WASPS Interim Accounts 2019 (9 Viewers)

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lordsummerisle

lordsummerisle

Well-Known Member
HuckerbyDublinWhelan said:
With the corona virus - is there a possibility that if sport gets wiped out and no rugby is played would push them closer to the edge?
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To be fair to them they have taken the threat very seriously.

From the pics of the crowds they've been playing behind closed doors all season.

Should be applauded for their dedication to public health.
 
Peter Billing

Peter Billing

Well-Known Member
HuckerbyDublinWhelan said:
With the corona virus - is there a possibility that if sport gets wiped out and no rugby is played would push them closer to the edge?
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They have insurance in place to cover against the closure of the Ricoh for reasons beyond their control but the question is if it's adequate to maintain cash flow if this is a prolonged closure that affects the summer schedule and large concerts. Typically they might turn to the banks to help work through cash flow problems but banks are going to be looking increasingly hard at who they're lending money to, domestic rugby clubs with £57m debt and the financial track record of Wasps/ACL you would think might not be at the front of the queue.
 
chiefdave

chiefdave

Well-Known Member
Peter Billing said:
They have insurance in place to cover against the closure of the Ricoh for reasons beyond their control but the question is if it's adequate to maintain cash flow if this is a prolonged closure that affects the summer schedule and large concerts.
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Event insurance doesn't cover communicable diseases you have to buy it as an additional policy. Very rarely taken out according to the insurers and normally only by promoters holding festivals on farm land.
 
Peter Billing

Peter Billing

Well-Known Member
chiefdave said:
Event insurance doesn't cover communicable diseases you have to buy it as an additional policy. Very rarely taken out according to the insurers and normally only by promoters holding festivals on farm land.
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Presumably any insurance covering against closure of the stadium (flood, fire, terrorism) is also limited in this scenario as what is restricted is movement of people and large gatherings, not the ability of the business operationally still to trade.
 
chiefdave

chiefdave

Well-Known Member
Peter Billing said:
Presumably any insurance covering against closure of the stadium (flood, fire, terrorism) is also limited in this scenario as what is restricted is movement of people and large gatherings, not the ability of the business operationally still to trade.
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Every cloud ...
 
Nick

Nick

Administrator
So its not great at this point, but definitely improving noticeably year on year.
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Are they on crack?

CVC injected their £16m "poison chalice" into our accounts for year to June 2019.

Remember this dire situation is just our normal performance - we lose £10m a year at the Ricoh. Last 3 year run rate.

Ok so hands up my profession is a Finance Director.

Matt - the business model is broken. Wasps sold this model to the £35m bonds on the basis of a rosy future in Coventry. Great revenue streams from all sections of the Ricoh machine - Rugby, Concerts, Casino, Hotel, Conference.

None have performed as the beancounters expected. Rugby for example was based on assumptions for high attendance (don't have the details but were optimistic) at home games, and being in play offs in top European and Domestic Rugby.
And sponsorship, new business, lots of great stuff.

As we know Wasps have not been supping at European top table or made domestic play offs.
The Ricoh is still called that as no-one has stepped in to sponsor us, as we are not a top team.

The Ricoh hotel, conference and casino do not make money and suck cash out of Wasps.

The Ricoh rugby stadium at 32k capacity is probably twice the size we need to make money and create a decent match day capacity atmosphere

We are a broken business model, and best example of what we should be is Exeter - simple good rugby stadium and some smaller manageable hotel and other facilities
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Obviously the new dire Coronavirus issue may mean stadium lockdown and thus like many many small businesses like pubs, hotels, restaurants and shops may go to the wall

But before we get into this dreadful territory do remember Wasps are a basket case even before this.

No-one seems to clock it. Coventry has and will not work. The stadium is too big and cannot be filled with fans
Rugby loses big money at the Ricoh, especially as we are no longer and have for many years been one of the top clubs
The adjacent linked businesses like the Casino, hotel and conference businesses should not be in a rugby club domain but as part of our business, lose money and pull us down more
The Coventry move has failed
Wasps will need to move, or stay as tenants, but will have to sell the Ricoh as the cupboard is bare and no other options are available

My best bet for survival is selling the Ricoh, finding a rich benefactor to pay back the lovely Derek and build or buy a proper 20k capacity stadium in the M25 area where there is still a massive Wasps fan base from decades
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Other than Kentwasp, they all seem to be pretty delusional and havent got a clue what they are on about!
 
Nick

Nick

Administrator
shepardo01 said:
......that comment about improving year on year was a little strange wasn't it!
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What you will find is that they just repeat things without having a clue.

Like the random Wasps fan banging on about Coventry being a London based club.



He's clearly seen somebody post it but has no idea of the context of it.

It's no wonder they know nothing when the local media will hide anything negative about them though.
 
shepardo01

shepardo01

Well-Known Member
Nick said:
What you will find is that they just repeat things without having a clue.

Like the random Wasps fan banging on about Coventry being a London based club.



He's clearly seen somebody post it but has no idea of the context of it.

