shepardo01
Well-Known Member
They'll make a bit of cash when the "greased wheels" planning for the training ground flies through Stratford Council and then they sell off half of the land for housing....
Wasps downward spiral... (25 Viewers)
- Thread starter CCFC54321
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Nick
Administrator
Same thing they tried at the Higgs.
Liquid Gold
Well-Known Member
Come on! Would be great news if they went pop now. Sisu unite the stadium and club, protion to the championship then they have something to sell. We get rid of sisu, wasps and get a new owner in the championship all in the same few months. Sweet as.
shepardo01
Well-Known Member
Planning had gone through at Higgs hadn't it.... as obviously through Cov Council!... Wasps themselves U-turned didn't they? (I was slightly less aware of half of the goings on at that stage!)
In your opinion Nick, what do you think the chances are of;
i) planning going through (Russ has built up quite a bit of opposition - although we know that Wasps have got their fingers in both the College and Council pies)
ii) them actually moving in.
iii) them then selling off parts of land.
(iv) (or them not moving in and selling it off anyway - possibly same with car park site??)
Anybody else's thoughts/insight would be interesting here too!
They must be the most at risk. No other rugby club is holding so much debt so if it isn’t them then I’d argue they will be second to go bust. Not a chance can they or do they have a business plan to pay back this money. At utter basket case of finances. A simple case of borrowing beyond their means. It’ll finish them in the end.
Nick
Administrator
I meant the housing next to it
Strange how they bought the land next to the Higgs and now they are putting in planning for Henley and their man was in a housing company.
If this was CCFC the Telegraph would be all over it whipping up the stories.
shepardo01
Well-Known Member
Not quite aware of the housing/Higgs thing.I meant the housing next to it
Strange how they bought the land next to the Higgs and now they are putting in planning for Henley and their man was in a housing company.
If this was CCFC the Telegraph would be all over it whipping up the stories.
BUT- The Henley/Housing guy who made the application (unsurprisingly when Wasps involved...).....does stink a bit....
Could it be possible they don't move in and sell? Or partially use site and sell...
Seem obvious that housing will be involved at some stage!!
Nick
Administrator
chiefdave
Well-Known Member
Higgs was going to cost millions (£7m?) to adapt to their needs. They didn't have the money and so wanted a sponsor to pay for it, not surprisingly they couldn't find one.
The housing was land next to Higgs which was quietly sold off. Just a thought, didn't the Saracens stuff start unravelling when it was found they were operating a property management company on the side with the players. What was the timescale on that being discovered and Wasp selling?
Henly is better for them as they can just pinch someone else's facility without having to spend millions. Even better when, as the site is no longer open to the public, they can sell off the part of it they don't need for housing. Of course complete coincidence that Nick Eastwood is a governor at the college the site belongs to.
The housing was land next to Higgs which was quietly sold off. Just a thought, didn't the Saracens stuff start unravelling when it was found they were operating a property management company on the side with the players. What was the timescale on that being discovered and Wasp selling?
Henly is better for them as they can just pinch someone else's facility without having to spend millions. Even better when, as the site is no longer open to the public, they can sell off the part of it they don't need for housing. Of course complete coincidence that Nick Eastwood is a governor at the college the site belongs to.
Kneeza
Well-Known Member
We are never that lucky.
RegTheDonk
Well-Known Member
Who reckons CCC will bail them out somehow, extending their deadline or allowing a re-financing and say the Covid crisis has buggered up their business plans and its the right thing to do. If so, I'd be screaming more ammo regarding state aid, dare say the same good will hasn't been extended to other sporting institutes that should be in the city boundaries.
tisza
Well-Known Member
not really much to do with CCC anymore. Lease is paid up.
wasps have milked their situation with the bond already so isn't much wriggle room.
chiefdave
Well-Known Member
Other than owning the freehold is it anything to do with the council? Not sure how they could step in without offering the same help to other businesses.
