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Wasps going into admin & the impact on CCFC (10 Viewers)

  • Thread starter Alkhen
  • Start date Sep 21, 2022
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skybluetony176

Well-Known Member
  • Oct 15, 2022
  • #2,976
I really don’t want to count my chickens but are Wasps even purchasable? Buy them before and take on an unmanageable debt burden, buy them out of administration and lose the P share.
 
Reactions: duffer

oldskyblue58

CCFC Finance Director
  • Oct 15, 2022
  • #2,977
Just a thought but could this meeting now on Monday be about making a decision about calling in the clause about ACL 2006 long lease forfeiture? Clearly there would be legal process and costs involved and it could expose CCC to legal challenges or even scupper any stadium rescue plan which obviously affects wasps finances. It could also affect whether the stadium stays open which affects CCFC directly

No idea just wondering? They seem to be saying it is not about financial assistance and I haven't changed my mind on that - that is simply a no go for so many reasons
 
Reactions: shmmeee and Gibbo

Gynnsthetonic

Well-Known Member
  • Oct 15, 2022
  • #2,978
oldskyblue58 said:
Just a thought but could this meeting now on Monday be about making a decision about calling in the clause about ACL 2006 long lease forfeiture? Clearly there would be legal process and costs involved and it could expose CCC to legal challenges or even scupper any stadium rescue plan which obviously affects wasps finances. It could also affect whether the stadium stays open which affects CCFC directly

No idea just wondering? They seem to be saying it is not about financial assistance and I haven't changed my mind on that - that is simply a no go for so many reasons
Click to expand...
A stadium rescue plan which would affect Wasp finances, they've had it surely, do CCC want to keep a stake in the stadium and if sold to another buyer during administration would leave them as freeholder only
 

Liquid Gold

Well-Known Member
  • Oct 15, 2022
  • #2,979
Samo said:
Yesterday was my 'Wellbeing Day' off from work, (we get one every year) and I spent most of it stressing about clandestine meetings and emailing counselors. It's never easy being a City fan is it?
Click to expand...
Amateur. They are to be used for hangovers and nothing else.
 
Reactions: ccfcchris, Moff, hill83 and 2 others

Samo

Well-Known Member
  • Oct 15, 2022
  • #2,980
Liquid Gold said:
Amateur. They are to be used for hangovers and nothing else.
Click to expand...

I was going to have a bath and do my toenails.
 
Reactions: ccfcchris, SkyBlueSam01, Calista and 1 other person
H

HuckerbyDublinWhelan

Well-Known Member
  • Oct 15, 2022
  • #2,981
Covkid53 is having a serious meltdown. Really hope SISU get the stadium now just to see what he makes of it
 
Reactions: Kneeza and Gynnsthetonic

duffer

Well-Known Member
  • Oct 15, 2022
  • #2,982
oldskyblue58 said:
Just a thought but could this meeting now on Monday be about making a decision about calling in the clause about ACL 2006 long lease forfeiture? Clearly there would be legal process and costs involved and it could expose CCC to legal challenges or even scupper any stadium rescue plan which obviously affects wasps finances. It could also affect whether the stadium stays open which affects CCFC directly

No idea just wondering? They seem to be saying it is not about financial assistance and I haven't changed my mind on that - that is simply a no go for so many reasons
Click to expand...

The nine most terrifying words in the English language (for a city fan):

"I'm from the Council, and I'm here to help."
 
Reactions: ccfcchris, oldskyblue58, Hiraeth and 1 other person

Terry_dactyl

Well-Known Member
  • Oct 15, 2022
  • #2,983
Liquid Gold said:
Amateur. They are to be used for hangovers and nothing else.
Click to expand...
Well-being Days?!?!
 
