ACL Updates?

[bigad82]

My wife works in the office space at the CBS Arena.
They are moving everything out tomorrow.

Works there for the administrator of Wasps, rather than works there for ACL or one of the other businesses not yet in administration (or whatever), I assume.

A truly troubling time for all.

No Nelly a company that's been renting office space since 2015.
I've been in this position myself at a company and I just hope they can get everything out by 12PM if the worst does happen.

Ah. Then that would suggest ACL have decided to call it a day as well. It doesn't surprise me. I did not think anybody would buy in at the last minute. The vultures arrive after then.

It's certainly looking that way.

[Westy68]

So why was the £60m bid rejected, I know the P share had to be part of the deal but why wasn't a deal done prior to us going into administration. Appreciate we might be going over old ground but just confused.

Was the £60m not enough for the board, wasn't the deal to cover the bond holders as well. Was the bid about going into administration but still wanted to keep the P share.   

[jamestaylor002]

So why was the £60m bid rejected, I know the P share had to be part of the deal but why wasn't a deal done prior to us going into administration. Appreciate we might be going over old ground but just confused.

Was the £60m not enough for the board, wasn't the deal to cover the bond holders as well. Was the bid about going into administration but still wanted to keep the P share.   

Not sure of the figures, but I'm fairly sure that the Armstrong (think that was the correct name!) bid relied on Wasps going into administration and keeping the P share. Prem Rugby said that wasn't going to happen, so the bid failed.

[Shugs]

That’s my understanding. It wasn’t rejected, it was withdrawn by the bidder over the P share. PRL were indeed strong on the issue. As they always are of course. The PRL incidentally are the 11 remaining clubs who have conveniently now started picking up some very good Wasps and Worcester players.

[jamestaylor002]

That’s my understanding. It wasn’t rejected, it was withdrawn by the bidder over the P share. PRL were indeed strong on the issue. As they always are of course. The PRL incidentally are the 11 remaining clubs who have conveniently now started picking up some very good Wasps and Worcester players.

For next to nothing I imagine!

[WonkyWasp]

Whilst I am extremely glad that many of our boys have found (hopefully temporary) new homes, and the other teams are only following the business practice as would we ... it does feel a lot like vultures and dry bones.

[bigad82]

What happened to ACL going into admin?
Very strange.

[Rossm]

What happened to ACL going into admin?
Very strange.

Extract from a Cov Telegraph article:

Two bids are understood to have been made to buy the Coventry Building Society Arena – a situation that has enabled the stadium to continue to operate and host Coventry City matches for the foreseeable future, beyond Tuesday night’s home match with Blackburn Rovers.

CoventryLive understands that the NEC Group are one interested party who have expressed a firm interest in the stadium, which is run by operating company ACL, while a rival bid is also understood to have been lodged – both of which effectively keeps the business going for the time being.

As of Friday afternoon, it is understood that ACL was heading for liquidation if a buyer, fresh funding or credible interested parties had not been found by 4pm today (Mon, Oct 31). As it stands, ACL is not in administration.

[NellyWellyWaspy]

I see that, just now on BBC News, ACL has applied to go in to Administration, which we be this afternoon. They lodged the application immediately after the Sky Blues game yesterday (they won).

[ColonelWasp]

I understand that a number of bids have been made but not sure if they all rely on going into Administration?
Press speculation that these are bids from NEC and Ashley, but at least one other I think (I don't know if SISU have also bid to make that 4).
I presume that the Administrator now has to evaluate the offers and choose a "preferred" bidder in the same way as they did with Wasps Rugby and then the bidder has to "deliver" on their plans ASAP after that?
I think it is a stipulation from the Council Freehold that sports have to be played at the stadium so I presume that the site can't be "bulldozed" for housing or shops so I would think that any owner would want as much "sports and leisure usage" as possible for their investment?

[Shugs]

My reading is that Ashley has bought the lease pre admin. The rest will now go into admin. Ashley and SISU will slug it out over CCFC. CCFC may have a right to play there (protected lease, stipulation re sport etc) but Ashley can make it difficult (huge rent) etc. More importantly if the RFU don’t show leniency and we’ve had no discussions with Ashley about playing there we are in a sticky spot. If we were to get everything in place to relaunch only to be scuppered by some RFU buffoonery that would take the biscuit.

[WonkyWasp]

Colonel  -  you are an extremely useful person to know and your input is much appreciated.  Many thanks               to you ...        

[ColonelWasp]

I don't know what discussions may or may not have taken place, but I do know that Wasps were aware of Ashley's interest way before all of this so I presume some dialogue may well have taken place (dependant on what the final outcome may be).

I also understand that the Freehold stipulates the land/stadium is for sporting use so if Ashley has bought the Lease, he would have to honour that.

As he is looking to build his new HO just up the road in Ansty, I presume that he'd want to keep the council on his side for any planning "issues" that might crop up at that site so offering a "sporting home" to those that want it would make sense to me.

However, we are talking business and pretty "big bucks" so common sense may not apply, but you would hope it would for everyone's sake.

After all the vast majority of the local (and wider) community and sports fans just want to enjoy their day out with their families and friends and be entertained.

[Bloke in North Dorset]

I understand that a number of bids have been made but not sure if they all rely on going into Administration?
Press speculation that these are bids from NEC and Ashley, but at least one other I think (I don't know if SISU have also bid to make that 4).
I presume that the Administrator now has to evaluate the offers and choose a "preferred" bidder in the same way as they did with Wasps Rugby and then the bidder has to "deliver" on their plans ASAP after that?
I think it is a stipulation from the Council Freehold that sports have to be played at the stadium so I presume that the site can't be "bulldozed" for housing or shops so I would think that any owner would want as much "sports and leisure usage" as possible for their investment?

I think its a bit simpler with assets rather than with the rugby club. The administrator just has to get the best deal for the creditors without worrying about whether a 3rd party, eg RFU could scupper any deal by not recognising the new owners' right to play in the league and any bid would be conditional on that right because that's effectively what they are buying.

With the assets it's more buyer beware. If one party puts a biggest bid on the table and show's the means of payment the administrator has to accept.  its the bidders  problem if at a later date they can't do with the asset what they wanted eg knock the stadium down and build houses or something similar. The administrator wouldn't be interested in waiting to see if that permission would be granted.

[Heathen]

This could get even messier than it is aleady.