions: larry_david, BananaFlats, robbiekeane and 19 others

Grendel

Well-Known Member
  • Oct 12, 2022
  • #1,971
They’ll still be here and be promoted again in a year - why they are slitting their wrists ive no idea
 

hill83

Well-Known Member
  • Oct 12, 2022
  • #1,972
Saddlebrains said:
I want @hill83 to drop the perfect gif about now
Click to expand...

 
Reactions: robbiethemole, Saddlebrains and skyblu3sk

Nick

Administrator
  • Oct 12, 2022
  • #1,973

"RUGBY FAMILY"

"WHY DUZ NO1 LIKE US"
 
Reactions: Evo1883

PUSB-We_are_going_up

Well-Known Member
  • Oct 12, 2022
  • #1,974
Evo1883 said:
And one more time for shits and giggles View attachment 26540
Click to expand...
Isnt that an average gate of like 17,000?
 
C

CCFC54321

Well-Known Member
  • Oct 12, 2022
  • #1,975
Serious question here as someone suggested tonight could the wasps directors be under any criminal investigation for the £35m bond and allowing the business to run massive debts? Even though back in 2018 the auditors declared the business wasn’t a going concern.

Personally I can’t see any way this can be proven that there was no intention of paying the bond back and I very much doubt this was the intention and it was all done in good faith, but it does raise the question if they could face an investigation?
 

Nick

Administrator
  • Oct 12, 2022
  • #1,976
What happens to Cov Building Society? Who did the actually have the agreement wit?

Will it make their agreement null and void?
 
S

skyblu3sk

Well-Known Member
  • Oct 12, 2022
  • #1,977
Nick said:
What happens to Cov Building Society? Who did the actually have the agreement wit?

Will it make their agreement null and void?
Click to expand...
No the agreement would stand at the moment.
 

fernandopartridge

Well-Known Member
  • Oct 12, 2022
  • #1,978
Wasps fans ought to turn their ire at Richardson, Eastwood et al. These people ruined their standing in the rugby world and now look like they might finish Wasps as a top flight entity.

Where is Mary Mungo Midge?

Sent from my SM-G935F using Tapatalk
 
Reactions: Skyblueweeman, torchomatic, Nick and 1 other person

Nick

Administrator
  • Oct 12, 2022
  • #1,979
fernandopartridge said:
Wasps fans ought to turn their ire at Richardson, Eastwood et al. These people ruined their standing in the rugby world and now look like they might finish Wasps as a top flight entity.

Where is Mary Mungo Midge?

Sent from my SM-G935F using Tapatalk
Click to expand...

I saw one of their fans say the other day they hope Richardson doesn't lose too much.

It's weird.

They still don't seem to understand how fucked Wasps are and why.
 

shepardo01

Well-Known Member
  • Oct 12, 2022
  • #1,980
Over 10k.... - Read the last line..
 

Liquid Gold

Well-Known Member
  • Oct 12, 2022
  • #1,981
fernandopartridge said:
Wasps fans ought to turn their ire at Richardson, Eastwood et al. These people ruined their standing in the rugby world and now look like they might finish Wasps as a top flight entity.

Where is Mary Mungo Midge?

Sent from my SM-G935F using Tapatalk
Click to expand...
That would require too much introspection and the realisation that they've been lied to for years.

No chance.
 
T

Travs

Well-Known Member
  • Oct 12, 2022
  • #1,982
They discussed this on TalkSport this evening.... Darren Bent was saying that he lives near the Ricoh and it was a "massive loss" to Coventry and the community.

They did have a rugby expert on who vaguely pointed out some animosity from the football club. But it was about as in-depth a discussion as you'd expect from TalkSport.
 
Reactions: Kieranp96 and Evo1883

Grendel

Well-Known Member
  • Oct 12, 2022
  • #1,983
Liquid Gold said:
That would require too much introspection and the realisation that they've been lied to for years.

No chance.
Click to expand...

A lot do like Kent wasp and oddly Sussex wasp but vulgaris has banned negative dissenters off the main forum
 

Evo1883

Well-Known Member
  • Oct 12, 2022
  • #1,984
What was the attendance the other day at their big " let's show up and support the club at the next home match " parade
 

fernandopartridge

Well-Known Member
  • Oct 12, 2022
  • #1,985
Evo1883 said:
What was the attendance the other day at their big " let's show up and support the club at the next home match " parade
Click to expand...
Looked no more than 6k

Sent from my SM-G935F using Tapatalk
 
Reactions: Evo1883

Nick

Administrator
  • Oct 12, 2022
  • #1,986
Travs said:
They discussed this on TalkSport this evening.... Darren Bent was saying that he lives near the Ricoh and it was a "massive loss" to Coventry and the community.

They did have a rugby expert on who vaguely pointed out some animosity from the football club. But it was about as in-depth a discussion as you'd expect from TalkSport.
Click to expand...

Which community is he living in where it will be a loss?
 

oldskyblue58

CCFC Finance Director
  • Oct 12, 2022
  • #1,987
duffer said:
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.
Click to expand...

