Gynnsthetonic
Well-Known Member
Australia v Scotland I think
Wasps going into admin & the impact on CCFC (130 Viewers)
- Thread starter Alkhen
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skybluetony176
Well-Known Member
Could there be an opportunity to acquire the stadium separately from the rugby club in administration?
SkyblueDad
Well-Known Member
That will be about 60-0 then.
jordan210
Well-Known Member
Not sure if anyone has dug deep in to this charge from 2015. Shows a little bit of info on bond
Basicly the deed for the bond
Click view pdf
find-and-update.company-information.service.gov.uk
Basicly the deed for the bond
Click view pdf
Charge - Find and update company information - GOV.UK
WASPS FINANCE PLC - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity
find-and-update.company-information.service.gov.uk
chiefdave
Well-Known Member
Am I reading that right? Wasps have been desperately searching for a way to pay the bonds for months. Someone offered a solution so they turned it down. They have now somehow persuaded HMRC to pursue action in order to force the hand of the investors they turned down?
That makes no sense.
Saddlebrains
Well-Known Member
A Receiver can put a Company into a CVA
I was confused as well. Didn’t make sense.
I doubt anyone has offered them a solution more like if it was true would be I’ll give you £35m give us the keys to the ground thank you and then you work out how your going to pay off the other £30-£40m you owe.
Sky Blue Harry H
Well-Known Member
The logic / ratonale of a Wasps fan ?!?
When we moved the club knew they needed to attract new fans, and quite frankly they had good ideas for achieving it.
Unfortunately, we still need that.... But it's expensive so we can't
When we moved the club knew they needed to attract new fans, and quite frankly they had good ideas for achieving it.
Unfortunately, we still need that.... But it's expensive so we can't
robbiekeane
Well-Known Member
No. They require payment in full and it’s non negotiable otherwise they will force liquidation/winding up order. Hence they are always the ones who end up starting the process.
As they fucking well should might I add
SkyblueDad
Well-Known Member
But can that payment be delayed with negotiation or will there be a time limit, it has been said owe the taxman a couple of grand you might end up in jail owe a couple of million you get an invite for dinner.
HuckerbyDublinWhelan
Well-Known Member
If they went bust, why would they be able to move on and not be relegated? If they go bust they won’t exist
robbiekeane
Well-Known Member
Smoke and mirrors with various subsidiary companies I think is the implication mate
A la Otium
HuckerbyDublinWhelan
Well-Known Member
But he’s suggesting they’d lose the ground. Otium was built to shift whatever assets we had And leave the debt in another company
pipkin73
Well-Known Member
The RFU will have no choice but to relegate them, but at the end of this season like Saracens 2 seasons ago. If they don't I think Saracens will be all over them. CRFC V them next season, lovely jubbly lol and even if they open up a promotion place, Worcester or Ealing could well take it.
HuckerbyDublinWhelan
Well-Known Member
It’s a closed shop - they’ll plead Covid and get on with it
Torquay Sky Blue
Well-Known Member
Wonder if they'll be dishing out freebies for their home game against Cov
pipkin73
Well-Known Member
Home game in??? Either Brum or back in London I guess
pipkin73
Well-Known Member
That works with naive supportets, can't see an administrator going for it. Remember their Administration won't be like ours.
HuckerbyDublinWhelan
Well-Known Member
I’m talking about the relegation, the RFU won’t relegate wasps
pipkin73
Well-Known Member
If they don't Saracens will be all over them. If they go into admin they are relegated. RFU can't afford to fight Saracens.
Ash
Well-Known Member
Isn’t it part of the RFU’s own rules that any club entering administration will be automatically relegated? As someone above mentioned, Saracens will be all over them if they decide to keep them in the Premiership.
Edit: Pipkin beat me to it!
HuckerbyDublinWhelan
Well-Known Member
Difference is Saracens out and out cheated - different scenario, their rules make provision for instances out of the clubs control- like worldwide pandemics.
Wasps will plead that (even though we know it’s bollocks) and will be successful because it’s a plausible excuse - they can claim they were on course to break even by now, and nobody can refute it
pipkin73
Well-Known Member
Then Worcester will claim the same, either both stay up or neither.
Grendel
Well-Known Member
The two situations are different
Nick
Administrator
You could say it's cheating to borrow 35m and not be able to pay it back.
It can be refuted if somebody goes through the books.
Grendel
Well-Known Member
It’s totally different. Staff aren’t getting paid - they have not insured the ground and if they don’t pay that they are turfed out next week
pipkin73
Well-Known Member
But that is not why they are getting kicked out, it's the debt to HMRC. They have been able to play games and this weeks is on also as they have obtained a safety certificate.
Colin Steins Smile
Well-Known Member
The finances of Premiership Rugby Clubs is nuts......similar to the Championship, but at least the clubs in the EFL have the chance to reach the riches of the promised land of the PL.
From recent survey of Premiership Rugby clubs only Exeter were showing profits or breaking even pre-Covid. The potential of administration from both Worcester & Wasps damages the credibility of rugby. Interest in the game has fallen both here and Australia.
The clubs need a reality check.....if they reverted to a pay scale for players on what they can afford, then they might be sustainable. That would equate to massive wage reductions, but are enough of the clubs prepared to grasp that nettle before they go bust? I doubt it!
From recent survey of Premiership Rugby clubs only Exeter were showing profits or breaking even pre-Covid. The potential of administration from both Worcester & Wasps damages the credibility of rugby. Interest in the game has fallen both here and Australia.
The clubs need a reality check.....if they reverted to a pay scale for players on what they can afford, then they might be sustainable. That would equate to massive wage reductions, but are enough of the clubs prepared to grasp that nettle before they go bust? I doubt it!
pipkin73
Well-Known Member
It needs to go semi-pro again, sort itself out and then go pro again with new rules. If it carries on as it is (to compete with the United Championship) and the European competitions it's gone. Glad CRFC never made it up, when all the shit settles they might be in a good place.
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