Gynnsthetonic
Well-Known Member
Why would Richardson want to keep hold of the arena, thought he might just want to wash his hands with it and move on to something else.
Wasps going into admin & the impact on CCFC (9 Viewers)
- Thread starter Alkhen
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fernandopartridge
Well-Known Member
Gynnsthetonic
Well-Known Member
Wasps have no potential in the current system, you'd be better off buying CRFC
Frostie
Well-Known Member
Which given the protagonists & their previous history/relationship seems absolutely crazy.
thekidfromstrettoncamp
Well-Known Member
Just a question oldskyblues (my hero) can Wasps set their own administrator like Sisu did or does the bond holders being invovled (outside creditors) alter that?
HuckerbyDublinWhelan
Well-Known Member
I tend to look at the idea that if Wasps are allegedly talking to other parties for investment, they’ll be looking to sell. If that’s the case I think they’re eyeing us up to.
Gynnsthetonic
Well-Known Member
Or merge with Worcester
NorthernWisdom
Well-Known Member
Now, there's certainly a logic in economies of scale, getting the stadium used more than one day a week for one team. The problem in that respect has been that Wasps have been set up as primary user, whereas it needs to be flipped really. Isn't easy, and of course the teams have had difficulties, but Swansea, Hull, Huddersfield etc manage to run a Rugby team in the ground alongside the football team.
Another problem of course is Wasps are interlopers, and do you want to attach them to CCFC? A potential owner with balls / lack of empathy might well override that though, do some serious re-branding with Wasps to make them a Sky Blue Rugby team. Running Wasps as the extra could be a (relatively!) cheap way of getting more footfall / awareness for the arena and also indirectly for the football club. If they were secondary to the concerns of the football club you could reign in their sit or bust approach too, while also offering ticket bundles and offers across clubs to try and cross-pollinate.
Now... personally I don't want us near Wasps, I'd rather they withered and died. The above is also not without risk of course but... what isn't. It is however what a potential owner might consider, as ultimately the Wasps team part is a small add-on in comparison to the rest. If you then brought Cov Utd ladies back under the CCFC banner, you can start to do what Wasps made aspirations of doing, but maybe properly. As it's us of course, it'd all drag the football team down to oblivion as the rest fell!
shmmeee
Well-Known Member
Yes but we have an owner to reportedly wants a ridiculous sum or wants to stick around. The thing that stops us being bought isn’t the CBS it’s Sisu.
HuckerbyDublinWhelan
Well-Known Member
Didn’t OSB say they’ve roughly put in 18m of their own money (might be wrong)
I reckon you could get the lot - CCFC, ACL and Wasps for around 60-70m
if someone offered 30m for the club I think SISU would be gone
Gynnsthetonic
Well-Known Member
Can't see anybody paying nowhere near that and why would anyone want Wasp
Colin Steins Smile
Well-Known Member
My take on recent events is the move towards administration is:I would have thought the cleanest way out is to sell ACL & IEC rather than the group actually going in to administration
ACL owns the lease, is the part that generates income and under a specialist stadium owner could perhaps turn profits. Would leave ccfc and wasps with leases to be there so there is worth there for a new owner. Any sum wasps holdings receives could be applied to the bond and other charges.
Wasps holdings needs to raise much more than 35m. Could the stadium be sold for a suitable sum ?
Just a thought but if ccfc paid for the pitch under administration would be an unsecured creditor I assumemaybe not going to get it back?
Strange that Richardson was reappointed a director of acl in August 2022
a] To buy time for a last ditch attempt to refinance
b] Allow Wasps Holdings to appoint an administrator, if it comes to that course of action rather than HMRC or Bond holders
Regarding the value of the CBS arena - Pride park was reportedly sold for circa £20 - £22M. The CBS needs some maintenance work, but has the exhibition hall, etc, so might be worth £20 - £25M? However, given the distressed situation of Wasps Holdings would anyone pay that?
I would guess that rental payments are made in financial quarters, so potentially the club would have a schedule of payments for either April - June, then July - September or if they follow Otiums financial year from 30th June .....it would be July - September, etc.... Therefore, any agreement in a rescheduling of rent payments to Wasps following the cost of pitch could mean a reduced rent for the October - December payment. Hence, I think the club will get some value of it's funding of the pitch back. If Wasps go into administration at the end of September CCFC has an established agreement in place for reduced rent. I just hope Dave Body did his homework on this!
If this is not the case and the club becomes a creditor to Wasps holdings, then that would provide Joy Sepella with a lot of financial reports on the admin process. Not sure Richardson would like that idea, as she knows a lot about how to manipulate admin processes.
As for Richardson and becoming a director of ACL, then this will be another tactic to ensure he protects his assets.
TomRad85
Well-Known Member
He is a bit of a bell so that adds up. But the point still stands for any Cov fans.
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HuckerbyDublinWhelan
Well-Known Member
Depends if you’re in a sports investor, Championship sides with a stadium have gone for between 50-80m.
like it or not - wasps are a premiership rugby side. The whole package is definitely worth 60-70m
shepardo01
Well-Known Member
....with no debt.....
Nick
Administrator
I just can't see how they would happen though.
If they have secured Bonds on the Lease, not sure they can move the lease to a different company and then go into admin and then just come back the same with a new company with the lease but no bonds.
That's potentially fraud?
chiefdave
Well-Known Member
Gynnsthetonic
Well-Known Member
Do they wanna be in my gang my gang!
jordan210
Well-Known Member
Why screwing over bold holders
shepardo01
Well-Known Member
I don't know either Nick.... but we know there has been a lot of prep for this, murky waters around all of the different companies/arms of "Wasps", Derek Richardson and his money (can't remember where I posted, but was told sunsay he still has cash and could, if he wanted, pay the bond)
Something "tricky" will happen and they'll come out of this In a way that at the moment, we can't fathom, but will be beneficial to "them"....
Come on.... we support CCFC... its bound to happen!
shepardo01
Well-Known Member
"Restructuring partner"?
"COMPLETE the refinancing process"??
oldskyblue58
CCFC Finance Director
clock is running to get this sorted
- By the directors or company: once the directors sign the notice of intention to appoint an administrator, they have 10 days of protection, when no creditor can take any recovery action. This occurs before they are actually in administration, so can be very useful, and can give the business and directors time to decide the way forward.
edgy
Well-Known Member
So not going into Admin then. More like buying time whilst they sort their shit out.
SBS
Active Member
jordan210
Well-Known Member
If anyone is interested in who FRP are: FRP Advisory | Real Expertise. Real Results. | Business Advisers
Grendel
Well-Known Member
If the head lease company goes into administration with wasps chosen administrator the lease I think reverts. ACl to its original term. At that point the bond holder security will then go. So it’s not that straightforward and the bond holders are fragmented and have little time to collect together and act
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