Wasps current finances & hope (18 Viewers)
- Thread starter oldskyblue58
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Terry Gibson's perm
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chiefdave
Well-Known Member
What are the TV ratings like these days? Must have a big influence on the value of being the title sponsor. Last figures I saw they were getting around 110K average viewers.
Not sure CD, being an American outfit I did wonder If it might help push the game over there.
My paper copy of Observer quoting WASPS saying they have not filed the accounts
Has the Mediation finished?
Could that have any baring ,just a thought though can't see a relationship?
Last edited:
fernandopartridge
Well-Known Member
They've signed CCFC for another year so unlikely but who knows.
Terry Gibson's perm
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We need to send a signal or use the italiaphone
fernandopartridge
Well-Known Member
Now officially showing as 'overdue' on Companies House. Where's the CT headline? I seem to recall them being all over SISU posting late accounts for CCFC!
Terry Gibson's perm
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oldskyblue58
CCFC Finance Director
It would seem they must have a problem signing the accounts off
It isn't just Wasps Finance PLC
It is
Wasps Holdings Ltd
Arena Coventry Ltd
Arena Coventry (2006) Ltd
IEC Experience Limited
as well.............. plot thickens .............. and yes you might expect the local press to try to get answers from Mr Eastwood etc ............ they are now 10 days late
It isn't just Wasps Finance PLC
It is
Wasps Holdings Ltd
Arena Coventry Ltd
Arena Coventry (2006) Ltd
IEC Experience Limited
as well.............. plot thickens .............. and yes you might expect the local press to try to get answers from Mr Eastwood etc ............ they are now 10 days late
Terry Gibson's perm
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oldskyblue58
CCFC Finance Director
The imposition of penalties is automatic if you file your accounts late
Wasps Finance faces a £3000 fine
So far the other companies face £150 fine each
Wasps Finance faces a £3000 fine
So far the other companies face £150 fine each
Nick
Administrator
"Mr Eastwood, do you have anything to say about the accounts?"
"Yes, we aren't changing seat colours and the move has been a great success"
"Are the headlines Wasps move a fantastic success and Wasps won't change seat colours because they love CCFC OK?"
"Nice one"
Terry Gibson's perm
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Captain Dart
Well-Known Member
The real question is not are they in a bit of a pickle because they clearly are but whether they are in meltdown.
Doubt if this would be such a big issue if the bonds didn't exist.
I suspect they'll patch something up in the next 6 months.
PS Didn't one of the CCFC group fail to file accounts for 2 years, leading to a couple of transfer embargos?
D
Deleted member 5849
Guest
I'd agree. It doesn't make it right if (when!) CCFC do it... and it was indeed a signal that something was amiss.
Now of course it may not be serious now, but as others have mentioned, you'd think they'd at least ask the questions, they're not the hardest after all!
fernandopartridge
Well-Known Member
Each CCFC embargo was down to administration as far as I remember.
It is curious. It has to be something that cuts across the group so must be down to the security of the stadium. Is there a chance of default on the bond interest? Or is there an issue getting accounts signed off by auditors considering the irregularities identified in the last year or two?
I may have imagined it but weren't the companies merged, at least in terms of administration, around 12-18 months ago?
Also they released some quite limited, and unsurprisingly positive news, in December around revenue increasing which stated a profit EBITDA - albeit not enough to cover the bond covenant. This doesn't scream melt down, although clearly something by has happened, or is happening which affects the ability to submit accounts.
Could they owe the tax man a significant chunk based on the accounts?
Also they released some quite limited, and unsurprisingly positive news, in December around revenue increasing which stated a profit EBITDA - albeit not enough to cover the bond covenant. This doesn't scream melt down, although clearly something by has happened, or is happening which affects the ability to submit accounts.
Could they owe the tax man a significant chunk based on the accounts?
Captain Dart
Well-Known Member
Well the bond price hasn't collapsed if it does then something smelly (for Wasps) will be happening.
chiefdave
Well-Known Member
Not sure the bond price gives an accurate reflection of what is happening given that a large chunk of them will be held by fans.
