Wasps signs have actually gone!! (2 Viewers)

[hill83]

Articles like this are so surreal to read now.

Hundreds of Wasps season ticket holders given tour of Ricoh Arena

Rugby club laid on buses for 750 supporters from High Wycombe and London to check out facilities at their new Coventry home

www.coventrytelegraph.net

Flashbacks to when I first saw the photos of those twats stood on our pitch next to rugby posts. So glad they are gone. Absolute wankers.

 

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[Sky Blue Pete]

Signs still up in the stadium

 

[hill83]

You go to Trent then Shmmee!!

And me

 

[hill83]

I remember I honestly couldn’t believe what I was seeing. And one of my mates a ccfc season ticket holder was buzzing about it and taking the piss going “Allez allez” or whatever it is. Then got a season ticket for wasps and has barely been to a Cov game since. How I’ve managed to avoid taking the piss now I don’t know.

 

[TomRad85]

I remember I honestly couldn’t believe what I was seeing. And one of my mates a ccfc season ticket holder was buzzing about it and taking the piss going “Allez allez” or whatever it is. Then got a season ticket for wasps and has barely been to a Cov game since. How I’ve managed to avoid taking the piss now I don’t know.

One of my mates has abandoned us, used everything as an excuse to follow a Prem team like an utter wanker I think. We used to have season tickets together, drive to away games together. Call him out as a prick every time I see him now.
Yet I think he's been out-wankered by your mate... Wasps ffs. Lowest of the low.

Sent from my SM-G973F using Tapatalk

 

[shmmeee]

And me

All the best people

 

[Skyblueweeman]

Articles like this are so surreal to read now.

Hundreds of Wasps season ticket holders given tour of Ricoh Arena

Rugby club laid on buses for 750 supporters from High Wycombe and London to check out facilities at their new Coventry home

www.coventrytelegraph.net

Probably still to pay for those buses and the canapes and cider laid on for that event.

 

[CCFC54321]

Got to be elasticated cuffs!!

Joking aside every time i have seen a wasps 'supporter' they are...

Massively overweight - (that's all the family and borders on obese the size of the children.)
Wear fleeces with sleeves rolled up
Beards (that includes the males as well)
Drink ale (that also includes the males)
Don't give a toss if they lose the game
Wave flags
Look unwashed
Waddle when walking

Now I'm being naughty here as there are a lot on this site that are rugby supporters that don't fit the above criteria, but the wasps lot when ever I've been unfortunate to spot them they DO fit the above criteria.

 

[Skyblueweeman]

All the best people

 

[Grendel]

Funny this



Seems from the admin report it was never paid for

 

[Calista]

I guess I’m naïve about company finance, but I always assumed that there would be a framework or system in place to prevent debts getting out of hand to this degree. I mean there’s about 250 companies on that list – are there no alarm bells which ring when a business ordering goods or services has no means of paying?

 

[hill83]

Funny this



Seems from the admin report it was never paid for

They’ll be sweating over this one

 

[chiefdave]

I guess I’m naïve about company finance, but I always assumed that there would be a framework or system in place to prevent debts getting out of hand to this degree. I mean there’s about 250 companies on that list – are there no alarm bells which ring when a business ordering goods or services has no means of paying?

I would have thought that's where trading insolently comes in. If you can't get work done by one company as you've run up a bill so you go to an alternative supplier and run up a bill with them wouldn't that be classed as trading insolently? I have no idea where the line for that is drawn

Did see an interview with someone connected with Wasps, can't remember who, who said they were engaging services knowing perfectly well they didn't have the money to pay the bill

 

[wingy]

They’ll be sweating over this one

Should be dragged over the coals for that one.

 

[Terry Gibson's perm]

Funny this



Seems from the admin report it was never paid for

There seems to be some real blurring of the lines between that training ground and the club itself. It looks like anything that cost went against the club but the training ground was owned by somebody else. Am I reading this wrong?

 

[Nick]

Funny this



Seems from the admin report it was never paid for

More stuff from the training ground not paid for?

At what point is it fraud?

What's to stop you doing your house up and invoicing it through the company then going to admin

 

[Nick]

There seems to be some real blurring of the lines between that training ground and the club itself. It looks like anything that cost went against the club but the training ground was owned by somebody else. Am I reading this wrong?

It looks very dodgy.

