Wasps going into admin & the impact on CCFC (5 Viewers)

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Evo1883

Well-Known Member
Seasons just started really , wasps are suspended for the rest of it and relegated to the championship.. where and I repeat WHERE do new owners get revenue from ?

They won't be staying at the arena , I still feel confident about that , its simply not financially viable
 

Grendel

Well-Known Member
Surely you can see how different it is?

In terms of account manipulation to create a result it’s different how?
 

shepardo01

Well-Known Member
yes i would think so....... could be the full amount or "the best deal they could get".

I am guessing if the new entity buys it for £35m that in the coming financials it will be worth more.

If the money to buy it isnt put in to the new entity by interest bearing loans, say by issued share capital, then profitability and viability is improved
It was Covids fault they lost money!... wasn't it!?! :cool:
Zero debt incoming too....??

Although apparently, any bid for ACL, even in admin, should include the 35m for bondholders... (unless no bids include that)....

Exactly what i was told last night. (See above)
I think it has all been planned from the outset by ccc so that it is so difficult for SISU to get their hands on it.
Was told admin not liquidation tomorrow, which surely means more or less debts wiped, sell restructured back to themselves???

SISU will not get any part of the arena
 

Evo1883

Well-Known Member
Exactly what i was told last night. (See above)
I think it has all been planned from the outset by ccc so that it is so difficult for SISU to get their hands on it.
Was told admin not liquidation tomorrow, which surely means more or less debts wiped, sell restructured back to themselves???

SISU will not get any part of the arena

How do they fund the stadium and staff with no games on at the arena for the rest of the rugby season ?

They've been suspended and relegated
 

Nick

Administrator
Exactly what i was told last night. (See above)
I think it has all been planned from the outset by ccc so that it is so difficult for SISU to get their hands on it.
Was told admin not liquidation tomorrow, which surely means more or less debts wiped, sell restructured back to themselves???

SISU will not get any part of the arena
Where are the new wasps owners getting 35m from? They have no games for the rest of the season also and next season "relegated".

If ccc are involved they need to be outed.
 

Evo1883

Well-Known Member
No idea... do we/our rent etc fund it??

They couldn't fund staying at the arena with premiership rugby , European rugby and the mighty sky blues there , plus all the extras .. what would be different with even less revenue
 

CrawleySkyBlue

Well-Known Member
Spoke to Boddy after the game yesterday. There is currently no offer for the stadium from Sisu. Dave expects ACL to be liquidated on Monday at which point he expects there to be lots of offers for the stadium. When I asked him if Sisu will offer, he was careful with his words but in a nutshell the answer was yes and he would expect us to be in prime position with the council. He said there have been lots of comms with the council and that the council have been much more cooperative this time.

I also asked him about Tuesday’s game. He could not rule out the game not being played at the CBS.

Things will get interested post ACL liquidation on Monday.

Not that insightful but good to hear the council appear to be more responsive.
 

Grendel

Well-Known Member
How many tens of millions were owed externally?

Thats not answering the question and I assume a lot of the ab and sl debt is external crystallised losses from the original Sisu takeover

I can’t see that hardly any of that all external debt was ever paid was it?
 

Nick

Administrator
Which probably has no relation to our situation whatsoever. Wasps are finished in Coventry.

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I'm not so sure.
There was always going to be a lot of local influential people desperate for it to work
 

wingy

Well-Known Member
HMRC that's new isn't it.
Seasons just started really , wasps are suspended for the rest of it and relegated to the championship.. where and I repeat WHERE do new owners get revenue from ?

They won't be staying at the arena , I still feel confident about that , its simply not financially viable
Especially if we shuffle along again
CBS withdraw etc .
Would require a serious exhibition/event operation to sustain it.
 

shepardo01

Well-Known Member
Spoke to Boddy after the game yesterday. There is currently no offer for the stadium from Sisu. Dave expects ACL to be liquidated on Monday at which point he expects there to be lots of offers for the stadium. When I asked him if Sisu will offer, he was careful with his words but in a nutshell the answer was yes and he would expect us to be in prime position with the council. He said there have been lots of comms with the council and that the council have been much more cooperative this time.

I also asked him about Tuesday’s game. He could not rule out the game not being played at the CBS.

Things will get interested post ACL liquidation on Monday.

Not that insightful but good to hear the council appear to be more responsive.
I honestly think the council are playing nice to Big Dave... but I'm fairly certain that behind that, they are being the "not until he'll freezes over" version of CCC.
 

Nick

Administrator
Thats not answering the question and I assume a lot of the ab and sl debt is external crystallised losses from the original Sisu takeover

I can’t see that hardly any of that all external debt was ever paid was it?
Yes which is the same as Richardson writing off his own debts etc.

It's a bit different with so many external creditors.
 

Evo1883

Well-Known Member
We all feel the way we do because we are desperate for them to go , from the other side though Screenshot_20221030-121252_Chrome.jpg

That's after he talked about the news of a takeover
 

TomRad85

Well-Known Member
I'm not so sure.
There was always going to be a lot of local influential people desperate for it to work
Indeed there was and now they all look like massive cunts. I guess they could keep digging but I really can't see it.

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Grendel

Well-Known Member
Yes which is the same as Richardson writing off his own debts etc.

It's a bit different with so many external creditors.

How is the co op bank not an external creditor?

I know one external creditor who had to write if thousands even before that
 

alexccfc99

Well-Known Member
Spoke to Boddy after the game yesterday. There is currently no offer for the stadium from Sisu. Dave expects ACL to be liquidated on Monday at which point he expects there to be lots of offers for the stadium. When I asked him if Sisu will offer, he was careful with his words but in a nutshell the answer was yes and he would expect us to be in prime position with the council. He said there have been lots of comms with the council and that the council have been much more cooperative this time.

I also asked him about Tuesday’s game. He could not rule out the game not being played at the CBS.

Things will get interested post ACL liquidation on Monday.

Not that insightful but good to hear the council appear to be more responsive.

This is positive I guess

I’ve resigned to the fact Tuesday will be played elsewhere however, surely the turnaround from liquidation of ACL to Kick off time on Tuesday would be far too quick even if a buyer was found
 

oldfiver

Well-Known Member
That's the thing, surely an administrator can't tell bondholders the offer of 50p was the best.

He can "tell them" anything - remember the Bondholders are advised by the WASPS appointed Trustee. I do not know how far his authority extends to accepting a debt reduction
 

JAM See

Well-Known Member
Is there absolutely no way that the ACL administration can be kicked down the road for a month or so?

Wasps are fucked anyway.

Keep the CBS open until the WC starts, and have a month to sort out new owners and keep the site operational for the next six weeks.
 

Great_Expectations

Well-Known Member
Yea, again not claiming to be an ITKer here, but think this is likely.

Think the ‘not alone’ element is being worked out and surprised at one name/group that’s been mentioned.

Also heard CCC are aware. Which worries as I imagine they’ll be doing what they can to stop it…..whether they have any official influence or not.

Re SISU - see above. I was told by someone involved in this mess, they were planning something.

It’s gone radio silence now and I fear something has changed.

Also note - CCC.
 

wingy

Well-Known Member
I don't see how the council can be any other than pragmatic here now

Wasps are over here as a sporting entity

Moonstone though?
 
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