Captain Dart
Well-Known Member
Well they dipped a lot when the problem arose with the accounts, since they've nearly recovered, not quite.
fernandopartridge
Well-Known Member
The number of trades since has been pretty low though tbh
The Bond Price should not change much in the short term. The Bonds are not due to be repaid until 2022 so short term hiccups have no effect, unless selling now.
However, if the Bond Interest is not paid or there is a perception the Bond Capital will not be paid the doubts creep in.
The Ricoh valuation is not a simple bricks and mortar job but one based on future incomes and that may be the valuer's problem
chiefdave
Well-Known Member
They've somehow managed to make a terrible website even worse.
Wasps mutiny! England stars Elliot Daly and Joe Launchbury set to leave over 'broken promises' on training facilities and contracts
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Wasps face the growing threat of an exodus of their leading stars, with a mutinous mood in the squad over ‘broken promises’ relating to late payments and new facilities.
Coventry-based Wasps resume their Premiership title challenge on Sunday when they meet Northampton at the Ricoh Arena but there is serious unrest behind the scenes.
Patience is thin, caused by a lack of anticipated investment against a backdrop of financial turmoil. This jars with the perception that the club are enjoying a new era of prosperity.
+4
Wasps face the growing threat of an exodus of their leading stars like Elliot Daly
Sportsmail has learned that marquee players such as Elliot Daly, Joe Launchbury and Christian Wade are expected to leave when their contracts expire unless Wasps address their grievances. Sources have indicated that the discontent and resentment have become so heightened that some fear there will be a flashpoint before most of those deals run out.
The primary gripes among players and coaching staff relate to inadequate training facilities and the backlog in image-rights payments, which are thought to account for about 15 per cent of overall salaries.
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200 shares
Wasps moved to Coventry at the end of 2014, and owner Derek Richardson pledged that they would have to use a temporary training base for only six months, before a new, state-of-the-art HQ was ready.
Three years on, two sites which were identified have been ditched and a new location is being sought. The message from the hierarchy is that it will be at least another two years before they no longer have to act as reluctant squatters in the basic surroundings at Broadstreet RFC.
+4
Players were promised state of the art training facilities when they moved to Coventry in 2014
There, the supposedly wealthy club have portable cabins serving as offices in the car park. They share changing rooms with Broadstreet teams and use the clubhouse for lunch — ‘It’s like eating in a pub every day we are training,’ said one player.
Outside, Wasps have only one pitch and players have voiced concerns that the tired surface is contributing to a run of injuries.
Misgivings have also been expressed about the state of the pitch at the Ricoh Arena but nothing had been done about it. Instead, urgent work had to be carried out when cracks were found in the walls of the stadium last month.
Sportsmail has been told that image-rights payments were not made to Wasps players for two years. That problem was addressed earlier this season but now it is understood payments are six months in arrears again.
+4
Players could leave when their contracts expire unless Wasps address their grievances
There is a widespread feeling that all areas of expenditure are under pressure and that the academy is being denied vital investment in favour of ‘window dressing’.
Another grievance within the squad was the handling of Sam Jones’s premature retirement. The flanker, who suffered career-ending injuries performing judo drills training with England in 2016, was upset that his wages were halted immediately he announced he had to stop playing.
Team-mates were angry but the board argued that he had been paid in full for 17 months while rehabilitating, when a contract only requires wages to remain at normal levels for six months of inactivity. Still, the saga served to further strain morale — not helped by poor communication between the powers-that-be and the players.
Unrest behind the scenes comes at a time of financial turbulence. Wasps launched a bond scheme in 2015, which yielded £35million, but they owe £2m in interest each year and must settle the debt in full in four years’ time.
+4
Players have voiced concerns that the tired surface is contributing to a run of injuries
Doubts have been expressed by independent experts about their ability to do so, with claims that the club will need to refinance.
At the end of last year, Wasps were forced to seek permission from bond holders to break the terms of the deal after Richardson made a personal payment to make up for a shortfall in the scheme.
Last month, it was reported that Wasps’ financial statements were three months overdue and that Companies House were taking enforcement action against what amounts to a criminal offence.
While the public see a club riding high, with a viable home of their own at last, a title-chasing team and box-office appeal, the reality is that all is not well. It has been suggested that Wasps are at a crossroads and that without the right investment, the feared exodus will happen.
