Now. Dont get too excited. But... (5 Viewers)

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SHUNT31

SHUNT31

Well-Known Member
SHUNT31 said:
They haven’t filed their 30 June 2021 accounts yet have they? I’m sure they’re overdue


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Sorry that is ACL’s accounts


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K

KenilworthSkyBlue

Well-Known Member
ccfcchris said:
It makes you wonder if it could have been all so different if he'd got on the phone to Joy asking if there was milage in both clubs working together instead of sealing deals with the council on the quiet.

Too much water under the bridge now and an absolute non-starter.
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Looking at it objectively though, in what universe would Wasps, or anyone for that matter, have wanted to get into a commercial relationship with Joy at that point. It would've been a terrible move brand-wise given the negativity surrounding SISU and a disintegration of the relationship would've likely still happened anyway IMO.

It's quite clear she doesn't play well with others unless they abide by her ideology and modus operandi.
 
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chiefdave

chiefdave

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ccfcchris said:
It makes you wonder if it could have been all so different if he'd got on the phone to Joy asking if there was milage in both clubs working together instead of sealing deals with the council on the quiet.

Too much water under the bridge now and an absolute non-starter.
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In the highly unlikely event she'd been responsive to this I doubt she'd have let him take £10m to put in his own pocket and clearly at that point he wanted some money back. You don't load £10m extra debt onto a company undergoing such a big change unless you have to. Remember at the time there were press reports that he was reaching the limits of his personal wealth.
 
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Senior Vick from Alicante

Senior Vick from Alicante

Well-Known Member
Bond holders think there may be some financial foul play in the background. This was posted last night. Someone with more time and knowledge than me might want to visit the Companies House site. Wasps Holdings have guaranteed repayment of our bond, and sure enough there is a charge registered in favour of US Bank Trustees dated 13/5/15 but there also three other outstanding charges 2 to Richardson and one to Canmango of which Richardson is Director. Perhaps most worrying is that there is a charge in favour of Richardson also dated 13/5/15 and both have a negative pledge. A negative pledge prevents a Company creating an additional charge that would have a higher priority to repayment. But what happens if you have two on the same day? Sculduggery of a high order I fear. Arena Coventry 2006 also guarantee the bonds and there is another charge in favour of EDIT should read Compass Group. Our security may be a lot less secure than we think, and for sure Richardson is not on our side but our competitor when it comes to claiming return of our money from the carcass that was Wasps.
 
Moff

Moff

Well-Known Member
Grendel said:
It’s impossible to say but no one knows really why the set up is what it is and what Richardson thinks as he never speaks

Logically he’d have looked to flog the lease and keep the rugby club there. Has he tried and no one wants it?

No one understands the bond thing really in terms of default but it seems all bond holders have to act independently to register any decision on a cvs

Is Richardson’s debts also in the cva? Are some big bond holders invested into Richardson?

If it’s raised on the face of it it’s a problem but then why would he do it?

From a finance manipulation angle I’ve always thought they are one step ahead of Sisu in truth. However his reputation is being ruined with all this nonsense

Also if they collapse no one knows then what happens - both organisations are small really and can’t run and don’t need a complex of this size.

It’s a complete catastrophe - we will never own it and I’d be amazed if they cling on for another 3 years but who knows from that really

Ideally the council and the WMA should look to try and work with the clubs and find a buyer for the stadium with a long lease for both clubs - never happening though is it
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Interesting thoughts G.

One question though, why would Wasps want to stay here if they sold/list the lease?

Poor fan base, not embedded in the local community, despised by the football club and fans and fractious relationship with the other tenant.
Apart from the training ground, which they could retain if the moved to another local stadium, or they could sell it, why stay?
 
Colin Steins Smile

Colin Steins Smile

Well-Known Member
Senior Vick from Alicante said:
Bond holders think there may be some financial foul play in the background. This was posted last night. Someone with more time and knowledge than me might want to visit the Companies House site. Wasps Holdings have guaranteed repayment of our bond, and sure enough there is a charge registered in favour of US Bank Trustees dated 13/5/15 but there also three other outstanding charges 2 to Richardson and one to Canmango of which Richardson is Director. Perhaps most worrying is that there is a charge in favour of Richardson also dated 13/5/15 and both have a negative pledge. A negative pledge prevents a Company creating an additional charge that would have a higher priority to repayment. But what happens if you have two on the same day? Sculduggery of a high order I fear. Arena Coventry 2006 also guarantee the bonds and there is another charge in favour of EDIT should read Compass Group. Our security may be a lot less secure than we think, and for sure Richardson is not on our side but our competitor when it comes to claiming return of our money from the carcass that was Wasps.
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Could this mean that Richardson has potentially given himself and his company preferential treatment in the event of liquidation??? I'd be interested to hear knowledgable people from the sectors view on this.
 
Grendel

Grendel

Well-Known Member
Saddlebrains said:
I made that up for a laugh on twitter BTW didnt know people would copy it
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They have always been coy about sales - I doubt they do sell more than 1,500
 
chiefdave

chiefdave

Well-Known Member
Can you pick you seat when you try and buy a season ticket? Need the dot counters to take a look.

Edit: just made a burner account on their ticketing site and you might not be far off with your guess.
 
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A

Ashdown

Well-Known Member
Maybe even their historical fans from the South are rethinking their priorities when it comes to where they spend their money. These are most likely people contemplating their missing bond money as well . On top of that travel and living costs have gone through the roof. Maybe a weekender in Cov is not so palatable anymore.
 
SBAndy

SBAndy

Well-Known Member
Moff said:
Interesting thoughts G.

One question though, why would Wasps want to stay here if they sold/list the lease?

Poor fan base, not embedded in the local community, despised by the football club and fans and fractious relationship with the other tenant.
Apart from the training ground, which they could retain if the moved to another local stadium, or they could sell it, why stay?
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My thoughts on this:

They might not really have a choice but to stay. If the rugby club surrenders the lease whilst the head-lease is still under the ownership of their group, then the asset worth on an investment basis would reduce. This in turn may make it more challenging for the group to sell on at their perceived value. However, if the Arena was sold then Wasps would have to negotiate surrender of the lease with a new landlord who may either (a) not be willing to agree, or (b) command a premium for the surrender which Wasps may not be able to afford.

From what I can see, Wasps only ever signed a short-term lease at Adams Park previously and this was likely being held over which allowed them to break at any time. It depends on the lease wording, but I’d wager it extremely unlikely for the club to have a break clause in the lease at the Arena this far down the line. Even if they did, that in itself would devalue the investment valuation of the Arena (although that could have already been factored in) which may make sale more difficult.

Strikes me as the only way out with a relative clean bill of health is exactly what SISU did many moons ago - internal restructure of the club and liquidation of the entity holding the sub-lease.
 
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Hobo

Hobo

Well-Known Member
SHUNT31 said:
To be fair, I don’t know what to believe anymore


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Just believe in reality and not rumour and bullshit theory.

Some of our mischievous fans don't seem to realise they are potentially damaging our club.
 
fernandopartridge

fernandopartridge

Well-Known Member
MalcSB said:
www.coventrytelegraph.net

Wasps owner breaks silence to address administration claims

The Gallagher Premiership rugby club has played at the Coventry Building Society Arena since 2014
www.coventrytelegraph.net www.coventrytelegraph.net
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What a bullshitter

"We made a statement on the bond repayment on May 13, we’ve been very transparent with the market and the bond-holders. We’ve paid the interest on the bond and will continue to when it is due."

He's taking the bondholders for mugs as was probably the intention from day 1

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