Frostie
Well-Known Member
Not so much can't afford it, more don't think the valuation is attractive given the supposed investment/remedial works needed.
Wasps going into admin & the impact on CCFC (224 Viewers)
- Thread starter Alkhen
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Not so much can't afford it, more don't think the valuation is attractive given the supposed investment/remedial works needed.
£5M was in 2020. When quotes figures it is usually group results
Vaughan should be asked what was the net cash flow loss from Covid.
They received payroll reliefs plus a big receipt from PRL plus I suspect others
JAM See
Well-Known Member
Speaking of which...
EXCLUSIVE: Heineken axed beer from Wasps stadium amid financial woes
EXCLUSIVE BY MATT HUGHES: Sportsmail has learned that several of Wasps' suppliers have been told they are unlikely to be paid this month as the club face being put into administration.
MusicDating
Euro 2016 Prediction League Champion!!
If the bond repayment didn't exist, then yes.
Calista
Well-Known Member
I’m afraid that petition goes to the heart of what made the move to Cov possible. I mean if you start a petition you get your aunts and uncles and the neighbour’s bloody dog to sign it don’t you? For fans of a famous sports team to only get 2968 online signatures from the population ‘in and around London’ is staggering.Here's one of the petitions from Wasps supporters at that time.
Sign Petition: Keep Wasps RFC in/around London
Wasps RFC (formerly London Wasps) has been based in/around London since its inception in 1867. However, recent rumours have linked (2970 signatures on petition)www.thepetitionsite.com
#AllAboutTheMoney
Put that together with Sisu’s catastrophic mishandling of the politics around the Ricoh, and cocky rugby club owners with a sales pitch about massive investment bringing elite sport to Coventry, and it was a recipe for disaster.
The mindset of Wasps fans seems like something from another planet to me, but I can’t take pleasure in them (or the Wasps staff and players) being distraught. We need to know what’s going to happen to us.
Paxman II
Well-Known Member
Question would be, how do you value a lease where the leaseholder has gone broke? Yes the arena may have other smaller areas of income stream, but not enough to sustain it as a going concern without the football clubs being there. You can't add value becuase you have a tenant in CCFC who could end their tenancy at any time. So value would be nominal at best, which is why the council would surely step in and nulify the lease under agreement, and then remarket the lease, or even offer the freehold perhaps?
chiefdave
Well-Known Member
Might not ever be made public, or leaked, but I'd be very interested to know what sort of offers come in. The valuations for the bond always seemed high and rather conveniently always above the amount they needed them to be.
Greggs
Well-Known Member
Working in professional sport is a cut throat business, they all knew the risks when signing up to work in it, i doubt any of them will become homeless, get some perspective.
fernandopartridge
Well-Known Member
I suspect it's probably the same source that leaked the story about the bail out request in the summer.
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jordan210
Well-Known Member
It feels like they are still trying to play someone off to invest/but ACL with the leaks that there are other buyers and so on
Grendel
Well-Known Member
The football club accounts for less than 5% of ACL revenues
Somerset Sky Blue
Well-Known Member
Does that include any revenue from parking, casino/hotel income on match days and sponsorship by cov building society?
Not sure it would be that much more though.
Gibbo
Well-Known Member
Was that a full year? Did the financial year coincide with the football year?
shmmeee
Well-Known Member
What else could you put on if we weren’t there though? Other sports, monster truck type events, more concerts, international sports.
I’d be surprised if CCFC is as vital to its financial success as we would like to think. After all we were there paying loads more in rent and it still wasn’t flourishing.
junglej13
Well-Known Member
Really good insight from someone who has been in a couple of roles with a view into the operations of Wasps since the move to Coventry. Pretty much hits the nail on the head in my eyes and highlights why they can't use covid as extraordinary circumstances
www.rugbypass.com
Where it went wrong for Wasps
Wasps have followed Worcester into administration and with their players being made redundant.
www.rugbypass.com
Finham
Well-Known Member
OldBedrocker
Well-Known Member
Surely in admin the stadium gets sold for the best offer and the bond holders get x pence in the pound based on the sale?
