Grendel
Well-Known Member
We in that period also received £1.7m for Callum Wilson
Wasps going into admin & the impact on CCFC (8 Viewers)
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We in that period also received £1.7m for Callum Wilson
fernandopartridge
Well-Known Member
It's a legal firm, they'll have just established an entity
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olderskyblue
Well-Known Member
Just looking back on yesterdays council meeting, and it does smack of a “preferred” bidder already in place, and as Nick said, it could be Richardson or someone else involved with the Wasps.
all the stuff about asking players to hold back for a couple of days before making any decisions also has the smell of a deal already being finalised.
Duggins distanced CCC from any bail out funding, but I wonder if he’s already committed to covering the costs of the maintenance work on the stadium as a “sweetener”. Hopefully not.
Of course, he would never do that for Sisu, just Wasps, to cover CCC’s arses for their incompetence.
end result I think will be Wasps, in some form, being our landlords still.
After his comment about secret meetings being against the constitution, I wonder if Simon Gilbert will go after him, referring to the secret and un-minuted meeting they had on bringing Wasps here?
not that it will have an effect. Duggins referenced it was agreed by all sides of the council, was that to silence Ridley from pushing that point?
all the stuff about asking players to hold back for a couple of days before making any decisions also has the smell of a deal already being finalised.
Duggins distanced CCC from any bail out funding, but I wonder if he’s already committed to covering the costs of the maintenance work on the stadium as a “sweetener”. Hopefully not.
Of course, he would never do that for Sisu, just Wasps, to cover CCC’s arses for their incompetence.
end result I think will be Wasps, in some form, being our landlords still.
After his comment about secret meetings being against the constitution, I wonder if Simon Gilbert will go after him, referring to the secret and un-minuted meeting they had on bringing Wasps here?
not that it will have an effect. Duggins referenced it was agreed by all sides of the council, was that to silence Ridley from pushing that point?
duffer
Well-Known Member
That's interesting. I suppose it would make sense that someone is trying to set up a phoenix club of some kind.
It costs peanuts to set up a company of course, so this could be entirely speculative.
Even if there is a phoenix Wasps, I don't see how they start in the Premier division though, not after they've just released all of their players. Maybe this is the start of the set up for the Championship next year?
I see the only officer, currently at least, is a solicitor. I suspect that's just the person who's setting it up on behalf of the actual owner. One to watch, this...
Skyblue_CP
Well-Known Member
I’m sure Fulham fans are relatively happy with the circa 55m they spent in the summer window. Trying to be ambitious and breaking their next ceiling which is to stay up in the Premier League. Which they’re actually performing quite well at attempting currently. So they are trying to break that ceiling no?
Grendel
Well-Known Member
Its a solicitor
SkyblueBri
Well-Known Member
Could it really just de status quo don’t depress me I thought we’d got rid of these invaders
Sky Blue Pete
Well-Known Member
I think it’s highly unlikely without the p thingy that wasps will be doing anything in coventry rugby related
If that’s the case and ccc allow acl Ltd to be owned by a wasps director that seems bizarre
Especially as in the lease agreement there was a thing about administration breaking it
Cloak and daggers eh
If that’s the case and ccc allow acl Ltd to be owned by a wasps director that seems bizarre
Especially as in the lease agreement there was a thing about administration breaking it
Cloak and daggers eh
Nick
Administrator
ACL hasn't gone into admin yet though.
slowpoke
Well-Known Member
I think Wasps in Cov is a dead duck but the name carrying on in the RU circles will happen , like it or not they are a very big name in RU and reforming is a possibility probably a certainly, already been muted of a return to the London area think that’s more than a possibility.
duffer
Well-Known Member
Unless someone buys both Wasps and the lease, and then gives them ownership of it again, this doesn't happen. If that was going to happen, it would surely have occurred whilst they were still a viable Premier division club.
Sky Blue Pete
Well-Known Member
Completely agree but it’s still disingenuous
Can you imagine if:
Wasps keep the p thing
They aren’t relegated
They wipe out debts
The recruit the players they want to on reduced contracts
They carry on as if nothing has happened
It would be a dereliction of duty on behalf of
Premiership rugby
Ccc
jordan210
Well-Known Member
Wasps' nine-figure debt revealed by chief executive
Wasps Holdings Limited went into administration on Monday
"
He said: “The model makes sense, - you have a fantastic venue with conferences, events, exhibitions and concerts and the excess from the venue pays for the sporting business, that’s fine in the normal world.
