Wasps current finances & hope (18 Viewers)

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Peter Billing

Peter Billing

Well-Known Member
fernandopartridge said:
This is the application form: https://planningportal.rugby.gov.uk/fastweb_upload/Planning Scanned Applications/R19-0415/ApplicationFormNoPersonalData.pdf

States they have had pre-discussions with Warwick District Council over the Leamington site and will submit the application later this year.

I think this might actually happen tbh, suspect the windfall from CVC will be used and that the new training ground will be combined with the Ricoh to try and secure the next bond.
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Interesting to see the Applicant is a former City Council employee, Barry Butterworth. It appears Barry was a long standing Council employee in the City Development Directorate but at some point from 2015 became development manager at Wasps Holdings. That's convenient.
Amazingly his involvement somehow seems to go all the way back to the national stadium idea in 2001..!

Let's have national stadium
 
Terry Gibson's perm

Terry Gibson's perm

Well-Known Member
Peter Billing said:
Interesting to see the Applicant is a former City Council employee, Barry Butterworth. It appears Barry was a long standing Council employee in the City Development Directorate but at some point from 2015 became development manager at Wasps Holdings. That's convenient.
Amazingly his involvement somehow seems to go all the way back to the national stadium idea in 2001..!

Let's have national stadium
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If ever a man was stealing a living he can’t be overworked with all the developments they are working on.
 
Liquid Gold

Liquid Gold

Well-Known Member
I don’t see why they wouldn’t cover it. They are, after all, well respected journalists covering local issues. They wouldn’t just bury it because of advertising pressure. No chance.
 
Terry Gibson's perm

Terry Gibson's perm

Well-Known Member
There is something about it on drunken wasps site only lasted about three comments before Sisu got a mention and then one tried to compare to a salary cap breach, these people are mad.
 
Nick

Nick

Administrator
It's madness how much they really don't seem to understand from things yet are so opinionated.

Weren't the auditors at the time summarily sacked after the error was discovered?
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The Financial Conduct Authority’s scrutiny comes after the 152-year old Premiership club admitted to creditors in late 2017 that it had overstated its earnings, breaching covenants on a £35m retail bond, and its auditors, PwC, stepped down after finding “falsified” information.
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It's as if they completely ignore things.
 
O

oldfiver

Well-Known Member
Weren't the auditors at the time summarily sacked after the error was discovered?

Factually speaking the answer is "no" there are regulations to prevent that happening without following a procedure
They would also to notify the FRC with reasons
So PWC resigned and this letter was sent

upload_2019-4-12_11-11-19.png
 
chiefdave

chiefdave

Well-Known Member
Nick said:
It's madness how much they really don't seem to understand from things yet are so opinionated.
It's as if they completely ignore things.
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I can understand them not knowing things, although maybe not something as recent and directly related to their club as this. But their attitude is really strange. They disparage the likes of this forum while firing out false 'facts'.
 
Liquid Gold

Liquid Gold

Well-Known Member
chiefdave said:
I can understand them not knowing things, although maybe not something as recent and directly related to their club as this. But their attitude is really strange. They disparage the likes of this forum while firing out false 'facts'.
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It's worse than false facts, they've completely turned the facts around to their benefit. In their mind it's gone from auditors quoting after seeing falsified information in accounts to auditors being sacked after failing to to their job. Doublethink.
 
Nick

Nick

Administrator
Liquid Gold said:
It's worse than false facts, they've completely turned the facts around to their benefit. In their mind it's gone from auditors quoting after seeing falsified information in accounts to auditors being sacked after failing to to their job. Doublethink.
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Yeah, it's blaming the auditors for the falsified evidence and then giving it the "they were sacked because of this mistake".

It is pretty strange, it's no wonder they believe so much shite they are told.

Same as when Rugby Journalists were saying players were going to leave and it was just made up by Les Reid.
 
Liquid Gold

Liquid Gold

Well-Known Member
Nick said:
Yeah, it's blaming the auditors for the falsified evidence and then giving it the "they were sacked because of this mistake".

It is pretty strange, it's no wonder they believe so much shite they are told.

Same as when Rugby Journalists were saying players were going to leave and it was just made up by Les Reid.
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It must just be the weird anti-sisu cov based fans that are doing it. I can't imagine why established fans that have seen their club struggle, nearly go bust and have to share would be like that.
 
Nick

Nick

Administrator
It will have been brought to the FCA attention by the auditors we parted company with - it is their duty to advise of irregularities. Amazing how long it has taken. Can't think there will be much in it as it was legally corrected and the replacement auditor found nothing out of or order last time.
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It's really strange, it's as if they are all posters from a PR company rather than passionate fans of a sports team.
 
fernandopartridge

fernandopartridge

Well-Known Member
What powers are available to the Financial Conduct Authority and Prudential Regulation Authority to enforce their rules?
The enforcement powers of the Financial Conduct Authority (FCA) include the right to impose a penalty on a firm or person and make a public statement. It also has the power to investigate and take disciplinary action. In addition, the FCA has the power to start criminal proceedings. This is an especially important power when investigating market abuse, insider dealing and other "white-collar" crimes.

These powers are used to deter people from breaching FCA rules. There has been an increasing use of higher penalties and more publicity to demonstrate that the FCA is a serious and powerful regulator.

The Prudential Regulation Authority (PRA) also has powers available to enforce breaches of PRA rules, although it has stated that it intends to use powers to address emerging risks in order to tackle issues before they require further enforcement actions.
 
Nick

Nick

Administrator
Soundscape Festival | Ricoh Arena - Coventry

It is with a heavy heart and deep regret that we have to announce that Soundscape has been cancelled.

Unfortunately the event’s major investors who had been in place since last year recently pulled out.

This has put immense financial pressure on the festival.

Overcoming these financial setbacks while trying to develop a new festival has become too much to bear and we have been forced to cancel.


All ticket holders will be notified via details given at the time of purchase.

Tickets bought via Ticketmaster, Ricoh Arena, Ticket Factory, Gigantic and Fest Tickets will be refunded immediately.

Any-one else who purchased tickets are advised to contact their bank or credit card provider for a refund.

We are extremely disappointed to be in this situation but under the circumstances in which we find ourselves, it is not possible to continue trading.



The Soundscape Team.
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Major blow for Coventry's big summer of music
 
Nick

Nick

Administrator
There was some incompetence from the Wasps accounting team but PWC auditors didn't spot it first time round, which was equally as incompetent on their part. When they audited a year later someone did the due diligence and flagged it but by then it was too late to rectify. as the previous year's accounts had been closed. Wasps decided to give PWC the bullet so it was @#$%& for tat really.
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It's almost as if they are just trying to completely re-write history? Where have we seen that approach before?
 
Skyblueweeman

Skyblueweeman

Well-Known Member
I have to say, I'm finding this all rather amusing.

I feel sorry for the real Wasps fans from down in London but other than that, it's nice to see things start to unravel....
 
O

oldfiver

Well-Known Member
There was some incompetence from the Wasps accounting team but PWC auditors didn't spot it first time round, which was equally as incompetent on their part. When they audited a year later someone did the due diligence and flagged it but by then it was too late to rectify. as the previous year's accounts had been closed. Wasps decided to give PWC the bullet so it was @#$%& for tat really.

An auditor is a watchdog, not a bloodhound?
google it - lol
 
Grendel

Grendel

Well-Known Member
Festival cancellation of course not anything to do with a shite venue but “major” investor pulling out
 
Johnnythespider

Johnnythespider

Well-Known Member
Wonder if any of the acts booked for the soundscape festival will now show up at the Godiva. Who were the major investors i wonder ?
 
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