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chiefdave
Well-Known Member
Has ACL even published any accounts for a period since we came back from St Andrews?
Not sure what people are thinking will happen with the stadium bowl. Unless you knock it down and build something else what would you replace our games with? Think it would be hard to find another sporting tenant and there's simply not that many events that require a venue of that size even if they whacked a roof on.
Was hardly a full diary when we were at Northampton. The Principality Stadium has a roof. Their diary shows 4 rugby matches, Harry Styles, Coldplay and a speedway event next September.
Not sure what people are thinking will happen with the stadium bowl. Unless you knock it down and build something else what would you replace our games with? Think it would be hard to find another sporting tenant and there's simply not that many events that require a venue of that size even if they whacked a roof on.
Was hardly a full diary when we were at Northampton. The Principality Stadium has a roof. Their diary shows 4 rugby matches, Harry Styles, Coldplay and a speedway event next September.
tisza
Well-Known Member
Yes. There's accounts available online.
David O'Day
Well-Known Member
this is the thing, surely it's the busier hall any purchaser would be interested in
chiefdave
Well-Known Member
doubt one will be offered for sale without the other. some of the facilities are shared between the two so its not as simple as saying you'll sell the stadium bowl to one person and everything else to someone different.
Incredible. Read the Vaughan interview and was thinking throughout the whole thing how disgusted I'd be if that was my CEO saying that nonsense after my club had just gone into admin. Go onto Once a Wasp and they are all lapping it up! They honestly think that they were making all the payments they should have been to HMRC and are also blaming HSBC for not loaning them the 35m! After everything that's came out in the last couple of weeks they really think the club was credit worthy to the tune of 35m. Delusional doesn't even cut it
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David O'Day
Well-Known Member
yeah, what i mean is the hall is the attraction and if they can get a tenant who brings in 500k of people buying food and beer during the bowls quieter winter months then no sensible operator will be upset by that
alexccfc99
Well-Known Member
I’ll never forget them rocking up;
Looking down their nose at CCFC and it’s supporters
Turfing us out or changing rooms
Demanding the seats change colour
Climbing up and disrespecting the JH statue
Not maintaining the bricks and memorial garden
Being complicit in the St Ands. move
This summers pitch debacle
I hated them when they weren’t in admin and that hasn’t changed now, no faux sympathy from me I couldn’t care less - Good riddance to them
Looking down their nose at CCFC and it’s supporters
Turfing us out or changing rooms
Demanding the seats change colour
Climbing up and disrespecting the JH statue
Not maintaining the bricks and memorial garden
Being complicit in the St Ands. move
This summers pitch debacle
I hated them when they weren’t in admin and that hasn’t changed now, no faux sympathy from me I couldn’t care less - Good riddance to them
alexccfc99
Well-Known Member
They’re completely and utterly deluded and probs still think CCFC are the bad guys
Shows the wishy washy and happy clappy nature of Rugby really, if this was a football club it was happening too there would be hell on
alexccfc99
Well-Known Member
Also, I thought that just in the interests of being diplomatic CCFC would have commented on todays news
The fact they haven’t probably shows how rocky the relationship was
The fact they haven’t probably shows how rocky the relationship was
Frostie
Well-Known Member
Also removed access to hospitality etc. on our matchdays with less than 24 hours notice.
junglej13
Well-Known Member
Wasn't there something about James Haskell stood in the doorway of the casino laughing at our supporters protesting about something?
Sky Blue Harry H
Well-Known Member
Does that include income at The Anecdote, Casino etc, or is that the basic rent? Not sure how CCC would factor it in, but there must be a few associated/local businesses who are affected by the presence of the football club (The Wheatsheaf/ Cherry Tree/Dhillons, even the Arena shopping area)
Otis
Well-Known Member
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