When Wasps buy us, it will be just the name and all Sisu's fault. They won't buy it yet.
First time for everything I guess.I am genuinely interested in your reasoning
First time for everything I guess.
They have all the facilities we require, economies of scale and cheap to obtain.I am genuinely interested in your reasoning on this (as I just cant see it) in that presuming the name was available, why would they buy it? and what would they then do with it?
one thought I forgot to share
These results do not point to any great compromises available on income streams to keep CCFC at the Ricoh. In fact it may have helped CCFC if the Wasps results had been better because all events at the Ricoh will at worst have to breakeven that includes CCFC to ensure the bottom line improves. What will keep them there is that there is no real alternative anytime soon for CCFC. Just my opinion but CCFC are still between a big rock and a very hard place with no quick solutions
They have all the facilities we require, economies of scale and cheap to obtain.
Would they be in a position to finance a push to the PL I don't expect so for a few years but they will have a honeymoon period after the Sisu mess and the new found fans sense of belonging.
they will have a honeymoon period after the Sisu mess and the new found fans sense of belonging.
I think people are bored and have long since realised that a reasonable discussion with you is impossible.I always say the argument is won when insults start.
I think people are bored and have long since realised that a reasonable discussion with you is impossible.
I'd much rather just call you a Wasps wanker now than waste my time using reason and logic which would be wasted on you. You call that a victory for yourself while everyone else just carries on thinking you are a simple fool.
Got my accountant to take a look and his response was 'more cause for concern than celebration' - he's London based and not a fan of CCFC or Wasps for what its worth.Of course I'm not an accountant, I might ask mine to take a look and see what he thinks.
Got my accountant to take a look and his response was 'more cause for concern than celebration' - he's London based and not a fan of CCFC or Wasps for what its worth.
Few points he raised:
attendance up 48% but ticket revenues only up by 19%, potential indicator of excessive number of free or cheap tickets not leading to paid ticket sales;
f&b spend for rugby seems low given pitch side drinking is allowed and the stadium is often open for several hours before and after games;
no clear identification of how improvements will be made and how will they increase the revenue to the level required;
everything being paid for either via increased debt or sponsorship, queried if this was because Wasps don't have the finance themselves;
ebitda currently compared to covenants of the bond, he lost me at this point to be honest but it seemed to be basically that the bonds have guarantees of how the business will perform and there will need to be an improvement to achieve that. apparently failing on any one of those would not be a minor issue.
in the longer term how will the bonds be repaid if 7 figure losses continue. I mentioned taking out another bond and he said that was like getting a new credit card as you can't pay the bill from your old one, the cost of borrowing increases and your overall debt goes up until you reach a point where you can't get another new card. also mentioned there being no guarantee what state the economy will be in if and when they need to refinance, potentially a higher interest rate may need to be offered.
Asked him what he would think if he was SISU's accountant and what he'd be advising and he said not to enter into any long term deals. That the accounts indicate its not a foregone conclusion the project will ultimately be a success so he would advise them not to enter into any agreements which could benefit Wasps in anything less than the immediate future.
Wouldn't be surprised. ACL under council and higgs seemed pretty slack at most things, probably just did the minimum to keep it ticking over.Allegedly, there is also a large repair & maintenance deficit building up. The stadium is now over 11 years old and some of the M&E is in need of attention
Thats because Sisu have no logic and reason.I think people are bored and have long since realised that a reasonable discussion with you is impossible.
I'd much rather just call you a Wasps wanker now than waste my time using reason and logic which would be wasted on you. You call that a victory for yourself while everyone else just carries on thinking you are a simple fool.
Thats because Sisu have no logic and reason.
No plan and a vain hope that Wasps fail and Sisu continue 'the plan'
Good luck with that one.
Especially at picnics100% agree. But wasps are still wankers.
Their plan is clearly working with some people.
It'll naturally always work with some, the question is going to be how many.
Of course longer term the issue is whether you capture those people fully, or whether they move onto the next leisure experience.
Slightly worrying is that he used to bring his daughter to CCFC matches when his son couldn't make it, but she never wanted to be a regular.
A lot of it is bandwagon, the people I know who have been are people using freebies. Same people who were there when we played crewe, gillingham and chelsea and still ask why I bother going. Until there is a sniff of a cup drawer, that is.
Edit: Of course, there are actual rugby fans there who go for the sport. The people I know had never been to a Rugby match before and the first thing they point out is that you can drink at the seat!
Got my accountant to take a look and his response was 'more cause for concern than celebration' - he's London based and not a fan of CCFC or Wasps for what its worth.
Few points he raised:
attendance up 48% but ticket revenues only up by 19%, potential indicator of excessive number of free or cheap tickets not leading to paid ticket sales;
f&b spend for rugby seems low given pitch side drinking is allowed and the stadium is often open for several hours before and after games;
no clear identification of how improvements will be made and how will they increase the revenue to the level required;
everything being paid for either via increased debt or sponsorship, queried if this was because Wasps don't have the finance themselves;
ebitda currently compared to covenants of the bond, he lost me at this point to be honest but it seemed to be basically that the bonds have guarantees of how the business will perform and there will need to be an improvement to achieve that. apparently failing on any one of those would not be a minor issue.
in the longer term how will the bonds be repaid if 7 figure losses continue. I mentioned taking out another bond and he said that was like getting a new credit card as you can't pay the bill from your old one, the cost of borrowing increases and your overall debt goes up until you reach a point where you can't get another new card. also mentioned there being no guarantee what state the economy will be in if and when they need to refinance, potentially a higher interest rate may need to be offered.
Asked him what he would think if he was SISU's accountant and what he'd be advising and he said not to enter into any long term deals. That the accounts indicate its not a foregone conclusion the project will ultimately be a success so he would advise them not to enter into any agreements which could benefit Wasps in anything less than the immediate future.
Bandwagon? Maybe right, but clearly the "experience" keeps some of them too... It's back to NW's question of "how many?" Time will tell I guess.
Think it points to the current financial year being very important for the Wasps business
My friend also pointed out some of their recent high profile salaries won't show in these accounts either, so expect costs to rise in that area at least, come the next set.
It's what we've been slow to react to, the lemming-like theory. A bustling stadium makes you more likely to go back as you get the sense of it being a social event where there's a buzz (pun not intended!). When we play it's a bit cavernous and empty.
(FWIW also an argument for a lower capacity, but this ain't the thread for that!)
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