Wasps in the mire - now in administration

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TigerFeetSteve
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Re: Wasps still in the mire

Post by TigerFeetSteve »

GB72 wrote: Wed Aug 10, 2022 9:45 am
TigerFeetSteve wrote: Wed Aug 10, 2022 9:24 am
loretta wrote: Wed Aug 10, 2022 9:12 am Imagine the mess if they went under mid season.
They may not make midseason at this rate.

I think it's Friday that the payment of £35million on their stadium is now due.
Whilst I strongly believe that much is just wishful thinking on the part of the football club fans, there seems to be a lot of people on social media who are convinced that the creditors are going to pull the plug on the club this week.
From what I understand, some of the bond holders are very upset with the club. They were not consulted about previous delays.

One a friend knows someone who invested some money wanting to use the money to help his daughter through university if needed. He's now wanting access to the cash by September and is most angry about not having the money he wanted, he's not interested in extra interest from delays from what I understand.
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Re: Wasps still in the mire

Post by Hot_Charlie »

Ironically, at this point, the football club are already significantly down the road of acquiring the land for their own stadium.

"The Ricoh" could be a white elephant in a few years. Another new build estate next to the M6.
GB72
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Re: Wasps still in the mire

Post by GB72 »

I just cannot see the way out of this. I cannot see a profit totalling £35million hoving into view and so that only leaves a couple of options. First is that they keep re-financing if possible. All that does is kick the can down the road and, with what I would guess are ever more punitive rates to pay out to investors, the chances of paying back the capital keep dropping.

The only other option I can see is a terminal one for the club. With ringfencing, the Premiership shares are going to be worth more at the moment and could start a bit of a feeding frency amogst a few clubs in the championship.

Sadly, and do mean that as I know a few people with very close historical ties to the club, I cannot see a way that Wasps survive this. They bet the farm and lost.
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Re: Wasps still in the mire

Post by Tigerbeat »

Hot_Charlie wrote: Wed Aug 10, 2022 10:21 am "The Ricoh" could be a white elephant in a few years. Another new build estate next to the M6.
Now under the name of Coventry Building Society Arena
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Re: Wasps still in the mire

Post by ourla »

Hot_Charlie wrote: Wed Aug 10, 2022 10:21 am Ironically, at this point, the football club are already significantly down the road of acquiring the land for their own stadium.

"The Ricoh" could be a white elephant in a few years. Another new build estate next to the M6.
The new Coventry City/Warwick University stadium is a decade away with many hurdles to cross. Wasps future will be decided long before then.
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Re: Wasps still in the mire

Post by mightymouse »

One assumes a sugar daddy with an undying love for all this Waspish and Cov who may happen to have 35 large ones in his back pocket is unlikely at this stage!
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Re: Wasps still in the mire

Post by GB72 »

mightymouse wrote: Wed Aug 10, 2022 1:41 pm One assumes a sugar daddy with an undying love for all this Waspish and Cov who may happen to have 35 large ones in his back pocket is unlikely at this stage!
I would expect if there was, they would be known by now. Not even the usual consortium led by former player has poppsed up.

To be honest, would you want the white elephant that is the stadium. If you could filter off the club, premiership shares, training faclities, player contracts etc, I suspect there may be a buyer around who would want to take them back down South. Cannot see anyone wanting to buy them as a going concern in Coventry.
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Re: Wasps still in the mire

Post by Hot_Charlie »

Tigerbeat wrote: Wed Aug 10, 2022 11:23 am
Hot_Charlie wrote: Wed Aug 10, 2022 10:21 am "The Ricoh" could be a white elephant in a few years. Another new build estate next to the M6.
Now under the name of Coventry Building Society Arena
Hence the " "... :smt001
The new Coventry City/Warwick University stadium is a decade away with many hurdles to cross. Wasps future will be decided long before then.
That may be so, and yes it will, but if/when Wasps issues are resolved it'll be interesting to see what happens to a stadium and complex that no one really seems to either afford or want?
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Re: Wasps still in the mire

Post by Hot_Charlie »

GB72 wrote: Wed Aug 10, 2022 1:50 pm
mightymouse wrote: Wed Aug 10, 2022 1:41 pm One assumes a sugar daddy with an undying love for all this Waspish and Cov who may happen to have 35 large ones in his back pocket is unlikely at this stage!
I would expect if there was, they would be known by now. Not even the usual consortium led by former player has poppsed up.

To be honest, would you want the white elephant that is the stadium. If you could filter off the club, premiership shares, training faclities, player contracts etc, I suspect there may be a buyer around who would want to take them back down South. Cannot see anyone wanting to buy them as a going concern in Coventry.
Essentially any buyer would be purchasing the arena/stadium complex to either be a landlord or maybe bulldoze it.
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Re: Wasps still in the mire

Post by GB72 »

Hot_Charlie wrote: Wed Aug 10, 2022 2:18 pm
GB72 wrote: Wed Aug 10, 2022 1:50 pm
mightymouse wrote: Wed Aug 10, 2022 1:41 pm One assumes a sugar daddy with an undying love for all this Waspish and Cov who may happen to have 35 large ones in his back pocket is unlikely at this stage!
I would expect if there was, they would be known by now. Not even the usual consortium led by former player has poppsed up.