Reactions: Sky Blue Pete

Calista

Well-Known Member
  • Oct 15, 2022
  • #2,984
oldskyblue58 said:
Just a thought but could this meeting now on Monday be about making a decision about calling in the clause about ACL 2006 long lease forfeiture? Clearly there would be legal process and costs involved and it could expose CCC to legal challenges or even scupper any stadium rescue plan which obviously affects wasps finances. It could also affect whether the stadium stays open which affects CCFC directly

No idea just wondering? They seem to be saying it is not about financial assistance and I haven't changed my mind on that - that is simply a no go for so many reasons
Click to expand...
And scupper any CCFC rescue plan too?
 

Gibbo

Well-Known Member
  • Oct 15, 2022
  • #2,985
dadgad said:
V few decent socialist politicians left….tho’ Z Sultana seems an exception. Maybe get her to join any campaign to return the CBS as a ‘community asset’….in perpetuity.
Click to expand...
Sultana is utterly brainless
 
Reactions: hutch1972 and Senior Vick from Alicante

Perryccfc

Well-Known Member
  • Oct 15, 2022
  • #2,986
Gibbo said:
Sultana is utterly brainless
Click to expand...

For what raisin?
 
Reactions: Nick, Moff, Bernie Rhodes Nose and 7 others

Gynnsthetonic

Well-Known Member
  • Oct 15, 2022
  • #2,987
Perryccfc said:
For what raisin?
Click to expand...
Current affairs
 
Reactions: ccfcrob, Nick, Moff and 5 others
S

SBT

Well-Known Member
  • Oct 15, 2022
  • #2,988
hutch1972 said:
What was the call by Lucas, "hell will freeze over before I sell to that woman ". It never struck me as good and sound mentality over governance of a community asset.
Click to expand...

That legal investigation posted above says she was paraphrasing what supporters were telling her, rather than stating her own opinion.
 
S

SheafIsGod

Well-Known Member
  • Oct 15, 2022
  • #2,989
OK this is my 5th or 6th time of asking now. Why should I hate the Wasps? Please someone tell me
 
Reactions: SkyBlueSam01 and skybluepm2

Sky Blue Pete

Well-Known Member
  • Oct 15, 2022
  • #2,990
SheafIsGod said:
OK this is my 5th or 6th time of asking now. Why should I hate the Wasps? Please someone tell me
Click to expand...
You don’t have to, I don’t
 

MusicDating

Euro 2016 Prediction League Champion!!
  • Oct 15, 2022
  • #2,991
Sky Blue Pete said:
You don’t have to, I don’t
Click to expand...
You've confused him now Pete!
 
Reactions: SkyBlueSam01 and chiefdave

shmmeee

Well-Known Member
  • Oct 15, 2022
  • #2,992
Philosorapter said:
It struck me that CCC and a certain third entity never allowed it to be a community asset. The stadium was always an asset of CCC and a third entity. The local community was never allowed close enough to deem it as a community asset.

I think it needs to remembered that the local community could take over community assets if they felt they could run it better, which I am sure they could have.

CCC and a certain 3rd entity never gave the community a chance of doing this.
Click to expand...

The right answer for me has always been to gift the freehold to the fans in trust (not The Trust!) and we have a committee or something set up that essentially just leases it to the club for a peppercorn rent.
 
Reactions: duffer and Sky Blue Pete

oldskyblue58

CCFC Finance Director
  • Oct 15, 2022
  • #2,993
Gynnsthetonic said:
A stadium rescue plan which would affect Wasp finances, they've had it surely, do CCC want to keep a stake in the stadium and if sold to another buyer during administration would leave them as freeholder only
Click to expand...

Sale at anytime whether during administration or not leaves CCC in the same situation- as freeholder

Was more thinking of the value of assets available for any new stadium owner. Let's be honest it's not going to be about taking wasps on its only about getting hands on the stadium.

Original lease is going to be less valuable than the long lease. An administrator might fight the council on the down grade in value because he has to maximise returns for creditors- if that goes to court then it will take a lot of time and cost and could place the stadium in danger of closure. Stadium closes CCFC has big problems

To be honest I am only speculating, I can't help thinking the future of stadium has already been decided and its all about minimising the creditors that have to be paid. Perhaps CCC are already aware of that?

