Wasps current finances & hope (18 Viewers)

fernandopartridge said:

Charles Moore. Didn't he post on here!?

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CharlesMore

I "think" that was a play on the area in Cov.

Reading last night there is a new sponsor for the Rugby Premiership by Gallagher Insurance, suggesting might increase the value and split to the teams.
They already have some sort of relationship to Wasps.

wingy said:

Reading last night there is a new sponsor for the Rugby Premiership by Gallagher Insurance, suggesting might increase the value and split to the teams.
They already have some sort of relationship to Wasps.

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Will put them on the list not to buy from then

wingy said:

Reading last night there is a new sponsor for the Rugby Premiership by Gallagher Insurance, suggesting might increase the value and split to the teams.

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What are the TV ratings like these days? Must have a big influence on the value of being the title sponsor. Last figures I saw they were getting around 110K average viewers.

chiefdave said:

What are the TV ratings like these days? Must have a big influence on the value of being the title sponsor. Last figures I saw they were getting around 110K average viewers.

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Not sure CD, being an American outfit I did wonder If it might help push the game over there.

oldskyblue58 said:

It can take a few days to go through the system fp ................... but am a little surprised by it you would think they would make a point of eliminating the potential rumours etc .......... also that the accounts are not of the LSE yet either

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My paper copy of Observer quoting WASPS saying they have not filed the accounts

oldfiver said:

My paper copy of Observer quoting WASPS saying they have not filed the accounts

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Has the Mediation finished?
Could that have any baring ,just a thought though can't see a relationship?

wingy said:

Has the Mediation finished?
Could that have any baring ,just a thought though can't see a relationshio?

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They've signed CCFC for another year so unlikely but who knows.

We need to send a signal or use the italiaphone

Now officially showing as 'overdue' on Companies House. Where's the CT headline? I seem to recall them being all over SISU posting late accounts for CCFC!

fernandopartridge said:

Now officially showing as 'overdue' on Companies House. Where's the CT headline? I seem to recall them being all over SISU posting late accounts for CCFC!

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They will just say we will take out a advert if you keep quiet

oldskyblue58 said:

It would seem they must have a problem signing the accounts off

It isn't just Wasps Finance PLC

It is
Wasps Holdings Ltd
Arena Coventry Ltd
Arena Coventry (2006) Ltd
IEC Experience Limited

as well.............. plot thickens .............. and yes you might expect the local press to try to get answers from Mr Eastwood etc ............ they are now 10 days late

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No pens?

oldskyblue58 said:

It would seem they must have a problem signing the accounts off

It isn't just Wasps Finance PLC

It is
Wasps Holdings Ltd
Arena Coventry Ltd
Arena Coventry (2006) Ltd
IEC Experience Limited

as well.............. plot thickens .............. and yes you might expect the local press to try to get answers from Mr Eastwood etc ............ they are now 10 days late

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"Mr Eastwood, do you have anything to say about the accounts?"
"Yes, we aren't changing seat colours and the move has been a great success"
"Are the headlines Wasps move a fantastic success and Wasps won't change seat colours because they love CCFC OK?"
"Nice one"

Nick said:

"Mr Eastwood, do you have anything to say about the accounts?"
"Yes, we aren't changing seat colours and the move has been a great success"
"Are the headlines Wasps move a fantastic success and Wasps won't change seat colours because they love CCFC OK?"
"Nice one"

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And for you my telegraph friends we will have a page of advertising

And that's what grates a little isn't it.

If this was CCFC/SISU then the CET would be all over it (and rightly so imho). However the same level of scrutiny doesn't seem to apply to Wasps. I find that odd, personally.

oldskyblue58 said:

The imposition of penalties is automatic if you file your accounts late

Wasps Finance faces a £3000 fine

So far the other companies face £150 fine each

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The real question is not are they in a bit of a pickle because they clearly are but whether they are in meltdown.

Doubt if this would be such a big issue if the bonds didn't exist.

I suspect they'll patch something up in the next 6 months.


PS Didn't one of the CCFC group fail to file accounts for 2 years, leading to a couple of transfer embargos?

duffer said:

And that's what grates a little isn't it.

If this was CCFC/SISU then the CET would be all over it (and rightly so imho). However the same level of scrutiny doesn't seem to apply to Wasps. I find that odd, personally.

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I'd agree. It doesn't make it right if (when!) CCFC do it... and it was indeed a signal that something was amiss.

Now of course it may not be serious now, but as others have mentioned, you'd think they'd at least ask the questions, they're not the hardest after all!

Captain Dart said:

The real question is not are they in a bit of a pickle because they clearly are but whether they are in meltdown.

Doubt if this would be such a big issue if the bonds didn't exist.

I suspect they'll patch something up in the next 6 months.


PS Didn't one of the CCFC group fail to file accounts for 2 years, leading to a couple of transfer embargos?

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Each CCFC embargo was down to administration as far as I remember.

It is curious. It has to be something that cuts across the group so must be down to the security of the stadium. Is there a chance of default on the bond interest? Or is there an issue getting accounts signed off by auditors considering the irregularities identified in the last year or two?

I may have imagined it but weren't the companies merged, at least in terms of administration, around 12-18 months ago?

Also they released some quite limited, and unsurprisingly positive news, in December around revenue increasing which stated a profit EBITDA - albeit not enough to cover the bond covenant. This doesn't scream melt down, although clearly something by has happened, or is happening which affects the ability to submit accounts.

Could they owe the tax man a significant chunk based on the accounts?

