Wasps downward spiral... (38 Viewers)

[Grendel]

This just shouts from the rooftops how fucked they are. no way would any successful business allow this to happen.

I’m sure they’ll find a way of kicking the can down the road but without a miracle from somewhere their failure here is inevitable.

the frustration here is the lack of media attention

imagine if this was served on Otium Entertainment especially a few years ago

 

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[Gynnsthetonic]

the frustration here is the lack of media attention

imagine if this was served on Otium Entertainment especially a few years ago

And as for Andy Turner, what does he actually do.

 

[Gynnsthetonic]

Why isn't Bobby Bridge onto it I wonder

 

[Liquid Gold]

the frustration here is the lack of media attention

imagine if this was served on Otium Entertainment especially a few years ago

I made a similar point earlier in the week.

Alrhough the telegraph has softened in recent years there is no way they wouldn’t be running with sisu doing this.

That twat David Conn who loved writing about evil hedge funds in sports clubs hasn’t said a peep either.

 

[Flying Fokker]

This on the Wasps site/ rugby network.

DrunkenWasps.com - Wasps

DrunkenWasps.com : Unofficial Wasps news, views and message boards.

www.rugbynetwork.net

Reply Quote Report

Re: Message from Stephen Vaughan addressing some supporters concerns
Dehuminiser 28 May, 2022 11:07
No one knows what it means but ACL (2006) is the company that holds the debt and it’s accounts are delayed which is I assume why companies house have issued a termination notice

iEC which is the commercial arm also not submitted accounts

A loan company is highly unlikely to be able to underwrite a £35 million pound loan against a company that’s been issued a strike off order

The logical conclusion is Richardson is trying to sell the ACl iec elements of the business

remember wasps rugby club actually now have a 50 year sub lease not 250 years

 

[oldfiver]

Some interesting comments. I was surprised by this

‘barondene: The rent from CCFC does not reach 6 figures and that is gross - ie before all expenditures’

I can’t recall what our financial info said about the rent cost and whether that ties in. If it’s correct I don’t think our return will salvage the situation for Wasps long term, although CBS sponsorship probably wouldn’t have been secured without it so might’ve bought some time

S

 

[Grendel]

Why isn't Bobby Bridge onto it I wonder

hes away on holiday

 

[oldfiver]

Think that should be not more than six figures?

 

[Gynnsthetonic]

It's the final round of fixtures next week, why it goes on so long I don't know, could any announcement be on hold until after this date?

 

[Gynnsthetonic]

hes away on holiday

Convenient, he's had loads of time to look into it not just this weekend

 

[Brighton Sky Blue]

hes away on holiday

His room has a pretty good view of the stadium I think

 

[CCFC54321]

Convenient, he's had loads of time to look into it not just this weekend

That was a shocking response. Could of said I’ll get someone to look into it at the office etc. very poor.

Guy will do everything to protect his free shirt and match tickets.

 

[Grendel]

That was a shocking response. Could of said I’ll get someone to look into it at the office etc. very poor.

Guy will do everything to protect his free shirt and match tickets.

hes freelance now isn’t he

 

[Grendel]

It is a story looming and will have implications for the football club as well as the rugby club

It’s astonishing really that someone hasn’t got hold of it. Gilbert more than Bridge really. The council have put everything into wasps at the expense of the football club. Commonwealth games events round the corner and a concert tonight in a venue that is about to be struck off companies house

 

[Gynnsthetonic]

Whats happened to Les Reid too?

 

[CCFC54321]

It is a story looming and will have implications for the football club as well as the rugby club

It’s astonishing really that someone hasn’t got hold of it. Gilbert more than Bridge really. The council have put everything into wasps at the expense of the football club. Commonwealth games events round the corner and a concert tonight in a venue that is about to be struck off companies house

I messaged Gilbert last night…. Watch this space….

 

[Philosoraptor]

Acl (2006) ltd I think has the external loan funding and no employees

IEC experience ltd is the operating company of conferences events etc

I would guess the late accounts have triggered the notice?

