Positive News for the Academy - Wasps pull out of Higgs (18 Viewers)

[Deleted member 5849]

Not actually sure how positive this is.
If it means the academy have a better future. Then great.
My concern would be that SISU see it as a sign that Wasps are not as financially strong as they could be.
Then we end up with years of SISU, not putting a penny in. Waiting hoping for Wasps to collapse. When at the end of it all they still might not end up with the Ricoh.
Where as if Wasps look financially secure. When all the legal action is exhausted. I think there is a greater chance of SISU allowing people who care about the club first to buy it.

Why not be positive, hope for Wasps to get out of our city, along with SISU.

If SISU's last act is getting Wasps to sod off, then it'd be at least a small present to leave with.

 

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[dongonzalos]

Why not be positive, hope for Wasps to get out of our city, along with SISU.

If SISU's last act is getting Wasps to sod off, then it'd be at least a small present to leave with.

Sorry mate
I was pinning my hopes on this last legal action finishing and then a bunch of Cov fans taking over who can do business with other people without any grief.
I cant stand the idea of another 5 years of them not investing in CCFC and at the same doing everything they can to put pressure in Wasps including possibly us moving again.
With us if we are lucky going up and down between division 3 and 4.
Only for the end of it Wasps to be sold to someone else or the Ricoh used as something else.
Ironically for SISU to finally move on I think we actually need Wasps to look financially strong.
With the legal action going down the toilet, in my opinion they are left with the following options...

1) stay exactly as we are and play a long term waiting game to see what happens with Wasps. Whilst giving Wasps as little as possible financially.
2) invest in the team get the team as high up the leagues as possible in order to sell on.
3) get the team promoted with minimal expense, sell Ryton and sell the club for as much as possible walk away.

I think any signs that Wasps are in trouble moves us from 3 to 1.
I don’t think 2 will ever happen.

 

[Deleted member 5849]

Sorry mate
I was pinning my hopes on this last legal action finishing and then a bunch of Cov fans taking over who can do business with other people without any grief.
I cant stand the idea of another 5 years of them not investing in CCFC and at the same doing everything they can to put pressure in Wasps including possibly us moving again.
With us if we are lucky going up and down between division 3 and 4.
Only for the end of it Wasps to be sold to someone else or the Ricoh used as something else.
Ironically for SISU to finally move on I think we actually need Wasps to look financially strong.
With the legal action going down the toilet, in my opinion they are left with the following options...

1) stay exactly as we are and play a long term waiting game to see what happens with Wasps. Whilst giving Wasps as little as possible financially.
2) invest in the team get the team as high up the leagues as possible in order to sell on.
3) get the team promoted with minimal expense, sell Ryton and sell the club for as much as possible walk away.

I think any signs that Wasps are in trouble moves us from 3 to 1.
I don’t think 2 will ever happen.

Nah, Wasps dead, SISU gone... everyone's a winner.

 

[Grendel]

At least of the idiots who want a partnership with wasps they may think twice.

Sadly we are the Dale Evans of the hedge fund world they are definitely the full Walter Mitty

 

[jimmyhillsfanclub]

Not actually sure how positive this is.
If it means the academy have a better future. Then great.
My concern would be that SISU see it as a sign that Wasps are not as financially strong as they could be.
Then we end up with years of SISU, not putting a penny in. Waiting hoping for Wasps to collapse. When at the end of it all they still might not end up with the Ricoh.
Where as if Wasps look financially secure. When all the legal action is exhausted. I think there is a greater chance of SISU allowing people who care about the club first to buy it.

Yeah....cos fisher already had his bag packed, cancelled the milk & joy had even turned the telly off at the wall........but now they've heard this news, they've decided to stay put......

 

[fernandopartridge]

The interest payment to bondholders was due yesterday. Suspect it was made but has meant concessions elsewhere. More big trading volumes this morning:

WASPS 22 retail bond price (WAS1) - London Stock Exchange

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[chiefdave]

The interest payment to bondholders was due yesterday. Suspect it was made but has meant concessions elsewhere. More big trading volumes this morning:

Didn't they borrow enough in the bonds to cover the interest payments? So unless they've been really stupid and spent that you'd assume they can make the payment.

Past that though its hard not to see something isn't right. They've got rid of people at ACL and not replaced them, using Fishers 'normal business practice' line; nothing at the Ricoh seems to be getting much in the way of maintenance or repair; no naming rights; no work on the training ground and now they say its better for it to be elsewhere after claiming Higgs was the way forward ahead of numerous other sites.

