Wasps going into admin & the impact on CCFC (206 Viewers)

[pipkin73]

Bobby Bridge reporting interest from an overseas investor and they need to find 2M in the next however many days. They'll probably find that i'd have thought

Why only 2 million???

 

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[rexo87]

Why only 2 million???

HMRC wouldnt be asking for the full amount immediately. They'd rather get something than nothing

 

[pipkin73]

HMRC wouldnt be asking for the full amount immediately. They'd rather get something than nothing

But they also have to pay the bonds and they are gearing up to bring in their own administrator.

 

[Frostie]

How can a tax bill from HMRC be unexpected & "blindsided" them?

"If administration does occur, under RFU rules, Wasps will be relegated at the end of the season. However, another rule states that exemptions can be made if the club can demonstrate the situation was not their fault.

Listed among the possible reasons is a 'pandemic'. All aspects of the Wasps business were rocked by Covid-19 with the rugby, hotel, exhibitions, events and conference all taking s significant hit."

He's surely missed off a sentence at the end there? Something like...
"This would be disingenous though as, whilst Covid may have exacerbated the issue, the franchise's finances have been an unsustainable shitshow ever since their disastrous move to Coventry"

 

[Nick]

Yeah, I am not sure the HMRC stuff was that unexpected.

 

[HuckerbyDublinWhelan]

You could say it's cheating to borrow 35m and not be able to pay it back.

It can be refuted if somebody goes through the books.

Yeah but like I said it’s a closed old boys club, Wasps are one of the established names. The RFU won’t go that far

 

[chiefdave]

How can a tax bill from HMRC be unexpected & "blindsided" them?

"If administration does occur, under RFU rules, Wasps will be relegated at the end of the season. However, another rule states that exemptions can be made if the club can demonstrate the situation was not their fault.

Listed among the possible reasons is a 'pandemic'. All aspects of the Wasps business were rocked by Covid-19 with the rugby, hotel, exhibitions, events and conference all taking s significant hit."

He's surely missed off a sentence at the end there? Something like...
"This would be disingenous though as, whilst Covid may have exacerbated the issue, the franchise's finances have been an unsustainable shitshow ever since their disastrous move to Coventry"

To be fair the Telegraph thinking a potential buyer is credible doesn't mean much. They don't have a great track record with potential new owners for us.

 

[HuckerbyDublinWhelan]

Red Bull are overseas…. Red Bull Coventry & Red Bull Wasps anyone?

 

[duffer]

Two quick thoughts:

HMRC don't "blindside" anyone. They'll have been very clear on what they want and when they want it, and Wasps will have had plenty of time to settle up before any winding-up order would have been threatened.

If Wasps are in this spot because they can't find £2m, then they're as good as done I suspect. Their debts go far, far beyond that, and having spooked and abused the bondholders' trust I can't see any way they'll let this dangle on much longer.

To bail them out properly and keep hold of the stadium is going to cost someone £35m - £50m. I'm not sure anyone is genuinely up for that, and neither HMRC nor the bondholders are likely to take things on trust any longer.

 

[Terry_dactyl]

Two quick thoughts:

HMRC don't "blindside" anyone. They'll have been very clear on what they want and when they want it, and Wasps will have had plenty of time to settle up before any winding-up order would have been threatened.

If Wasps are in this spot because they can't find £2m, then they're as good as done I suspect. Their debts go far, far beyond that, and having spooked and abused the bondholders' trust I can't see any way they'll let this dangle on much longer.

To bail them out properly and keep hold of the stadium is going to cost someone £35m - £50m. I'm not sure anyone is genuinely up for that, and neither HMRC nor the bondholders are likely to take things on trust any longer.

It seems to me, as you say…if there is an overseas investor they’re going to have to have very deep pockets not only to bail them out but also to continue to invest for years to come in a club that not only loses lots of money…but in a sport structure that doesn’t seem sustainable.
If someone is giving them just a one off £2mil payment they might as well give it to me, for all the use it will do.

 

[Frostie]

If someone is giving them just a one off £2mil payment they might as well give it to me, for all the use it will do.

Would you spend it on coke & hookers like a certain Wasps director?

 

[Samo]

As I understand it, a structure to pay back the money owed was agreed as it had been with other clubs. Now HMRC are demanding it be paid back sooner which is why wasps were ‘blindsided’. I wonder if they have gone back on their agreement with other clubs or are just picking on Wasps

Well those ruined picnics when we were kids have stayed with us right?

 

[Gynnsthetonic]

Would you spend it on coke & hookers like a certain Wasps director?

Oh yes!!!

