Wasps downward spiral... (55 Viewers)
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Sky Blue Harry H
Well-Known Member
Elite rugby club Wasps.....
Can't even spell Shite correctly.
Can't even spell Shite correctly.
MalcSB
Well-Known Member
The group representing 10% of bondholders who had asked the Trustee to organise an EGM have asked the Trustee to put that process on hold since the Notice of Intent to appoint an administrator. Given it was going to take 5 weeks plus to actually hold the meeting, I think they will have lost any initiative they may have been able to take advantage of.
Given the inertia in the notification system ( it seems to take 2 weeks or so for updates to be sent through by brokers), if there is any chance to reject Wasps choice of administrators and appoint their own, this could easily be lost which will work against them. Had the EGM gone ahead, they would have been at least some way down the road to having a bondholder agreed position prepared.
The Trustee seems ineffective and unwilling to take any independent action, to a point which would make an independent observer wonder whose interests he is protecting _ bondholders or Wasps.
As you said, bondholders were getting their shit together to be proactive. To mix metaphors, they have now dropped the ball.
Given the inertia in the notification system ( it seems to take 2 weeks or so for updates to be sent through by brokers), if there is any chance to reject Wasps choice of administrators and appoint their own, this could easily be lost which will work against them. Had the EGM gone ahead, they would have been at least some way down the road to having a bondholder agreed position prepared.
The Trustee seems ineffective and unwilling to take any independent action, to a point which would make an independent observer wonder whose interests he is protecting _ bondholders or Wasps.
As you said, bondholders were getting their shit together to be proactive. To mix metaphors, they have now dropped the ball.
Does make you wonder about convenient tax demand allegedly.
Moff
Well-Known Member
Philosoraptor
Well-Known Member
Killer few sentences from BBC Sport
Meanwhile, the Wasps situation is related to an unpaid tax bill and the repayment of £35m in bonds which helped finance their relocation from London in 2014.
Covid undoubtedly exacerbated the challenges that Premiership rugby clubs were already facing and one former club chief executive said that the current situation was symptomatic of the "real after-effect of Covid biting".
However, most clubs were making losses before the pandemic and there were already concerns about the sustainability of what clubs were spending on player wages compared to their incomes.
Meanwhile, the Wasps situation is related to an unpaid tax bill and the repayment of £35m in bonds which helped finance their relocation from London in 2014.
Covid undoubtedly exacerbated the challenges that Premiership rugby clubs were already facing and one former club chief executive said that the current situation was symptomatic of the "real after-effect of Covid biting".
However, most clubs were making losses before the pandemic and there were already concerns about the sustainability of what clubs were spending on player wages compared to their incomes.
Worcester Warriors, Wasps & Premiership Rugby - key questions answered
BBC Sport looks at the reasons behind Worcester Warriors and Wasps' financial struggles and what impact it could have on Premiership Rugby's future.
www.bbc.co.uk
Gynnsthetonic
Well-Known Member
Club shop still down!
chiefdave
Well-Known Member
There is zero need to shut down an online shop because you're moving warehouses. Just put a note on there that shipping will be delayed x number of days.
Very suss given the situation they are in and other clubs that haven't the same retail partner aren't having the same issue.
See Gloucester mentioned in the article and when waps turned up or maybe a season later
I can remember doing a bit of analysis and Gloucester were an example of a well run club turnover around £12.5M on a 12,500 gate.
Losing around 500k a year can't quite remember what Wasps level was at but I'm sure the operation was heavily negative with the club leeching heavily from the ACL element.
I can remember doing a bit of analysis and Gloucester were an example of a well run club turnover around £12.5M on a 12,500 gate.
Losing around 500k a year can't quite remember what Wasps level was at but I'm sure the operation was heavily negative with the club leeching heavily from the ACL element.
MAFF
Well-Known Member
no it's not
Gynnsthetonic
Well-Known Member
I'm just going off the link that was put up yesterday
Liquid Gold
Well-Known Member
Somebody should show them the sales so far
Sky Blue Harry H
Well-Known Member
Perhaps the 0 was a typo ?
Edit: come to think of it, maybe the 5 was too, or at least missing a decimal point before it?
chiefdave
Well-Known Member
hadn't even registered with me that it was Northampton and a good chunk of those very few ticket sales would be away fans.
Grendel
Well-Known Member
DrunkenWasps.com - Wasps
DrunkenWasps.com discussion board : Unofficial Wasps news and views
m.rugbynetwork.net
Oh the old Deliah Smith technique.
HuckerbyDublinWhelan
Well-Known Member
To be fair - going off their stats they average what 6k? Our core is effectively 14k atm so it’s not far off
Seaside-Skyblue
Well-Known Member
Even though relatively new to the area, this is a rugby club already playing in the top league. I'd guess that whatever gates they've been averaging is probably as good as it gets. They're not even a novelty anymore where you'd expect an influx of fans at the beginning.
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Sent from my SM-A908B using Tapatalk
Wow 92 likes and 14 retweet….. what a marketing campaign. They won’t even cover Bobby’s free pies….
Flying Fokker
Well-Known Member
That is pathetic. Rugby Union is like watching paint dry -as a spectator sport it is Rank. The people who had freebies will surely realise this? I hope they have another low attendance from the home ‘fans’.
Peter Billing Eyes
Well-Known Member
I think there is a very good chance the crowd could be zero, but knowing Wasps they will still say there were 9000 in attendance even though they aren’t playing today.
HMRC never go back on payment plans unless tax payer defaults on terms
How much is HMRC debt compared to other total debts?
How much did they get from PRL/DCMS to cover alot of their shortfalls?
jordan210
Well-Known Member
For some reason I thought it was this weekend…
tisza
Well-Known Member
They don't get it.
They are also in a mess (as they were pre-COVID) because they " reached for the stars" that were realistically out of reach. Even clubs with properly rich owners haven't taken on such a risky project. Even a similar project in their original home would have been risky.
A large part of their debt problem was taking on this bond which wasn't advancing the business but repaying their owner.
It wasn't a 35 million investment in the future it was clearing debt with the council and their owner.
shepardo01
Well-Known Member
As I've said before, they have paid people/players with money they haven't got, and other peoples money!
Just as bad/maybe even worse than Saracens, who I've seen many Wasps fans call "cheats".
steveo1987
Well-Known Member
The delusion from some of the rugby journos and ex players is quite something..They lost nearly £3m back in 2008.
Nick
Administrator
Yeah it's like they just listen to their pr and just repeat it
JAM See
Well-Known Member
That is unfair.
I enjoy watching RU at the Butts.
I also like test cricket (watching paint dry is sometimes an apt comparison, but I still enjoy it).
I want Wasps gone as much as the next person, but please don't conflate rugby union as a sport with Wasps as an entity.
If you want lots of action and 'goals', go and watch basketball.
Flying Fokker
Well-Known Member
Maybe harsh. But having spectated from one end of the ground, it make for a less exciting spectacle than football. I can understand why you may enjoy watching Cov Rugby. Easier supporting Cov.
Cricket? Yes, I hear you but I prefer the day games nowadays. Here again it would be Warwickshire and England.