Wasps in the mire - now in administration

[TigerFeetSteve]

I wonder if they'll stay in the West Midlands, maybe Birmingham? Keep local to their current fanbase, by a bigger population than Cov to pick up new fans, especially as Birmingham is nig enough to have two championship teams in them an Moseley?

[Rugbygramps]

I wonder if they'll stay in the West Midlands, maybe Birmingham? Keep local to their current fanbase, by a bigger population than Cov to pick up new fans, especially as Birmingham is nig enough to have two championship teams in them an Moseley?

Lot of National league teams in and around Birmingham, Bournville, Stourbridge, Bromsgrove etc, which may effect any decision

[kpj tiger]

I wonder if they'll stay in the West Midlands, maybe Birmingham? Keep local to their current fanbase, by a bigger population than Cov to pick up new fans, especially as Birmingham is nig enough to have two championship teams in them an Moseley?

If they were to move from Cov excluding London the two that make the most sense to me are Birmingham or Yorkshire

[ay2oh]

Going back to London makes more sense.

[VernonAtrium]

Who cares about 'decent?' The game, Mrs. Hudson, is on.

[tigerburnie]

The rules are that if the club wishes to continue as opposed to starting a new team, they have to play at the same ground, I am unsure how Wasps can start again in the Championship if they leave Coventry. It gets murkier when it seems that the stadium(which is not in the bid) could also go into receivership tomorrow, potentially leaving Coventry soccer club homeless as well, all very messy.

[loretta]

https://amp.theguardian.com/football/20 ... -shortfall

Agreement to pay arrangements made between the stadium and HMRC

[Scott1]

What does this mean as regards to Wasps still being able to play there? Who owns it? Wasn't Coventry City playing their home games at Birmingham City's St Andrews ground at one stage?

[longlivethecrumbie]

What does this mean as regards to Wasps still being able to play there? Who owns it? Wasn't Coventry City playing their home games at Birmingham City's St Andrews ground at one stage?

Yes they were. Also at Northampton (I think) too

[TigerFeetSteve]

What does this mean as regards to Wasps still being able to play there? Who owns it? Wasn't Coventry City playing their home games at Birmingham City's St Andrews ground at one stage?

The stadium freehold is owned by Coventry City Council.

There is a 250 year leasehold that is owned by ACL (Arena Coventry Limited).

ACL was a company owned as part of the Wasps group... HOWEVER it didn't go in to administration with the rest of the Wasps group, but it did submit a NOI (Notice of intent to enter administration).

Whilst ACL are not in administration events etc (including Sky Blues games) can be held at the CBS. However it is expected that today ACL may go into administration, meaning Cov City have to find somewhere else to play tomorrow night.

The proposed takeover of Wasps from the consortium is for the Rugby club alone... Not touching the stadium. So ACL and Wasps will become seperated.

So if they become seperated the interesting thing will be to see where the debts and where the assets end up.

For example the £35 million bonds plus interest are secured against the stadium. So one assumes that debt will be with the ACL. However the some of the bondholders also seem to think the P-shares are also a secured assest. See this thread here.
https://uk.advfn.com/stock-market/londo ... share-chat

For all we know the Wasps rugby side may only have minimal debts and if they can get out paying those in full without selling the P Shares then they'll try and dump as much of the debt with the stadium as they can. (Which screws over the likes of bondholders and other creditors if those debts can't be paid in full by selling the stadium

[Robespierre]

Coventry Rugby Club, currently 3rd in the Championship, may have something to say about where Wasps were to relocate - the further away from Coventry as possible as far as they're concerned. There'll be others on this forum who remember when "Cov" were a well respected side. May their rise in fortunes continue with a possible return to the top flight in the next few years.

Perhaps Wasps could seek a football club in London with whom to share a ground - Leyton Orient, Millwall, Charlton, Crystal Palace, for example?

[Scott1]

What does this mean as regards to Wasps still being able to play there? Who owns it? Wasn't Coventry City playing their home games at Birmingham City's St Andrews ground at one stage?

The stadium freehold is owned by Coventry City Council.

There is a 250 year leasehold that is owned by ACL (Arena Coventry Limited).

ACL was a company owned as part of the Wasps group... HOWEVER it didn't go in to administration with the rest of the Wasps group, but it did submit a NOI (Notice of intent to enter administration).

Whilst ACL are not in administration events etc (including Sky Blues games) can be held at the CBS. However it is expected that today ACL may go into administration, meaning Cov City have to find somewhere else to play tomorrow night.

The proposed takeover of Wasps from the consortium is for the Rugby club alone... Not touching the stadium. So ACL and Wasps will become seperated.

So if they become seperated the interesting thing will be to see where the debts and where the assets end up.

For example the £35 million bonds plus interest are secured against the stadium. So one assumes that debt will be with the ACL. However the some of the bondholders also seem to think the P-shares are also a secured assest. See this thread here.
https://uk.advfn.com/stock-market/londo ... share-chat

For all we know the Wasps rugby side may only have minimal debts and if they can get out paying those in full without selling the P Shares then they'll try and dump as much of the debt with the stadium as they can. (Which screws over the likes of bondholders and other creditors if those debts can't be paid in full by selling the stadium

Looks like possibly creative accountancy to me then

[Rugbygramps]

Coventry Rugby Club, currently 3rd in the Championship, may have something to say about where Wasps were to relocate - the further away from Coventry as possible as far as they're concerned. There'll be others on this forum who remember when "Cov" were a well respected side. May their rise in fortunes continue with a possible return to the top flight in the next few years.

Perhaps Wasps could seek a football club in London with whom to share a ground - Leyton Orient, Millwall, Charlton, Crystal Palace, for example?

Absolutely Peter Rosborough seems to spring to mind. Same goes for Mosley remember making a trip there for a John player cup game in the late 70s.

Re Wasps as I said earlier East London would appear to be somewhere screaming out for a rugby team.

[tigerburnie]

If Wasps leave the area, for example to go to back to London area, they will have to start again in the lower leagues not in the Championship. For a club to be a "Phoenix" type of club they have to remain in the same place, for example Worcester could be a Phoenix club rising again at 6 ways. I fail to see how Wasps can full fill their obligations unless the remain in the same stadium, to do that they will have to clear all their debts, including the £35 million they owe the fans.

[Rugbygramps]

If Wasps leave the area, for example to go to back to London area, they will have to start again in the lower leagues not in the Championship. For a club to be a "Phoenix" type of club they have to remain in the same place, for example Worcester could be a Phoenix club rising again at 6 ways. I fail to see how Wasps can full fill their obligations unless the remain in the same stadium, to do that they will have to clear all their debts, including the £35 million they owe the fans.

It does appear that Wasps and the stadium are now separated so things look even worse.

Are there still pitches on Vicy Park ?