Wasps downward spiral... (31 Viewers)
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Gynnsthetonic
Well-Known Member
Another stalling tactic, could of been just a simple phone call.
Nick Eastwood,
Hi Wasp director here, we need some money off you urgently, our company is currently £82m in debt, we owe our bondholders £35m with immediate effect, we're losing £10m a year and our stadium which gets around 3000 paying rugby fans once a month needs £20m of dilaps needed, what are the chances.
HSBC,
Bye!
Beeeeeeeeeeeeeeepppppppppppppp
Lawrence Dallaglio reassures fans of 'brighter' financial future for Wasps
Despite an emotional attachment to Wasps, where Dallaglio has served as a player and director, his concerns transcend his club
ByCharles Richardson, RUGBY REPORTER7 September 2022 • 5:40pm
Dallaglio has served as the club's director since 2015 CREDIT: Kieran Galvin/Getty Images
Wasps director Lawrence Dallaglio has revealed that the club's financial future will be "much brighter" in the next few days as their season gets under way at Gloucester on Sunday.
The Midlands club owes bondholders £35million after they invested in a scheme in 2014 to raise money for the club and pay off its debts. Those investors should have been repaid in May. According to the BBC, too, Wasps have been in discussions with HMRC over unpaid tax; have had to manage repayments of a Sport Survival Package loan; and failed to pay Coventry City Council an agreed fee to take over the lease of land next to their Coventry Building Society Arena home.
But Dallglio, 50, has reassured supporters that the situation will improve imminently.
"There will be some statements in the next few days that will present and paint a much brighter picture about the club," Dallaglio told Telegraph Sport. "There are a number of sides to the Wasps business which make it both complex and unique: there’s a rugby club which, like every club, has had its challenges; then there is a business on the other side which, contrary to what you might read, has been performing well. The complexity is that the rugby club is wrapped into the business; so what is - and can be - reported is not necessarily the big picture.
"They have a bond that needs refinancing and I’d love to be more candid but I cannot at the minute. There will be some statements coming out which will hopefully put us in a much better position; but there’s no imminent threat to the club.
"Nothing is ever quite as it’s reported. Someone like me knows that better than anyone else. There are three sides to every story. There’s one side, the other side, and the truth."
Dallaglio made 326 appearances on the back row for Wasps over an 18-year stretch and captained the club to four Premiership titles and two European Cups and, since 2015, he has been a director at the club. Despite an emotional attachment, his concerns transcend his club.
"I’m emotionally attached to rugby - not just to Wasps," Dallaglio, who won 85 caps for England, added. "There are five clubs up for sale at the moment, so please don’t sit there and tell me that rugby union in this country doesn’t have its challenges.
"But it’s not in crisis. The future of rugby has plenty of potential but I don’t think the game has grown exponentially since I retired; the game has been professional since 1995 and the same problems that existed then still exist now."
Dallaglio has been involved with Wasps since the start of his career in 1990 and says he hasn't seen the sport grown since his retirement in 2008 CREDIT: David Rogers/Getty Images
Dallaglio believes that all of rugby's stakeholders should be doing more to market the sport and make it as attractive a proposition as possible for prospective new fans.
"When you play rugby, for 80 minutes of the week, you are enemies; that’s what we want," Dallaglio said. "But, the clubs, Premiership Rugby and the Rugby Football Union need to be much more aligned in terms of what they want in the game. When we’re not playing against each other we need to grow the sport. We need to celebrate it and we need to get the players much closer to the public. And the highest-profile players need to understand that they are the people that are going to drive that: Ellis Genge, Owen Farrell and Marcus Smith - and others.
"We have to appeal to a much wider audience. My daughter has become a Formula 1 fan overnight because she understands the players; Drive to Survive is one - but not the only - reason. The stakeholders, players and clubs need to work a lot harder together. Covid has exacerbated that because it’s pushed people apart.
"My mood is upbeat, though - as there is massive potential for the sport. It’s not bright and rosy right now but we have turned a corner and there is room for optimism."
The perennial thorn in the Premiership's side, however, is how it can be effectively marketed when a large cohort of the league's best players are missing for large chunks. For Dallaglio, there is no easy answer, but reducing the number of matches is not the solution.
"I don’t think that’s necessarily the way to move it on," he said. "I don’t know what the answer is, but we have a block of 10 Premiership games to start the season which is very exciting - I can’t remember the last time that happened. What we want is our best players playing in those games, and not all of them will be. I don’t know how you get over that but it’s not easy to follow when the best players aren’t playing every single week."
