And they were happily losing tons of money long before Covid came alongsk 88 wrote: ↑Fri Nov 04, 2022 12:27 pmThey haven't got debt similar to other clubs at all though, they've got about 10 times the commercial debt of anyone else and covid or not there was no way they were ever going to be able to re-finance their bond.
It wasn't during covid that they stopped paying HMRC it was this summer.
Wasps in the mire - now in administration
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Re: Wasps in the mire - now in administration
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Re: Wasps in the mire - now in administration
It think the Netball team confused matters a little. I think a lot of people falsely assumed the women's rugby team was in the same boat, when it was just the mens and netball teams.Offside wrote: ↑Fri Nov 04, 2022 12:15 pmI thought the Wasps women played at the ground of the Wasps amateur team in London. Photos suggest they have the same /similar sponsorship with Vodafone but they are semi pro and not based at CBS arena.Rugbygramps wrote: ↑Fri Nov 04, 2022 11:41 amThat is sad, a situation they had very little or no control over.
Re: Wasps in the mire - now in administration
Ashley has agreed an 8 figure sum to buy the CBS arena
https://www.newcastleworld.com/sport/fo ... ub-3911621
https://www.newcastleworld.com/sport/fo ... ub-3911621
"Rugby isn't a contact sport,ballroom dancing is a contact sport. Rugby is a collision sport" Heyneke Meyer
Re: Wasps in the mire - now in administration
A little mystifying is this quote:
"With a hotel, and casino on site, the CBS Arena is a profitable business already".
So, what happened Wasps?
And there is no mention of his buying Wasps
"With a hotel, and casino on site, the CBS Arena is a profitable business already".
So, what happened Wasps?
And there is no mention of his buying Wasps
Omnia dicta fortiora si dicta Latina
Re: Wasps in the mire - now in administration
Not at all mystifying. Assets plus site for distribution centre, arena to lease.
Leicester Tigers 1995-
Nottingham 1995-2000
Swansea (Whites) 1988-95
A game played on grass in the open air by teams of XV.
Nottingham 1995-2000
Swansea (Whites) 1988-95
A game played on grass in the open air by teams of XV.
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Re: Wasps in the mire - now in administration
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Re: Wasps in the mire - now in administration
https://uk.advfn.com/stock-market/londo ... share-chat
It seems that there's been some communication to bondholders today that they won't be paid in full for their bonds...
It seems that there's been some communication to bondholders today that they won't be paid in full for their bonds...
Used to run around with an 11, 14 or 15 on my back.
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Re: Wasps in the mire - now in administration
Shocking story in today's Times. Wasps were offered a rescue package of £60 million three weeks before they went into administration. ".. Unanimity was required for the bid to proceed and though it was popular, one man failed to vote in its favour - Derek Richardson the club's owner."
The offer came from Hottinger, a wealth management company and while £60m would not have paid off everything the "lifeboat" deal would have kept Wasps in business.
Hottinger were also negotiating with Coventry City council to offer matched funding which was apparently, going well.
The offer came from Hottinger, a wealth management company and while £60m would not have paid off everything the "lifeboat" deal would have kept Wasps in business.
Hottinger were also negotiating with Coventry City council to offer matched funding which was apparently, going well.
Omnia dicta fortiora si dicta Latina
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Re: Wasps in the mire - now in administration
Bond holders being offered only just over £15mil for the £35mil bonds...
https://uk.advfn.com/stock-market/londo ... at?page=53
https://uk.advfn.com/stock-market/londo ... at?page=53
Used to run around with an 11, 14 or 15 on my back.
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Re: Wasps in the mire - now in administration
Wasps last "valuation" (who did that?) for the stadium was over £50million and the offer on the table seems to be £17million in total... nothing to see here.TigerFeetSteve wrote: ↑Mon Nov 14, 2022 12:41 pm Bond holders being offered only just over £15mil for the £35mil bonds...
https://uk.advfn.com/stock-market/londo ... at?page=53
Re: Wasps in the mire - now in administration
That's quite a good return by comparison, in some cases they only get 1p in the £1TigerFeetSteve wrote: ↑Mon Nov 14, 2022 12:41 pm Bond holders being offered only just over £15mil for the £35mil bonds...
https://uk.advfn.com/stock-market/londo ... at?page=53
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Re: Wasps in the mire - now in administration
It's better than nothing for some. Seems like some are not going to want to let the "previous administration" get away scot-free.LE18 wrote: ↑Mon Nov 14, 2022 4:32 pmThat's quite a good return by comparison, in some cases they only get 1p in the £1TigerFeetSteve wrote: ↑Mon Nov 14, 2022 12:41 pm Bond holders being offered only just over £15mil for the £35mil bonds...
https://uk.advfn.com/stock-market/londo ... at?page=53
Re: Wasps in the mire - now in administration
I don't blame them but it was obviously a risk investing knowing Wasps history and you have to question their initial expectations?Hot_Charlie wrote: ↑Mon Nov 14, 2022 4:35 pmIt's better than nothing for some. Seems like some are not going to want to let the "previous administration" get away scot-free.LE18 wrote: ↑Mon Nov 14, 2022 4:32 pmThat's quite a good return by comparison, in some cases they only get 1p in the £1TigerFeetSteve wrote: ↑Mon Nov 14, 2022 12:41 pm Bond holders being offered only just over £15mil for the £35mil bonds...
https://uk.advfn.com/stock-market/londo ... at?page=53
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Re: Wasps in the mire - now in administration
Sold a pup by a deal that any proverbial used-car salesman would be proud of!LE18 wrote: ↑Mon Nov 14, 2022 4:42 pmI don't blame them but it was obviously a risk investing knowing Wasps history and you have to question their initial expectations?Hot_Charlie wrote: ↑Mon Nov 14, 2022 4:35 pmIt's better than nothing for some. Seems like some are not going to want to let the "previous administration" get away scot-free.