WASPS Interim Accounts 2019 (7 Viewers)

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.....
 

CCFC88

Well-Known Member
I cant see this anywhere on their site? Its not so bad that they are trying to hide it is it?
 

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
 

ccfc92

Well-Known Member
So what I can gather, small increase in profits, but they owe more than they have and the deficit has got bigger?
 

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
 

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....... ;-)
 

wingy

Well-Known Member
Did someone mention that Club over the road or was that someone//thing entirely unrelated?
 

CCFC54321

Well-Known Member
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.
 

oldfiver

Well-Known Member
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.

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
 

Nick

Administrator
Have the telegraph done an article yet or are they waiting for Wasps to write them an article about it?
 

Nick

Administrator
It's not like the Telegraph to ignore something negative about Wasps, is it?

Really they no 1 in the league. 2 points ahead and a game in hand. They just beaten all their league rivals . They are on the longest unbeaten run in all English league:s. They need to win just 6 out of their last 11 games to be crowned champions.

That’s a big if.

I hate to say it being a Wycombe fan they are far the best footballing side in the league. They have best category 2 youth academy in the country. There owners are complete *****s but they have got that right. They seem to have a Conveyor belt of producing young talent. When they go up this will just add on to there sell value but I would from 5 upto 10 million. You think that some premier teams are paying around 18 to 20 million on young players and they sometimes don’t get a game.

They have already played mid table championship teams and held they own. I think that will survive the first season and kick on from there.

They wont like that.
 

Grendel

Well-Known Member
Bond price also not great at 75%
 

Grendel

Well-Known Member

Covkid1968#

Well-Known Member
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.
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
 

jordan210

Well-Known Member
wasin the 80s a couple of months ago

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
You can guarantee if the accounts were positive they telegraph would be all over it.
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.
 

Nick

Administrator
I'd put money on them waiting to be given a writeup to use to be able to spin it.
 

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