Grendel
Well-Known Member
it’s a different scenario
Worcester relegated - will be looked at very closely if wasps dont get the same
Am I reading that correctly? That bid depends on the club going into admin and the RFU confirming they won’t relegate Wasps as a result of administration as their financial issues are the result of covid.
That seems a stretch to say the least, they were in a mess long before covid. And what happens to the bond holders in this scenario, do they end up with nothing?
It’s kicking the can down the road. So basically after a bail out they will have enough operating income for a seasonJust can’t see this happening.
Too much debt, too many permeations….it’s just delaying the inevitable with the basket case they are.
The club are dead here.
It’s kicking the can down the road. So basically after a bail out they will have enough operating income for a season
Just can’t see this happening.
Too much debt, too many permeations….it’s just delaying the inevitable with the basket case they are.
The club are dead here.
Tickets also started at 5 pounds to 20It sounds like madness, but Wasps have been heavily pushing the "it's not our fault" line regarding potential admin. Obviously that's rubbish, their accounts were a disaster way before covid (edit).
And today, with a rallying cry, a boatload of free tickets, and a local derby, it's still another poor attendence.
Like you say, even if they get bailed out, it's hard to see how they can ever turn a profit.
don’t pay them, problem solvedmore than half will be needed to pay off the bondholders,
This Armstrong guy and his investment team would surely not spunk £50m on a company about to go in admin/liquidation. Just a publicity stunt surely
Doesn’t matter what Twitter thinks - The RFU aren’t going to relegate one of their oldest traditional teams.
they’ll play the Covid card and get away with it. They’ll just turn round and say they forecast profit making years in 2020 and 21 and nobody can argue agaisnt a hypothetical situation
Didn’t they physically run out of money? Wasps sound like they’re trying to seperate the rugby side from the business and claim their two seperate entities… the rugby team are paying their players as expected, the ground and property side is losing the money - the side affected by CovidWhy can't Worcester?
Didn’t they physically run out of money? Wasps sound like they’re trying to seperate the rugby side from the business and claim their two seperate entities… the rugby team are paying their players as expected, the ground and property side is losing the money - the side affected by Covid
Depends how you portray and justify it to the authoritiesIsn't the rugby side the one that's losing all the money?
Attendance given as 10,249 (will include free tickets plus Saints supporters).
Wasps leading by 8 points with 4 minutes left and lost 36-40. Very disappointing
as i understand yesterday- if they go into admin they can get away with not paying back the bondholders as it would be a new owner - HMRC on the other hand they aint going to give up
Thing is - if true and you were a bondholder you would want that trustee all over this !In truth, I'm not sure about that. The bondholders have a charge on the lease, with ACL and Wasps Holdings as guarantors.
Administration won't make that go away; I'm genuinely not sure how they wriggle off the hook without the potential investors paying bondholders off or negotiating some kind of settlement.
Whoever buys it needs to sort out the train situation. Its ridiculous we have a train station that can hardly be used
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It would be refreshing if all parties simply sat down together and said right, everyone involved has been responsible for fucking this situation right up, let's try and find the least-worst solution all round. Something like;
1 - Wasps give up the ownership of the stadium in exchange for circa £15-£20m from CCFC/Sisu.
2 - Council agree freehold to be transferred to CCFC, not its owner, on 999 year lease that can't be re-sold beyond the football club
3 - Wasps use the money from step 1 to pay off tax and bondholders (who have to take a big haircut)
4 - Wasps then leave Ricoh and play as tenants in a more heartland location e.g. MK Dons.
From this
1 - Wasps get out of the money pit that is Coventry/Ricoh and back to their own fans
2 - Creditors get some money back if not all
3 - Council get to leave the whole situation behind
4 - CCFC gets to make a go of the Ricoh as originally intended
5 - Sisu can choose to either make a go of the project or sell club and stadium together and also walk away.
Maybe I am being far too naive but then again that's the story of my life.
Are you mad, that's far too sensible.It would be refreshing if all parties simply sat down together and said right, everyone involved has been responsible for fucking this situation right up, let's try and find the least-worst solution all round. Something like;
1 - Wasps give up the ownership of the stadium in exchange for circa £15-£20m from CCFC/Sisu.
2 - Council agree freehold to be transferred to CCFC, not its owner, on 999 year lease that can't be re-sold beyond the football club
3 - Wasps use the money from step 1 to pay off tax and bondholders (who have to take a big haircut)
4 - Wasps then leave Ricoh and play as tenants in a more heartland location e.g. MK Dons.
From this
1 - Wasps get out of the money pit that is Coventry/Ricoh and back to their own fans
2 - Creditors get some money back if not all
3 - Council get to leave the whole situation behind
4 - CCFC gets to make a go of the Ricoh as originally intended
5 - Sisu can choose to either make a go of the project or sell club and stadium together and also walk away.
Maybe I am being far too naive but then again that's the story of my life.
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