Wasps current finances & hope (10 Viewers)

[Grendel]

Bunged out by who ?
Are you saying the Ricoh put a proposal to LR?
Are you saying it was going to be LR and now it's not?
It was considered then and something changed ?
We could both be right.

Er no I’m saying wasps wanted a high profile company but were deluded and shown the door - by several companies I believe.

Wasps will do what they always do in the end - agree a “multi million pound” deal with a company - you’ll be all over it - but in reality the terms conditions and small print mean it costs the sponsor next to nothing

 

---

[fernandopartridge]

Er no I’m saying wasps wanted a high profile company but were deluded and shown the door - by several companies I believe.

Wasps will do what they always do in the end - agree a “multi million pound” deal with a company - you’ll be all over it - but in reality the terms conditions and small print mean it costs the sponsor next to nothing

They've been incredibly quiet about the 'deal' with RICOH, not even a 'five figure' sponsorship deal.

 

[Deleted member 5849]

They've been incredibly quiet about the 'deal' with RICOH, not even a 'five figure' sponsorship deal.

Yeah, interesting in its own way. Even if a small figure, I expected them to get a new sponsor so they could claim it was a big deal, and 'showcase' their commercial pulling ability.

 

[Terry Gibson's perm]

Er no I’m saying wasps wanted a high profile company but were deluded and shown the door - by several companies I believe.

Wasps will do what they always do in the end - agree a “multi million pound” deal with a company - you’ll be all over it - but in reality the terms conditions and small print mean it costs the sponsor next to nothing

It will cost the sponsor a fortune just to change the signage and all the brown signs I would imagine this as well as second stadium name value being much less interesting must also be putting off the massive sponsors like the glentworth chippy , pilgrims newsagents and the Tudor Shoe Bar that they can attract

 

[CCFC54321]

What evidence do you want? Do you have any idea how companies work regarding sponsorship? Do you honestly think a multi national company like JLR will put on hold a very minor sponsorship deal with a minority sport for years and years until some court action is resolved?

Really it’s embarrassing. As for evidence - the evidence is that you stated it would be a done deal in 2015 (there was court action then) and 3 years later it hasn’t

I’m hardly going to be able to colonially reveal minutes of meetings am I? Fact is in 2015 I said it had been dimissed and you said it’s imminent.

Let’s let the audience decide whose in the know and who hasn’t got a fucking clue.

I can assure any disgusting wasps supporter JLR will not be sponsoring the Ricoh and the shirt sponsorship may also be in doubt.

 

[Terry Gibson's perm]

It would be interesting to know how much they are getting for stadium sponsorship at the moment compared to what they expected or budgeted for?

 

[chiefdave]

More good news for our landlords
Billy Ocean and Five Star concert at the Ricoh CANCELLED

 

[Sub]

More good news for our landlords
Billy Ocean and Five Star concert at the Ricoh CANCELLED

Well when the going gets tough the tough get going !!!

 

[Grendel]

More good news for our landlords
Billy Ocean and Five Star concert at the Ricoh CANCELLED

All rather odd - says will be rescheduled at another venue?

 

[Terry Gibson's perm]

All rather odd - says will be rescheduled at another venue?

Maybe a smaller one where they can sell enough tickets easier

 

[chiefdave]

Maybe a smaller one where they can sell enough tickets easier

Would expect so. The worry for Wasps must be that Billy Ocean is clearly shifting tickets generally as he's having extra dates added to his tour due to demand. If they aren't shifting at one particular venue it would indicate the problem lies with the venue. And of course this is the second gig there recently to be cancelled.

 

[Grendel]

Would expect so. The worry for Wasps must be that Billy Ocean is clearly shifting tickets generally as he's having extra dates added to his tour due to demand. If they aren't shifting at one particular venue it would indicate the problem lies with the venue. And of course this is the second gig there recently to be cancelled.

Perhaps need some maintenance that wasps can’t afford?