 

[Terry_dactyl]

Would you spend it on coke & hookers like a certain Wasps director?

Yeah…and I waste the rest!

Boom! Boom!

 

[Liquid Gold]

As there is no relegation from the RPL what is to stop Wasps cutting costs to the bone, even getting rid of the playing squad and auctioning off matches in the first team for a few years to gain revenue.

The sport is a joke.

 

[Grendel]

As there is no relegation from the RPL what is to stop Wasps cutting costs to the bone, even getting rid of the playing squad and auctioning off matches in the first team for a few years to gain revenue.

The sport is a joke.

There is from next season in theory and they want Ealing in it somehow

 

[Liquid Gold]

There is from next season in theory and they want Ealing in it somehow

Who is going to make way for the team names after a travel agent, the team that moves every 10 minutes or one of the teams with a racist name?

How exciting.

 

[joemercersaces]

To be fair the Telegraph thinking a potential buyer is credible doesn't mean much. They don't have a great track record with potential new owners for us.

And Bobby is hardly providing the scrutiny of a critical local journalist is he? He never has. Rather he acts as the conduit for whatever BS Wasps choose to spew out. In other words their useful idiot. To paraphrase the immortal Mandy Rice Davies, the standard response to their claims should be “well they would say that wouldn’t they?”

 

[Nick]

Has he ever actually done anything investigative or is he just glorified Comms for them?

 

[duffer]

As I understand it, a structure to pay back the money owed was agreed as it had been with other clubs. Now HMRC are demanding it be paid back sooner which is why wasps were ‘blindsided’. I wonder if they have gone back on their agreement with other clubs or are just picking on Wasps

You are seriously suggesting that HMRC agreed an arrangement to pay, and then went back on it?

Interesting that, because I've worked both for HMRC (a very long time ago admittedly) and kind of against them, when I ran my own business, and I've never ever heard of them going back on an agreed arrangement.

Wasps might have gambled that they weren't going to take action, or made some kind of assumption, but there is no way on this planet that HMRC renege on an agreed payment plan.

If you agree one and don't stick to it though, then they'll show their teeth. Blindsided my arse.

 

[Moff]

Has he ever actually done anything investigative or is he just glorified Comms for them?

I think he has investigated his favourite complimentary pie…not much else.

Five things I like about pies……..

 

[MusicDating]

You are seriously suggesting that HMRC agreed an arrangement to pay, and then went back on it?

Interesting that, because I've worked both for HMRC (a very long time ago admittedly) and kind of against them, when I ran my own business, and I've never ever heard of them going back on an agreed arrangement.

Wasps might have gambled that they weren't going to take action, or made some kind of assumption, but there is no way on this planet that HMRC renege on an agreed payment plan.

If you agree one and don't stick to it though, then they'll show their teeth. Blindsided my arse.

TBF, they appear to have been blindsided in May when they suddenly had to pay back £35m to bondholders...

 

[steve cooper]

Would you spend it on coke & hookers like a certain Wasps director?

Doesn't a rugby team need hookers?

 

[pusbccfc]

Arctic Monkeys playing the CBS next May. That's two of the major stadium touring artists playing there next summer. One more to come apparently.

 

[Saddlebrains]

Arctic Monkeys playing the CBS next May. That's two of the major stadium touring artists playing there next summer. One more to come apparently.

Ed Sheeran

 

[WestEndAgro]

Arctic Monkeys playing the CBS next May. That's two of the major stadium touring artists playing there next summer. One more to come apparently.

Will they fuck the pitch up

 

[LastGarrison]

Will they fuck the pitch up

Do I Wanna Know?

 

[It’sabatch87]

I bet you look good on the CBS pitch!!

 

[Colin Steins Smile]

Own up which one of us has been using their vpn to fool these desperate bunch that they’ve found £2m down the back of the sofa

 

[Somerset Sky Blue]

Own up which one of us has been using their vpn to fool these desperate bunch that they’ve found £2m down the back of the sofa

Sounds like Greggs....

 

[pusbccfc]

Ed Sheeran

Unlikely. The CBS turned him down for 3 shows this year.

 

[steve cooper]

Own up which one of us has been using their vpn to fool these desperate bunch that they’ve found £2m down the back of the sofa

Could be Dale Evans with a VPN, or maybe Preston Haskell IV

 

[Danceswithhorses]

Do I Wanna Know?

You will when the sun goes down...it'll be your favourite worst nightmare

 

[SlowerThanPlatt]

#RugbyFamily

 

[Otis]

#RugbyFamily

Yeah, "share", but it's like sharing with a bunch of travellers who have camped up on one of your parks and have left a path of destruction and dirty nappies everywhere.