Council, obvsbut where does that £4m a year come from when they're losing millions a year already?
It’s only 3.5 months since HSBC were doing their “final due diligence”. Find it interesting that the lender hasn’t been named on this occasion - once bitten, twice shy? Or a fabrication? I’d imagine evidence would have had to be provided in order to release the notification.
Yet over on their forum they're taking this statement as proof the bond is to be repaid shortly as the prospective, unnamed, lender would't have allowed the statement to be put out otherwise. They take head in the sand to a whole new level.It’s only 3.5 months since HSBC were doing their “final due diligence”. Find it interesting that the lender hasn’t been named on this occasion - once bitten, twice shy? Or a fabrication? I’d imagine evidence would have had to be provided in order to release the notification.
Unless it’s40 years at 12% would be £4 million a year
Or a complete sell out to the media companiesRugby is in a massive mess. It needs a complete reset and I am not sure how they can do it. Further down the rugby pyramid things are pretty grim too.
The article itself is inaccurate and clearly the paper gave the investigation to people who don't understand accounts.
I am sure all clubs owe HMRC and possibly more than 38m total shown. What they would owe is VAT & PAYE not deferred tax.
Deferred tax is an accounting provision for potential corporation tax on the disposal of assets above their ordinal cost in simple terms. In wasps case the increase in value on stadium and other land assets. It is not something that has to be paid to HMRC unless those assets are sold.
A summary like this ignores the assets each club so it doesn't really tell you where each club is at.
I suspect that wasps could still be the club with the biggest net debt.
Whole premiership is in danger of complete collapse. I suspect the clubs that will remain join the European leagues
I’d just like to understand the business plan they have dropped in front of the ‘potential lenders’ of this loan to pay the bond holders.I think they're hanging an awful lot on this potential refinancing of the bond.
I'm not convinced it's going to happen, personally, but even if it does it doesn't resolve the huge structural issues at Wasps.
If anything taking on more debt at higher interest (which seems the most probable solution) will simply magnify the problems in the long run; sooner or later they're going to run out of road, imho.
So the definitely real funding Wasps are close to securing is not from the council.
WMCA?
Just whispers,but potentially if it were local/regional money then timing of announcement is sensitive to political events/consideration or possibly beneficial timing of Wasps manoeuvres.There's no evidence to say Wasp are getting funding though, it's talk to stall the bondholders. Of course Wasp are going to say we're hopeful of a refinancing package from an unnamed lender. It's like me saying I'm hopeful of a Dubai based consortium taking over CCFC.
That would still mean £22m funding needed
I do enjoy reading the comments of wasps fans when anything negative gets posted about them.
Meanwhile, 4 local Worcestershire MPs have demanded Worcester to placed onto Administration.
Just stalling tactics from Wasp then as the bondholders revolt gathers pace. Nobody in there right mind will lend to them (hopefully)
I think it's a stalling tactic myself, if they did get finance it's more debt to pay off debt, it doesn't make sense to me but I'm sure we'll soon find out one way or otherI think the offer of finance is genuine but whether it does anything other than kick this enormous can further down the road seems highly unlikely.
I think offers of finance isn't going to be the problem for the London rugby club to achieve. The problem comes when the lender does their due diligence and the warning lights start going off.
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