 

[Monners]

Looks like the going has got tough

 

[Grendel]

I see they are now offering zebra finance for season tickets and spreading over 12 months. The APR is 17.8% is ours that high on finance?

 

[Terry Gibson's perm]

I see they are now offering zebra finance for season tickets and spreading over 12 months. The APR is 17.8% is ours that high on finance?

Must have come as a shock to their followers when they suddenly had to pay for tickets

 

[italiahorse]

I see they are now offering zebra finance for season tickets and spreading over 12 months. The APR is 17.8% is ours that high on finance?

I have both .....
Both are 0% finance
Wasps ST 17.8% and CCFC ST 22% on charges
Not sure though if because I have Premium CCFC ticket that the % is effected.

 

[fernandopartridge]

More good news for our landlords
Billy Ocean and Five Star concert at the Ricoh CANCELLED

The ticket prices were exorbitant. No surprise this has been cancelled.

 

[Nick]

 

[Earlsdon_Skyblue1]

Can anyone elaborate on what this means? Or is it as straight forward as it sounds?

 

[Nick]

Just means that when they were auditing the stuff for Wasps, they asked for evidence and Wasps gave them falsified evidence so now PWC have resigned from being their auditor.

Isn't anything new, just the written reason confirmation.

 

[Earlsdon_Skyblue1]

That's good though, because when I tried to explain this to some Wasps apologists I know, they told me it was bullshit and that 'companies change their auditors all the time'.

I will now Whatsapp them a screenshot of the evidence, and a few sarcastic meme's maybe.

 

[oldskyblue58]

Auditors have to file such a statement in such circumstances. This was expected after the release of 2017 accounts so nothing new at all, its just the statutory requirement

advice from Institute of Chartered Accountants in England & Wales
521 Copy of statement to be sent to registrar


[This section sets out what the auditor then has to do with his statement made under section 519.]

(1) Unless within 21 days beginning with the day on which he deposited the statement under section 519 the auditor receives notice of an application to the court under section 520, he must within a further seven days send a copy of the statement to the registrar.

(2) If an application to the court is made under section 520 and the auditor subsequently receives notice under subsection (5) of that section, he must within seven days of receiving the notice send a copy of the statement to the registrar.

(3) An auditor who fails to comply with subsection (1) or (2) commits an offence.

(4) In proceedings for such an offence it is a defence for the person charged to show that he took all reasonable steps and exercised all due diligence to avoid the commission of the offence.

(5) A person guilty of an offence under this section is liable—

(a) on conviction on indictment, to a fine;

(b) on summary conviction, to a fine not exceeding the statutory maximum.




We will never know what went on exactly but there was clearly no working relationship remaining between PWC and Wasps. Not sure you see such audit reports and filings that often, and that seriously taints Wasps holdings. That in itself makes me wonder what really went on between the two sides Wasps and PWC

I know I work with smaller audit clients but quite how audit fees charged by PWC increased by a factor of nearly 7 to over £200k surprises me even with the extra work they had to do. Wasps might have large numbers but are there that many transactions, and isn't a lot (even all) held electronically so the actual man power to the audit is it that high? The transaction they found must have been material to the audit it was £1.1m, it is not as if they stumbled across it to check by luck I would think they had to check it

I get the feeling there is more to this but I have nothing to add to that, its just a gut feeling. Seems PWC are covering their position any way they can however they have acted quite properly in terms of resignation . I think both sides will feel well rid of each other. But not my problem anyway

 

[fernandopartridge]

We will never know what went on exactly but there was clearly no working relationship remaining between PWC and Wasps. Not sure you see such audit reports and filings that often, and that seriously taints Wasps holdings. That in itself makes me wonder what really went on between the two sides Wasps and PWC

