Calista
Well-Known Member
Phew - I was thinking the unthinkable for a minute
Wasps going into admin & the impact on CCFC (39 Viewers)
- Thread starter Alkhen
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The Philosopher
Well-Known Member
Surely if it needed £20m spending it’d show as a contingent liability or some such in ACL’s accounts.
I guess it doesn’t. Unless they’ve only just discovered so since last filing.
I’m calling BS.
tisza
Well-Known Member
Lots of models make sense if absolutely everything falls into place -but things rarely fall exactly into place.
Wasps' nine-figure debt revealed by chief executive
Wasps Holdings Limited went into administration on Mondaywww.coventrytelegraph.net
"
He said: “The model makes sense, - you have a fantastic venue with conferences, events, exhibitions and concerts and the excess from the venue pays for the sporting business, that’s fine in the normal world.
“When the organisation decided to take bond out seven years ago it automatically put a £35million debt onto the business.
“Then you add on all of the other debts over the years whether it’s pre-covid or not, if you count Derek’s loans [Richardson, Wasps owner] in there as well it’s over £100 million.”
Organisation used the 35 million to clear existing debt - council & Richardson.
But so many flawed assumptions were made in costing the move.eg how many paying supporters they could suddenly generate from basically zero in the market they were moving to. overvaluing future potential media income (something all rugby clubs did)
1ccfc
Well-Known Member
Here is my quote Sir, £200,000.
Oh, someone else is paying you say! My mistake, I missed a zero off by accident. It should be £2,000,000.
Really! It's the council paying! I must apologise, I'm having one of those days and forgot to add an additional zero. Here is your quote, £20,000,000. If I get the job there might just be a cheeky drink in it for you, if you know what I'm mean
jordan210
Well-Known Member
This went well....
www.coventrytelegraph.net
EXCLUSIVE: Ricoh Arena 'masterplan' with new tenant and restaurant revealed
The Wasps Group-owned venue will also be hosting elite 'behind-closed-doors' sporting events as well as Commonwealth Games events
olderskyblue
Well-Known Member
Tickets to the annual painter & decorators christmas do….Here is my quote Sir, £200,000.
Oh, someone else is paying you say! My mistake, I missed a zero off by accident. It should be £2,000,000.
Really! It's the council paying! I must apologise, I'm having one of those days and forgot to add an additional zero. Here is your quote, £20,000,000. If I get the job there might just be a cheeky drink in it for you, if you know what I'm mean
Frostie
Well-Known Member
Sky Blue Pete
Well-Known Member
When they messed up their cards they probably meanSisu didn't have a pandemic?
Is it a wind up account?
jordan210
Well-Known Member
Having listen to Vaughans interview on the Rugby pod. a few things of note
company line is to repeat the venue is profitable. He said this about 6 times.
Has meetings this week to try and find a buyer for wasps. Have been saying that for ages.
If wasps do get saved. Highly likely they will be playing in the CBS. Sounds like a way to pump the value of the arena up by having a second tenet.
company line is to repeat the venue is profitable. He said this about 6 times.
Has meetings this week to try and find a buyer for wasps. Have been saying that for ages.
If wasps do get saved. Highly likely they will be playing in the CBS. Sounds like a way to pump the value of the arena up by having a second tenet.
Sky Blue Pete
Well-Known Member
There’s stuff that doesn’t make sense and only will do in hindsight I reckon
edgy
Well-Known Member
This is what is puzzling me. Surely the Administrators will be having these meetings? Nothing to do with Vaughan now?
jordan210
Well-Known Member
He mentioned he will work for free or something. But is odd as said he has meetings on Thursday and keeps the coaches informed
He did say a few times that the council are very supportive of the arena business
Nick
Administrator
Exactly, he has no say or power to speak to anybody now?
edgy
Well-Known Member
Something isnt sitting right.
Why have Worcester been confirmed relegated after administration and Wasps haven't (yet)?
The RFU statement confirmed: "Under RFU Regulations, Worcester Warriors will be relegated from the Gallagher Premiership, and therefore if investors can be secured, the club will restart in the Championship in season 2023/24. The club is able to appeal this decision if it can show there was no fault insolvency.
Why have Worcester been confirmed relegated after administration and Wasps haven't (yet)?
The RFU statement confirmed: "Under RFU Regulations, Worcester Warriors will be relegated from the Gallagher Premiership, and therefore if investors can be secured, the club will restart in the Championship in season 2023/24. The club is able to appeal this decision if it can show there was no fault insolvency.
tisza
Well-Known Member
Didn't they miss 2 league games? Wasps don't field a side Oct 30th (next league game) then they are gone.
RegTheDonk
Well-Known Member
Could be dummy bids to try and keep the price up for those that ARE interested? There were loads of assurances of virtually done deals for Wasps that didn't pan out.
We just have to keep our fingers crossed that SISU have an endgame behind the scenes (ie actually sell us to someone who cares) and the other parties won't try and shaft us.
edgy
Well-Known Member
But the RFU regulations state that any club which enters administration will be relegated. Why hasnt that happened yet?
I presume there's some loopholes being explored.
HuckerbyDublinWhelan
Well-Known Member
They did but then with Worcester they mentioned it all happened when they missed the second game
in the paranoid world of SBT I think people are reading too much into that. Anyway let’s not pretend we care about rugby. Surely we don’t really care what happens to them now they’re out the Ricoh
edgy
Well-Known Member
the paranoid part of me thinks they arn't out of the Ricoh yet. Nor are the relegated or even fully suspended this season. I'll be a lot happier once the relegation is confirmed.
Sky Blue Pete
Well-Known Member
Cos wasps is a big name aren’t they
HuckerbyDublinWhelan
Well-Known Member
They will be relegated. Most of the teams are in debt. Most of them will just go into admin and start again if there is no punishment.
Nick
Administrator
I am also expecting twists.
Although, they currently don't have any players or staff for the rugby side.
duffer
Well-Known Member
Me and a mate will do it for £10m. No VAT, but it'll have to be a cash deal though.
HuckerbyDublinWhelan
Well-Known Member
We’ll probably get shafted but the rugby club are along way from coming back and into the Ricoh, what owner is going to pay up 50 mil, then play the rental figure at the Ricoh, they just won’t be able to afford it.
edgy
Well-Known Member
Makes me uncomfortable reading rumours of staff being told to wait before signing elsewhere.
Liquid Gold
Well-Known Member
That won't happen.
A dodgy Maltese hedge fund owner along with a compliant council could easily see £35m of debt disappear and an unencumbered arena appear though.
duffer
Well-Known Member
I don't think it'll be down to Vaughan whether they play at the CBS, that'll be up to the new owner of the arena.
It's also going to cost a fair wedge to open the site for just a couple of thousand fans; will phoenix Wasps (if they exist) really be able to afford it?
HuckerbyDublinWhelan
Well-Known Member
Genuinely don’t think it’s that simple or easy.
Nick
Administrator
Also depends who owns the Ricoh....
No they won’t and Vaughan should not be getting involved or influencing any decision making. He was part of the failed process and I’m pretty sure the administrator will be wanting him to fade away.
Liquid Gold
Well-Known Member
They put the admin notice on ACL late for a reason, I don't know what it was but if they were just cutting their losses and running then they would have done it all at the same time.
I've no doubt Richardson is trying something and has approached the council.
Whether they achieve it is another thing.
I've no doubt Richardson is trying something and has approached the council.
Whether they achieve it is another thing.
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