New ricoh tenant (6 Viewers)

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chiefdave

chiefdave

Well-Known Member
jordan210 said:
So wasps say the other day they are doing realy well as a business but now are asking for hand outs

www.coventrytelegraph.net

Premiership rugby task force 'confident' of gaining government support

Task force including Wasps Group chief executive Stephen Vaughan are battling to get 'something sensible done' for financially-hit top flight of English rugby
www.coventrytelegraph.net www.coventrytelegraph.net
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Literally the same person speaking to the same journalist from the same paper two days ago saying everything was fine financially:
"We're in a unique position, many other rugby clubs do rugby and yes they do a bit of conferencing, but it's tiny, whereas we happen to have, if you looked at it financially, we are an arena with conferencing, exhibitions, concerts, and we also play sport.

"Three quarters of our business or more comes via non-sporting entity and, actually, some of those areas are actually going quite well, by us being quite flexible about what we can do.

"As such, we've got some fairly good commercial revenues coming through in non-traditional sources I guess. It's not all doom and gloom."
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Nick

Nick

Administrator
You couldn't make that shit up.

Imagine if it was Fisher. There would be about 1000 tweets from the Telegraph, alerts sent to phones and all sorts to get people going.
 
chiefdave

chiefdave

Well-Known Member
Presumably if they're so skint they're going cap in hand to the government they can forget spending money on the Ricoh 'masterplan' the Telegraph were on about the other day or a new training ground.
 
B

bradwellskyblues

Well-Known Member
the part redevelopment at the ricoh is already going to be financed by public money recommended by the council no doubt they will be after something for their new training ground , you might not mind if it wasnt for the way they treat ccfc as if we are just some minor inconvenience .
As for cov rugby they have already shafted by the RFU who cut their payment in half
 
Liquid Gold

Liquid Gold

Well-Known Member
Can you imagine if CCC supported CCFC in the same way when the Ricoh was built. Instead of having us pay outlandish rents they could have given us ownership or peppercorn rent and raked it in from having a PL football team there.

Let's be honest, bringing Wasps up from their natural home in the South East has probably bought in very little, especially when you take into account the football club has gone elsewhere.
 
jordan210

jordan210

Well-Known Member
Just a quick update on the office tenant.

The announcement has apparently been pushed back and Bobby Bridge is pushing the clubs PR for an answer........
 
jordan210

jordan210

Well-Known Member
Skyblueweeman said:
Do you reckon it's anything to do with the Zoom meeting today involving Joy and Wasps?
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I doubt it due to wasps putting out a whole load of positive PR before the negative of the bond issue.

3 office spaces that have been listed for ages are still listed. So maybe wasps jumped the gun before it was all signed off.
 
Sky Blue Harry H

Sky Blue Harry H

Well-Known Member
This is probably old news, as I couldn't see anything about it on the pests forum, but my brother keeps an eye on their affairs via Endol (?) and says he received an update yesterday/today? that Richardson has just had to pump in 16m plus into the Wasps company to keep them going - but is getting 4%plus over the standard interest rate, which will effectively put them in worse shape, whilst earning himself a nice return on the loan. I profess to being ignorant on those rates, but if e.g. the standard rate was 1% and Derek is charging them 5%, then he is raking off £800k a year on that loan. That has got to hurt them?
 
jordan210

jordan210

Well-Known Member
Sky Blue Harry H said:
This is probably old news, as I couldn't see anything about it on the pests forum, but my brother keeps an eye on their affairs via Endol (?) and says he received an update yesterday/today? that Richardson has just had to pump in 16m plus into the Wasps company to keep them going - but is getting 4%plus over the standard interest rate, which will effectively put them in worse shape, whilst earning himself a nice return on the loan. I profess to being ignorant on those rates, but if e.g. the standard rate was 1% and Derek is charging them 5%, then he is raking off £800k a year on that loan. That has got to hurt them?
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I believe this is new information, Anyone on here got an Endol account and can double check this ?


As dont wasps already pay Richardson a lot of interest for other loans
 
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Mucca Mad Boys

Mucca Mad Boys

Well-Known Member
Sky Blue Pete said:
Would think the rugby family lower down would need a little more help
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100%, I'd say it's fairly likely we won't have a season for the majority of rugby clubs. Even clubs the size of Hinckley have dropped back to training once a week with no start to the season in sight. Around February 20th is the cut off for the (shortened) rugby season to get played.

There will be some sort of preseason for the Premiership too, will rugby be able to get back underway in the middle of winter? When the cases and deaths will likely be higher than they are now.
 
chiefdave

chiefdave

Well-Known Member
Nick said:
Have seen some of their fan's comments, wow they aren't the brightest are they?
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To be fair we have people on here who have struggled for years with the basic facts but it still blows my mind just how wrong their fans get the simplest, and easiest to check, details. Difference on their forum is here it would be picked up, normally followed by the same old argument, on their forum someone says something that doesn't stand up to the slightest bit of fact checking and they all agree!

