italiahorse
Well-Known Member
It's relevant. Unless you know what Sisu plan is ?
It's relevant. Unless you know what Sisu plan is ?I wouldn’t like it too much. Sisu could make a housing estate and some on here would be happy is straight from the Italia world of deflection
I wouldn’t like it too much. Sisu could make a housing estate and some on here would be happy is straight from the Italia world of deflection
Whilst we don't agree on all points, I have liked your post as you have written a decent well reasoned reply, and whilst we may differ on some of it, I prefer having a more balanced debate with you.
In light of my post, I think you know I would prefer Wasps not to be here, and the CCFC debate re the stadium is a further discussion, but I feel Rugby is heading for a real mess and the signs have been there for a while. Wages are spiralling, and English teams are struggling to keep up with European Rivals, meaning further pressure to recruit better and more expensive players. All this whilst revenues have fairly levelled and there isn't a bottomless pot of cash for clubs to call on. Many clubs are struggling, and I know Wasps have tried to increase their revenue streams with the stadium etc, but I suspect their attendances are below what they expected and their liabilities are higher. That though is my personal opinion. They are one of many that are feeling the pinch.
What I do know is that many Premiership Rugby clubs are struggling, whilst those that try to join the elite are having to invest huge sums of money, eg) Bristol, whilst teams like London Irish say this is unsustainable, which using London Welsh as an example is pretty nailed on.
The vast finances involved in the game now for the players is crippling the clubs, and even well run teams like Northampton are struggling to keep up. The Welsh regions were all on the precipice recently until the WRU invested further sums, and days of huge signings like the Ospreys had are a thing of the past, they are all having to cut their cloth accordingly. Looking at the Ospreys squad now compared to ten years ago is sobering. This same scenario is coming to bite the English teams and it isn't going to end well unless someone gets a grip.
Pwc are hardly known as the most impartial auditors either based on other stories of companies hiding financial problems!Sky news reporting Wasps will no longer be using pwc as their auditors.
I would guess they fell out over the accouting treatment of the cash introduced that lead to the bond covenant issue
Makes a lot of sense NickIs it a good sign if your auditors want out?
Maybe the delay for the accounts, they didn't want to sign them off?
Just a technical hitch though I'm sure...
Is it a good sign if your auditors want out?
Maybe the delay for the accounts, they didn't want to sign them off?
Just a technical hitch though I'm sure...
Accounts have been published (on wasps bonds website)
Bond price has dropped to 90.7 on last trade.
Also in the accounts it says Ricoh deal has been extended for 2 years, bad news for land rover?
Accounts have been published (on wasps bonds website)
That can't be good.In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosure made in note 3.2 to the financial statements concerning the company’s ability to continue as a going concern and the uncertainty regarding the ongoing support of the company’s shareholder. This condition indicates the existence of a material uncertainty which may cast significant doubt about the company’s ability to continue as a going concern
That's very goodThat can't be good.
forecasts show that the Group is dependent upon the financial support of its shareholder to remain within its committed lending facilities, and to meet the financial covenants associated with the Retail Bond.
If anything kills them it will be heaping debt on the Ricoh the minute they walked through the door.The auditors were also presented with evidence which their testing revealed to have been falsified.
If anything kills them it will be heaping debt on the Ricoh the minute they walked through the door.
It is indeed.That's very good
It is indeed.
They have a lot in common with SISU anyway. Seems the late filing of accounts, and doubts about their ability to continue are some other things they have in common.
They've also listed Catfish & the Bottlemen as a highlight. That was a disaster, the bands management had to intervene on the night due to how badly run the event was.One of the highlights is Peter Kay at the Ricoh, wasn't it cancelled?
It's a real shock that a group who choose to uproot a club appear to have limited sporting ethics.one hedge fund acting like another hedge fund. If only someone had warned people!!
think you can leave the word borderline outborderline fraudulent
Now... I'm no expert (and await OSB with interestFound that bit now.
Wasps tried to give the auditors falsified evidence.... Then the auditors fuck them off.
View attachment 9549
That doesn't look good, isn't that borderline fraudulent?
Now... I'm no expert (and await OSB with interest) but I'm not aware of 'falsified' being used overly frequently in such things. Which surely makes it kind of... bad?
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