Wasps current finances & hope (6 Viewers)
- Thread starter oldskyblue58
- Start date
NorthernWisdom
Well-Known Member
OK, so at least Wasps can console themselves that PWC didn't sign our messy accounts off, but wouldn't touch theirs. Not all bad news then
Captain Dart
Well-Known Member
I would have thought so.Now... I'm no expert (and await OSB with interest
Captain Dart
Well-Known Member
The enduring image of Wasps and CCFC.
fernandopartridge
Well-Known Member
I see they spent 300k on legal fees in respect of the JR.
Earlsdon_Skyblue1
Well-Known Member
So now, surely SISU see this - they must be thinking they can strike whilst the target is maimed?
Hypothetically, what are people's thoughts if they moved the club somewhere (Butts or further) in order to starve Wasps of the rent, pushing them closer to the edge so they can try to get the stadium back.
I might have completely missed the point, but it is the first thing that's come to my mind.
Hypothetically, what are people's thoughts if they moved the club somewhere (Butts or further) in order to starve Wasps of the rent, pushing them closer to the edge so they can try to get the stadium back.
I might have completely missed the point, but it is the first thing that's come to my mind.
NorthernWisdom
Well-Known Member
Next season's been agreed. I'd assume the values are pretty insignificant in the grand scheme of things really.
If (if!) we had more success next season, and some fans started watching us instead of Wasps, well that would be interesting...
Nick
Administrator
Here's one - BREAKING: Wasps’ future ‘uncertain’ and evidence ‘falsified’, say auditors in new accounts, as bond price falls
Wonder what the Telegraph view will be?
Wonder what the Telegraph view will be?
chiefdave
Well-Known Member
Earlsdon_Skyblue1
Well-Known Member
Love it! Telegraph will sweep it under the carpet I imagine.
oldskyblue58
CCFC Finance Director
Sorry chaps going to have to wait for comments from me. Presently on holiday in Sorrento. Back for Saturday's game will comment after that. Important things first.
NorthernWisdom
Well-Known Member
Your timing for a holiday is impeccably bad
chiefdave
Well-Known Member
The comments are that are brilliant. You can tell which ones are Wasps fans who have splashed out and which are regular investors.
MusicDating
Euro 2016 Prediction League Champion!!
So...Richardson (only shareholder (?) and one of only two directors) claimed that a 1.1m contract was with a third party company, but this claim was 'falsified' and he actually controlled this third party company. The directors investigated themselves and "consider this to have been an isolated instance, have addressed the matter directly, and consider that the measures put in place provide additional controls to prevent such an occurrence". So Derek had a stern word with himself and promised not to do it again?!
lordsummerisle
Well-Known Member
They're a really smug lot over on the Drunken Wasps site, reminds me of most of those who were fully behind Sisu.
The lack of questioning of Sisu from the start has hurt us, to be fair hope that the lack of questioning from the Wasps lot fucks them right up and they can fuck off to anywhere that will have them and their happy clappy new fans can fuck off with them too.
The lack of questioning of Sisu from the start has hurt us, to be fair hope that the lack of questioning from the Wasps lot fucks them right up and they can fuck off to anywhere that will have them and their happy clappy new fans can fuck off with them too.
lifeskyblue
Well-Known Member
The only people I feel sorry for are the diehard wasps fans who have followed them from London to high Wycombe to here. To The hedge fund, investors and plastic fans....hahaha
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lordsummerisle
Well-Known Member
Think I may have used too many fucks in my previous, didn't realise I had any fucks to give Wasps at all!
fernandopartridge
Well-Known Member
Nice to see you back
Nick
Administrator
UPDATE: Wasps have now issued the following statement via what appears to be a recently hired PR company, Tulchan Communications Group, based in London: “This was an isolated incident, entirely at odds with our policy of maintaining the highest standards of governance. The matter has been addressed directly and as we announced in December, a number of measures have been put in place to strengthen the robustness of the Group’s reporting and accounting procedures.”
This evening. we invited a further Wasps response to the auditors’ notion that evidence was ‘falsified’, and the national report that PwC has resigned as auditor to Wasps.
The PR company told us no further statement will be issued regarding the falsification claim.