Well the bond price hasn't collapsed if it does then something smelly (for Wasps) will be happening.

Captain Dart said:

Well the bond price hasn't collapsed if it does then something smelly (for Wasps) will be happening.

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Not sure the bond price gives an accurate reflection of what is happening given that a large chunk of them will be held by fans.

chiefdave said:

Not sure the bond price gives an accurate reflection of what is happening given that a large chunk of them will be held by fans.

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Well they dipped a lot when the problem arose with the accounts, since they've nearly recovered, not quite.

Captain Dart said:

Well they dipped a lot when the problem arose with the accounts, since they've nearly recovered, not quite.

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The number of trades since has been pretty low though tbh

Captain Dart said:

Well the bond price hasn't collapsed if it does then something smelly (for Wasps) will be happening.

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The Bond Price should not change much in the short term. The Bonds are not due to be repaid until 2022 so short term hiccups have no effect, unless selling now.
However, if the Bond Interest is not paid or there is a perception the Bond Capital will not be paid the doubts creep in.
The Ricoh valuation is not a simple bricks and mortar job but one based on future incomes and that may be the valuer's problem

CT up with the news

Wasps Group accounts now more than three months late

oldfiver said:

CT up with the news

Wasps Group accounts now more than three months late

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They've somehow managed to make a terrible website even worse.

Any sign of them or are they still late?

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Imagine if this was SISU they'd be uproar.

Wait for the statement saying they want a 3g pitch but aren't just for ccfc

Wasps mutiny! England stars Elliot Daly and Joe Launchbury set to leave over 'broken promises' on training facilities and contracts

• Wasps resume their Premiership title challenge against Northampton on Sunday
• But Coventry-based side face growing threat of an exodus of their leading stars
• Players unhappy as they were promised state-of-the-art training facilities in 2014

By Chris Foy for the Daily Mail

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Wasps face the growing threat of an exodus of their leading stars, with a mutinous mood in the squad over ‘broken promises’ relating to late payments and new facilities.

Coventry-based Wasps resume their Premiership title challenge on Sunday when they meet Northampton at the Ricoh Arena but there is serious unrest behind the scenes.

Patience is thin, caused by a lack of anticipated investment against a backdrop of financial turmoil. This jars with the perception that the club are enjoying a new era of prosperity.


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Wasps face the growing threat of an exodus of their leading stars like Elliot Daly

Sportsmail has learned that marquee players such as Elliot Daly, Joe Launchbury and Christian Wade are expected to leave when their contracts expire unless Wasps address their grievances. Sources have indicated that the discontent and resentment have become so heightened that some fear there will be a flashpoint before most of those deals run out.

The primary gripes among players and coaching staff relate to inadequate training facilities and the backlog in image-rights payments, which are thought to account for about 15 per cent of overall salaries.


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Wasps moved to Coventry at the end of 2014, and owner Derek Richardson pledged that they would have to use a temporary training base for only six months, before a new, state-of-the-art HQ was ready.

Three years on, two sites which were identified have been ditched and a new location is being sought. The message from the hierarchy is that it will be at least another two years before they no longer have to act as reluctant squatters in the basic surroundings at Broadstreet RFC.


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Players were promised state of the art training facilities when they moved to Coventry in 2014


There, the supposedly wealthy club have portable cabins serving as offices in the car park. They share changing rooms with Broadstreet teams and use the clubhouse for lunch — ‘It’s like eating in a pub every day we are training,’ said one player.

Outside, Wasps have only one pitch and players have voiced concerns that the tired surface is contributing to a run of injuries.

Misgivings have also been expressed about the state of the pitch at the Ricoh Arena but nothing had been done about it. Instead, urgent work had to be carried out when cracks were found in the walls of the stadium last month.

Sportsmail has been told that image-rights payments were not made to Wasps players for two years. That problem was addressed earlier this season but now it is understood payments are six months in arrears again.


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Players could leave when their contracts expire unless Wasps address their grievances

There is a widespread feeling that all areas of expenditure are under pressure and that the academy is being denied vital investment in favour of ‘window dressing’.

Another grievance within the squad was the handling of Sam Jones’s premature retirement. The flanker, who suffered career-ending injuries performing judo drills training with England in 2016, was upset that his wages were halted immediately he announced he had to stop playing.

Team-mates were angry but the board argued that he had been paid in full for 17 months while rehabilitating, when a contract only requires wages to remain at normal levels for six months of inactivity. Still, the saga served to further strain morale — not helped by poor communication between the powers-that-be and the players.

Unrest behind the scenes comes at a time of financial turbulence. Wasps launched a bond scheme in 2015, which yielded £35million, but they owe £2m in interest each year and must settle the debt in full in four years’ time.


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Players have voiced concerns that the tired surface is contributing to a run of injuries

Doubts have been expressed by independent experts about their ability to do so, with claims that the club will need to refinance.

At the end of last year, Wasps were forced to seek permission from bond holders to break the terms of the deal after Richardson made a personal payment to make up for a shortfall in the scheme.

Last month, it was reported that Wasps’ financial statements were three months overdue and that Companies House were taking enforcement action against what amounts to a criminal offence.

While the public see a club riding high, with a viable home of their own at last, a title-chasing team and box-office appeal, the reality is that all is not well. It has been suggested that Wasps are at a crossroads and that without the right investment, the feared exodus will happen.


Read more: England stars Daly and Launchbury set to leave Wasps over 'broken promises' | Daily Mail Online
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