It's no wonder they know nothing when the local media will hide anything negative about them though.
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Yeah, saw that too....
Wasn't there comments on their forum when it was mentioned that disabled clubs were being ousted from Henley that it wasn't "Wasps like" and the club would never do that... it was just CCFC game making it up....
I got into an arguement on twitter with one who said they'd offered us a good deal to stay at the Ricoh!!
 
Nick

Nick

Administrator
shepardo01 said:
Yeah, saw that too....
Wasn't there comments on their forum when it was mentioned that disabled clubs were being ousted from Henley that it wasn't "Wasps like" and the club would never do that... it was just CCFC game making it up....
I got into an arguement on twitter with one who said they'd offered us a good deal to stay at the Ricoh!!
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Yeah, they seem to think it is the club or Les Reid making things up. When it was said their players wanted to leave it was SISU starting rumours....their players all left.

Must be a piece of piss for Wasps PR.
 
shepardo01

shepardo01

Well-Known Member
shepardo01 said:
Yeah, saw that too....
Wasn't there comments on their forum when it was mentioned that disabled clubs were being ousted from Henley that it wasn't "Wasps like" and the club would never do that... it was just CCFC game making it up....
I got into an arguement on twitter with one who said they'd offered us a good deal to stay at the Ricoh!!
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shepardo01

shepardo01

Well-Known Member
Nick said:
Yeah, they seem to think it is the club or Les Reid making things up. When it was said their players wanted to leave it was SISU starting rumours....their players all left.

Must be a piece of piss for Wasps PR.
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Frustrating regarding local media...we know that. Did you see that Neil said he was no longer on Trust board today!
Where's grendel on Twitter when you need him...!??!!
In times like this (footballing wise- obviously in a global crisis), when it looks like we will have our season ripped from us, news like Wasps accounts gives a tiny lift....
 
C

CCFC54321

Well-Known Member
Nick said:
What you will find is that they just repeat things without having a clue.

Like the random Wasps fan banging on about Coventry being a London based club.



He's clearly seen somebody post it but has no idea of the context of it.

It's no wonder they know nothing when the local media will hide anything negative about them though.
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Looks like wasps Paul C isn’t the sharpest tool in the box is he?!
 
C

CCFC54321

Well-Known Member
Nick said:
Are they on crack?





Other than Kentwasp, they all seem to be pretty delusional and havent got a clue what they are on about!
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The wasps guy could not have written that piece any better. We all know wasps will go bust in the next 24 months but what’s incredible is they don’t!? It’s reckless spending that will finish them and long may it continue!
 
Sick Boy

Sick Boy

Super Moderator
chiefdave said:
Event insurance doesn't cover communicable diseases you have to buy it as an additional policy. Very rarely taken out according to the insurers and normally only by promoters holding festivals on farm land.
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Yeah I think even the GSMA didn’t take it out for MWC20.
 
Grendel

Grendel

Well-Known Member
I think a long exclusion period may do for them
 
Gynnsthetonic

Gynnsthetonic

Well-Known Member
At least Kentwasp is a realist and a really sensible article he has written. He has said before they are no better off here than they were at Wycombe and a smaller stadium suits them better. I'm really starting to think that the Ricoh really is a white elephant as it is just to expensive to run. It's the same for CCFC in that it's to big, a 22000 seat stadium with say a Village hotel tapped onto the side is perfect.
 
C

CCFC54321

Well-Known Member
i honestly don’t believe the wasps management running the club are up to it and seem to steering the ship towards an iceberg. One that I hope they continue to steer towards. This training ground will finally finish them off as they simply don’t have the cash to pay for it.

All we need is relegation next season to speed up the demise.
 
chiefdave

chiefdave

Well-Known Member
But there was nowhere around London for Wasps to go. The failure of all options voiced at the time were explained to STH before the move
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Can't believe they are still falling for this shit. There's a new stadium literally 2 miles from their base in Twyford Avenue. Their owners claimed it wasn't an option as rugby wouldn't be allowed there yet, after multiple clubs were approached, London Irish will be playing there.
 
Gynnsthetonic

Gynnsthetonic

Well-Known Member
Do they need a new stadium, Adams Park is a good choice if not what about the new AFC Wimbledon stadium being built. In there thread they were talking about London fan bases, didn't they realise that moving to Coventry you have existing ones in Cov, Leicester Tigers, Northampton, Moseley, never gonna work. I wish them well but goodbye!
 
Kneeza

Kneeza

Well-Known Member
Gynnsthetonic said:
Do they need a new stadium, Adams Park is a good choice if not what about the new AFC Wimbledon stadium being built. In there thread they were talking about London fan bases, didn't they realise that moving to Coventry you have existing ones in Cov, Leicester Tigers, Northampton, Moseley, never gonna work. I wish them well but goodbye!
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That's going to be a cracking ground at Plough Lane too. I wouldn't wish Wasps on them though.
 
C

ccfchoi87

Well-Known Member
They’re knackered. I do feel sorry for their original fans that have had their club ripped from them. We have experienced that on a short term basis and I wouldn’t wish it on anyone
 
chiefdave

chiefdave

Well-Known Member
Hda a quick look at their forum to see what they were saying about the finances and was amazed to see someone saying having us back would make no difference as we get all the revenue we generate. Amazes me how they have no idea of even the most basic issues.
 
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