Terry Gibson's perm
Well-Known Member
I’ll have whatever that man is taking,three years from selling it out is hilarious.
Wasps current finances & hope (20 Viewers)
- Thread starter oldskyblue58
- Start date
Insider
Member
Well one is a successful business man with millions in the bank and one is Tim Fisher.
CEO of Wasps does live in a dream land if he thinks the Ricoh will sell out every week in three years time, very few rugby teams do, Leicester Tigers have an equivalent stadium size and have taken years to get to that stage, with a core base of home town supporters, many of whom have a stake in the club. Will take decades for Wasps to get that and will be based on enticing mini and junior rugby players to keep following them when they become adults
Nick
Administrator
Where are you "inside" exactly?
Nick
Administrator
It obviously does as you have chosen the username "insider" and jumped straight on this thread.
Nick
Administrator
I am just incredibly unoriginal
I do have a dislike for Wasps though which should cheer you up - but not outright hated
Ah, another new user who is strangely an expert on members...
Getting a bit boring and unoriginal, you are right.
Insider
Member
Sorry, I think I have been misinterpreted, I wasn't trying to make a disparaging remark about yourself or anyone else, apologies if you felt that was what I was getting at, was meant tongue in cheek
Also - for posts going back it seems we wont know wasps end of year results to march this year. With last years balls up their reporting date is now March so I am guessing this article must have something to do with an interim statement being released
Also - for posts going back it seems we wont know wasps end of year results to march this year. With last years balls up their reporting date is now March so I am guessing this article must have something to do with an interim statement being released
oldskyblue58
CCFC Finance Director
Their reporting date for Companies House has never changed it has always been 31st March
Under the terms of the bond they were required to report the audited figures within 4 months of the year end (30 June), and summary 6 month figures within 4 months of 31 December
As far as i can see the solicitation process around last years figures says they could delay the 2017 figures, not sure it mentions subsequent years.
This media statement by Eastwood is certainly a prelude to something, but why they would issue interim figures when the year end audit is due i am not sure. It would be in their best interest to get this 2018 set right first time with a clean audit report
Under the terms of the bond they were required to report the audited figures within 4 months of the year end (30 June), and summary 6 month figures within 4 months of 31 December
As far as i can see the solicitation process around last years figures says they could delay the 2017 figures, not sure it mentions subsequent years.
This media statement by Eastwood is certainly a prelude to something, but why they would issue interim figures when the year end audit is due i am not sure. It would be in their best interest to get this 2018 set right first time with a clean audit report
Terry Gibson's perm
Well-Known Member
Looked another bumper crowd yesterday as I saw a few pictures on Facebook from their lifelong followers
chiefdave
Well-Known Member
Are they about to issue the latest update for the bonds? Getting in early with the excuses?
This is exactly the sort of crap Fisher comes out with. You can just imagine him saying the new stadium is all going ahead and is part of phase 2, will be sold out in 3 years etc.
This is exactly the sort of crap Fisher comes out with. You can just imagine him saying the new stadium is all going ahead and is part of phase 2, will be sold out in 3 years etc.
Liquid Gold
Well-Known Member
"plans will be announced in the next few months" is peak Fisher.
Otis
Well-Known Member
Is he Tim's brother?
fernandopartridge
Well-Known Member
No comment in the story whatsoever about what happened to the training centre Wasps had already sought planning permission for, and why they didn't go anywhere.
They will sell out every game . The fortune teller at the circus said it was going to happen. Also all of the players will fly into the ground on unicorns. He bought some lucky heather so it’s a dead cert that it will come true.
chiefdave
Well-Known Member
That's what annoys me. Fisher opens his mouth and you have the local media firing in Freedom of Information requests yet Wasps seem to be able to basically put out press releases as 'articles' without any questions being asked.
Its not hard to ask about the promised state of the art facility for the citizens of Coventry or how exactly they are planning to sell out in three years when attendances are declining.
Lord_Nampil
Well-Known Member
What's really going on at Wasps - Rugby Insider | RugbyPass interesting read!
Captain Dart
Well-Known Member
They're on death row. :emoji_relaxed:
Brighton Sky Blue
Well-Known Member
The whole deck stacked in their favour and they're still ballsing it up. The author mistakes the people of Coventry gobbling up free tickets for goodwill, though.
Covstu
Well-Known Member
Every game isn’t it?
12 December 2018
Premiership Rugby hopes to conclude a £230m agreement with a private equity firm before Christmas after a board meeting on Tuesday failed to tie up a few loose ends Paul Rees has reported in The Guardian.
