WASPS Interim Accounts 2019 (7 Viewers)
- Thread starter oldfiver
- Start date
Liquid Gold
Well-Known Member
Is this covering CVC money too? If so ouch!
jordan210
Well-Known Member
Failure to meet Wasps Finance Plc bond covenants
Impact: Wasps penalised financially through increased interest rate or bond repayment. Mitigation: Business plan to support covenants with sensitivity analysis.
Failure to comply with Premiership or RFU regulations or changes in regulations
Impact: Wasps penalised financially for non-conformance to regulations.
Mitigation: Maintain regulation returns and inspection reports as per regulations, particularly in relation to Salary Cap and minimum standards reporting.
But the lovely London wasps could not failure to comply with anything.....
Impact: Wasps penalised financially through increased interest rate or bond repayment. Mitigation: Business plan to support covenants with sensitivity analysis.
Failure to comply with Premiership or RFU regulations or changes in regulations
Impact: Wasps penalised financially for non-conformance to regulations.
Mitigation: Maintain regulation returns and inspection reports as per regulations, particularly in relation to Salary Cap and minimum standards reporting.
But the lovely London wasps could not failure to comply with anything.....
fernandopartridge
Well-Known Member
The KPIs listed are reducing in number and out of context
F&B spend per head is not that helpful when the number of heads has reduced drastically. It has obviously gone up because CCFC are not playing there, the football spend per head is lower than the rugby.
£2m reduction in sport income - is that the effect of the reduction in PRL income due to the CVC windfall?
Heading for another £10m annual loss. The overall position is worse than 12 months ago.
Notice the investment property in there valued at £6.8m - is that the hotel site or is that the college or both? EDIT - it's the casino
F&B spend per head is not that helpful when the number of heads has reduced drastically. It has obviously gone up because CCFC are not playing there, the football spend per head is lower than the rugby.
£2m reduction in sport income - is that the effect of the reduction in PRL income due to the CVC windfall?
Heading for another £10m annual loss. The overall position is worse than 12 months ago.
Notice the investment property in there valued at £6.8m - is that the hotel site or is that the college or both? EDIT - it's the casino
fernandopartridge
Well-Known Member
They've burnt through the CVC cash reserve they had as well, down to £29k
Grendel
Well-Known Member
Im sure Shuggs will say there is nothing to worry about
They havent read this forum yet to realise the figures have been published
fernandopartridge
Well-Known Member
Even Wasps themselves aren't adding all the fluff around it anymore.
Peter Billing
Well-Known Member
What they lost in revenue from rugby or football they made up by cutting costs, mainly salaries, but they have not moved the needle at all on the losses. Sport income is down, exhibition income is down, repairs and maintenance costs are up. Cash flow is negative.
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oldskyblue58
CCFC Finance Director
Doesnt look like they have improved much of their financial basket case since the same time last year. Not good, strange that they released the figures so early, not due until 30/04
Unless they have access to other funding or more funds from the owner cash flow must be very tight.
Yet they appear to have paid out £600k on assets - is that the deposit at Henley perhaps? or is it to do with the arena?
The only bright spot seems to be that they have reduced their current liabilities compared to a year ago and the year end.
Even if they had had a full fixture list in the first half year it would still leave them with losses. Even take out the depreciation charge (which an accounting estimate not a paid cost) they still have lost 3.7m+
Wages going down, is that the players wages or is it the staff they got rid of in ACL?
Still in a big struggle to make it work, doesnt appear to be as yet
Unless they have access to other funding or more funds from the owner cash flow must be very tight.
Yet they appear to have paid out £600k on assets - is that the deposit at Henley perhaps? or is it to do with the arena?
The only bright spot seems to be that they have reduced their current liabilities compared to a year ago and the year end.
Even if they had had a full fixture list in the first half year it would still leave them with losses. Even take out the depreciation charge (which an accounting estimate not a paid cost) they still have lost 3.7m+
Wages going down, is that the players wages or is it the staff they got rid of in ACL?
Still in a big struggle to make it work, doesnt appear to be as yet
shepardo01
Well-Known Member
Could the £6k paid out be to Stratford District council..... to grease the wheels somewhat!.... ;-)
Or to Cov Council to help along the planning permission for the new hotel? (Error... they don't need to pay CCC for planning to go through... all done in free tickets/boxes etc)
:-0
Allegedly....... ;-)
Or to Cov Council to help along the planning permission for the new hotel? (Error... they don't need to pay CCC for planning to go through... all done in free tickets/boxes etc)
:-0
Allegedly....... ;-)
I find it unbelievable and irresponsible that they are spending money on facilities ie training ground when they are in the verge of going under. Let them continue I say.
sooner they go the better for everyone it was never going to work in Coventry and if they cannot see that then they are biggest twonks in business.
sooner they go the better for everyone it was never going to work in Coventry and if they cannot see that then they are biggest twonks in business.
I suspect the money came from the CVC deal - it was intended for club development and not paying old debts etc
The fact they could use the money to buy a needed training ground and thus free up other funds does not seem to have occurred to anyone
jordan210
Well-Known Member
Doesn't appear to be talk about much by wasps fan. what's odd as well.
lordsummerisle
Well-Known Member
Grendel
Well-Known Member
SBAndy
Well-Known Member
Doesn’t that signal a slight rise from a few months ago?
Grendel
Well-Known Member
wasin the 80s a couple of months ago
stupot07
Well-Known Member
You can guarantee if the accounts were positive they telegraph would be all over it.
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Covkid1968#
Well-Known Member
For my own personal amusement....I shall make a point of getting the word Twonk into a conversation at work today.
Grendel
Well-Known Member
Clearly the accounts are dire and seem to be the same losses now year after year with no sign of recovery
I’m not sure if this helps us much to me honest - the revenue they are getting under the current arrangement is small and the profit contribution negligible - so they will for sure want a much bigger payment from the club and retain any of these rumoured naming rights
I cannot see either side backing down
I’m not sure if this helps us much to me honest - the revenue they are getting under the current arrangement is small and the profit contribution negligible - so they will for sure want a much bigger payment from the club and retain any of these rumoured naming rights
I cannot see either side backing down
jordan210
Well-Known Member
It's dropped in to the 67's last year. Its a bit all over the place. Hard to predict as doesn't tally with bad news for them. I guess it all depends on how investors take the accounts and if people start to sell.
chiefdave
Well-Known Member
They used to be in the Telegraph before they would even appear on Wasps own site when they could spin it as positive. Now its gone to shit they quietly post it up and hope nobody notices while the Telegraph completely ignore it.
Sick Boy
Super Moderator
Of course they won't do, a successful CCFC is bad for them.
Covstu
Well-Known Member
Yes and copy and paste OSBs overview!