I know I work with smaller audit clients but quite how audit fees charged by PWC increased by a factor of nearly 7 to over £200k surprises me even with the extra work they had to do. Wasps might have large numbers but are there that many transactions, and isn't a lot (even all) held electronically so the actual man power to the audit is it that high? The transaction they found must have been material to the audit it was £1.1m, it is not as if they stumbled across it to check by luck I would think they had to check it

I get the feeling there is more to this but I have nothing to add to that, its just a gut feeling. Seems PWC are covering their position any way they can however they have acted quite properly in terms of resignation . I think both sides will feel well rid of each other. But not my problem anyway

Well indeed, particularly considering that the large audit firms in the UK have often been seen to be rather leant on by companies (the Financial Crisis, Carillion etc). It must be bad for even them not to sign it off!

 

[wingy]

Well indeed, particularly considering that the large audit firms in the UK have often been seen to be rather leant on by companies (the Financial Crisis, Carillion etc). It must be bad for even them not to sign it off!

Still find it Incredulous that his cash injection was made late ..
Was always likely ,required, necessary .
Really find it hard to conclude it was an accident oversight,incompitent?

 

[Nick]

Still find it Incredulous that his cash injection was made late ..
Was always likely ,required, necessary .
Really find it hard to conclude it was an accident oversight,incompitent?

The auditors seemed to think it was done on purpose as evidence was falsified. That seems a fair bit away from filing something under the wrong code.

 

[wingy]

The auditors seemed to think it was done on purpose as evidence was falsified. That seems a fair bit away from filing something under the wrong code.

Unless it was pure panic I would be looking at their motivation If in some un-apparent bizarre way there is some advantage in the overall picture .
Clearly there doesn't appear to be one at surface level ,some Scam?

 

[Nick]

Unless it was pure panic I would be looking at their motivation If in some un-apparent bizarre way there is some advantage in the overall picture .
Clearly there doesn't appear to be one at surface level ,some Scam?

Wasn't it to trick the bold holders and meet the needs of it? If I remember it was something like that.

 

[wingy]

Wasn't it to trick the bold holders and meet the needs of it? If I remember it was something like that.

Yeah
Why not just put it in on time though?
Is there a point with enough shit hit the fan to make the bonds attractive to buy out as opposed pay out years of interest, then final £35 M?
Unlikely.

 

[chiefdave]

Yeah
Why not just put it in on time though?
Is there a point with enough shit hit the fan to make the bonds attractive to buy out as opposed pay out years of interest, then final £35 M?
Unlikely.

Wasn't just the timing was it? Wasn't it that the owner putting in money didn't count towards income as far as the bond conditions were concerned. That's one of the things they voted on in that meeting I think, to change the conditions of the bond.

 

[wingy]

Wasn't just the timing was it? Wasn't it that the owner putting in money didn't count towards income as far as the bond conditions were concerned. That's one of the things they voted on in that meeting I think, to change the conditions of the bond.

IDK Dave but hadn't he done that a couple of times before?
All on time etc.

 

[Terry Gibson's perm]

They are going to build a hotel on the car park over the road from the stadium formerly known as the Ricoh (or is it still?).

As they are taking car park spaces away can we assume the car parking restrictions will be dropped or shrunk to allow people to park who would have used that car park?

Doubt it though

 

[Nick]

I wonder if they are paying for the long lease for the land?

 

[Terry Gibson's perm]

I wonder if they are paying for the long lease for the land?

Hahahaha

 

[fernandopartridge]

I wonder if they are paying for the long lease for the land?

Interesting that they're applying to extend the lease first on this occasion. Wasps will not operate the hotel, presumably will be leasing it on to a hotel operator or other intermediary.

How will the council calculate how much the lease is worth?

 

[Terry Gibson's perm]

Interesting that they're applying to extend the lease first on this occasion. Wasps will not operate the hotel, presumably will be leasing it on to a hotel operator or other intermediary.

How will the council calculate how much the lease is worth?

They will ask the people who do the valuations for wasps and then take off seventy five percent to get the figure