letsallsingtogether
Well-Known Member
Well I went to a meeting chaired by Joy at Crist the king, and she said she"I never knew what the rent was until Ray Ranson asked for more money"
Positive News for the Academy - Wasps pull out of Higgs (1 Viewer)
- Thread starter Nick
- Start date
letsallsingtogether
Well-Known Member
Who I thought he was a liar too
Grendel
Well-Known Member
Which is entirely plausible.
Hobo
Well-Known Member
I have already read his post thanks.
dongonzalos
Well-Known Member
Which wouldn’t have happened if SISU did one of two things when they had effectively won.
Either agreed a new long term rental at a reasonable rate.
Or put their best bid in for the club when they were warned to do so before January otherwise it was going to someone else.
They did neither they decided to try and get it even cheaper. Said they had no interest in it and were building their own stadium.
That was the point that caused the arrival of Wasps.
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itsabuzzard
Well-Known Member
I'm not "getting at" anything; isn't my post clear enough? The "cunning plan" remark was made tongue-in-cheek. SISU are clueless.
And I won't be doing any deals with you G, if you think it's acceptable to knowingly enter into an arrangement with the intention of ripping it up immediately.
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SkyBlueZack
Well-Known Member
They didn't rip it up immediately. They should have but as you alluded to, there useless.
skybluetony176
Well-Known Member
itsabuzzard
Well-Known Member
That's what G suggested they should have done.
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SkyBlueZack
Well-Known Member
No, you said they entered into an agreement with the intention of ripping it up immediately. They didn't rip anything up immediately.
itsabuzzard
Well-Known Member
If you're not going to bother actually reading my posts, then this is a pointless exercise.
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stupot07
Well-Known Member
Offers of 100's of free tickets at my missus place yesterday.
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chiefdave
Well-Known Member
Seen lots of freebies being offered on Facebook as well.
Captain Dart
Well-Known Member
clint van damme
Well-Known Member
really surprised at that. Knew their attendances had dropped but I didn't realise it was quite so dramatic.
Edit: further down the thread in the link it says it's actually just under 10,000.
Liquid Gold
Well-Known Member
9,740
Captain Dart
Well-Known Member
Damn. I repeated fake news.
fernandopartridge
Well-Known Member
they're on about a match from 2009 aren't they?
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clint van damme
Well-Known Member
If that’s true then a lot of free tickets were fished out across Coventry and Warwickshire. Love to know the real attendance of paying customers.
Everyone of them that attended needs a cricket bat whacked between there legs as they leave the Ricoh.
I_Saw_Shaw_Score
Well-Known Member
Well they've spent big on signing Brad Shields today & supposedly have a world class 10 incoming.
Unfortunately they don't seem to be going anywhere anytime soon!
Unfortunately they don't seem to be going anywhere anytime soon!
Kingokings204
Well-Known Member
Yes they wont be going anywhere soon. They may be in trouble financially but they can just refinance the bond scheme. Take a bit longer to pay it back.
The quicker they go the better but it won’t be quick enough.
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duffer
Well-Known Member
I think the thing about refinancing, is that next time they're going to have to pay even more interest to draw people in. That's a combination of rates slowly rising, and increased risk. That has to be a drain on profit, and I don't think it can go on forever...
Astute
Well-Known Member
A bit longer than what?
After paying nearly 3m a year in interest payments they will still owe the same amount. They will only be better off by the difference of inflation. The years of having loans and mortgages paid for by high inflation are long gone. And if inflation goes up so will any new bond offering. And they are not making enough to keep up with it now.
Ah what a shame :emoji_middle_finger:
Kingokings204
Well-Known Member
Oh yes I agree and with duffer above. I just can’t see them risking and admitting defeat on something as big as the Ricoh anytime soon.
It’s clear the council has been brainwashed into big wasps plans and already they are starting to unravel. The original title of this thread is good news and they certainly aren’t looking for bigger. They are in trouble, the books and figures show you that and it won’t be getting better but I can’t see them relinquishing control soon.
I genuinely believe we will have the stadium one day for our club and maybe then we can start to look up.
Captain Dart
Well-Known Member
Read OSB's posts in Wasps sub forum, he identifies alternative sources of refinancing they could use.
Wasps current finances & hope
duffer
Well-Known Member
Yep, and like most of OSB's stuff it's very well thought out. I've replied over there rather than dragging it out on here. Basically though, my thoughts are that whichever way you stack it, you can't keep rolling over debt forever, and for all of the hoopla I don't think Wasps finances are as solid as they might be.
Sooner or later (and much as it pains me to agree with Mr Fisher on this), you've got to pay your way and become self-sustaining. I don't think you can do that by continual refinancing or reliance on a sugar daddy investor - imho.
Captain Dart
Well-Known Member
Why not? Especially if the real value of that debt constantly falls. Anyway
I said it years ago and OSB said it in his thread, Richardson will bail them out rather than see his investment collapse if push comes to shove, he did it before.
NorthernWisdom
Well-Known Member
But the whole point of him moving them to Coventry was he was fed up of bailing them out.
He'd do it if he could see a path to that helping them become sustainable I'm sure, but am extremely doubtful he'd do it without question.
duffer
Well-Known Member
If interest rates are higher than inflation, as they are for Wasps bond repayment, then the real value of the debt increases. And no business can rely on a single individual to keep bailing them out. At some point every investor looks for a return, bails out, or dies. (I'm not wishing Mr RIchardson dead, btw!).
Richardson might be putting more in, but as I recall the bond issue was also about giving him something like 10m back. That might speak to his appetite for continuing to fund Wasps; the fact that he's put more in recently could just as easily be flagged as a negative rather than a positive.
Captain Dart
Well-Known Member
Maybe, but I don't think he'll jump ship unless he can find another mug to take over.
singers_pore
Well-Known Member
What evidence is there that Richardson has the money to pump back into Wasps? Presumably he got the 10m from the bond financing for a reason (e.g., to settle debts elsewhere in his portfolio) which means that Richardson no longer has 10 million to pump back into Wasps.
I agree with OSB that there is a possibility of refinancing but it's not a definite. Investors are going to want to see evidence of improved financial performance or else the interest rate is going to be very high to cover the risks of such a high risk loan.
Personally I suspect Wasps are in trouble ... whether that manifests in their failure before 2022 or after 2022 remains to be seen. A lot will depend what happens on the pitch because if they continue to slide down the table I can't see the fair-weather supporters and sponsors continuing to back them.
I agree with OSB that there is a possibility of refinancing but it's not a definite. Investors are going to want to see evidence of improved financial performance or else the interest rate is going to be very high to cover the risks of such a high risk loan.
Personally I suspect Wasps are in trouble ... whether that manifests in their failure before 2022 or after 2022 remains to be seen. A lot will depend what happens on the pitch because if they continue to slide down the table I can't see the fair-weather supporters and sponsors continuing to back them.
