Wasps in the mire - now in administration
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Re: Wasps still in the mire
Something to do with Coventry Ladies and radio I believe
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Re: Wasps still in the mire
CVA meaning - 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.Rugbygramps wrote: ↑Fri Aug 12, 2022 12:39 pm 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.
Does not look good if creditors do not agree.
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Re: Wasps still in the mire
A CVA is what is commonly referred to as "going into administration".
It involves appointing an administrator to come in and run your business to maximise returns to the secured debtors while seeing if there is a viable business under the hood.
There is no viable business under Wasps hood, so it would be a very bad thing.
It would invoke RFU regulation 5, which gives the RFU broad powers to approve their finances, set their budgets & RFU regulations make a phoenix company extremely hard to do. The regulations make pretty clear that relegation is the consequence too.
It's a massive rumour and I think spread by football fans who don't realise the difference in regulations make it a bigger event in rugby than it would be in football (though still massive in football too).
It involves appointing an administrator to come in and run your business to maximise returns to the secured debtors while seeing if there is a viable business under the hood.
There is no viable business under Wasps hood, so it would be a very bad thing.
It would invoke RFU regulation 5, which gives the RFU broad powers to approve their finances, set their budgets & RFU regulations make a phoenix company extremely hard to do. The regulations make pretty clear that relegation is the consequence too.
It's a massive rumour and I think spread by football fans who don't realise the difference in regulations make it a bigger event in rugby than it would be in football (though still massive in football too).
Goooooodeeeeeyyyyy!
Re: Wasps still in the mire
Some suggest on unoffy that this was a mix up when somebody Googled Wasps and CVA with York Wasps rugby league team that did go bust with a CVA. That did certainly happen. We will see if it also happens to London Wasps.
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Re: Wasps still in the mire
Certainly possible but not sure why the bloke from Radio Coventry would be tweeting if that is the case.
Re: Wasps still in the mire
So, is the message that if you want to stay financially viable, don’t call your side Wasps?Rugbygramps wrote: ↑Fri Aug 12, 2022 8:21 pmCertainly possible but not sure why the bloke from Radio Coventry would be tweeting if that is the case.
In my defence, I was left unsupervised….
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Re: Wasps still in the mire
https://www.coventrytelegraph.net/sport ... s-24747475
Derek Richardson has come out and denied they have file a CVA
Derek Richardson has come out and denied they have file a CVA
Used to run around with an 11, 14 or 15 on my back.
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Re: Wasps still in the mire
Why Wasps picked Coventry over Birmingham is one of the biggest fails imo
Birmingham Population 1.49 million
Coventry Population 379K
Prem rugby clubs within 30 miles of the city
Birmingham 1 Worcester
Coventry 2 Saints and Tigers
Moseley was really keen on the idea of Wasps coming over
Birmingham Population 1.49 million
Coventry Population 379K
Prem rugby clubs within 30 miles of the city
Birmingham 1 Worcester
Coventry 2 Saints and Tigers
Moseley was really keen on the idea of Wasps coming over
Re: Wasps still in the mire
I assume they picked Coventry because of the sweetheart deal they got over the stadium complex.RagingBull wrote: ↑Sat Aug 13, 2022 9:17 am Why Wasps picked Coventry over Birmingham is one of the biggest fails imo
Birmingham Population 1.49 million
Coventry Population 379K
Prem rugby clubs within 30 miles of the city
Birmingham 1 Worcester
Coventry 2 Saints and Tigers
Moseley was really keen on the idea of Wasps coming over
Omnia dicta fortiora si dicta Latina
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Re: Wasps still in the mire
Exactly. 5k seat stadium at Moseley or 30k stadium with additional earning capabilities from the site in Coventry. The Coventry stadium having been designed to be easy access from the road networks. Plus Moseley being the landlord would have meant paying to somebody else where as Coventry City were always likely to return giving Wasps a football league tenant.Old Hob wrote: ↑Sat Aug 13, 2022 11:23 amI assume they picked Coventry because of the sweetheart deal they got over the stadium complex.RagingBull wrote: ↑Sat Aug 13, 2022 9:17 am Why Wasps picked Coventry over Birmingham is one of the biggest fails imo
Birmingham Population 1.49 million
Coventry Population 379K
Prem rugby clubs within 30 miles of the city
Birmingham 1 Worcester
Coventry 2 Saints and Tigers
Moseley was really keen on the idea of Wasps coming over
Covid really hammered Wasps, they didn't have the years of previous stability to fall back on like we and others did.
Re: Wasps still in the mire
They were losing £500k per month pre covid. I don't think it really changed much to be honest.
Goooooodeeeeeyyyyy!
Re: Wasps still in the mire
Apologies if this has been covered already, but I’ve just seen this:-
https://www.ruck.co.uk/over-1m-of-stars ... -continue/
https://www.ruck.co.uk/over-1m-of-stars ... -continue/