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.
[/QUOTE]

Precedence is bondholders then HMRC. Whatever's left after that goes to the other creditors.
[/QUOTE]

Fixed charges take precedence over hmrc debt and all other debts There are two fixed charges on wasps holdings one in favour of the bondholders the other in favour of Richardson. So he might not take a hit or as big a hit as it seems. Things like the sports grants, ordinary traders, major suppliers will bear the brunt

The statement issued seems to me to be part of a planned process which I think will end with Ashley owning the stadium. In terms only of the stadium he would not be my choice. Needs a specialist stadium operator. In terms of ccfc future though he would be the obvious choice to get the stadium

As for American billionaires I don't think they are involved as this is going to all happen quite quickly if the statement is to be believed. Can't help thinking there is a lot of stage management going on.

Not sure where that leaves wasps, could easily be a new company that buys the rugby assets and plays somewhere down the leagues. I suppose more likely 150 years of history sacrificed for sake of a year in championship in a brand new company and a deal that keeps them at CBSA until they get back to the Premiership (year after next )

I wouldn't want to be a trade creditor of wasps right now not looking like they will get anything back which could mean job losses but hey that's OK the bondholders will get sorted.

The bondholders knew the risk, knew investments dont always work, took the high interest and belly ached because they chose to make a bad investment that might not pay out. Meanwhile hard working people will be out of a job just as the economy tanks interest rates & inflation rocket.

Wasps are famous club run by a bunch of shysters good riddance. No sympathy from me
 
Reactions: GaryJones, BananaFlats, Pete in Portugal and 22 others

Evo1883

Well-Known Member
  • Oct 12, 2022
  • #1,988
fernandopartridge said:
Looked no more than 6k

Sent from my SM-G935F using Tapatalk
Click to expand...
Sums the whole thing up , plus their future is never going to be worth it in Coventry
 

Flying Fokker

Well-Known Member
  • Oct 12, 2022
  • #1,989
HuckerbyDublinWhelan said:
You know this is somehow SISUs fault
Click to expand...
Blame the Germans.
 

Skyblueweeman

Well-Known Member
  • Oct 12, 2022
  • #1,990
Nick said:
Who did the actually have the agreement wit?
Click to expand...

Alright Bob Marley
 
Reactions: Moff, Gynnsthetonic, Gaz71 and 6 others

Nick

Administrator
  • Oct 12, 2022
  • #1,991
Skyblueweeman said:
Alright Bob Marley
Click to expand...

I tried weed about 12 years ago. Been straight up rasta since.
 
Reactions: Moff, Gaz71 and Skyblueweeman

Flying Fokker

Well-Known Member
  • Oct 12, 2022
  • #1,992
oldskyblue58 said:
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.
Click to expand...

Precedence is bondholders then HMRC. Whatever's left after that goes to the other creditors.
[/QUOTE]

Fixed charges take precedence over hmrc debt and all other debts There are two fixed charges on wasps holdings one in favour of the bondholders the other in favour of Richardson. So he might not take a hit or as big a hit as it seems. Things like the sports grants, ordinary traders, major suppliers will bear the brunt

The statement issued seems to me to be part of a planned process which I think will end with Ashley owning the stadium. In terms only of the stadium he would not be my choice. Needs a specialist stadium operator. In terms of ccfc future though he would be the obvious choice to get the stadium

As for American billionaires I don't think they are involved as this is going to all happen quite quickly if the statement is to be believed. Can't help thinking there is a lot of stage management going on.

Not sure where that leaves wasps, could easily be a new company that buys the rugby assets and plays somewhere down the leagues. I suppose more likely 150 years of history sacrificed for sake of a year in championship in a brand new company and a deal that keeps them at CBSA until they get back to the Premiership (year after next )

I wouldn't want to be a trade creditor of wasps right now not looking like they will get anything back which could mean job losses but hey that's OK the bondholders will get sorted.

The bondholders knew the risk, knew investments dont always work, took the high interest and belly ached because they chose to make a bad investment that might not pay out. Meanwhile hard working people will be out of a job just as the economy tanks interest rates & inflation rocket.

Wasps are famous club run by a bunch of shysters good riddance. No sympathy from me
[/QUOTE]



Just wondering? Is it likely that Ashley will buy in the expertise to run the stadium/ any acquired business? I know that event companies are such but a guy like Ashley would surely know how to pull the resources together? Oh, and well said BTW.
 
Last edited: Oct 12, 2022

jordan210

Well-Known Member
  • Oct 12, 2022
  • #1,993
Im still going to call it. Something dodgy will be done with Wasps community foundation. No way they would restore that company if they are about to go tits up

Same with Richardson becoming a director of both the Arena companies in late august
 
Reactions: Kieranp96
B

Brighton Sky Blue

Well-Known Member
  • Oct 12, 2022
  • #1,994
A time for reflection on one's previous life choices

 

Grendel

Well-Known Member
  • Oct 12, 2022
  • #1,995
jordan210 said:
Im still going to call it. Something dodgy will be done with Wasps community foundation. No way they would restore that company if they are about to go tits up

Same with Richardson becoming a director of both the Arena companies in late august
Click to expand...

Ashley is in prime position and will take the club and the arena i think
 
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