Just from that one thread that only has 15 posts there's someone suggesting they renegotiate the price of something they have already purchased; someone suggesting if the residents are unhappy they should pay to have replacement facilities built in a different town; the already mentioned claim facilities aren't in use; the claim that if Wasps don't use it the site will be turned into housing when there is known to be an alternative offer on the table to take community ownership, not to mention there have been rumours of Wasps using part of the site for housing to fund the works required; anyone who objects is a CCFC supporter who doesn't live in the area; it was sold because it was losing money; anyone who opposes Wasps plans expects the council to subsidise the site and the objections are down to the media being imperial.

Makes some of the posters on here look sane!
 
chiefdave

chiefdave

Well-Known Member
How comical is it that someone renting an office has been hyped up by Wasps and the Telegraph to the point that "I am pushing the club's PR for clarification" can be posted by a CT employee.

The clarification is you've been mugged off again and used by Wasps to spin a good news story on the eve of the news they are yet again breaking the bond covenants.
 
chiefdave

chiefdave

Well-Known Member
Liquid Gold said:
You don’t drop £16m of your own money in one go if things are going swimmingly. This would be a last resort option.
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Has he even got £16m to put in. There was a report in one of the nationals before anyone had heard of covid that he was reaching the limit in terms of how much of his own money he could afford to put in.
 
Liquid Gold

Liquid Gold

Well-Known Member
chiefdave said:
Has he even got £16m to put in. There was a report in one of the nationals before anyone had heard of covid that he was reaching the limit in terms of how much of his own money he could afford to put in.
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I heard the same. He must be at his limit now unless he’s prepared to bankrupt himself. This will keep them ticking over until the bond repayment if true but then there will be absolutely nobody left.
 
Mucca Mad Boys

Mucca Mad Boys

Well-Known Member
chiefdave said:
Has he even got £16m to put in. There was a report in one of the nationals before anyone had heard of covid that he was reaching the limit in terms of how much of his own money he could afford to put in.
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I might be off the mark here, but is it possible it’s a personal loan, pumped into the club in which he charges the club interest so he can pay back the loan he owes to his debtors?

On a separate note, Wasps must be close to the brink. They stated back in 2014 (thereabouts) that losing £3m a year in Wycombe was unsustainable when making the argument to move to Coventry in the first place.
 
Sky Blue Harry H

Sky Blue Harry H

Well-Known Member
My post about the £16m was based purely on a phone conversation with my brother earlier today. He said it was a new notification he had received via Endol (as out of interest, he keeps an eye on Wasps). He may have misinterpreted the state of play - just repeating what he told me.
 
Sky_Blue_Dreamer

Sky_Blue_Dreamer

Well-Known Member
Sky Blue Harry H said:
This is probably old news, as I couldn't see anything about it on the pests forum, but my brother keeps an eye on their affairs via Endol (?) and says he received an update yesterday/today? that Richardson has just had to pump in 16m plus into the Wasps company to keep them going - but is getting 4%plus over the standard interest rate, which will effectively put them in worse shape, whilst earning himself a nice return on the loan. I profess to being ignorant on those rates, but if e.g. the standard rate was 1% and Derek is charging them 5%, then he is raking off £800k a year on that loan. That has got to hurt them?
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That's how credit works. Why would you offer it if it wasn't a nice little earner? Plus our owners loans every year to cover our cash shortfall are being charged with a fair amount of interest on, then don't call them in in what at face value seems like a nice thing to do but the compound interest just grows and grows earning them more and more.

Don't think that if for some reason our loans were called in by the owners we'd be anything other than massively up shit creek.
 
Sky Blue Harry H

Sky Blue Harry H

Well-Known Member
Sky_Blue_Dreamer said:
That's how credit works. Why would you offer it if it wasn't a nice little earner? Plus our owners loans every year to cover our cash shortfall are being charged with a fair amount of interest on, then don't call them in in what at face value seems like a nice thing to do but the compound interest just grows and grows earning them more and more.

Don't think that if for some reason our loans were called in by the owners we'd be anything other than massively up shit creek.
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Totally agree - didn't think we were sitting pretty by any stretch; was just passing on something. Interested to see what next week brings in terms of Wasps news (held back from last week)
 
chiefdave

chiefdave

Well-Known Member
Have I missed the new tenant announcement Bridge said was coming by the end of the week back in September?
 
Terry Gibson's perm

Terry Gibson's perm

Well-Known Member
chiefdave said:
Have I missed the new tenant announcement Bridge said was coming by the end of the week back in September?
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He’s probably still pushing the pr department but they gave him a pen and some new crayons and it has kept him amused
 
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