 

[Calista]

I would have thought that's where trading insolently comes in. If you can't get work done by one company as you've run up a bill so you go to an alternative supplier and run up a bill with them wouldn't that be classed as trading insolently? I have no idea where the line for that is drawn

Did see an interview with someone connected with Wasps, can't remember who, who said they were engaging services knowing perfectly well they didn't have the money to pay the bill

I assume you mean trading insolvently (although insolently is just as suitable)? Just googled this, and there are potentially serious consequences for directors of companies if they continue to trade knowing that they are going to become insolvent, thus causing additional losses to the company and its creditors.

You can start with an ambition to be the biggest rugby club in the world or whatever, persuade people it’s realistic, do deals with public bodies and other businesses, sell bonds to finance it etc., but surely when it becomes clear it’s failing there’s a moral (and/or legal) duty to minimise the losses? And the Directors must have known they’d reached that point a long time ago. So what action will they face?

 

[fernandopartridge]

I assume you mean trading insolvently (although insolently is just as suitable)? Just googled this, and there are potentially serious consequences for directors of companies if they continue to trade knowing that they are going to become insolvent, thus causing additional losses to the company and its creditors.

You can start with an ambition to be the biggest rugby club in the world or whatever, persuade people it’s realistic, do deals with public bodies and other businesses, sell bonds to finance it etc., but surely when it becomes clear it’s failing there’s a moral (and/or legal) duty to minimise the losses? And the Directors must have known they’d reached that point a long time ago. So what action will they face?

On the face of it the administrator's report shows that they're buying the same sorts of goods and services from different companies. Probably showing that they'd reached a credit limit with a supplier before moving on to another one.

 

[Skyblueweeman]

Funny this



Seems from the admin report it was never paid for

Of course it wasn't. It seems the didn't pay a single penny for anything the parasites.

It's incredible that there's no legal recourse for what they've done.

 

[Nick]

I assume you mean trading insolvently (although insolently is just as suitable)? Just googled this, and there are potentially serious consequences for directors of companies if they continue to trade knowing that they are going to become insolvent, thus causing additional losses to the company and its creditors.

You can start with an ambition to be the biggest rugby club in the world or whatever, persuade people it’s realistic, do deals with public bodies and other businesses, sell bonds to finance it etc., but surely when it becomes clear it’s failing there’s a moral (and/or legal) duty to minimise the losses? And the Directors must have known they’d reached that point a long time ago. So what action will they face?

Well one of the directors is the new owner from Administration.

I don't see how a director can pile loads of debt from an asset in a completely separate company he owns (Training ground works) into Wasps, let them go into admin, buy them from admin debt free and have none of the debts on the training ground?

Might be one for @oldskyblue58

 

[jordan210]

Re training ground. Im guessing they lumped lots of the costs ageists the club for equipment and so on. The Holland purchased the other half to keep wasps/Richardsons with some money then rented it back at a stupid cost.

As Epic is owed nearly a million quid.

 

[Nick]

Re training ground. Im guessing they lumped lots of the costs ageists the club for equipment and so on. The Holland purchased the other half to keep wasps/Richardsons with some money then rented it back at a stupid cost.

As Epic is owed nearly a million quid.

I don't get how they could put build costs to Wasps though when it has been completely separate? It's as if they thought "fuck it just charge it all to Wasps as they are going bust" and they went into admin an fucked it all off and come out debt free.

 

[jordan210]

I don't get how they could put build costs to Wasps though when it has been completely separate? It's as if they thought "fuck it just charge it all to Wasps as they are going bust" and they went into admin an fucked it all off and come out debt free.

I would guess it was equipment that was put in as wasps. Rather than the building. What everything did. dodgy as fuck the way the training ground one day changed hands.

 

[Nick]

I would guess it was equipment that was put in as wasps. Rather than the building. What everything did. dodgy as fuck the way the training ground one day changed hands.

Wasps owe the company who built it a fair bit...

If it is just equipment, you would think they can just go in and take it.

 

[jordan210]

What I dont get is how they owed so much money to financial advisory companies.

 

[jordan210]

Nick mentioned this before that a few players names come up on the creditors list.

It does appear some dodgyness was done with players pay to avoid cost cap.

Vaea Fifita set up a company on the 28th of June 2021 VAEA FIFITA RUGBY ACADEMY LIMITED

the address is linked to an small accountancy

30th of June 2021 he signs for wasps.

He is owed 35k.

I cant find anything about his rugby academy.


Isn't this what saracens did to avoid the cost cap.

