Wasps in the mire - now in administration
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Re: Wasps still in the mire
Isn't there a hotel and casino on the site also owned by the club on the same terms as the stadium, or have I got that completely wrong? I'm sure I read that the idea was that the hotel/casino funded the rugby. However, I may have dreamt that or the idea arrived via a glass or three.
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Re: Wasps still in the mire
There's a Doubletree by Hilton but I expect that is a similar arrangement to our own hotel - owned by the club but operated by the 3rd party. No idea how much profit that brings the landlord.Old Hob wrote: ↑Wed Aug 10, 2022 5:12 pm Isn't there a hotel and casino on the site also owned by the club on the same terms as the stadium, or have I got that completely wrong? I'm sure I read that the idea was that the hotel/casino funded the rugby. However, I may have dreamt that or the idea arrived via a glass or three.
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Re: Wasps still in the mire
https://www.coventrytelegraph.net/sport ... s-24729548
Ex-employee's are coming out to complain about Wasps too
Ex-employee's are coming out to complain about Wasps too
Used to run around with an 11, 14 or 15 on my back.
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Re: Wasps still in the mire
Seems to be taking a turn for the worse possibly.
https://uk.advfn.com/stock-market/londo ... share-chat
https://uk.advfn.com/stock-market/londo ... share-chat
"If you want entertainment, go to the theatre," says Edinburgh head coach Richard Cockerill. "Rugby players play the game to win.15/1/21.
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Re: Wasps still in the mire
Well tomorrow is their next deadline, doubt they'll be much movements tbh...
Used to run around with an 11, 14 or 15 on my back.
Re: Wasps still in the mire
To be fair I wouldn't be trusting the comments of a possibly disgruntled ex-employee.TigerFeetSteve wrote: ↑Thu Aug 11, 2022 1:26 pm https://www.coventrytelegraph.net/sport ... s-24729548
Ex-employee's are coming out to complain about Wasps too
Not saying he's necessarily wrong!
Re: Wasps still in the mire
No they announced on the 29th that they were going to miss this date and are now trying some other scheme.TigerFeetSteve wrote: ↑Thu Aug 11, 2022 10:27 pm Well tomorrow is their next deadline, doubt they'll be much movements tbh...
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Re: Wasps still in the mire
What's a CVA? Wasps have filed for one apparently
"Rugby isn't a contact sport,ballroom dancing is a contact sport. Rugby is a collision sport" Heyneke Meyer
Re: Wasps still in the mire
Doesn’t look good. From HMRC
Company Voluntary Arrangements
If your limited company is insolvent, it can use a Company Voluntary Arrangement (CVA) to pay creditors over a fixed period. If creditors agree, your limited company can continue trading.
Re: Wasps still in the mire
Only a rumour i might add but chap seems very in the know. Is this the end then if so?
"Rugby isn't a contact sport,ballroom dancing is a contact sport. Rugby is a collision sport" Heyneke Meyer
Re: Wasps still in the mire
No, this is basically a company saying that they cannot pay their debts now and putting forward a payment plan to clear them off and it is accepted then it gives them some bankruptcy protection as long as they keep up the payments. problem may be that the bond holders do not appear happy to accept an extended payment plan.Scott1 wrote: ↑Fri Aug 12, 2022 12:25 pmOnly a rumour i might add but chap seems very in the know. Is this the end then if so?
What it does represent is an admission that they cannot pay back the bond so I assume that they have failed in efforts to refinance it and that leaves them teetering on the brink. How the league deals with a situation like that is anybody's guess
Re: Wasps still in the mire
One Paul Wheeler posted on twitter regarding the CVA about 2 hours ago. The tweet has since been deleted
In my defence, I was left unsupervised….
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Re: Wasps still in the mire
Like others I’m not a financial expert, but if they have applied for a CVA it will mean their ability to trade with existing suppliers will be affected, and new companies will not touch them with the proverbial pole.
Don’t doubt that Scott’s information is correct.
Don’t doubt that Scott’s information is correct.
Re: Wasps still in the mire
That makes it more likely to be true then imo,could he have been forced legally to take the tweet down?
"Rugby isn't a contact sport,ballroom dancing is a contact sport. Rugby is a collision sport" Heyneke Meyer