Time to concentrate on the footie anyway
 
Reactions: duffer and Gynnsthetonic

Gynnsthetonic

Well-Known Member
  • Oct 15, 2022
  • #2,994
SheafIsGod said:
OK this is my 5th or 6th time of asking now. Why should I hate the Wasps? Please someone tell me
Click to expand...
You don't have to, I luv em me!
 
S

skyblu3sk

Well-Known Member
  • Oct 15, 2022
  • #2,995
SheafIsGod said:
OK this is my 5th or 6th time of asking now. Why should I hate the Wasps? Please someone tell me
Click to expand...

 
Reactions: ccfcchris, Deleted member 9744, stupot07 and 2 others

chiefdave

Well-Known Member
  • Oct 15, 2022
  • #2,996
oldskyblue58 said:
Just a thought but could this meeting now on Monday be about making a decision about calling in the clause about ACL 2006 long lease forfeiture? Clearly there would be legal process and costs involved and it could expose CCC to legal challenges or even scupper any stadium rescue plan which obviously affects wasps finances. It could also affect whether the stadium stays open which affects CCFC directly

No idea just wondering? They seem to be saying it is not about financial assistance and I haven't changed my mind on that - that is simply a no go for so many reasons
Click to expand...
Don't really see why this would need them to call a meeting on a Friday night. The Telegraph have previously reported the council have taken legal advice regarding the situation so should now the options available to them. The Labour members of the council have a meeting every Monday according to Gilbert so what couldn't wait?

In any case would the future on the arena be something Labour are discussing behind closed doors or something that should be discussed in full council meetings and subject to scrutiny?
 

Samo

Well-Known Member
  • Oct 15, 2022
  • #2,997
MusicDating said:
You've confused him now Pete!
Click to expand...

I think you could confuse him by putting him a barrel and telling him to stand in the corner.
 

letsallsingtogether

Well-Known Member
  • Oct 15, 2022
  • #2,998
chiefdave said:
I didn't give rugby a second thought until Wasps showed up. The most it registered was when CWR would mention a CRFC result. Now I hate the game with a passion, there's only one club to blame for that.
Click to expand...
I hate the wasps also but to tar all rugby fans the same when half of the crowd at Cov also go to the City.
Btw I am one of those so will always stick up for them.
Also I hate Sisu with a passion doesnt stop me getting a ST.
 
Reactions: Kneeza, torchomatic, Moff and 5 others

hutch1972

Well-Known Member
  • Oct 15, 2022
  • #2,999
SBT said:
That legal investigation posted above says she was paraphrasing what supporters were telling her, rather than stating her own opinion.
Click to expand...
Not quite, there is no evidence as to what context she said it, only her word.
 

hutch1972

Well-Known Member
  • Oct 15, 2022
  • #3,000
Philosorapter said:
If your understanding is correct, the big question is, will ACL (2006) have a winding-up order against it, or just the other parts of the group of companies?
Click to expand...
If they lock the gates, someone should tell the Scots and Aussie RL teams/supporters that will be arriving on Fri night, that would be quite embarrassing for the city.
 
S

SBT

Well-Known Member
  • Oct 15, 2022
  • #3,001
hutch1972 said:
Not quite, there is no evidence as to what context she said it, only her word.
Click to expand...

Page 22 of the report, under the heading “Findings of fact”:
Councillor Lucas made a comment at a Labour Group meeting about people in the city saying that the Council should not deal with SISU until “hell freezes over” in doing so she was not expressing her own view but that of others which she had been told.
Click to expand...

Certainly not a fan of Lucas/the council, nor am I saying the report is definitive, but let’s not pretend there’s no dispute about it.
 

Grendel

Well-Known Member
  • Oct 15, 2022
  • #3,002
SBT said:
Page 22 of the report, under the heading “Findings of fact”:


Certainly not a fan of Lucas/the council, nor am I saying the report is definitive, but let’s not pretend there’s no dispute about it.
Click to expand...

