Wasps downward spiral... (61 Viewers)

HuckerbyDublinWhelan · Dec 17, 2021

What irritates me is the lack of understanding about why we’re annoyed at their presence - the fact that we’ve had no chance of owning the Ricoh since it was built - it’s always just “if SISU were better…”

Manhattan pulled out because the council wouldn’t sell the stadium, they’ve such a shit understanding and that’s what makes me hate them

Indeed - SISUs actions made the stadium available, but it was never available before that. I hope the experience deteriorates. It’s a shame more coventrians Aren’t making it more hostile towards wasps

Nick · Dec 17, 2021

They don't really know the history or facts because they are so easy to bullshit.

Brighton Sky Blue · Dec 17, 2021

Nick said:
They don't really know the history or facts because they are so easy to bullshit.

The latest is ‘the non sporting side of the business was always meant to be the more profitable’.

Well it needs to be to the tune of £10 million a year to cover those losses.

chiefdave · Dec 17, 2021

Brighton Sky Blue said:
The latest is ‘the non sporting side of the business was always meant to be the more profitable’.

Well it needs to be to the tune of £10 million a year to cover those losses.

That would worry me if I was a Wasps fan. Their owner won't stick around forever, what happens when he goes? You've got a business where one part is losing millions a year. Anyone who looks to takeover because they want the profitable non-sporting side of the business won't be sinking millions into the rugby side.

Gynnsthetonic · Dec 17, 2021

Does the non sporting side really make that much money anyway?

Brighton Sky Blue · Dec 17, 2021

Gynnsthetonic said:
Does the non sporting side really make that much money anyway?

I thought it just broke even

Gynnsthetonic · Dec 17, 2021

Brighton Sky Blue said:
I thought it just broke even

I thought so to after all the expenses. The big bands they have playing over the summer lose money I've heard it's just that it's prestigious to have them play in the city and probably has money pumped in from The Council

Grendel · Dec 17, 2021

They will stay if they can get the refinancing done as that money effectively will secure the whole business as a going concern for the term of the funding

AOM · Dec 17, 2021

Peter Billing Eyes said:
I just took a look at the drunkenwasps forum. I was being unfair in my opinion that it was a minority on there that are eejits. I take it back - it’s pretty much all of ‘em - they are a snobbish collective who need to be gone. Pronto.

I feel sorry for some of the London based fans who have been completely abandoned by their club and were just expected to make the trip up here every other week without any consultation.

In an ideal world they'd go back down south and everyone is happy. Surely they can't keep going as they are

jordan210 · Dec 17, 2021

So from what I gather. If wasps get more plastic flags and have a fan village. tens of thousands of wasps fans will come back to the CBS....

David O'Day · Dec 17, 2021

SBAndy said:
Don't think they’d even attract enough fans to make mask wearing a thing.

Covid passes are for outdoor events with more than 10k so they're fine

Philosoraptor · Dec 17, 2021

The non-sporting side of the business was always there as a gradual money maker for the sporting side who played in the stadium.

Selling this part of the business is going to be a non-starter in my opinion, and this would include a mortgage, which is effectively the same thing.

The stadium is not there to fund a sporting teams losses. The owner of the lease can do that.

If you can't afford the lease and fund a sporting club etc then it's time to start looking at pastures new.

Grendel · Dec 17, 2021

Philosorapter said:
The non-sporting side of the business was always there as a gradual money maker for the sporting side who played in the stadium.

Selling this part of the business is going to be a non-starter in my opinion, and this would include a mortgage, which is effectively the same thing.

The stadium is not there to fund a sporting teams losses. The owner of the lease can do that.

If you can't afford the lease and fund a sporting club etc then it's time to start looking at pastures new.

They have been funding the lease for years and will continue to do so

Philosoraptor · Dec 17, 2021

Grendel said:
They have been funding the lease for years and will continue to do so

Yes, through a bond issue, which will mature soon.

How would you see it going if they have to do another bond issue?

Grendel · Dec 17, 2021

Philosorapter said:
Yes, through a bond issue, which will mature soon.

How would you see it going if they have to do another bond issue?

They won't it will be essentially a mortgage

Philosoraptor · Dec 17, 2021

Grendel said:
They won't it will be essentially a mortgage

That would essentially be selling the stadium lease to a 3rd party away from their group of companies. Can't see CCC agreeing to this.

Brighton Sky Blue · Dec 17, 2021

Grendel said:
They won't it will be essentially a mortgage

What is Richardson getting out of this though?

Grendel · Dec 17, 2021

Philosorapter said:
That would essentially be selling the stadium lease to a 3rd party away from their group of companies. Can't see CCC agreeing to this.

They can't stop it its been assigned

chiefdave · Dec 17, 2021

Philosorapter said:
That would essentially be selling the stadium lease to a 3rd party away from their group of companies. Can't see CCC agreeing to this.

Who knows what, if any, caveats CCC put in when they handed the keys to Wasps.

Remember there was uproar at the suggestion SISU would get the stadium and then use it as security on financing. There was people contacting the council to warn against it and there is, or at least was, meeting minutes on the council website where they discussed how in the event of any sale there would need to be clauses put in place to prevent the stadium being used as security.

