fernandopartridge
Well-Known Member
They forgot the bit about the parcels going to their own unpaid players
Wasps downward spiral... (14 Viewers)
- Thread starter CCFC54321
- Start date
They forgot the bit about the parcels going to their own unpaid players
Could just be one person in a bad situation and needing to sell. Was surprised nobody bought to be honest.
fernandopartridge
Well-Known Member
No, just me being facetious. Not yet.
Kneeza
Well-Known Member
I know. Pathetic eh? CRFC did exactly the same (why waste it?), but no hulabaloo like that. Sad fcks.
chiefdave
Well-Known Member
Pretty much every club is doing it.
Did notice in the video Dave Busst posted that he said they deliver to people in need every week and are still doing that while things are in short supply.
Liquid Gold
Well-Known Member
People that pay vast sums of money for something that is free definitely need help.
MusicDating
Euro 2016 Prediction League Champion!!
Premiership clubs are preparing to ask players to take a 25 per cent paycut because of the financial
effects of the coronavirus outbreak, Telegraph Sport has learned.
Both Gloucester and Sale Sharks have called staff meetings for Friday in which they will outline the radical measures and it is believed up to seven other clubs, including Harlequins, Leicester and Wasps, are prepared to follow suit. Docking any wages would constitute a breach of contract and so players would have to agree to the proposal.
It is understood the clubs will argue that if they do not enact radical measures then they may struggle to stay afloat. At present, the next four rounds of league matches have been suspended, although the chances of the Premiership resuming as scheduled on April 24 appear increasingly remote.
Premiership clubs can ill afford to lose many further matches. Lance Bradley, the Gloucester chief executive who held a meeting with the senior playing group yesterday, last week told Telegraph Sport that matchday revenues make up 25-30 per cent of the club’s income. Bradley also said the prospect of cancellations or behind-closed-doors games would have a “dramatic impact on our finances.”
More bluntly a Gloucester playing source was told with no revenue coming in “they are going to be f-----d pretty quickly”. That situation is replicated throughout the league, which lost a collective £50million in the last financial year. Telegraph Sport also understands that clubs’ central funding from Premiership Funding has been cut by a quarter this week, which may reflect the demand for players to have their wages docked by 25%.
However, many players are asking what happened to the £13.5 million each club received from CVC’s takeover of Premiership Rugby last year. An emergency call of the Rugby Players’ Association’s players board was held on Thursday. The players’ union will hold further talks today as further detail of the clubs’ demands comes to light.
effects of the coronavirus outbreak, Telegraph Sport has learned.
Both Gloucester and Sale Sharks have called staff meetings for Friday in which they will outline the radical measures and it is believed up to seven other clubs, including Harlequins, Leicester and Wasps, are prepared to follow suit. Docking any wages would constitute a breach of contract and so players would have to agree to the proposal.
It is understood the clubs will argue that if they do not enact radical measures then they may struggle to stay afloat. At present, the next four rounds of league matches have been suspended, although the chances of the Premiership resuming as scheduled on April 24 appear increasingly remote.
Premiership clubs can ill afford to lose many further matches. Lance Bradley, the Gloucester chief executive who held a meeting with the senior playing group yesterday, last week told Telegraph Sport that matchday revenues make up 25-30 per cent of the club’s income. Bradley also said the prospect of cancellations or behind-closed-doors games would have a “dramatic impact on our finances.”
More bluntly a Gloucester playing source was told with no revenue coming in “they are going to be f-----d pretty quickly”. That situation is replicated throughout the league, which lost a collective £50million in the last financial year. Telegraph Sport also understands that clubs’ central funding from Premiership Funding has been cut by a quarter this week, which may reflect the demand for players to have their wages docked by 25%.
However, many players are asking what happened to the £13.5 million each club received from CVC’s takeover of Premiership Rugby last year. An emergency call of the Rugby Players’ Association’s players board was held on Thursday. The players’ union will hold further talks today as further detail of the clubs’ demands comes to light.