When the 13 shareholders in Premiership Rugby, made up of the 12 clubs in the top flight plus London Irish, first discussed the proposal in September they rejected it, not least because CVC Capital Partners wanted a 50% stake in the league.
This week’s meeting at Heathrow agreed the deal – which would give CVC a 35% stake – in principle, leaving the executive arm of Premiership Rugby to sort out the unresolved issues in the next two weeks.
“There remains unanimity about our approach and our desire to enter into a requirement for a significant investment which we think will herald a new era for the league,” said the Premiership Rugby chairman, Ian Ritchie. “We remain on track in achieving our objectives but nothing has yet been concluded.
“These discussions are inevitably complex and take whatever time is necessary. We had a good meeting and have a shared objective. We are still in discussions and they will continue. We have to take time to make sure things are done in the right way.”
Clubs would each receive around £18m if the deal goes through but they would be better off in the long-term only if income from central funds rose by significantly more than the 35% stake CVC is looking to take.
The company would take that percentage from the pot each year, meaning that if it did not grow the clubs’ annual income would shrink. They were reassured the lump sum they receive will be a windfall with proceeds from sponsorship and broadcasting deals expected to rise significantly if CVC gets involved.
CVC, which used to own Formula One, would have no say in the running of the league but would lead its commercial arm.
Premiership Rugby aiming to finalise £230m CVC deal by Christmas
chiefdave
Well-Known Member
This has got to be one of the worst decisions a sport has ever made, and there's some stiff competition. Selling out the game for short term greed.
The clubs will waste no time spending their windfall and then complain they have less money coming in every year. No doubt leading to another sale and before you know it they own less than 50%.
The real fun will come when CVC decide to sell up, no reason they wouldn't sell to owners of the calibre of SISU or similar.
The clubs will waste no time spending their windfall and then complain they have less money coming in every year. No doubt leading to another sale and before you know it they own less than 50%.
The real fun will come when CVC decide to sell up, no reason they wouldn't sell to owners of the calibre of SISU or similar.
Terry Gibson's perm
Well-Known Member
I hope that’s what he does and wouldn’t be shocked if he did as it wouldn’t be the first time for him
fernandopartridge
Well-Known Member
I don't think he's got any other option really? As this windfall basically means he's got to find even more money to keep them going every year
Terry Gibson's perm
Well-Known Member
If I was a bond holder I would be asking serious questions as this is a very short term fix and cuts their future revenue
Liquid Gold
Well-Known Member
So, London Irish moving to Brentford. Another London Wasps lie then.
chiefdave
Well-Known Member
Can't be true, Wasps said they couldn't possibly move to the new ground being built in Brentford as rugby couldn't be played there.
oldskyblue58
CCFC Finance Director
Actually it might not mean there is any loss of income. Depends what rights are attached to the CVC shares. If they have capital shares only that give voting rights but no rights to income then annual income for the clubs may not dip at all because of the CVC acquisition.
The plan is i should imagine to widen the appeal of that leagues product which would increase incomes and capital. CVC might be looking for capital appreciation and a cut of the extra income they bring or even an annual fee for that extra income based on performance
Also 37% of the clubs income in terms of central distributions comes direct from the RFU (approx 25.5m in total) that wont be affected by CVC ownership
I reckon the effect if CVC do take 27% (what i read about the final deal done) of income it would be under £1m pa per club as it stands. Against that each club gets just under £17m now.
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I hope they do not start to spend the windfall yet - there is a legal challenge being prepared by Championship clubs. Still WASPS are now expert at dealing with them!!
oldskyblue58
CCFC Finance Director
Going to get messy then. Will be interesting to see how quickly it gets dealt with.
Hard to see how they can stop a private company from selling its own shares to who they want when all the shareholders agree to the sale.
What are they challenging exactly? The whole deal to sell or elements of it? And on what basis?
Does the deal stop promotion from the championship? Who is funding the legal action? Are the RFU involved in the action? Funding the legals I would think will be key, the premiership teams would seem better placed in that respect
Won't be wasps in court over this one though will it . It will be premier rugby limited (I think that's the right name?)
Hard to see how they can stop a private company from selling its own shares to who they want when all the shareholders agree to the sale.
What are they challenging exactly? The whole deal to sell or elements of it? And on what basis?
Does the deal stop promotion from the championship? Who is funding the legal action? Are the RFU involved in the action? Funding the legals I would think will be key, the premiership teams would seem better placed in that respect
Won't be wasps in court over this one though will it . It will be premier rugby limited (I think that's the right name?)