Wasps downward spiral... (55 Viewers)

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Grendel

Grendel

Well-Known Member
duffer said:
For Wasps, it looks a bit like that line....

“How did you go bankrupt?”

“Two ways. Gradually, then suddenly!”

If they do get refinancing, then anyway it stacks up it'll have to be a bigger drain on their business. They've also sold off a slice of their future profits to CVC, they've got diminishing crowds, and they are having less success on the pitch.

Their single white knight and ultimate owner, Richardson, might well run out of interest (or funds) and has in any case has been trying to pull back some of the debt owed to him (which was partly the point of the bonds).

If they can't refinance, then I think it just brings things to a head a bit more quickly, but either way I suspect at some point they'll find themselves in a hole they can't crawl out of.

It could be that someone as yet unknown comes to their rescue, of course, but then we've been hoping for the same thing for a long time now!
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just nonsense all round
 
Gynnsthetonic

Gynnsthetonic

Well-Known Member
Earlsdon_Skyblue1 said:
There are the facts of the finances, but then there is the experience and lifestyle of owning a Rugby club in a large English city.

If you were in charge of things and even though you were losing money, the council would prop you up and defend you (probably using local tax payers money), the local media won't publish anything negative about you, and even at one stage fans of the hosted football club were coming to watch you - wouldn't that feel a bit God like? I might be going off on a bit of a tangent here, but there are a lot of factors which don't offer any incentive for the Wasps hierarchy to leave whatsoever.

There are alarm bells going off everywhere here, and given the information posted by certain members of this forum and their exchanges with journalists, there is obviously some sort of cover up going on given their defensiveness, willingness to block people, and flat out denial that there is anything worth reporting on.

'I´m on holiday'
'The Jubilee is more important, I will write about it in a few weeks'
'I don't cover Wasps'
'I'm going to block you now for asking a reasonable question'

No doubt there will be some of these journalists reading this thread, well, we are watching you too. The whole Wasps affair has been a dodgy shit show from start to finish (that is putting it politely), and we won't forget it. It isn't too late to do the right thing.
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Great Post!👍
 
Evo1883

Evo1883

Well-Known Member
Nobody wants to talk about one of the country's biggest rugby clubs being in the shit .. there's something extremely strange about the way this city operates , in more ways than sport too .

Fucking weirdos everywhere

Coventry is like that village in hot fuzz , " for the greater goooooood"
 
clint van damme

clint van damme

Well-Known Member
Evo1883 said:
Nobody wants to talk about one of the country's biggest rugby clubs being in the shit .. there's something extremely strange about the way this city operates , in more ways than sport too .

Fucking weirdos everywhere

Coventry is like that village in hot fuzz , " for the greater goooooood"
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I think you need to elaborate mate, not that I'm one for gossip!
 
P

Peter Billing Eyes

Well-Known Member
Evo1883 said:
Nobody wants to talk about one of the country's biggest rugby clubs being in the shit .. there's something extremely strange about the way this city operates , in more ways than sport too .

Fucking weirdos everywhere

Coventry is like that village in hot fuzz , " for the greater goooooood"
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Best get your yellow and black scarf on eBay whilst it’s worth something, unless you’re talking about Coventry RFC who probably need more support than anyone?
 
C

CCFC54321

Well-Known Member
Don’t worry, the local rag will report London wasps have sold 25,000 season tickets for next season and not being in Europe will allow them to focus on a title run.
 
Grendel

Grendel

Well-Known Member
CCFC54321 said:
Don’t worry, the local rag will report London wasps have sold 25,000 season tickets for next season and not being in Europe will allow them to focus on a title run.
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Really it is better wasps carry on now isn’t it?
 
steveo1987

steveo1987

Well-Known Member
Evo1883 said:
Nobody wants to talk about one of the country's biggest rugby clubs being in the shit .. there's something extremely strange about the way this city operates , in more ways than sport too .

Fucking weirdos everywhere

Coventry is like that village in hot fuzz , " for the greater goooooood"
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Erm..thought about this for a nanosecond and it kind of didn't hit the sympathy drum.
 
