hmmm

[westwaleswasp]

https://twitter.com/BBCCWRSport/status/1580893149165408256?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet

[Vespula Vulgaris]

I'm not going to be holding my breath.

[jamestaylor002]

I must admit, this would be great in keeping the club afloat but I do agree with some of the comments..  Are the Council allowed to do this? Would this open up more legal action from the football club?

[Peej]

I don't see how the Council could do this realistically

[MarleyWasp]

Sisu may finally have a point regarding state aid.

Also not sure it would help us as it doesn't appear potential buyers are keen on buying us without us going into administration.

[Shugs]

Council don’t want to have to upkeep the stadium. They’ll be deciding whether it’s worth a punt laying out cash up front to potentially avoid exhaustive running costs in the future. They don’t get on with CCFC and CCFC pay nowhere near anything that would cover running costs. The problem is it would be political suicide - especially in the current climate. Fact is, if Wasps go under it will be the taxpayer paying for CCFC to play there whether it’s by this or by funding the ongoing upkeep - so the outrage by the CCFC fans, whilst understandable, is a bit misplaced.

[bigad82]

I do wonder if this was the bridging loan the club was on about.

[mike909]

That's going to be a hard one for the council and especially given the time pressures.  Not only would senior finance staff (the s151 officer especially ) be in a position to show such a package was sustainable,  they and their head of legal would need to demonstrate that such a proposal was lawful/within powers. That's quite a task for even a month let alone a day or two. 

I'll be v interested in the evidence presented.  I'd not be holding my breath on this.  There may be a legal position that would allow such spending but imo, it would be v hard to be justified if there was no long-term solution.  That would potentially open the council to legal challenge.

A bridging loan is easier, so long as there is evidence to back up its repayment,  how and when.

[Shugs]

Agree Mike but the problem in that for me be that you’d have to demonstrate you were bridging to something sustainable on the other side. I’m not sure that can be done. For lots of reasons (timescale/complexity/reputation/morally etc it feels like it’s a bit of a ludicrous thing to meet about from their point of view.

[Sliminator]

As much as I want to see Wasps survive, I can't see that this is a good idea at all.

[Peej]

The Council did put an offer in a decade ago to basically stop Sisu driving the value of the stadium down and buying it at massively deflated price.

But as someone said above, throwing good money after bad like this is political suicide. And if we avoid administration, there's no Armstrong takeover.

[hookender]

How does it work with the lease? Do wasps pay an annual amount along with business rates? Only way I could see it is that a council could give a payment holiday , but then every business would cry foul . Wouldn’t solve anything short term ( or be anywhere enough )

[wasps]

This is one of the crazier solutions I've seen mentioned.


I suppose the only way it could work is if it's solely to buy is a short amount of time as part of a different solution that's already in motion but requires time.
I.e. pay off HMRC and provide 6 months running costs, bond interest payments etc.




Even then it feels like it's bat shit crazy

[Rossm]

Even then it feels like it's bat shit crazy

That's just why I like it🤑 Bring it on. It's worth it just to spit in the eye of the all the gloaters.

[Rossm]

From Bobby Bridge.

https://www.coventrytelegraph.net/news/coventry-news/coventry-city-council-vote-financial-25264359