Liquid Gold
Well-Known Member
I think we've found who's watching Mrs. Browns Boys
fernandopartridge
Well-Known Member
If it comes to it, paying the bond interest will be the biggest priority for Wasps over paying players I think. That all said, not even sure missing a few games matters that much for them at the minute as I can't see any of the home games being profitable.
Kneeza
Well-Known Member
Well, it's just rallied somewhat this morning, so you're probably right.
Let’s be brutally honest here it’s only a matter of time before they go under. It’s on life support and the only people I’ll feel sorry is the ones out of work. If I was working for wasps I’d have tried to get out of the place this year but with what’s happening in the world it’s almost impossible.
I know someone in a corporate role in sport looking for another role and he said he wouldn’t touch wasps as it’s a basket case and will be out of work sooner rather than later. Not a place to go for a long term career!
I know someone in a corporate role in sport looking for another role and he said he wouldn’t touch wasps as it’s a basket case and will be out of work sooner rather than later. Not a place to go for a long term career!
Grendel
Well-Known Member
Halftime Orange
Well-Known Member
It is a waiting game now.
Wasps are going tits up for certain so I'm assuming the Ricoh will either fall into the hands of administrators or go back to the original owners and the deal called off?
Joy and Timmy would rather it go into admin I'm guessing and try and pick it up on the cheap than deal with the council again.
Wasps are going tits up for certain so I'm assuming the Ricoh will either fall into the hands of administrators or go back to the original owners and the deal called off?
Joy and Timmy would rather it go into admin I'm guessing and try and pick it up on the cheap than deal with the council again.
Grendel
Well-Known Member
The lease reverts back to the council
jordan210
Well-Known Member
Surely thats a breach of contract so will allow players to leave. So I guess It will depend how in demand you are as a player and how good your agent is. To try and start pushing for a move when things are back to normal.
Halftime Orange
Well-Known Member
Oh god, here we go again...this is not going to be pretty.
Liquid Gold
Well-Known Member
I don’t get how they managed to raise £35m finance on an asset that reverts to someone else when in default.
fernandopartridge
Well-Known Member
Yeah, it is pretty odd. The bond documents suggest that the bondholders can sell or force the sale of the Arena but I'm not sure if they can or not.
jordan210
Well-Known Member
"Club email suggests the players and coaches took it well."
Clubs don't tend to email saying the players and staff got really annoyed and angry.
Nick
Administrator
Imagine if Joy is sat there picking up all of these bonds.
They get paid too much anyway for rolling around in the mud in front of 1 man and his dog
frattonskyblue
Member
The bond issue was secured against ACL2006 (basically the Ricoh), that was what made it attractive for investors (that and the 6.5% payment every year), as it minimised risk. Only the 250 year head lease is forfeited. ACL's lease would revert back to the original remaining 38 year lease, in my interpretation of the prospectus. However, that isn't automatic and the administrator has the power to stop this happening as their job is to get the best return for the creditors (clearly, an asset with a 250 year lease is worth a lot more than if it has a 38 year lease). Even if CCC claimed the forfeiture of the head lease, which they can do if ACL becomes insolvent (and before administration), this can still be challenged in court by ACL and the bondholders. In any case, with a 250 year or 38 year lease, ACL will pretty much be up for grabs to the highest bidder if the administrators are called in.
Again, this is my interpretation of the info in the prospectus, others may see it differently.
frattonskyblue
Member
I would imagine so. SISU bought back CCFC from the administrator, so its possible.
Liquid Gold
Well-Known Member
Thanks, nice round up. If thats the case Sisu can just grab that 244 year lease from the administrators then.
Was that cause there were no other buyers for CCFC? Expect there's at least one other very familiar buyer for the Ricoh...
frattonskyblue
Member
I think there might have been a Hoffman consortium who put a bid in at that time.
But it all sounds too much like things are going in our favour. If I've learnt anything from the last 10+ years it's that it'll soon turn to shit!
Nick
Administrator
No it was ACL / Haskell
frattonskyblue
Member
That was it, thanks Nick. I remember there being another bid, but wasn't sure who from.
HuckerbyDublinWhelan
Well-Known Member
Is this SISUs long game then? Hope they go bust and out bid wasps for the lease?