Philosoraptor

Philosoraptor

Well-Known Member
I don't want to be a bean counter around here, but how much money do they lose not being in the top 8 cup or whatever they call it?
 
C

CCFC54321

Well-Known Member
Philosorapter said:
I don't want to be a bean counter around here, but how much money do they lose not being in the top 8 cup or whatever they call it?
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Not a great deal looking at this report from 2018.

Gate receipts will be of benefit to them but for the amount that go to watch them x salaries/ match day costs etc cant see them losing that much more than they do now?

Champions Cup prize money: How much will Leinster or Saracens get for winning? | Rugby | Sport | Express.co.uk

CHAMPIONS CUP PRIZE MONEY - Find out how much prize money is on offer as Leinster and Saracens go for glory in today’s final.
www.express.co.uk www.express.co.uk
 
oldskyblue58

oldskyblue58

CCFC Finance Director
action to strike off has been discontinued by companies house on ACL, ACL (2006) & IEC

financials still not filed yet though on any of them
 
oldskyblue58

oldskyblue58

CCFC Finance Director
no i dont think so

the companies have demonstrated to Companies House that there is cause to discontinue the striking off order

I assume that they have confirmed to Companies House that financials will be filed in the near future
 
chiefdave

chiefdave

Well-Known Member
oldskyblue58 said:
I assume that they have confirmed to Companies House that financials will be filed in the near future
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Does the whole financial sector operate on a 'cheques in the post' basis?

Wasps can't pay the bond back but its fine as they'll do it at some unspecified point in the future using some unspecified source of funding. Various companies haven't filed their financials on time but its fine if they say they will do so in the 'near future'.

All seems odd to me, if I have deadlines for things at work I have to meet them or there are consequences including a not insignificant chance I would lose my job.
 
oldskyblue58

oldskyblue58

CCFC Finance Director
chiefdave said:
Does the whole financial sector operate on a 'cheques in the post' basis?

Wasps can't pay the bond back but its fine as they'll do it at some unspecified point in the future using some unspecified source of funding. Various companies haven't filed their financials on time but its fine if they say they will do so in the 'near future'.

All seems odd to me, if I have deadlines for things at work I have to meet them or there are consequences including a not insignificant chance I would lose my job.
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I agree with you CD its totally unacceptable. Most companies do not act like this, i am only guessing though what they might have told companies house to get the striking off notice removed
 
tisza

tisza

Well-Known Member
chiefdave said:
Does the whole financial sector operate on a 'cheques in the post' basis?

Wasps can't pay the bond back but its fine as they'll do it at some unspecified point in the future using some unspecified source of funding. Various companies haven't filed their financials on time but its fine if they say they will do so in the 'near future'.

All seems odd to me, if I have deadlines for things at work I have to meet them or there are consequences including a not insignificant chance I would lose my job.
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It's like Keynes said you owe the bank a hundred pounds you have a problem. Owe them a million and they have the problem.
 
duffer

duffer

Well-Known Member
tisza said:
It's like Keynes said you owe the bank a hundred pounds you have a problem. Owe them a million and they have the problem.
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Agreed, unless you owe them a million and they've secured it against your house.

Then you better hope that they leave you enough for an umbrella. 😁
 
S

skybluesam66

Well-Known Member
I worked for a bank many years ago who had a lot of loans secured against travellers' caravans - slight problem of finding their security once the loans went into default
 
duffer

duffer

Well-Known Member
skybluesam66 said:
I worked for a bank many years ago who had a lot of loans secured against travellers' caravans - slight problem of finding their security once the loans went into default
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I worked for a credit card company for a while. We had a very small but nonetheless surprising number of indebted customers who's family claimed they had died, but later turned out to be very much alive!

I don't know why, but for some reason it cheered me up that anyone would have the front to try that one on.
 
C

CCFC54321

Well-Known Member
London wasps had just about screwed any other sporting franchises thinking of doing this stunt.

May be good comes out of this after all.
 
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