Wasps in the mire - now in administration

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GB72
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Re: Wasps in the mire - now in administration

Post by GB72 »

This is interesting as I am really not sure what these investors are buying. There appears to be no ground (owned by another company), no players (all made redundant), no staff (also redundant) and so the only things that I can see the investors getting out of this is the P shares (maybe) and the right to call themselves Wasps. That is pretty much it. Nothing there suggests that there is sufficient connection to the existing club to call this a Phoenix and so one would suggest that they go to the bottom of the pile. That will not happen, there will be too much media clamour to save Wasps for them to drop that far and a situation will be concocted to bring them back in the Championship.
Hot_Charlie
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Re: Wasps in the mire - now in administration

Post by Hot_Charlie »

GB72 wrote: Mon Oct 31, 2022 12:11 pm This is interesting as I am really not sure what these investors are buying. There appears to be no ground (owned by another company), no players (all made redundant), no staff (also redundant) and so the only things that I can see the investors getting out of this is the P shares (maybe) and the right to call themselves Wasps. That is pretty much it. Nothing there suggests that there is sufficient connection to the existing club to call this a Phoenix and so one would suggest that they go to the bottom of the pile. That will not happen, there will be too much media clamour to save Wasps for them to drop that far and a situation will be concocted to bring them back in the Championship.
They appear to be buying the brand. Paying off the club debts. But how and where they'll appear is another matter I think.
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Re: Wasps in the mire - now in administration

Post by Hot_Charlie »

loretta wrote: Mon Oct 31, 2022 9:47 am https://amp.theguardian.com/football/20 ... -shortfall

Agreement to pay arrangements made between the stadium and HMRC
Not so. This is the football club, not the stadium, reaching an agreement with HMRC due to cashflow problems after losing matches earlier in the season.

If CCFC are caused even more issues, it might make things very difficult should a rugby club try and enter a groundshare agreement with a football club in future.
tigerburnie
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Re: Wasps in the mire - now in administration

Post by tigerburnie »

Interestingly this is a London paper running the story?
https://www.msn.com/en-gb/sport/footbal ... fafbcb5e1f
"If you want entertainment, go to the theatre," says Edinburgh head coach Richard Cockerill. "Rugby players play the game to win.15/1/21.
nasher
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Re: Wasps in the mire - now in administration

Post by nasher »

All that is being sold is the name. Wasps were part of one of the most convoluted financial set ups I have ever seen and the shareholders in ACL with common shareholders in wasps rfc maybe trying to salvage something. The lease on the Ricoh is a valuable asset which may resort back to Coventry council if ACL and wasps both fail so they may be trying to stay in cov. I personally hope not, they should go back to London or the south east as a rugby club not a financial institution.
TiltonTiger
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Re: Wasps in the mire - now in administration

Post by TiltonTiger »

From the Telegraph:

Mike Ashley preferred bidder to buy Wasps and the stadium.

Mixed feelings. If it keeps the team going then great but he was never erm ‘well received’ by the Newcastle Utd faithful
Rugbygramps
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Re: Wasps in the mire - now in administration

Post by Rugbygramps »

I just don’t understand how them playing at Coventry :censored: Arena, in the championship, where they will get smaller crowds than the premiership, will do anything other than put them further into debt.
TigerSID
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Re: Wasps in the mire - now in administration

Post by TigerSID »

Looks like the stadium owning company is entering into adminstration but that could happen in the next few weeks.

https://www.bbc.co.uk/sport/football/63483798

Mike Ashley is interested in buying it but will be interesting if the council invoke the clause previously reported allowing them to take possession in the event of isolvency. The report does mention Wasps but the report is mainly about the ongoing impact on Coventry City.
TigerFeetSteve
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Re: Wasps in the mire - now in administration

Post by TigerFeetSteve »

TiltonTiger wrote: Wed Nov 02, 2022 12:57 pm From the Telegraph:

Mike Ashley preferred bidder to buy Wasps and the stadium.

Mixed feelings. If it keeps the team going then great but he was never erm ‘well received’ by the Newcastle Utd faithful
My understanding (not read the Telegraph article yet) was that Ashley was just buying the stadium. Not buying the rugby club OR the football club yet.

The administrators of Wasps have already announced a different preferred bidder for Wasps so I seriously doubt that Ashley ends up involved with Wasps outside of being a landlord...
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TiltonTiger
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Re: Wasps in the mire - now in administration

Post by TiltonTiger »

TigerFeetSteve wrote: Wed Nov 02, 2022 3:26 pm
TiltonTiger wrote: Wed Nov 02, 2022 12:57 pm From the Telegraph:

Mike Ashley preferred bidder to buy Wasps and the stadium.

Mixed feelings. If it keeps the team going then great but he was never erm ‘well received’ by the Newcastle Utd faithful
My understanding (not read the Telegraph article yet) was that Ashley was just buying the stadium. Not buying the rugby club OR the football club yet.

The administrators of Wasps have already announced a different preferred bidder for Wasps so I seriously doubt that Ashley ends up involved with Wasps outside of being a landlord...
Looks like you’re correct. Misunderstood the headline and the text states that it’s not clear whether his company will also bid for the team.

Stand down everybody!
nasher
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Re: Wasps in the mire - now in administration

Post by nasher »

Coventry city will be very wise to stay away from Ashley. Some friends in the north east ‘ s dislike of what he turned Newcastle united into borders on sheer hatred. And the new wasps rugby club be advised to stay away from Coventry as they will not get the support to be economically viable
TigerFeetSteve
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Re: Wasps in the mire - now in administration

Post by TigerFeetSteve »

nasher wrote: Wed Nov 02, 2022 3:47 pm And the new wasps rugby club be advised to stay away from Coventry as they will not get the support to be economically viable
That will be an interesting one. League regs currently require phoenix clubs to be based at the same ground, and for them not to start at the bottom of the rugby pyramid they need to be a phoenix club.

So that may force Wasps to make a deal with whoever inherits the stadium...
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chipnchase
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Re: Wasps in the mire - now in administration

Post by chipnchase »

If we're honest a move back to London would make sense as the Coventry experiment never worked and as we now find was being ran at a huge financial cost.

Maybe the legends group plan to take them back to QPR who are also looking to move to a new purpose built stadium in the near future.
Rugbygramps
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Re: Wasps in the mire - now in administration

Post by Rugbygramps »

chipnchase wrote: Wed Nov 02, 2022 5:00 pm If we're honest a move back to London would make sense as the Coventry experiment never worked and as we now find was being ran at a huge financial cost.

Maybe the legends group plan to take them back to QPR who are also looking to move to a new purpose built stadium in the near future.
I agree with you but if I understand correctly, they will be demoted to the bottom of the league structure if that happens.
So something London south 4
chipnchase
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Re: Wasps in the mire - now in administration

Post by chipnchase »

Theres the added bonus of the academy though that I should imagine will play in their favour.
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