Extract from Daily Telegraph
Despite an emotional attachment to Wasps, where Dallaglio has served as a player and director, his concerns transcend his club
ByCharles Richardson, RUGBY REPORTER7 September 2022 • 5:40pm
Dallaglio has served as the club's director since 2015 CREDIT: Kieran Galvin/Getty Images
Wasps director Lawrence Dallaglio has revealed that the club's financial future will be "much brighter" in the next few days as their season gets under way at Gloucester on Sunday.
The Midlands club owes bondholders £35million after they invested in a scheme in 2014 to raise money for the club and pay off its debts. Those investors should have been repaid in May. According to the BBC, too, Wasps have been in discussions with HMRC over unpaid tax; have had to manage repayments of a Sport Survival Package loan; and failed to pay Coventry City Council an agreed fee to take over the lease of land next to their Coventry Building Society Arena home.
But Dallglio, 50, has reassured supporters that the situation will improve imminently.
"There will be some statements in the next few days that will present and paint a much brighter picture about the club," Dallaglio told Telegraph Sport. "There are a number of sides to the Wasps business which make it both complex and unique: there’s a rugby club which, like every club, has had its challenges; then there is a business on the other side which, contrary to what you might read, has been performing well. The complexity is that the rugby club is wrapped into the business; so what is - and can be - reported is not necessarily the big picture.
"They have a bond that needs refinancing and I’d love to be more candid but I cannot at the minute. There will be some statements coming out which will hopefully put us in a much better position; but there’s no imminent threat to the club.
"Nothing is ever quite as it’s reported. Someone like me knows that better than anyone else. There are three sides to every story. There’s one side, the other side, and the truth."
Dallaglio made 326 appearances on the back row for Wasps over an 18-year stretch and captained the club to four Premiership titles and two European Cups and, since 2015, he has been a director at the club. Despite an emotional attachment, his concerns transcend his club.
"I’m emotionally attached to rugby - not just to Wasps," Dallaglio, who won 85 caps for England, added. "There are five clubs up for sale at the moment, so please don’t sit there and tell me that rugby union in this country doesn’t have its challenges.
"But it’s not in crisis. The future of rugby has plenty of potential but I don’t think the game has grown exponentially since I retired; the game has been professional since 1995 and the same problems that existed then still exist now."
Dallaglio has been involved with Wasps since the start of his career in 1990 and says he hasn't seen the sport grown since his retirement in 2008 CREDIT: David Rogers/Getty Images
Dallaglio believes that all of rugby's stakeholders should be doing more to market the sport and make it as attractive a proposition as possible for prospective new fans.
"When you play rugby, for 80 minutes of the week, you are enemies; that’s what we want," Dallaglio said. "But, the clubs, Premiership Rugby and the Rugby Football Union need to be much more aligned in terms of what they want in the game. When we’re not playing against each other we need to grow the sport. We need to celebrate it and we need to get the players much closer to the public. And the highest-profile players need to understand that they are the people that are going to drive that: Ellis Genge, Owen Farrell and Marcus Smith - and others.
"We have to appeal to a much wider audience. My daughter has become a Formula 1 fan overnight because she understands the players; Drive to Survive is one - but not the only - reason. The stakeholders, players and clubs need to work a lot harder together. Covid has exacerbated that because it’s pushed people apart.
"My mood is upbeat, though - as there is massive potential for the sport. It’s not bright and rosy right now but we have turned a corner and there is room for optimism."
The perennial thorn in the Premiership's side, however, is how it can be effectively marketed when a large cohort of the league's best players are missing for large chunks. For Dallaglio, there is no easy answer, but reducing the number of matches is not the solution.
"I don’t think that’s necessarily the way to move it on," he said. "I don’t know what the answer is, but we have a block of 10 Premiership games to start the season which is very exciting - I can’t remember the last time that happened. What we want is our best players playing in those games, and not all of them will be. I don’t know how you get over that but it’s not easy to follow when the best players aren’t playing every single week."
Extract from Daily Telegraph
chiefdave
Well-Known Member
well what we've been reading is their accounts so unless he's saying they have falsified information in the account what we've read is entirely accurate.
shepardo01
Well-Known Member
PR spin to try to make bondholders feel more at ease so as not to try to chase back money owed??? (Which would put Wasps in the shit if they did!)
Frostie
Well-Known Member
Perhaps he could have invested in the club rather than spending it in brothels?
