fernandopartridge
Well-Known Member
Yes, fair point. Their projections though have been absolutely miles out, it's hard not to think that even despite their failure to get a grip on costs that their whole business plan was pie in the sky.
Yes, fair point. Their projections though have been absolutely miles out, it's hard not to think that even despite their failure to get a grip on costs that their whole business plan was pie in the sky.They didn't know that in 2013 or 2014 did they though
Perhaps a short term agreement may have been possible but the people looking at what they thought was best for wasps in 2013 and 2014 do not or did not share the same view as this forum. You have to assume that at the time they thought, having far more info than us, that they were making the best decision for their club. It hasn't worked out well so far.
Also just a thought but considering the documented involvement in talks about the ricoh in 2012 to 2014 perhaps Brentford was a fortunate cover for what was actually the target.
Yes, fair point. Their projections though have been absolutely miles out, it's hard not to think that even despite their failure to get a grip on costs that their whole business plan was pie in the sky.
I really hope it ends badly for the London Franchise, does that make me a bad person ?In simple terms, I always thought it was greed that brought Wasps to Coventry, not survival. They couldn’t resist picking up a 110 million stadium and associated leases for an absolute pittance, and then leveraging it to make themselves the ‘richest club in England’ (if not Europe).
They did it regardless of the opinion of their local support, and I’m not convinced that there was any deal in London that would have made them stay once the pound signs lit up for them here.
I feel sorry for the fans they left behind, and the people who will lose their employment when it all come down around their ears, but I’m more convinced than ever that they’re in a financial position now that is beyond salvage.
There are hard times around the corner for a lot of people and businesses, and finance is going get tighter and more expensive where there are clearly higher risks.
I’m struggling to see how they survive with the debt that they’re carrying now, especially given that they can’t turn any kind of profit.
Rugby overall is struggling, and Wasps are exposed more than most, imho. I’m not sure this will end well.
No. Just human when a greedy sporting franchise has turned up and taken over your ground with no way of paying the borrowed money back to the general public.I really hope it ends badly for the London Franchise, does that make me a bad person ?
pusb
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A lot of people have thought they could run the Ricoh better. No problem adding 5 or 6 big concerts in summer months, a few extra major exhibitions etc. Hasn't happened.
Sounds good to me!In simple terms, I always thought it was greed that brought Wasps to Coventry, not survival. They couldn’t resist picking up a 110 million stadium and associated leases for an absolute pittance, and then leveraging it to make themselves the ‘richest club in England’ (if not Europe).
They did it regardless of the opinion of their local support, and I’m not convinced that there was any deal in London that would have made them stay once the pound signs lit up for them here.
I feel sorry for the fans they left behind, and the people who will lose their employment when it all come down around their ears, but I’m more convinced than ever that they’re in a financial position now that is beyond salvage.
There are hard times around the corner for a lot of people and businesses, and finance is going get tighter and more expensive where there are clearly higher risks.
I’m struggling to see how they survive with the debt that they’re carrying now, especially given that they can’t turn any kind of profit.
Rugby overall is struggling, and Wasps are exposed more than most, imho. I’m not sure this will end well.
Yep, and the rental in an increasingly competitive market place is a lot lower than people imagine.My understanding of the way these operate is that the concert promoter effectively rents the space and takes in all even revenue itself. I may be wrong though.
How much money could they make by selling off land at the henley training site to housing developers?
Reading between the lines I think that is what they will do.
What other land could they sell/make money from?
Think this is the route they will go down....
I doubt W****will get any partner to join them given the utter mess their in. I still think city will stay away another season to finish wasps off.From 'Onceawasp' forum
Re: Bonds
« Reply #4 on: July 03, 2020, 10:16:01 AM »
Thanks for posting this, I specifically logged in to see if there had been any news, as I noticed that the bond dropped almost another 10% in value yesterday, but as said above, the statement issued was about as positive as it could be given the circumstances. It is difficult to see a way out of the financial mess, but maybe Derek will find a way for wasps to keep the Ricoh stadium (or find a financial partner to invest). It is a pity that things are so sour with Coventry City, otherwise that could have been a possible avenue to pursue.
I believe they have purchased the land already. Could be wrong. Could be subject to planning.Do they own the land at Henley or is it all part of a deal that if they get planning they can buy it ?
Its must just be a coincidence that wasps finance director who is the contact on the planning is also a director of Fairview Homes Property in the last year or so.
The Ricoh wasn’t putting events on before COVID-19!Im guessing this means no events at the Ricoh for a while then
The best thing Bill Sweeney could do would be to make Bill Sweeney redundant.Some news from RFU
More the scrummage and maul tbf.I saw a report that rugby higher chance of covid during rucks. Is thete timetable for it to return?
More the scrummage and maul tbf.
And no, there's no timetable as yet for Champ rugby. Couldn't give a shit when the insurgents restart.
A former player reckons December is slated, but given the current slide into further potential restrictions I'd say that's optimisticAbsolutely no decision or guidance coming forward for the Championship restart. CRFC looking at December as the earliest and hoping for sooner
Continuing its stellar trajectory today.Update on bond for the day lost 6% today down to just under 44p
If, as now stated that Wasps Finance plc have breached their bond covenants and if the default results in say the non -payment the next coupon payment of £1m+ in approx 100 days it only requires the holders of a quarter of the nominal amount of the bonds outstanding to give notice to the Trustee requesting an acceleration notice to the issuer of the bonds. The bonds will become immediately due and payable at par plus accrued interest .i.e. £35m plus interest.
Best to hope 75% of the bonds are in safe hands as this remedy applies to any breach of covenant
the remedy for a breach of covenant is as stated in the prospectus to which Wasps Finance plc are bound. There are no circumstances to supersede the covenants the company entered into other than to persuade the major stakeholders to continue their support as happened previously.
There is every chance that the majority of the bond holders will be sympathetic to the financial black hole the company is now in . However there are some investors who only invested for the high coupon and their votes will be cast in a way which is best financially for them not Wasps.
This is the second time there has been a breach of covenant and patience may now be in short supply which will make re-financing the bond incredibly difficult.
If correct then that will effectively put w****s into liquidation.According to some one on the wasps forum
Gallagher Premiership and PRO14 are both due to restart middle/end of August so i would guess if no problems then the championship will restart in September. New playing rules for certain things when they were all in close contact (maybe scrums) but i don't follow the game so pass on the exact new rules. The PRO 14 wants to finish this season but as they have teams all over europe they have decided to change the fixtures and teams from each country will play each other more and not travel abroad. Could mean that next season has real problems for them if Cov19 kicks off again as teams won't be able to travel abroad. Gallagher Premiership should be ok as all teams in England, so apart from local lockdowns (like Leicester have now) they should be fine if teams survive that long with no crowds (or very low crowds) and maybe no European competitions. I'm talking about the leagues surviving not about individual teams. To be honest, i think a good few rugby teams could go and reform lower down the leagues a bit like in Speedway.
The posts on Drunken Wasps forum ref: Bond announcement are hilarious. Someone called Blanchefleur sort of spelt it out for the happy clappers and they think he's on the wind up..Finally the penny drops but Kentwasps take on it is comedy
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