No they have not said that. If that was the case, they wouldn't have renewed us for another year. If anything I have only got the impression Wasps would like us to stay, purely for the revenue we berign in. The only reason they'd kick us out is if the court/legals situation deteriorates and they need to apply pressure.
Given their financial situation, it's likely that sooner or later they'll be receptive to a low-ish offer for us o take a stake in the Ricoh - certainly a lot lower than the cost of building a whole new stadium, which could come in at £40m. We could get 50% of the Ricoh for 5% of that price, in the right negotiating climate. That's what SISU are banking on.
Besides, you're thinking of a scenario where we own oru own ground and it's all done - it's like saying "we'd be better off if we were in the Premier League", well yes, but first you have to answer the questions around how we get into the new stadium scenario, viz
1 - who's going to pay for it?
2 - what'll it cost?
3 - impact on squad/team budget if we take money out to build
4 - etc
The income had better improve then because I doubt Wasps make much profit on CCFC. Quickest way to do that is to put the rent up of course. That's the catch though more income but more cost for CCFC quite possibly
You are suggesting that Wasps give or dispose of 50% of its Ricoh assets ? Fixed assets currently worth over £60m to them and with it 50% rights to the income generated at the site ? Give up control of the site and potentially be at stalemate with what to date from their point of view has been a troublesome tenant (split 50:50 is a recipe for stalemate). Wasps in great financial trouble then? Who is going to pay for this 50% stake ....... oh and any sale would have to be put to repaying the bondholders who have a charge over the lease so wont be so receptive to a cheap sale. CCFC be it under SISU or anyone else would not want to take on the bond finance or other liabilities Wasps have. Control of the site is the value worth having 50:50 doesn't give that and I am pretty certain Wasps wont want to give it up that's why they had a 250 year lease in the first place, nor would it be cheap.
Halve the bond liability and you improve the Wasps P&L by 1.2m pa and leaves 17.5m liability to repay with an asset they no longer control ............ not going to happen.
It would be cheaper for CCFC to build a small ground and we all know that wont happen
The best CCFC will get is a long term rent deal with better access to some of the stadium incomes, basically those related to Football. Wasps would be in a better position doing that rather than selling 50%
final thought....... it might suit Wasps to see CCFC gone, especially if we stay in L2, so they can put down a synthetic pitch (reduces overheads, opens up other uses, doesn't need relaying so often etc )