It provided a statement confirming Wasps’ intention to employ new auditors Mazars for the following year’s accounts, “subject to completion of Mazars’ new client procedures”.
This evening. we invited a further Wasps response to the auditors’ notion that evidence was ‘falsified’, and the national report that PwC has resigned as auditor to Wasps.
The PR company told us no further statement will be issued regarding the falsification claim.
It provided a statement confirming Wasps’ intention to employ new auditors Mazars for the following year’s accounts, “subject to completion of Mazars’ new client procedures”.
olderskyblue
Well-Known Member
You should hop on a bus to Il Nido's and have a meal there. It's worth it just for the view, but the food is good too.
pusbccfc
Well-Known Member
I don't. They were all well behind it.
Grendel
Well-Known Member
That cretin Raggs says all clubs are the same so it’s fine and another financial expert said without the bond they’d be in great shape
Grendel
Well-Known Member
Where’s Italia?
The accounts delay is a technicality and isn’t bad as the bond price hasn’t changed. As I pointed out - wait until it’s announced - now it’s fell 12% in a day.
Land Rover stadium - tell me when I’m proved wrong - you have been - Ricoh carry on at a massively cut priced deal.
The accounts delay is a technicality and isn’t bad as the bond price hasn’t changed. As I pointed out - wait until it’s announced - now it’s fell 12% in a day.
Land Rover stadium - tell me when I’m proved wrong - you have been - Ricoh carry on at a massively cut priced deal.
Nick
Administrator
Waiting for the new pr company to brief him?
lordsummerisle
Well-Known Member
Very sensitive over there, had to asterisk my above post when they quoted it.
The smelling salts must have been out, what would Matron say?
More gloss than a Dulux factory.
speedie87
Well-Known Member
Basic points from a quick glance
Good (for wasps)
Bad
To sum up, they increased sales, so could argue are growing as a business but still making losses. Cash flow must start to be an issue as no longer have and cash in hand and rely on overdraft bank loans and owner putting money in. The major question mark is what happens in 2022 regarding how they repay the bonds.
Good (for wasps)
- Turnover (sales) across all group companies activities up 8.5% to £33.6m
- The Ricoh went up in value by £11.5m and is now worth £60m as valued by a 3rd party independent valuer
- They made reduced loss compared with previous year of £3.8m v £6.3m
- The directors having taken legal advice don’t think sisu,s claim against them has any merit
Bad
- Having admit to issue with providing falsified documents to the auditors to try and make sales higher in the accounts. When corrected this led them to break criteria re bonds, which meant they had to get bond holder approval to change rules , which they got with no problem
- They have no cash in hand left. 2 years ago they had £12m cash in bank, last year £279k as of June 17 they had a £1.5m bank overdraft and a £0.5bank loan repayable over next 3 years. Richardson is now owed £12.9m up from £9.1m last year.
- They have drawn down £33.8m of the £35m raised . They are paying interest at 6.5% p.a. On this loan and like a interest only mortgage they need to pay back the balance in full by 2022. Can’t see how this will be possible without another bond issue. How likely is another bond issue to attract enough subscribers? Good question, I’ve no idea, is the answer
- The bond price went down around 11% today. This means people with bonds have been selling them as concerned of wasps ability to repay the bond when mature in 2022
- Current assets total £7.8 this is basically stock they hold or amounts due to be paid to them within 12months. But current liabilities are £15.6m ie amounts they are due to pay in next 12months
- Based on the fact they are making losses year on year and the above they are only being allowed to carry on trading due to support from the shareholders. (Basically richardson, bit like with ccfc sisu promising to cover funding shortfallls to keep the business running
- Without the revaluation on the Ricoh they would have a negative balance sheet , which means they have more liabilities than assets
- They incurred £300k of costs investigating the audit evidence issue, and legal costs re the court case from sisu
To sum up, they increased sales, so could argue are growing as a business but still making losses. Cash flow must start to be an issue as no longer have and cash in hand and rely on overdraft bank loans and owner putting money in. The major question mark is what happens in 2022 regarding how they repay the bonds.
stupot07
Well-Known Member
You know something's serious wrong when they feel the need to hire a private PR company....
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