Tiger93 wrote: ↑Wed Apr 11, 2018 9:44 am
Their accounts are late again. Not exactly good publicity is it.
Quins posted losses, but remember that their ultimate owner is Mosaic Ltd (Guernsey) which was registered in HK or Singapore AFAIR. Chiefs post profits but a lot of business goes via SW Comms (aka A. Rowe) so incidental/sponsored costs can be absorbed - someone in the club told me two years ago that Rowe has woven a complex web etc etc. I should suspect we are relatively healthy compared to many others.
I expect major corporate/equity action for one or two clubs, especially if links can be forged like Saracens bridged to SA (as revealed last week) to enable foreign players to play in Europe at relatively low cost to the home club.
Leicester Tigers 1995-
Nottingham 1995-2000
Swansea (Whites) 1988-95
A game played on grass in the open air by teams of XV.
Perhaps paying Hoogard far in excess of what Ben Youngs earns as well as £300k+ for T'eo is one reason for the problems. They could've had Shazam and Matt Smith for a fraction and had 500%+ more effective service.
Leicester Tigers 1995-
Nottingham 1995-2000
Swansea (Whites) 1988-95
A game played on grass in the open air by teams of XV.
There is unlikely to be any benefit for these clubs to run at a notional profit.
Why receive sponsorship monies only to "donate" it to the Inland Revenue as corporation tax.
Providing you have willing sponsors and or Sugar Daddies to cover the losses for cash flow purposes there isn't a problem for the club. Presumably the sponsors then offset this payment against their own tax bills.
Reporting a loss isn't in itself a sign of financial mismanagement. Could even be the opposite.
If the sponsors or Sugar Daddy change their mind then it's a whole different ball game. (excuse the pun)
Not really a surprise Andy Goode is coming out to defend the club, he's a paid ambassador.
Breaching salary caps, fielding ineligible players/teams, breaching bond agreements, overvaluing the Ricoh, late accounts after late accounts, companies house legal action, harming Cov City and Cov RFC, treading on our toes (apparently Worcester too), late player payments, training ground failures, Ashley Johnson debacle etc. It aint good is it and to be honest im surprised the national press haven't attacked them more.
With Haskell and Cip's on the way out and hearing Wade and Co aren't happy, what heart they had left is hanging by a thread.
Statement from Dai Young (which doesn't mention 'financials!)...
“I have been made aware of an article published today which makes a number of assertions regarding our current situation.
“The construction of new training facilities is taking longer than originally hoped. We had a couple of projects which reached a pretty advanced stage but unfortunately did not come to fruition along the way, but no-one doubts this is the number one priority project for our development team.
“I know a further location is now under serious consideration and that this project could take a big step forward in the very near future.
“Since September ten of our senior squad have signed new contracts. This includes Joe Launchbury, Elliot Daly and only this week Dan Robson.
“A number of other players have also signed new deals since we moved from Acton to Coventry at the start of last season.
“Clearly we are all looking forward to being in a permanent home, and in the meantime we are all fully focused on the remainder of the season and are pushing hard to reach the play-offs for a third consecutive year.”
Happy days clearing straw from the pitch before the Baa-Baas games! KBO
Wear a Mask>Protect The NHS>Save Lives
If I was a Wasps supporter I'd be worried until I read a statement saying that the club is financially fine and players are not unhappy and not looking to leave.
strawclearer wrote: ↑Thu Apr 26, 2018 5:32 pm
Statement from Dai Young (which doesn't mention 'financials!)...
“I have been made aware of an article published today which makes a number of assertions regarding our current situation.
“The construction of new training facilities is taking longer than originally hoped. We had a couple of projects which reached a pretty advanced stage but unfortunately did not come to fruition along the way, but no-one doubts this is the number one priority project for our development team.
“I know a further location is now under serious consideration and that this project could take a big step forward in the very near future.
“Since September ten of our senior squad have signed new contracts. This includes Joe Launchbury, Elliot Daly and only this week Dan Robson.
“A number of other players have also signed new deals since we moved from Acton to Coventry at the start of last season.
“Clearly we are all looking forward to being in a permanent home, and in the meantime we are all fully focused on the remainder of the season and are pushing hard to reach the play-offs for a third consecutive year.”
Well he would, wouldn't he? Now if the rumours said Dai Young was leaving to revive Bath........
Leicester Tigers 1995-
Nottingham 1995-2000
Swansea (Whites) 1988-95
A game played on grass in the open air by teams of XV.