You meet her and her husband Ray when they are pissed down their local - it would remove all doubts
 
Reactions: RegTheDonk
G

Ghosty

Member
  • Oct 15, 2022
  • #3,003
You know they’re arrogant cunts when it took them a whole day to realise I was trolling on that forum
 

hutch1972

Well-Known Member
  • Oct 15, 2022
  • #3,004
SBT said:
Page 22 of the report, under the heading “Findings of fact”:


Certainly not a fan of Lucas/the council, nor am I saying the report is definitive, but let’s not pretend there’s no dispute about it.
Click to expand...
I agree, it is not definitive, it's riddled with dubious opinions portrayed as fact.
Like you I'm no fan, so we agree on that.
 

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SHUNT31

Well-Known Member
  • Oct 15, 2022
  • #3,005
hutch1972 said:
I agree, it is not definitive, it's riddled with dubious opinions portrayed as fact.
Like you I'm no fan, so we agree on that.
Click to expand...

It’s quite clear she was lying.


Sent from my iPhone using Tapatalk
 
C

CCFC54321

Well-Known Member
  • Oct 16, 2022
  • #3,006

Wasps to explore merger with Irish

EXCLUSIVE By NEIL FISSLER Wasps could be set to leave Coventry and make a return to their traditional home in London as part of a potential merger with London Irish. A party looking to buy financially stricken Wasps have held tentative discussions about also buying the Exiles, who have been put...
www.therugbypaper.co.uk
 

clint van damme

Well-Known Member
  • Oct 16, 2022
  • #3,007
CCFC54321 said:

Wasps to explore merger with Irish

EXCLUSIVE By NEIL FISSLER Wasps could be set to leave Coventry and make a return to their traditional home in London as part of a potential merger with London Irish. A party looking to buy financially stricken Wasps have held tentative discussions about also buying the Exiles, who have been put...
www.therugbypaper.co.uk
Click to expand...

Not a good idea. Look what happened last times WASPs moved into Irish territory.
 
Reactions: ccfcrob

shmmeee

Well-Known Member
  • Oct 16, 2022
  • #3,008
oldskyblue58 said:
Just a thought but could this meeting now on Monday be about making a decision about calling in the clause about ACL 2006 long lease forfeiture? Clearly there would be legal process and costs involved and it could expose CCC to legal challenges or even scupper any stadium rescue plan which obviously affects wasps finances. It could also affect whether the stadium stays open which affects CCFC directly

No idea just wondering? They seem to be saying it is not about financial assistance and I haven't changed my mind on that - that is simply a no go for so many reasons
Click to expand...

This makes the most sense. The council have the option of pulling back the lease and controlling who it goes to next. From a rational POV I can see why they would but my god from an optics POV it’s a fucking nightmare to be playing kingmaker right now.

Leave it be and let admin play out in the hope that one or both of CCFC and Wasps come out better off for me.

I wonder what their timescales for acting are? Would they need to take a decision immediately as Wasps go into admin?
 
Reactions: duffer

Grendel

Well-Known Member
  • Oct 16, 2022
  • #3,009
shmmeee said:
This makes the most sense. The council have the option of pulling back the lease and controlling who it goes to next. From a rational POV I can see why they would but my god from an optics POV it’s a fucking nightmare to be playing kingmaker right now.

Leave it be and let admin play out in the hope that one or both of CCFC and Wasps come out better off for me.

I wonder what their timescales for acting are? Would they need to take a decision immediately as Wasps go into admin?
Click to expand...

Once administration starts the council have to take back the lease for their own security

They Rather enjoyed playing Kingmaker in 2007 I am sure they will again and I’m sure they have already been approached and advised on bond holder positioning
 
H

HuckerbyDublinWhelan

Well-Known Member
  • Oct 16, 2022
  • #3,010
Grendel said:
Once administration starts the council have to take back the lease for their own security

They Rather enjoyed playing Kingmaker in 2007 I am sure they will again and I’m sure they have already been approached and advised on bond holder positioning
Click to expand...
So does it look like they’ll take the lease from ACL 2006, leave the debt and sell to Mike Ashley?
 
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