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Fingers crossed for the right result.
Wasps downward spiral... (6 Viewers)
- Thread starter CCFC54321
- Start date
Rugby Football Union (@RFU) "Payment of rugby creditors is an integral part of our insolvency regulations, and we cannot approve the takeover of a club without agreement that rugby creditor payments will be made.
I'm sure that gives all the local businesses Wasps stiffed a warm, fuzzy, feeling inside.
I'm sure that gives all the local businesses Wasps stiffed a warm, fuzzy, feeling inside.
Grendel
Well-Known Member
The same applies to football as well
Terry Gibson's perm
Well-Known Member
ccfc922
Well-Known Member
So does that mean they'll back pay the rugby related debts but not pay debts owed to outside businesses etc?
Or have they got a clean slate owing nothing?
Sky Blue Harry H
Well-Known Member
They owe CCFC don't they?
On a side note, I find it galling that the CET website has a link to Wasps RFC, yet has nothing to Coventry RFC, who are our local club and now in the same league as those shysters. Time to update the website?
Kneeza
Well-Known Member
Good luck with that.
Sky Blue Pete
Well-Known Member
They haven’t got any players or a ground have they?
Kneeza
Well-Known Member
Not that we've been told, no.
shepardo01
Well-Known Member
They still have their training ground, which isn't their training ground
.... which really is their training ground!.........and they have the hypocrisy to continue to refer to Saracens as "the cheats" on their forum....
chiefdave
Well-Known Member
They've gone full on Tim Fisher. Its a short term deal 'aligned to allow them to build new home'
Also sounds like there's a clause that if the new Worcester team get prompted to the championship Wasps are out
Paul Anthony
Well-Known Member
So, all of a sudden Wasps think they're going to be building their own ground? I don't buy it.
shepardo01
Well-Known Member
Somebody on Worcester forum saying "Wasps 2 are not responsible for any of Wasps 1's repayment of debt," and only have Championship entry fee to initially worry about.
If true, another disgrace!
If true, another disgrace!
shepardo01
Well-Known Member
.........
Re: Questions to be answered
Posted by: A38 (IP Logged)
Date: 18 February, 2023 08:47
Wasps 2 will not have to pay any of Wasps 1's creditors including their DCMS Covid loan.
That said, to get entry into the Championship , they have to pay the "fee" - the rugby creditors need settling.
And when they take on the tenancy at Sixways they will, as you say, have a hefty rent to pay as Atlas will need all of it to cover the servicing costs of their Covid loan.
How much all that adds up to I don't know - but it be a significant amount of initial outlay.
Re: Questions to be answered
Posted by: Faithful_City (IP Logged)
Date: 18 February, 2023 09:11
What about the bond holders or has that £30million disappeared as well?
Tigers £1million annually to DCMS will be massively reduced fr us as we have paid a large amount off from the sale of the "P Share"
JP
Re: Questions to be answered
Posted by: A38 (IP Logged)
Date: 18 February, 2023 09:55
I don't know anything about the bond situation or what security there was for it but that would be for the Administrator of Wasps 1 to deal with. Wasps 2 will not be responsible.
In very round figures the original DCMS loan was I think £16m to which interest will have to be added.
If we say that the P shares realised, give or take, half of that there still remains a whopping loan outstanding.
Re: Questions to be answered
Posted by: Abmatt (IP Logged)
Date: 18 February, 2023 10:04
I’m sure I read somewhere early on that the bond would not be repaid.
Re: Questions to be answered
Posted by: A38 (IP Logged)
Date: 18 February, 2023 08:47
Wasps 2 will not have to pay any of Wasps 1's creditors including their DCMS Covid loan.
That said, to get entry into the Championship , they have to pay the "fee" - the rugby creditors need settling.
And when they take on the tenancy at Sixways they will, as you say, have a hefty rent to pay as Atlas will need all of it to cover the servicing costs of their Covid loan.
How much all that adds up to I don't know - but it be a significant amount of initial outlay.
Re: Questions to be answered
Posted by: Faithful_City (IP Logged)
Date: 18 February, 2023 09:11
What about the bond holders or has that £30million disappeared as well?
Tigers £1million annually to DCMS will be massively reduced fr us as we have paid a large amount off from the sale of the "P Share"
JP
Re: Questions to be answered
Posted by: A38 (IP Logged)
Date: 18 February, 2023 09:55
I don't know anything about the bond situation or what security there was for it but that would be for the Administrator of Wasps 1 to deal with. Wasps 2 will not be responsible.
In very round figures the original DCMS loan was I think £16m to which interest will have to be added.
If we say that the P shares realised, give or take, half of that there still remains a whopping loan outstanding.
Re: Questions to be answered
Posted by: Abmatt (IP Logged)
Date: 18 February, 2023 10:04
I’m sure I read somewhere early on that the bond would not be repaid.
HuckerbyDublinWhelan
Well-Known Member
Ffs they’re gonna take our pie in the sky stadium at warwick now ain’t they
Rugby a mess. Leicester (Supposed biggest club in English rugby) needs a 13 million owners cash injection to stave off admin apparently. Supposedly loss of 2 home games made all the difference.
Sure a local derby against an 70/80's giant would do them.
Sky Blue Pete
Well-Known Member
Why do cwr give a shit?
Actually Clive couldn’t have sounded more embarrassed reading out the Wasps Sixways news at half time. “In case some people are interested” and then moved on very quickly. Would have thought that Wasps being outside CWR broadcast area solves a problem for the station and won’t need to provide any coverage.
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AOM
Well-Known Member
Someone messaged into the phone in on Friday asking if CWR would still be covering Wasps and Clive kinda skirted around it and pretty much just said they covered only local sports teams so "I'll let you decide..." or something along those lines.
Think they'll just just being amicable and will move on once Wasps are officially based elsewhere
Flying Fokker
Well-Known Member
SISU involved?
Paul Anthony
Well-Known Member
What a plot twist that would be!
Kneeza
Well-Known Member
Shugs still being Wasps' greatest ambassador.
(Worcester forum)
FFS. 
(Worcester forum)
Worcester Warriors - Think the unthinkable
Worcester Warriors discussion board : Unofficial Worcester Warriors news and views
m.rugbynetwork.net
tisza
Well-Known Member
Some of it is cut and paste of his comments about CBS,SISU and CCFCShugs still being Wasps' greatest ambassador.
(Worcester forum)
FFS.Worcester Warriors - Think the unthinkable
Worcester Warriors discussion board : Unofficial Worcester Warriors news and viewsm.rugbynetwork.net
HuckerbyDublinWhelan
Well-Known Member
I really love that they’re already discussing how their presence will be beneficial to Worcester.Shugs still being Wasps' greatest ambassador.
(Worcester forum)
FFS.Worcester Warriors - Think the unthinkable
Worcester Warriors discussion board : Unofficial Worcester Warriors news and viewsm.rugbynetwork.net
just like how they were beneficial to QPR, Wycombe and us…. Ohhh and Solihull. They’re a fucking right arrogant bunch
Brighton Sky Blue
Well-Known Member
They resemble the actual insect so well. And are somehow less popular
AOM
Well-Known Member
Nick
Administrator
They seem oblivious to how many companies they fucked over.