Wasps then moved in and pretty much immediately used the stadium as security and nobody batted an eyelid.

fernandopartridge · Dec 17, 2021

Grendel said:
They can't stop it its been assigned

CCFC and it's longer term deal has put them in a stronger position in refinancing the bond I suspect.

Grendel · Dec 17, 2021

Brighton Sky Blue said:
What is Richardson getting out of this though?

He has a 250 lease

fernandopartridge said:
CCFC and it's longer term deal has put them in a stronger position in refinancing the bond I suspect.

That ironically is very true

Grendel · Dec 17, 2021

The other issue here anyway is if wasps go bust we have as much of an issue as them

Gynnsthetonic · Dec 17, 2021

No European match for Wasp this weekend now as called off

Gynnsthetonic · Dec 17, 2021

Kentwasp1 not holding out much hope either for their future in the sums up the feelings thread

Grendel · Dec 17, 2021

Gynnsthetonic said:
Kentwasp1 not holding out much hope either for their future in the sums up the feelings thread

He is a finance guy so he looks at it from that understanding- in essence it’s all about ability to fund against the lease. If they can they can survive - it’s still a miserable outlook - but they will survive

chiefdave · Dec 17, 2021

Gynnsthetonic said:
Kentwasp1 not holding out much hope either for their future in the sums up the feelings thread

The open letter in the first post of that thread is unintentionally hilarious:

"there is a feeling amongst many supporters of a distance of a distance between the clubs upper hierarchy and the fan base"
"there are a number of people who feel as though they have been distanced by the club"
"feeling of a lack of importance of the support base from the club"

Was lying to supporters and moving halfway across the country not a clue that Wasps management don't give a toss about their supporters?

Gynnsthetonic · Dec 17, 2021

Grendel said:
He is a finance guy so he looks at it from that understanding- in essence it’s all about ability to fund against the lease. If they can they can survive - it’s still a miserable outlook - but they will survive

Surely can't survive forever though with the continuing losses, a switched on bloke like Derek Richardson will have to pull the plug sooner or later

Gynnsthetonic · Dec 17, 2021

chiefdave said:
The open letter in the first post of that thread is unintentionally hilarious:

"there is a feeling amongst many supporters of a distance of a distance between the clubs upper hierarchy and the fan base"
"there are a number of people who feel as though they have been distanced by the club"
"feeling of a lack of importance of the support base from the club"

Was lying to supporters and moving halfway across the country not a clue that Wasps management don't give a toss about their supporters?

Yes no communication anymore between the board and fans and being outnumbered at home by a team from another country

stupot07 · Dec 17, 2021

Do we call premier league football "World class football"?

Sent from my SM-G965F using Tapatalk

SBAndy · Dec 17, 2021

Grendel said:
They won't it will be essentially a mortgage

Be surprised at that. If it were the case, could be looking at interest rates in excess of their current bond arrangement. What ability to repay do they evidence? The funding raised via bond has essentially disappeared over the course of 5 years.

Grendel · Dec 17, 2021

SBAndy said:
Be surprised at that. If it were the case, could be looking at interest rates in excess of their current bond arrangement. What ability to repay do they evidence? The funding raised via bond has essentially disappeared over the course of 5 years.

Isnt the stadium lease worth £70 million?

shepardo01 · Dec 17, 2021

HuckerbyDublinWhelan said:
What irritates me is the lack of understanding about why we’re annoyed at their presence - the fact that we’ve had no chance of owning the Ricoh since it was built - it’s always just “if SISU were better…”

Manhattan pulled out because the council wouldn’t sell the stadium, they’ve such a shit understanding and that’s what makes me hate them

Indeed - SISUs actions made the stadium available, but it was never available before that. I hope the experience deteriorates. It’s a shame more coventrians Aren’t making it more hostile towards wasps

One thing that stuck with me, was during the training ground shenanigans/purchase of Warwickshire college where they kicked out long standing clubs to force the issue there was a quote on one of their forums that it couldn't possibly be true as it "wasn't very wasp like"!!
They schmooze a local Councillor who shafted his own constituents along with one of their directors suddenly appearing on the board of governors at WCG who were selling the training ground, much to the disgust of the locals.

duffer · Dec 17, 2021

Brighton Sky Blue said:
What is Richardson getting out of this though?

He's making a small fortune... out of a big one.

MusicDating · Dec 17, 2021

I think these two will be last men standing...

OffenhamSkyBlue · Dec 17, 2021

shepardo01 said:
One thing that stuck with me, was during the training ground shenanigans/purchase of Warwickshire college where they kicked out long standing clubs to force the issue there was a quote on one of their forums that it couldn't possibly be true as it "wasn't very wasp like"!!
They schmooze a local Councillor who shafted his own constituents along with one of their directors suddenly appearing on the board of governors at WCG who were selling the training ground, much to the disgust of the locals.

WCG are by no means blameless and are showing themselves to be greedy mercenary twats.
They bought all of the FE colleges in South Worcestershire (Malvern, Pershore and Evesham) with promises that they would maintain the educational offering. Four years on, and whaddya know? They are downsizing the teaching programme at Evesham (including scrapping all of the adult evening classes) and Malvern Hills College is closing. So 16-18 year olds who want to do vocational courses (BTEC, City & Guilds, etc) and anyone who wants to do an evening class now have to go either to Pershore or Worcester. It's despicable.

Wasps downward spiral... (61 Viewers)

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