Im not saying Vaea Fifita has done anything wrong. But just an interesting worm hole.

 

[Nick]

Nick mentioned this before that a few players names come up on the creditors list.

It does appear some dodgyness was done with players pay to avoid cost cap.

Vaea Fifita set up a company on the 28th of June 2021 VAEA FIFITA RUGBY ACADEMY LIMITED

the address is linked to an small accountancy

30th of June 2021 he signs for wasps.

He is owed 35k.

I cant find anything about his rugby academy.


Isn't this what saracens did to avoid the cost cap.

Im not saying Vaea Fifita has done anything wrong. But just an interesting worm hole.

There are multiple like that.

 

[Brighton Sky Blue]

All the best people

If memory serves that’s G’s alma mater too

 

[The Philosopher]

I assume you mean trading insolvently (although insolently is just as suitable)? Just googled this, and there are potentially serious consequences for directors of companies if they continue to trade knowing that they are going to become insolvent, thus causing additional losses to the company and its creditors.

You can start with an ambition to be the biggest rugby club in the world or whatever, persuade people it’s realistic, do deals with public bodies and other businesses, sell bonds to finance it etc., but surely when it becomes clear it’s failing there’s a moral (and/or legal) duty to minimise the losses? And the Directors must have known they’d reached that point a long time ago. So what action will they face?

I agree, given the level of debt, how could they have ever dreamed that they’d be able to turn things around?

It looks like they’d been losing millions every year and had no plan to cut cost / realistically refinance. Even if they had got HSBC to refinance the bond scheme there seemed no way of paying it off.

I’ve no time or inclination to go through the previous years accounts (OSB?) but it wouldn’t surprise me if there was some cooking of the books to make things look less bad.

HMRC (us, the taxpayer) are in for (7?) millions and also Sport England (government (us the taxpayer) (£14m?). It’s almost criminal.

How could that ever stack? If a football club goes under there is the slightest plausible answer that the directors believed the player transfer contracts had a value to balance the books in some way. Rugby? No.

It needs looking at and people brought to account.

 

[Earlsdon_Skyblue1]

Nick mentioned this before that a few players names come up on the creditors list.

It does appear some dodgyness was done with players pay to avoid cost cap.

Vaea Fifita set up a company on the 28th of June 2021 VAEA FIFITA RUGBY ACADEMY LIMITED

the address is linked to an small accountancy

30th of June 2021 he signs for wasps.

He is owed 35k.

I cant find anything about his rugby academy.


Isn't this what saracens did to avoid the cost cap.

Im not saying Vaea Fifita has done anything wrong. But just an interesting worm hole.

It isn't dramatic to say that there needs to be fraud investigation.

Well one of the directors is the new owner from Administration.

I don't see how a director can pile loads of debt from an asset in a completely separate company he owns (Training ground works) into Wasps, let them go into admin, buy them from admin debt free and have none of the debts on the training ground?

Might be one for @oldskyblue58

He's probably in Solihull trying to get hold of a season ticket.

 

[CCFC54321]

It isn't dramatic to say that there needs to be fraud investigation.



He's probably in Solihull trying to get hold of a season ticket.

I'd have 50p that the police have either been tipped off about this by someone and are watching from a distance how this plays out to ensure nothing underhand is going on.

 

[Grendel]

I'd have 50p that the police have either been tipped off about this by someone and are watching from a distance how this plays out to ensure nothing underhand is going on.

it’s a civil matter in reality if anything and it’s very difficult to prove directors acted knowingly when the company is insolvent

 

[The Philosopher]

I'd have 50p that the police have either been tipped off about this by someone and are watching from a distance how this plays out to ensure nothing underhand is going on.

Keep your 50p. The police service is a joke nowadays unless you are a motorist and company issues are very rarely on their remit

HMRC might have a nibble but even that is unlikely.

Maybe the administrator will report the directors but it depends on if They (administrators) have been “tamed” or not. Dirty dirty business world are administrators and liquidators.

 

[fernandopartridge]

Keep your 50p. The police service is a joke nowadays unless you are a motorist and company issues are very rarely on their remit

HMRC might have a nibble but even that is unlikely.

Maybe the administrator will report the directors but it depends on if They (administrators) have been “tamed” or not. Dirty dirty business world are administrators and liquidators.

It's not a police matter, it's a civil matter like Grendel has said. The administrators will report if there is evidence of trading whilst insolvent, no need for the police to be involved, the administrators are agents of the court.