If it was us people would be wanting explanations because things don't look great.

 

[skybluebeduff]

Wrong Wasps isn't it? Looks like a Software company.

Ha! fuck sake.

 

[Liquid Gold]

Great to see further indication that they’re struggling.

The only chance of a successful CCFC is a future without London Wasps and SISU.

 

[dongonzalos]

Nah, Wasps dead, SISU gone... everyone's a winner.

I hope you are right matey

 

[dongonzalos]

Yeah....cos fisher already had his bag packed, cancelled the milk & joy had even turned the telly off at the wall........but now they've heard this news, they've decided to stay put......

I take it you think how Wasps do financially, does not enter the thought process at all for SISU’s future planning?

 

[dongonzalos]

Didn't they borrow enough in the bonds to cover the interest payments? So unless they've been really stupid and spent that you'd assume they can make the payment.

Past that though its hard not to see something isn't right. They've got rid of people at ACL and not replaced them, using Fishers 'normal business practice' line; nothing at the Ricoh seems to be getting much in the way of maintenance or repair; no naming rights; no work on the training ground and now they say its better for it to be elsewhere after claiming Higgs was the way forward ahead of numerous other sites.

If it was us people would be wanting explanations because things don't look great.

Are the Wasps fans asking for explanations?

 

[Deleted member 5849]

I hope you are right matey

Be positive and optimistic

Has to be our turn some time!

 

[Liquid Gold]

Didn't they borrow enough in the bonds to cover the interest payments? So unless they've been really stupid and spent that you'd assume they can make the payment.

Past that though its hard not to see something isn't right. They've got rid of people at ACL and not replaced them, using Fishers 'normal business practice' line; nothing at the Ricoh seems to be getting much in the way of maintenance or repair; no naming rights; no work on the training ground and now they say its better for it to be elsewhere after claiming Higgs was the way forward ahead of numerous other sites.

If it was us people would be wanting explanations because things don't look great.

If I remember correctly they borrowed enough to cover the first couple of interest payments which we’ve now passed and they now have to cover the costs themselves. If their losses have increased then it looks good for the huge repayment in a few years doing them in.

I’d rather they were squashed with a rolled up paper but watching them slowly starve of oxygen in an upturned glass is good too.

 

[smileycov]

The article says that plans are now being submitted for the proposed Olympics pool on the site. The proposal was that it would go where the indoor pitch is currently situated. No indoor pitch no Cat 2 status which means loss of funding and worse still less attractive to young talent who are already spoiled for choice in the area. There was a story in the telegraph just yesterday about a lad from Bedworth who came through the Villa academy. There’s a family who live in my street whose son is going through the West Brom academy. If we lose the Cat 2 status this just knocks the club back further long term. Look at all the players that have come through the academy and then ask yourself if they still would have come through us if we couldn’t match the academy status of neighbouring clubs?

But the Article also staes, that the pool is going where the current indoor pitch is, of which it is being replaced elsewhere on site as part of the application. As i said hopefully it means we ca now get an extension to our deal and carry on.

 

[chiefdave]

Are the Wasps fans asking for explanations?

Hard to tell, there's only one here at work and he seems to have taken it as they don't want to be at Higgs and have somewhere better lined up.

 

[SkyBlue79]

Should there be any concern that wasps are going to try and build up a scenario where they demonstrate that SISUs ongoing court action has been detrimental to their business and counter sue? I'm not even sure that is possible, I just remember at the last appeal/hearing there were complaints about the delays that SISU were putting on the process.

It is just that they seem to have now distanced themselves from the council after being, let's call it "collaborative", and whilst there has been no significant money coming in from naming rights, the interim accounts looked borderline OK and looking at the news they've been investing in the squad.

I suppose, either way, City should get the opportunity to retain the training facilities in some guise and the cat 2 status along with it. I assume that means that we are negotiating a new rental/usage agreement with CSF?

 

[dongonzalos]

But the Article also staes, that the pool is going where the current indoor pitch is, of which it is being replaced elsewhere on site as part of the application. As i said hopefully it means we ca now get an extension to our deal and carry on.

That would be great news if the academy’s future could be sorted.

 

[chiefdave]

That would be great news if the academy’s future could be sorted.

Next step will be to get the restriction Higgs put in place removed so a long term deal to stay there can be agreed.