It could be a takeover of the business by someone else or a restructure - closing the company and moving around the funding side

IEC EXPERIENCE LIMITED
Company number 08039699

31 May 2022 First Gazette notice for compulsory strike-off

https://find-and-update.company-information.service.gov.uk/company/08039699/filing-history/MzM0MDIzNjU1OWFkaXF6a2N4/document?format=pdf&download=0

 

[Grendel]

IEC EXPERIENCE LIMITED
Company number 08039699

31 May 2022 First Gazette notice for compulsory strike-off

https://find-and-update.company-information.service.gov.uk/company/08039699/filing-history/MzM0MDIzNjU1OWFkaXF6a2N4/document?format=pdf&download=0

View attachment 24865

Hardly surprising as the accounts are late - it’s clear some restructuring is going to happen or they have sold the non playing side of the business to fund the rugby side

 

[fernandopartridge]

ARENA COVENTRY (2006) LIMITED
Company number 05675263

31 May 2022 First Gazette notice for compulsory strike-off

https://find-and-update.company-information.service.gov.uk/company/05675263/filing-history/MzMzOTkxNDQ0MWFkaXF6a2N4/document?format=pdf&download=0

What stuff does that company hold?

I lose track of these things.

It's a sub lease holder I think, it's where the 50 year sub lease sits iirc?

 

[fernandopartridge]

It’s highly unlikely the bond will default

It is in a position of technical default, though it's highly unlikely it'll mean the stadium is repossessed by the trustees

 

[Grendel]

Interesting article showing the general issues in top flight rugby

SPECIAL REPORT: Premiership Rugby facing an escalating jobs crisis

SPECIAL REPORT: The showbiz end of the Premiership season is filled with awards nights but an escalating jobs crisis means a number of players are facing a far less glamorous finale.

www.dailymail.co.uk

 

[Terry Gibson's perm]

Interesting article showing the general issues in top flight rugby

SPECIAL REPORT: Premiership Rugby facing an escalating jobs crisis

SPECIAL REPORT: The showbiz end of the Premiership season is filled with awards nights but an escalating jobs crisis means a number of players are facing a far less glamorous finale.

www.dailymail.co.uk

I guess it’s hard to fund when you are getting crowds equivalent to league one.

 

[Gynnsthetonic]

It's seems to be a less popular sport now than when Wasps arrived in Coventry, both for watching and playing.

 

[Philosoraptor]

If these companies are struck-off, does this mean the naming rights for the Arena and the stands etc can be sold again?

 

[Grendel]

If these companies are struck-off, does this mean the naming rights for the Arena and the stands etc can be sold again?

No the striking off ultimately will be a technicality and can be reversed before the strike off order

 

[Philosoraptor]

No the striking off ultimately will be a technicality and can be reversed before the strike off order

But if they are not, as it stands at the end of May, to the dissolution of these companies.

 

[Philosoraptor]

Also, aren't the P-shares in a rugby league been put up as part of the collateral against the bond?

 

[Grendel]

But if they are not, as it stands at the end of May, to the dissolution of these companies.

Wasps holdings ltd are not and they are the holding company

Also notice is 2 months after the date

 

[Philosoraptor]

Wasps holdings ltd are not and they are the holding company

Also notice is 2 months after the date

I guess there is going to be some anguish over the next few months from the people of Wycombe.

 

[jordan210]

I bet some of the bond holders have squeaky bum's

 

[Philosoraptor]

Also, aren't the P-shares in a rugby league been put up as part of the collateral against the bond?

The invested units wasps have in Premier Rugby Limited have a fair value of £17.6 Million, apparently.

 

[oldfiver]

No the striking off ultimately will be a technicality and can be reversed before the strike off order

What sort of "technicality" do you have in mind? Can I suggest the problem, what ever it is was known in March and it delayed the accounts being filed?

 

[Philosoraptor]

Wasps holdings ltd are not and they are the holding company

Also notice is 2 months after the date

So far, they haven't been issued with a notice for a winding up order,

 

[CCFC54321]

The invested units wasps have in Premier Rugby Limited have a fair value of £17.6 Million, apparently.

 

[Grendel]

What sort of "technicality" do you have in mind? Can I suggest the problem, what ever it is was known in March and it delayed the accounts being filed?

They must not have been for a reason as the group accounts have been filed haven’t they?