Wasps administrators report (2 Viewers)

[MalcSB]

my take on it

I cant help thinking that the presentation is overly complex because you have to be careful what you are looking at and which company it refers to. Also why have a joint report at all. They chose to do it that way

The administrators have correctly treated each company as stand alone then lumped them all together in one report why?. Easy to miss things

The effect of treating each as stand alone is that both ACL companies are liable for the full amount outstanding on the charges from bondholders & Compass. If you wanted to calculate the overall deficit for the ACL sub group you would only include those charges once.

Also the inter company group balances appear to me to have been created to some degree. Why didnt wasps finance lend the money directly to ACL not put it through wasps holdings?

I cant help wondering if the priority of the group was to keep the deficit as low as possible on the rugby side and not have the group cash flow to pay ACL sub group liabilities. Cant tell so its not a claim or accusation. By keeping the liabilities on the rugby club low then it allows a picture of a solventish club hard hit by Covid and dragged down by the stadium

Question now that ACL group has cleared the bond by 18% Compass waived their charge does that mean wasps rugby are effectively off the hook ?

I am sure there is a lot i am not picking up on. It all doesnt feel right to me some how

@oldskyblue58 are the bonds only cleared at 18.5%, there is a total of £14.464m shown as receipt against CBS Arena across the two ACLs which would be 41.84 %. To which could be added the proceeds of P share eventually.

 

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[MalcSB]

Doesn't acount the millions required for urgent maintaining.
And a valuation is only a number plucked out of thin air, a true value is what someone is actually prepared to pay, not some total BS figure that some no mark comes up with after the sale is concluded.

Fwaw, I was ready to pay £30 million and had 6 players lined up, but I got stiffed right up!

That’s quite a story.

 

[MalcSB]

from wasps forum.....

"Covid crapped on all our planned multiple income streams. It is impossible to guess, but if the pandemic and associated lockdowns didn't happen, would our future have been different? I believe the answer to that is a resounding YES."

But Launchbury said RFU, PRL and Wasps knew it was going down the pan 5 years ago, difficult to pin that on covid.

There’s also some idiots who say it’s RFU and PRL who are to blame, and DR is a really nice man who has lost millions. As far as I can see, he is shown at £1.8 m, not the rumoured £18m - unless there is loads more in Wasps Holdings