Nick
Administrator
Because that always happens
Covkid1968#
Well-Known Member
Wasps going bust has got to be a very real possibility now...they were already starting to wobble. This virus is a real tragedy for so many families and I include mine having lost a great man to it. But this could represent a real glimmer of hope and even an opportunity for Wasps to start being a normal rugby club to its poor original fans. They tried going big and it’s failed... go back to your roots Wasps and try and salvage some respect. For Sisu it could represent a.fresh start and a chance to earn themselves some real local support
duffer
Well-Known Member
I think SISU have burnt their bridges with most fans, but if Wasps were to fold up, and the club get the stadium at the sort of price that Wasps paid for it, and we’re back in the Championship, then SISU might find it’s not a bad time to sell...
Lots of ifs there, I guess.
Gynnsthetonic
Well-Known Member
I heard through the grapevine from a very reliable source who works at the arena that last May when a deal was all set to be signed SISU had agreed to pay Wasps legal fees from all the previous court cases and were all set to sign, Wasps went to CCC with the news but as CCFC were not willing to pay CCC legal fees CCC told Wasps to not agree to the deal. He also said every desicon from Wasps has to go through CCC, so I'm sure they have a lot more input into the stadium than just the freehold.
fernandopartridge
Well-Known Member
SISU were ordered to pay the council's fees weren't they? They don't have to pay Wasps and I seriously doubt they would do that
Gynnsthetonic
Well-Known Member
They offered to pay Wasps fees but would not pay the councils.
fernandopartridge
Well-Known Member
Sorry mate, sounds like bollocks. They can't defy a court order.
Gynnsthetonic
Well-Known Member
Have they paid CCCs legal fees though?
chiefdave
Well-Known Member
Telegraph reported they had paid the fees ordered by the court. Believe they were paid in instalments. if they hadn't the council could take legal action, its not optional its a court order.
chiefdave
Well-Known Member
This seems to be gaining traction so not easily dismissed as something the Mail have made up. One report I read quoted an unnamed Premiership club chief exec as saying only Bristol, Exeter and Bath have owners able to cope with the current situation comfortably.
Grendel
Well-Known Member
Will Covtel be putting this on their site?
Premiership clubs facing bankruptcy and some considering breakaway league
Premiership clubs facing bankruptcy and some considering breakaway league
MusicDating
Euro 2016 Prediction League Champion!!
Does seem a bit like the collapse of ITV Digital... Remembering: When ITV Digital Collapsed (article is from 2016 with grave concerns about the current TV deal...)
Liquid Gold
Well-Known Member
It's gone from looking possible that this could kill them to likely. I don't see a way out for them.
chiefdave
Well-Known Member
The stuff with the TV deal is predictable. Remember having an argument with Italia about the level of exposure Wasps gave Ricoh by being on TV all the time. Looked up the viewing figures and they were shocking bad. Us being on Sky once got more viewers than every Wasps game combined!
See they're talking about a breakaway league with only some of the current Prem teams and bringing in teams from other leagues. What are the odds on Saracens being involved?
If you were starting a new league an wanted teams who were financially stable Wasps would be very low down on your list.
See they're talking about a breakaway league with only some of the current Prem teams and bringing in teams from other leagues. What are the odds on Saracens being involved?
If you were starting a new league an wanted teams who were financially stable Wasps would be very low down on your list.
chiefdave
Well-Known Member
There's even talk about the whole league reverting to amateur. Can't see them needing a 30K stadium if that happens. Surely all the best players would leave and the level would be nearer to what you'd get at CRFC.
Liquid Gold
Well-Known Member
If they try to break away I can't see CVC happily waving away £300m or whatever it was.
chiefdave
Well-Known Member
Think CVC are trying to buy into other leagues as well. Could they be the ones behind the breakaway, cherry pick the best teams for a league they have complete control of?
Nick
Administrator
This is the thing, somebody mentions anything to do with football "Simon Jordans issues scary news for CCFC fans"
If it's Wasps there's an eerie silence