 

[dongonzalos]

Next step will be to get the restriction Higgs put in place removed so a long term deal to stay there can be agreed.

Can it be agreed for up to 5 or 7 years as it stands?

 

[SkyBlueRuffian]

I think I’m right in saying that the alterations on site that Wasps did was only ever granted planning permission on a temporary basis from RBC.

The cage has Rugby posts up, so they need to come down and the weeds will need a trim.

 

[chiefdave]

Can it be agreed for up to 5 or 7 years as it stands?

7 years rings a bell which is obviously much better than year to year but it would be nice to get something long term tied up.

 

[Nick]

Looks like some accounts are being fired up on the Telegraph already...

Comment:

Hopefully they have worked out there is no long term future in Coventry, once the novelty has warn off. Then they can take take their sporting franchise on the road and bring their plastic supporters with them. Coventry people who give their money to the London Wasps rather than Coventry Rugby Club are a disgrace.

Default Reply:

Your attitude is the reason so many of us no longer attend the football

Blame CCFC / SISU!!

 

[hill83]

Looks like some accounts are being fired up on the Telegraph already...

Comment:


Default Reply:


Blame CCFC / SISU!!

It's true though, I haven't been up for over a year as I was pre-empting that persons comment. Along with thousands of others, ask anyone. I'm literally shaking with anger. How dare they call Wasps supporters plastic. #Wake up.

 

[clint van damme]

Looks like some accounts are being fired up on the Telegraph already...

Comment:


Default Reply:


Blame CCFC / SISU!!

"Your attitude is the reason so many of us no longer attend the football"

of course it is!!

 

[Nick]

If they are putting a new indoor pitch as part of the application, if that gets accepted can they just turn round and not build that but build the pool?

Also, how vital is the indoor pitch to CSF away from CCFC?

 

[Covstu]

As much as I love to see them lot suffer, this really puts the spotlight back on our owners. Surely we can look at a long term deal for the academy and put that matter to bed but isn't this a great opportunity to barter a long term deal with Wasps at the Ricoh where we can get a share of the pie, even a joint ownership model maybe?

Its a shame, if we had a 50/50 deal at the start I think both clubs would be in a different place and probably the attitudes of the public would be different to both clubs.

 

[Covstu]

FFS the usual telegraph comments!

Looks like some accounts are being fired up on the Telegraph already...

Comment:


Default Reply:


Blame CCFC / SISU!!

 

[Nick]

As much as I love to see them lot suffer, this really puts the spotlight back on our owners. Surely we can look at a long term deal for the academy and put that matter to bed but isn't this a great opportunity to barter a long term deal with Wasps at the Ricoh where we can get a share of the pie, even a joint ownership model maybe?

Its a shame, if we had a 50/50 deal at the start I think both clubs would be in a different place and probably the attitudes of the public would be different to both clubs.

The only issue with joint ownership is the bond issues become joint then don't they?

 

[Liquid Gold]

As much as I love to see them lot suffer, this really puts the spotlight back on our owners. Surely we can look at a long term deal for the academy and put that matter to bed but isn't this a great opportunity to barter a long term deal with Wasps at the Ricoh where we can get a share of the pie, even a joint ownership model maybe?

Its a shame, if we had a 50/50 deal at the start I think both clubs would be in a different place and probably the attitudes of the public would be different to both clubs.

I say this every time it comes up but I'll go again.

Why would you invest in part ownership of a business with a £24m(?) loan hanging over it that it has no hope of paying back?

 

[Liquid Gold]

The only issue with joint ownership is the bond issues become joint then don't they?

Beat me to it

 

[skybluetony176]

This is about the swimming pool application.




Planning application submitted for new Olympic swimming pool

It is much more positive news.

That definitely sounds more positive.

 

[fernandopartridge]

"Your attitude is the reason so many of us no longer attend the football"

of course it is!!

Your attitude is this week's reason why we don't attend

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[fernandopartridge]

I say this every time it comes up but I'll go again.

Why would you invest in part ownership of a business with a £24m(?) loan hanging over it that it has no hope of paying back?

£34m mortgage that you'll have to refinance in 2022 in the context of choppy economic waters

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[smileycov]

If they are putting a new indoor pitch as part of the application, if that gets accepted can they just turn round and not build that but build the pool?

Also, how vital is the indoor pitch to CSF away from CCFC?

it is my understanding, replacing the existing pitch prior to pool being built is the binding condition. they have to have a replacement prior to loosing it.