SkyBlueCharlie9
Well-Known Member
Laurence is a bell end. That interview is a load of mumbo jumbo propoganda. He says himself several times there that he hasn't got a clue what he's talking about. Own goal (try) by Wasps there rolling LD out. With his scandalous background it amazes me how he gets so much respect and publicity from the media!
pipkin73
Well-Known Member
He said " There will be some statements in the next few days that will present and paint a much brighter picture about the club "
OK, today is Wednesday, take the weekend in then i expect one of a few (some) statements by Tuesday next week., instead of a few days a week.
I am not betting my broke money on it, i would prefer to bet my no money on SISU giving us 1 million in Jan
OK, today is Wednesday, take the weekend in then i expect one of a few (some) statements by Tuesday next week., instead of a few days a week.
I am not betting my broke money on it, i would prefer to bet my no money on SISU giving us 1 million in Jan
duffer
Well-Known Member
That's how I'm reading it. He's got a substantial investment in Wasps both financially and emotionally, and he knows they're at serious risk from the bondholders (who are understandably mistrustful).
Like the owners, I think he'll say anything to discourage the bondholders taking action for themselves. Whether he's being honest or not remains to be seen. For many of them I think it's already too little, too late.
skybluetony176
Well-Known Member
Wasp’s dragging Dellaglio out to reinsure fans about the finances would be like SISU dragging Huckerby (bless him) out to reinsure us that City’s finanances are nothing to worry about. If Wasps fans weren’t worried before they should be now.
Gynnsthetonic
Well-Known Member
He might have tens of thousands invested himself in the bond scheme
Gynnsthetonic
Well-Known Member
Are they not already separate businesses?
Grendel
Well-Known Member
Not really no as they all end up in the wasps holdings accounts. They are more likely I would assume to get funding on the non wasps holdings element - and possibly sell shares in it to a third party rather then a loan
Gynnsthetonic
Well-Known Member
When will the accounts be released too, surely going to be pressure on them soon
tisza
Well-Known Member
Seems pretty likely. Maybe coincides with the ACL etc director changes from a couple of weeks ago.
Grendel
Well-Known Member
Accounts don’t I think have to be made public for the group until December
"The complexity is that the rugby club is wrapped into the business; so what is - and can be - reported is not necessarily the big picture."
This might be clue - or total red herring!
The "rugby club" is part of Wasps Holdings - it is not a separate entity.
May be the plan is divest of the extraneous businesses to just leave the core "rugby" part ( or not )
This might be clue - or total red herring!
The "rugby club" is part of Wasps Holdings - it is not a separate entity.
May be the plan is divest of the extraneous businesses to just leave the core "rugby" part ( or not )
To many buts , if's and maybe's there
I would have thought better off getting a guaranteed rent and exposure from CCFC
HuckerbyDublinWhelan
Well-Known Member
But then you’re gambling on CCFC sticking around. If we leave to a new stadium or Joy throws a wobbler again you’re left with a white elephant with a failing rugby club as its only tenant
if they sell the Ricoh, the club won’t be far behind
Mcbean
Well-Known Member
That would be nice to think so but not many clubs of the wasps size sadly have bit the dust - even though we want this to happen there always seems to be a white knight out there
fernandopartridge
Well-Known Member
Interesting what they're now referring to as the "complexity" was part of the design that was to make them "one of the richest clubs in Europe"
Sky Blue Harry H
Well-Known Member
That would be nice to think so but not many clubs of the wasps size sadly have bit the dust - even though we want this to happen there always seems to be a white knight out there
Not if it's like pouring money down the drain (which it is with their lack of income from punters/TV. and inevitable rising costs).
That would be nice to think so but not many clubs of the wasps size sadly have bit the dust - even though we want this to happen there always seems to be a white knight out there
5 Rugby clubs rumoured to be up for sale - one for free!
Moff
Well-Known Member
That would be nice to think so but not many clubs of the wasps size sadly have bit the dust - even though we want this to happen there always seems to be a white knight out there
I think there are less and less suitors out there now prepared to throw good money after bad.
At least with football if you fluke a promotion to the promised land you are in line for huge rewards...in Rugby its a closed shop, same old every season with falling attendances and constant losses, certainly in the case of our landlords.
Exactly
vow
Well-Known Member
Corrected for you m8.
vow
Well-Known Member
Fair enough but my point is they're both cunts.
Gynnsthetonic
Well-Known Member
Wouldn't surprise me if he had a lot of money tied up in those bonds, he could be panicking and want to keep the bondholders onside