To be honest, would you want the white elephant that is the stadium. If you could filter off the club, premiership shares, training faclities, player contracts etc, I suspect there may be a buyer around who would want to take them back down South. Cannot see anyone wanting to buy them as a going concern in Coventry.
Essentially any buyer would be purchasing the arena/stadium complex to either be a landlord or maybe bulldoze it.
That clarifies a few things, so it is just the stadium complex involved. Few social media posts last night talking about the value of the premiership shares and the place in the premiership. All very confusing as to what is at stake here. Guessing that, technically, the club could just disappear off to groundshare elsewhere and keep their place in the league irrespective of how this pans out.
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Re: Wasps still in the mire

Post by tigerburnie »

GB72 wrote: Wed Aug 10, 2022 2:31 pm
Hot_Charlie wrote: Wed Aug 10, 2022 2:18 pm
GB72 wrote: Wed Aug 10, 2022 1:50 pm

I would expect if there was, they would be known by now. Not even the usual consortium led by former player has poppsed up.

To be honest, would you want the white elephant that is the stadium. If you could filter off the club, premiership shares, training faclities, player contracts etc, I suspect there may be a buyer around who would want to take them back down South. Cannot see anyone wanting to buy them as a going concern in Coventry.
Essentially any buyer would be purchasing the arena/stadium complex to either be a landlord or maybe bulldoze it.
That clarifies a few things, so it is just the stadium complex involved. Few social media posts last night talking about the value of the premiership shares and the place in the premiership. All very confusing as to what is at stake here. Guessing that, technically, the club could just disappear off to groundshare elsewhere and keep their place in the league irrespective of how this pans out.
Wasps finances are I believe the defaulters on the shares, but it seems they have mounting debts and no money, how can the club survive with a small crowd and if the income from Coventry football fizzles out, what then, can they pay players wages?
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Re: Wasps still in the mire

Post by GB72 »

tigerburnie wrote: Wed Aug 10, 2022 2:36 pm
GB72 wrote: Wed Aug 10, 2022 2:31 pm
Hot_Charlie wrote: Wed Aug 10, 2022 2:18 pm

Essentially any buyer would be purchasing the arena/stadium complex to either be a landlord or maybe bulldoze it.
That clarifies a few things, so it is just the stadium complex involved. Few social media posts last night talking about the value of the premiership shares and the place in the premiership. All very confusing as to what is at stake here. Guessing that, technically, the club could just disappear off to groundshare elsewhere and keep their place in the league irrespective of how this pans out.
Wasps finances are I believe the defaulters on the shares, but it seems they have mounting debts and no money, how can the club survive with a small crowd and if the income from Coventry football fizzles out, what then, can they pay players wages?
I guess if they lost the stadium as an asset then they would have to find a new home and survive on the usual club income. Not sure that is viable. I guess we will see how serious it is going to be soon as, surely, the league and players unions are going to have to get involved if there is no clear solution.
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Re: Wasps still in the mire

Post by Hot_Charlie »

GB72 wrote: Wed Aug 10, 2022 2:31 pm
Hot_Charlie wrote: Wed Aug 10, 2022 2:18 pm
GB72 wrote: Wed Aug 10, 2022 1:50 pm

I would expect if there was, they would be known by now. Not even the usual consortium led by former player has poppsed up.

To be honest, would you want the white elephant that is the stadium. If you could filter off the club, premiership shares, training faclities, player contracts etc, I suspect there may be a buyer around who would want to take them back down South. Cannot see anyone wanting to buy them as a going concern in Coventry.
Essentially any buyer would be purchasing the arena/stadium complex to either be a landlord or maybe bulldoze it.
That clarifies a few things, so it is just the stadium complex involved.
I'm only guessing. It's a very large piece of real-estate, and I think includes the supermarket and retail park next door.

The p-shares are interesting; whether they are either sold (who to?) or if not sold, redistributed amongst the other clubs?
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Re: Wasps still in the mire

Post by GB72 »

Hot_Charlie wrote: Wed Aug 10, 2022 2:48 pm
GB72 wrote: Wed Aug 10, 2022 2:31 pm
Hot_Charlie wrote: Wed Aug 10, 2022 2:18 pm

Essentially any buyer would be purchasing the arena/stadium complex to either be a landlord or maybe bulldoze it.
That clarifies a few things, so it is just the stadium complex involved.
I'm only guessing. It's a very large piece of real-estate, and I think includes the supermarket and retail park next door.

The p-shares are interesting; whether they are either sold (who to?) or if not sold, redistributed amongst the other clubs?
I am guessing, and it is a pure guess, that if the want to remain with the same number of teams then they would be offered for sale to a championship club. With ringfencing etc, they could raise a decent amount, especially for a club with a sugar daddy. That said, I am sure that there are provisions about what happens to P shares if a club goes bust and it may be that they are not a saleable assett.
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Re: Wasps still in the mire

Post by Wayne Richardson Fan Club »

If I remember correctly Wasps were basically bankrupt before the current owners took over.

If those owners wanted a team in Coventry there is a well established historic Rugby Club in the City they could of invested in.

Wasps struck lucky with the stadium as the Football Club were a complete mess at the time & the Council wanted rid of it.

The funding model they took on was asking for trouble.

Even with some of the brain dead decisions our Chairman/major shareholder has made over the year, fundamentally he is a Tiger that in many ways protects the club, the club (Covid aside) hasn't been far off breaking even over the years....if we can't keep in the black without incurring longer term debt, what hope lesser supported clubs.
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