Wasps going into admin & the impact on CCFC (233 Viewers)

[MalcSB]

At 6.5%, it's just eating away at their funds. Interest = £2.275m pa on £35m (if my Maths is up to scratch). so if they pay quarterly (?), they're having to find £568,750 every quarter ! Can't see where that's coming from, unless it's Richardson or the original bond money itself.

Apologies. in advance if I have miscalculated (won't be the first or last time !)

It’s paid every 6 months, so they will be expected to pay £1,137,500 in the next few weeks, I would imagine it won’t be paid if they go in to admin.

 

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[hutch1972]

It’s paid every 6 months, so they will be expected to pay £1,137,500 in the next few weeks, I would imagine it won’t be paid if they go in to admin.

Add that to the supposed 2mill to HMRC and you have a very big hole.

 

[Gynnsthetonic]

I think when the interest payments stop then we might see more action from the bondholders

 

[Grendel]

I think when the interest payments stop then we might see more action from the bondholders

it’s not due as such as now on a specified date

 

[hutch1972]

I think when the interest payments stop then we might see more action from the bondholders

The bondholders seem to be very worried with Wasps appointing their choice of administrator. They need 25% of those holding bonds to vote against it, but without more time, that's unlikely.

 

[MalcSB]

The bondholders seem to be very worried with Wasps appointing their choice of administrator. They need 25% of those holding bonds to vote against it, but without more time, that's unlikely.

I think it’s very likely that the bondholders who are organising themselves will have 25% of the votes cast. which is the magic figure.

 

[crowsnest]

Wasps online shop down for maintenance?

 

[chiefdave]

Wasps online shop down for maintenance?

 

[Senior Vick from Alicante]

Wasps online shop down for maintenance?

Moving the stock before they loose access to the ground?

 

[HuckerbyDublinWhelan]

I see they’re coming round to the fact Coventry isn’t working on Drunken wasps - covkid really wants the football team to fail doesn’t he.

 

[Sky Blue Pete]

Interest rate increase gonna really mess them up

 

[wingy]

Wonder if currency weakness might tempt a few more transatlantic type takeovers in sporting circles.

 

[Sky Blue Pete]

Wonder if currency weakness might tempt a few more transatlantic type takeovers in sporting circles.

Some massive savings gonna be

 

[Grendel]

I see they’re coming round to the fact Coventry isn’t working on Drunken wasps - covkid really wants the football team to fail doesn’t he.

I thought he may be Tim Kalns

 

[duffer]

Wonder if currency weakness might tempt a few more transatlantic type takeovers in sporting circles.

You might get the benefit of picking up clubs on the cheap, but given there's likely to be an enormous squeeze on discretionary spending for a large part of the UK population, getting people through the door is going to be even harder, imho...

 

[Terry Gibson's perm]

Looks bleak for Worcester they have been suspended from all tournaments

 

[HuckerbyDublinWhelan]

I thought he may be Tim Kalns

Even he’s accepting it - but using it to throw shade at the city “the city can’t sustain elite sport”

bizarre poster he is

 

[Gynnsthetonic]

So Worcester have now been suspended from the league without entering administration, will the same not now happen to London Wasp?

 

[Philosoraptor]

Read somewhere, if admin happens the first thing to be change hands is the online presence, so keeping an eye on their websites is crucial.

 

[duffer]

Wasps online shop down for maintenance?

Rather unfortunate timing if it's not related.

Derek's probably round there with a van right now, getting it all down to his lock-up before the administrator arrives.

 

[MusicDating]

It is a bit odd. Landing page banner is promoting the new kit, but when you click on the link to the store you get a very basic holding page message of -

We are currently in the process of moving warehouse. The Site will be back up and running from the 29th of September. Please allow 10 working days to receive any orders that have been placed. We apologise for any inconvenience this may cause.

Why would moving warehouse stop them taking orders? Surely that would just delay dispatch by 3 days?...

 

[shepardo01]

It is a bit odd. Landing page banner is promoting the new kit, but when you click on the link to the store you get a very basic holding page message of -

We are currently in the process of moving warehouse. The Site will be back up and running from the 29th of September. Please allow 10 working days to receive any orders that have been placed. We apologise for any inconvenience this may cause.

Why would moving warehouse stop them taking orders? Surely that would just delay dispatch by 3 days?...

Don't we use the same retail partner!?!.....

 

[skyblu3sk]

Well the RFU don't seem to be fucking round when it comes to clubs and admin imagine if the EFL did the same.

 

[Sky Blue Harry H]

Looks bleak for Worcester they have been suspended from all tournaments

Which is another fixture Wasps won't have in terms of income.

 

[shepardo01]

Well the RFU don't seem to be fucking round when it comes to clubs and admin imagine if the EFL did the same.

Don't think they are in admin yet (could be wrong) radio said that they couldn't put together a viable business case going forwards... who was governing that I don't know......

 

[chiefdave]

Don't think they are in admin yet (could be wrong) radio said that they couldn't put together a viable business case going forwards... who was governing that I don't know......

Wasps are fucked then, they haven't had a viable business plan in years.

 

[Alan Dugdales Moustache]

It is a bit odd. Landing page banner is promoting the new kit, but when you click on the link to the store you get a very basic holding page message of -

We are currently in the process of moving warehouse. The Site will be back up and running from the 29th of September. Please allow 10 working days to receive any orders that have been placed. We apologise for any inconvenience this may cause.

Why would moving warehouse stop them taking orders? Surely that would just delay dispatch by 3 days?...

Perhaps the warehouse is moving to London. Fingers crossed.

 

[shepardo01]

Wasps are fucked then, they haven't had a viable business plan in years.

Yeah, I thought that, not sure who they have had to "report to" regarding this... guess part of it relates to non payment of wages. Wasps seemingly can do this....

 

[Gynnsthetonic]

Do we need 2 threads on this, can't they be merged?

 

[WestEndAgro]

Don't we use the same retail partner!?!.....

Yes we do

 

[better days]

So Worcester have now been suspended from the league without entering administration, will the same not now happen to London Wasp?

The reason for the suspension today is the expiry of Worcester's Public Liability Insurance

 

[jordan210]

How odd. I have check all other Rugby clubs shops managed by Jonas sports, some lower league football, Cricket and Rugby league.

None of them are down and non mention a warehouse move....

 

[Gynnsthetonic]

The reason for the suspension today is the expiry of Worcester's Public Liability Insurance

I think they're in admin now

 

[Colin Steins Smile]

Even he’s accepting it - but using it to throw shade at the city “the city can’t sustain elite sport”

bizarre poster he is

We did for 37 years…. Just saying!

 

[better days]

It is a bit odd. Landing page banner is promoting the new kit, but when you click on the link to the store you get a very basic holding page message of -

We are currently in the process of moving warehouse. The Site will be back up and running from the 29th of September. Please allow 10 working days to receive any orders that have been placed. We apologise for any inconvenience this may cause.

Why would moving warehouse stop them taking orders? Surely that would just delay dispatch by 3 days?...

Classic tactics just before an Administration