robbiethemole
Well-Known Member
Getting a bale-out it seems, I wonder who has been conned into thinking they are a viable business
Wasps (7 Viewers)
- Thread starter robbiethemole
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covcity4life
Well-Known Member
Bail*
fatso
Well-Known Member
Gareth Bale ?
robbiethemole
Well-Known Member
Johnnythespider
Well-Known Member
chiefdave
Well-Known Member
Its official? The bondholders must be delighted to have received their money, I assume they have received their money based on what Dawkins has posted, I mean as he says he's never wrong, he certainly never been wrong about transfers or things going on at the club
PUSB-We_are_going_up
Well-Known Member
There’s already 50 wasps threads
Liquid Gold
Well-Known Member
This is the sort of bullshit which means they overvalue the product and think they are going to get massive crowds or tv viewership because a few people watch the 6 nations in a pub.
“The fact is we have a massive market opportunity with club rugby,” insists Simon Massie-Taylor, Premiership Rugby’s chief executive. “There are nine million rugby fans in England and in club rugby we have a relatively small proportion of that. We believe that given the quality of the product we can attract more people to it.”
“The fact is we have a massive market opportunity with club rugby,” insists Simon Massie-Taylor, Premiership Rugby’s chief executive. “There are nine million rugby fans in England and in club rugby we have a relatively small proportion of that. We believe that given the quality of the product we can attract more people to it.”
higgs
Well-Known Member
Liquid Gold
Well-Known Member
My understanding is that they have been offered the £35m to refinance the bond.
They say they are in advanced discussions but the terms will probably not be very favourable so it will likely just kick the can down the road.
He doesn’t half talk some plip plop. Referring to a ‘doubter’? What a self indulgent twonk.Its official? The bondholders must be delighted to have received their money, I assume they have received their money based on what Dawkins has posted, I mean as he says he's never wrong, he certainly never been wrong about transfers or things going on at the club
Hobo
Well-Known Member
Basically talks to refinance are still on going, nothing has changed apart from "advanced stage" has been slipped in.
It seems there are still hurdles to overcome like getting it relisted or alternatively a change in the terms.
fernandopartridge
Well-Known Member
Why if it is going to be redeemed would it need to be relisted,
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Liquid Gold
Well-Known Member
No, they'll move the debt elsewhere and interest payments will take a massive jump.
They will continue to trade in the short term but their £10m a year losses will increase.
shmmeee
Well-Known Member
But wasn’t the bond holders forcing a sale what we were looking for? So at least a stay of execution.
Sorry I’ve really not been paying attention to Wasps.
Liquid Gold
Well-Known Member
In an ideal world - maybe?
It is actually not quite clear how they hold security on the bond, I don't think its as clear as they own the stadium when they want, which is what we (and they) thought.
If it got to the point where the bondholders would foreclose then I think Richardson has some sisu style dodgy admin planned with the way the companies have been shuffled round lately.
covcity4life
Well-Known Member
Long term how they can continue in cov without fab support? Attendances are quite low now as the glory fan scabs desert them
Liquid Gold
Well-Known Member
They can't. £35m refinancing at 12% (for example) interest is going to fuck them on top of what they are already losing.
There is no long term future for them here.
I've heard they were sniffing around the Alex stadium in Brum, that could make sense if they could dump the bonds somehow.
Johnnythespider
Well-Known Member
Haven't a clue, could they raise more finance that way ?
The Bondholders never get the assets The WASPs appointed Trustee has everything vested with him
Liquid Gold
Well-Known Member
chiefdave
Well-Known Member
In theory is there anything to stop them putting the company within the group that hold the lease into admin, fuck off the bond holders and move the part of the club that is the rugby club to brum?
There doesn't seem to be any punishment for that in rugby so it would be down to if it could be legally done. Given the Richardson has started moving things around within the group and his personal ownership could this be the direction they're going in.
Gynnsthetonic
Well-Known Member
There could well be a spare stadium in Worcester soon too
The Rugby squad is embedded within Wasps Holdings which is a guarantor to the Loan
chiefdave
Well-Known Member
Didn't we all think the same and then it turned out the player registrations were actually with another company? The timing of some of the changes with who owns what just seems a bit coincidental to me, if I was a bondholder I'd be very worried that something was being lined up.
fernandopartridge
Well-Known Member
All the narrative in the prospectus points to WASPS Holdings being the Rugby entity