“When the organisation decided to take bond out seven years ago it automatically put a £35million debt onto the business.
“Then you add on all of the other debts over the years whether it’s pre-covid or not, if you count Derek’s loans [Richardson, Wasps owner] in there as well it’s over £100 million.”
Senior Vick from Alicante
Well-Known Member
The one thing I would say is if you get a player on a free its not counted in the spend. But you can bet that players like Ohare and Vick will be on the big bucks in the club plus the uplift in wages from promotion that has to absorbed. We may have only had a net spend on transfers of 2.5 million in the Championship but in real terms the costs of the squad will have increased several times over.
shmmeee
Well-Known Member
If that happens it’s time for Sisu to go. I wouldn’t stop going, but I’d focus everything on getting them out as there’s no future with them in charge.
I’m not too fussed about the stadium, I think it doesn’t really matter if we rent or own, and not too bothered about Wasps until they fuck up so bad it stops out games. But the idea of watching us being held ransom on life support for no reason other than spite fills me with sadness.
The value is nothing if they’re allowed to run down their contracts like last time Sisu we’re at this level.
The Philosopher
Well-Known Member
I fully expect SISU to be in the bidding either directly or through a patsy or other investment arm.
If the cost is Zero they’ll be in. If the cost is £100m they won’t, it’s where in between they bid and who else bids.
If the cost is Zero they’ll be in. If the cost is £100m they won’t, it’s where in between they bid and who else bids.
Gynnsthetonic
Well-Known Member
Over £100m debts, how irresponsible from both Wasp and CCC for their due diligenceWasps' nine-figure debt revealed by chief executive
Wasps Holdings Limited went into administration on Mondaywww.coventrytelegraph.net
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He said: “The model makes sense, - you have a fantastic venue with conferences, events, exhibitions and concerts and the excess from the venue pays for the sporting business, that’s fine in the normal world.
“When the organisation decided to take bond out seven years ago it automatically put a £35million debt onto the business.
“Then you add on all of the other debts over the years whether it’s pre-covid or not, if you count Derek’s loans [Richardson, Wasps owner] in there as well it’s over £100 million.”
HuckerbyDublinWhelan
Well-Known Member
one thing that’s alarming is the 20m in repairs needed to the Arena, is it actually worth buying?
shmmeee
Well-Known Member
Sadly not Mike Ashley’s law firm.
Nick
Administrator
Wasps' nine-figure debt revealed by chief executive
Wasps Holdings Limited went into administration on Monday
"
He said: “The model makes sense, - you have a fantastic venue with conferences, events, exhibitions and concerts and the excess from the venue pays for the sporting business, that’s fine in the normal world.
“When the organisation decided to take bond out seven years ago it automatically put a £35million debt onto the business.
“Then you add on all of the other debts over the years whether it’s pre-covid or not, if you count Derek’s loans [Richardson, Wasps owner] in there as well it’s over £100 million.”
So their model didn't make sense?
Nick
Administrator
I did google that when I saw Derbeh
Gynnsthetonic
Well-Known Member
Would you not wait until the (or if) council take back the freehold then surely its their responsibility.
Gynnsthetonic
Well-Known Member
Don't think it ever did, should never of been sold in the first place, Sisu said it wouldn't work too
The Philosopher
Well-Known Member
Can’t see £20m in repairs. It’s a bluff tactic.
jordan210
Well-Known Member
Id love to see ACL's accounts. It appeared bet everything that ACL would turn mayor profits and keep the rugby side alive.
Saddlebrains
Well-Known Member
We all agree the place needs a whole repaint, a good clean in and out and new bogs, but surely thats not 20 Million?
Nick
Administrator
I remember reading / seeing something about structural cracks? No idea if / how true.
Gynnsthetonic
Well-Known Member
Will ACL not have to publish accounts if they are to be sold?
Calista
Well-Known Member
Which Tim are you talking about?!
HuckerbyDublinWhelan
Well-Known Member
It’s been a rumour for a while, was around 12-15m in delapidations
didn’t wasps have a structural engineer in shortly after buying it?
More or less likely if entering administration?
The latter I think.
jordan210
Well-Known Member
A few other companies registered at the address which I think is a service solicitors provide got worried when I saw the bit below about NEC but think it's a red herring.
Kinetic Orange Limited - Company Profile - Endole
Kinetic Orange Limited - Company Profile - Endole
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