Read more: England stars Daly and Launchbury set to leave Wasps over 'broken promises' | Daily Mail Online
Follow us: @MailOnline on Twitter | DailyMail on Facebook
- Wasps resume their Premiership title challenge against Northampton on Sunday
- But Coventry-based side face growing threat of an exodus of their leading stars
- Players unhappy as they were promised state-of-the-art training facilities in 2014
View comments
Wasps face the growing threat of an exodus of their leading stars, with a mutinous mood in the squad over ‘broken promises’ relating to late payments and new facilities.
Coventry-based Wasps resume their Premiership title challenge on Sunday when they meet Northampton at the Ricoh Arena but there is serious unrest behind the scenes.
Patience is thin, caused by a lack of anticipated investment against a backdrop of financial turmoil. This jars with the perception that the club are enjoying a new era of prosperity.
+4
Wasps face the growing threat of an exodus of their leading stars like Elliot Daly
Sportsmail has learned that marquee players such as Elliot Daly, Joe Launchbury and Christian Wade are expected to leave when their contracts expire unless Wasps address their grievances. Sources have indicated that the discontent and resentment have become so heightened that some fear there will be a flashpoint before most of those deals run out.
The primary gripes among players and coaching staff relate to inadequate training facilities and the backlog in image-rights payments, which are thought to account for about 15 per cent of overall salaries.
Share this article
Share
200 shares
Wasps moved to Coventry at the end of 2014, and owner Derek Richardson pledged that they would have to use a temporary training base for only six months, before a new, state-of-the-art HQ was ready.
Three years on, two sites which were identified have been ditched and a new location is being sought. The message from the hierarchy is that it will be at least another two years before they no longer have to act as reluctant squatters in the basic surroundings at Broadstreet RFC.
+4
Players were promised state of the art training facilities when they moved to Coventry in 2014
There, the supposedly wealthy club have portable cabins serving as offices in the car park. They share changing rooms with Broadstreet teams and use the clubhouse for lunch — ‘It’s like eating in a pub every day we are training,’ said one player.
Outside, Wasps have only one pitch and players have voiced concerns that the tired surface is contributing to a run of injuries.
Misgivings have also been expressed about the state of the pitch at the Ricoh Arena but nothing had been done about it. Instead, urgent work had to be carried out when cracks were found in the walls of the stadium last month.
Sportsmail has been told that image-rights payments were not made to Wasps players for two years. That problem was addressed earlier this season but now it is understood payments are six months in arrears again.
+4
Players could leave when their contracts expire unless Wasps address their grievances
There is a widespread feeling that all areas of expenditure are under pressure and that the academy is being denied vital investment in favour of ‘window dressing’.
Another grievance within the squad was the handling of Sam Jones’s premature retirement. The flanker, who suffered career-ending injuries performing judo drills training with England in 2016, was upset that his wages were halted immediately he announced he had to stop playing.
Team-mates were angry but the board argued that he had been paid in full for 17 months while rehabilitating, when a contract only requires wages to remain at normal levels for six months of inactivity. Still, the saga served to further strain morale — not helped by poor communication between the powers-that-be and the players.
Unrest behind the scenes comes at a time of financial turbulence. Wasps launched a bond scheme in 2015, which yielded £35million, but they owe £2m in interest each year and must settle the debt in full in four years’ time.
+4
Players have voiced concerns that the tired surface is contributing to a run of injuries
Doubts have been expressed by independent experts about their ability to do so, with claims that the club will need to refinance.
At the end of last year, Wasps were forced to seek permission from bond holders to break the terms of the deal after Richardson made a personal payment to make up for a shortfall in the scheme.
Last month, it was reported that Wasps’ financial statements were three months overdue and that Companies House were taking enforcement action against what amounts to a criminal offence.
While the public see a club riding high, with a viable home of their own at last, a title-chasing team and box-office appeal, the reality is that all is not well. It has been suggested that Wasps are at a crossroads and that without the right investment, the feared exodus will happen.
Read more: England stars Daly and Launchbury set to leave Wasps over 'broken promises' | Daily Mail Online
Follow us: @MailOnline on Twitter | DailyMail on Facebook
