Wasps administrators report (3 Viewers)

[MalcSB]

Admin report for ACL Astute 2006, OSB may be able to decipher! Looks like the two ACLs owed something like £70m, £12m of which to Sport England. Compass total loss of over £7m.

 

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[MalcSB]

I presume another similar report will be due for ACL ( now ACL Astute 2022).

 

[MalcSB]

Final offer for arena less than £16m

 

[Robinshio]

Not sure why the auditors are not hung out to dry

 

[Sick Boy]

Scumbags.

 

[Rusty Trombone]

Probably explains the signs being taken down, the sign company were owed £93k.

 

[Flying Fokker]

Joe Launchbury exclusive interview: 'The RFU knew of Wasps' demise for five years'

By the time you read this Joe Launchbury will already be in Japan, bedding in with his new club Toyota Verblitz ahead of the start of the Japan Rugby League One season in the middle of December.

uk.yahoo.com

 

[Nick]

Some of the small businesses who have been fucked over is criminal.

AV company owed £120k

Interesingly CCC owed over £250k.

 

[Liquid Gold]

Money owed to the ambulance services.

Fucking pricks.

I bet that's not their fault?

 

[Nick]

Scott Joyce Builder Ltd owed nearly £15k.

It's shit like that, no idea who the bloke is but £15k isn't small change to a lot of the people who were owed.

 

[fernandopartridge]

Valuations are interesting, £24-35m without WRFC but presumably including CCFC. Yet Ashley got it for £16m.

 

[Nick]

What do they owe Sport England for?

 

[Nick]

Valuations are interesting, £24-35m without WRFC but presumably including CCFC. Yet Ashley got it for £16m.

Surely the Administrators didn't really do the best for the creditors if they just paid the Bondholders back with what Ashley paid?

 

[fernandopartridge]

The report covers both ACL 2006 and ACL doesn't it @MalcSB ?

 

[SBS]

Some of the small businesses who have been fucked over is criminal.

AV company owed £120k

Interesingly CCC owed over £250k.

More taxpayer cash down the drain. Maton reading the room well

 

[Nick]

Yeah it has both.

All of the creditors are about page 105.

 

[fernandopartridge]

Owed Otium Entertainment Group £480, that'll put a dent in Robins' transfer warchest

 

[SBT]

What do they owe Sport England for?

Is that the Covid bailout from the govt?

 

[Nick]

It's no wonder nobody would touch the pitch, owed a few pitch related companies money.

 

[Nick]

Even a small cabling company, 10k owed.

That's massive for small 1 man band type contractors.

 

[TomRad85]

More taxpayer cash down the drain. Maton reading the room well

Absolute fucking bellend that bloke

Sent from my SM-G973F using Tapatalk

 

[Frostie]

I'm sure Wasps fans will still say it's not the club's fault. Bloody Covid...

 

[fernandopartridge]

Assume the money owed to CCC is unpaid business rates, rateable value for the Arena is £650k

 

[fernandopartridge]

Council scab waste firm Tom White Waste owed £11k too

 

[Nick]

Assume the money owed to CCC is unpaid business rates, rateable value for the Arena is £650k

Yet Maton is still trying to get them to shag him.

 

[Nick]

They claim the Pandemic meant loss of revenue from CCFC games. Weren't we at St Andrews?

Can't remember, seems ages ago.

 

[fernandopartridge]

They claim the Pandemic meant loss of revenue from CCFC games. Weren't we at St Andrews?

Can't remember, seems ages ago.

Yes we were

 

[Nick]

Yes we were

What income were they planning on from CCFC games during the pandemic then?

 

[fernandopartridge]

The sheer number of unsecured creditors is massive, the directors should be in trouble really as it is obvious they were insolvent.

 

[Nick]

The sheer number of unsecured creditors is massive, the directors should be in trouble really as it is obvious they were insolvent.

It's shocking, isn't it?

When it's multi-billion pound banks there isn't much sympathy but so many are just local businesses. How were they still taking services on tick when they owed so much?

 

[The Philosopher]

Page 24 where “COVID had a significant impact” is seemingly an obvious point. Just a mark in the sand here with the statement made by the RugbyPL - something like “Wasps can appeal if they can show the financial problems we’re down to exceptional circumstances (such as COVID)

 

[Nick]

What are all the things for a penny?

 

[Philosoraptor]

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CCC as creditors.

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[Nick]

Page 24 where “COVID had a significant impact” is seemingly an obvious point. Just a mark in the sand here with the statement made by the RugbyPL - something like “Wasps can appeal if they can show the financial problems we’re down to exceptional circumstances (such as COVID)

The Covid-19 pandemic had a significant impact on the Group both as a result of cancelled CCFC and WRFC games and associated lost revenues but also reduced revenue from cancelled conferences and events and the closure of the hotel and casino during government-imposed lockdowns.

 

[Philosoraptor]

They owe CCC £250,000+