Wasps in the mire - now in administration

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Rugbygramps
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Re: Wasps still in the mire

Post by Rugbygramps »

Capacity of Adams Park is 10284, not sure they used to get that very often
Nofrontteeth
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Re: Wasps still in the mire

Post by Nofrontteeth »

Thanks Gramps!
I know there's more to a business model to just footfall but that's often supplemented by higher quality and/or price.
Being a maths simpleton their previous potential was near to half that of the Tigers

P.S. I'm a registered engineer not an accountant
But as I've often said Engineers do mathematics; accountants just do arithmatic.
Scott1
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Re: Wasps still in the mire

Post by Scott1 »

Nofrontteeth wrote: Sat Jul 30, 2022 12:22 pm An example of a 'franchise' moving from its traditional roots?
It ain't like American Footy where the sugar daddies/bank rollers are happy to move the product with confidence on the new audience adopting the brand now carrying their name.

When our game went pro you had far more suvival confidence in the historic 'core' clubs, Tigers Saints, Glaws and alike than the clubs with financial backing and no fans.
On that point anyone on Forum know what was Wasps typical 'gate numbers' before Coventry and what are they since?
https://www.premiershiprugby.com/gallag ... s-results/

Think you can filter Wasps through here mate. A quick look says mainly around 8k,sometimes 11k and 13k. I havnt looked at the Tigers game at The Ricoh yet and don’t forget a lot of their tickets are for kids for a £1 and it wouldn’t surprise me if a lot of their tickets were comped either
"Rugby isn't a contact sport,ballroom dancing is a contact sport. Rugby is a collision sport" Heyneke Meyer
Rugbygramps
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Re: Wasps still in the mire

Post by Rugbygramps »

Scott1 wrote: Sat Jul 30, 2022 12:56 pm
Nofrontteeth wrote: Sat Jul 30, 2022 12:22 pm An example of a 'franchise' moving from its traditional roots?
It ain't like American Footy where the sugar daddies/bank rollers are happy to move the product with confidence on the new audience adopting the brand now carrying their name.

When our game went pro you had far more suvival confidence in the historic 'core' clubs, Tigers Saints, Glaws and alike than the clubs with financial backing and no fans.
On that point anyone on Forum know what was Wasps typical 'gate numbers' before Coventry and what are they since?
https://www.premiershiprugby.com/gallag ... s-results/

Think you can filter Wasps through here mate. A quick look says mainly around 8k,sometimes 11k and 13k. I havnt looked at the Tigers game at The Ricoh yet and don’t forget a lot of their tickets are for kids for a £1 and it wouldn’t surprise me if a lot of their tickets were comped either
Agreed Scott there certainly was a time when topped up the crowd with freebies to local schools and clubs. Used to make me smile when BT presenters, Bayfield in particular used to say about the big crowd and all you could see was sky blue seats.
Even at 12000 they are only at 1 third capacity
Scott1
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Re: Wasps still in the mire

Post by Scott1 »

Rugbygramps wrote: Sat Jul 30, 2022 1:09 pm
Scott1 wrote: Sat Jul 30, 2022 12:56 pm
Nofrontteeth wrote: Sat Jul 30, 2022 12:22 pm An example of a 'franchise' moving from its traditional roots?
It ain't like American Footy where the sugar daddies/bank rollers are happy to move the product with confidence on the new audience adopting the brand now carrying their name.

When our game went pro you had far more suvival confidence in the historic 'core' clubs, Tigers Saints, Glaws and alike than the clubs with financial backing and no fans.
On that point anyone on Forum know what was Wasps typical 'gate numbers' before Coventry and what are they since?
https://www.premiershiprugby.com/gallag ... s-results/

Think you can filter Wasps through here mate. A quick look says mainly around 8k,sometimes 11k and 13k. I havnt looked at the Tigers game at The Ricoh yet and don’t forget a lot of their tickets are for kids for a £1 and it wouldn’t surprise me if a lot of their tickets were comped either
Agreed Scott there certainly was a time when topped up the crowd with freebies to local schools and clubs. Used to make me smile when BT presenters, Bayfield in particular used to say about the big crowd and all you could see was sky blue seats.
Even at 12000 they are only at 1 third capacity
I don’t like the place,soulless! Plus we’ve had some bad results there that didn’t help haha
"Rugby isn't a contact sport,ballroom dancing is a contact sport. Rugby is a collision sport" Heyneke Meyer
Cagey Tiger
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Re: Wasps still in the mire

Post by Cagey Tiger »

Dont forget that they were tenants at Wycombe. Paid rent, didn't get any share of catering sales etc., couldn't extend the ground (although they rarely got a capacity crowd so not much point). IFAIK they were always going to make a substantial loss there, thats why Richardson upped sticks.

Out of the frying pan into the fire 🤔
Covid has just exacerbated things.
tigerburnie
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Re: Wasps still in the mire

Post by tigerburnie »

A poster on the Wasps forum claims that a facebook group of bond holders are co-ordinating a claim against Wasps finance, not surprising I guess.
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ashleytiger
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Re: Wasps still in the mire

Post by ashleytiger »

Whilst I am not happy to see any rugby club in danger of folding, I have to confess that the thought of how Dayglo would be upset were it to happen would give me a certain amount of guilty pleasure. :smt004
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Re: Wasps still in the mire

Post by TigerFeetSteve »

https://archive.ph/0zBLh

Link (with paywall removed) to article in the Times about how Coventry City owners are possibly selling IF the new owners can also buy the stadium Leasehold.

So it seems the football side is seeing a genuine chance of Wasps having to sell..
Used to run around with an 11, 14 or 15 on my back.
Dangerous4
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Re: Wasps still in the mire

Post by Dangerous4 »

Rugbygramps wrote: Sat Jul 30, 2022 12:32 pm Capacity of Adams Park is 10284, not sure they used to get that very often
Living just a mile from Adams Park, I used to see a number of matches, but never saw a full ground. The norm was 7 to 8 thousand. Tigers used to pull in around nine thousand, when they played there.

How can a club draw on large support, when they chop and change their grounds? After Sudbury they moved to Loftus Road, then Adams Park, and now Coventry, which to me is ludicrous and financially suicidal. Re-locating from the south to the midlands, was a massive disaster, as they have now discovered.

I rather fear that they are in a mire from which there is no escape. The "Sword of Damacles" awaits.
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Re: Wasps still in the mire

Post by trendylfj »

One of the members of the f/b bondholders received a reply from the Trustees which said that they had legally defaulted on the bond.
"To be clear, The Issuer has not requested a formal grace period or extension and nor has the Trustee agreed to one. As detailed in our notices, the non-payment at maturity constituted a Potential Event of Default immediately following the non-payment which became an Event of Default following the expiry of the applicable grace period."

They also said that 10% of the value of the bonds are required to request a meeting - will keep you updated
Hehehehehehehehe
Rugbygramps
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Re: Wasps still in the mire

Post by Rugbygramps »

Picture of Launchbury on social media at the training ground with his family so in pre season.
To a financial novice like me this all sounds pretty terminal.
Surely the Premiership has the power to force the issue now with the start of the season just over 5 weeks away.
Scott1
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Re: Wasps still in the mire

Post by Scott1 »

Rugbygramps wrote: Tue Aug 02, 2022 6:00 pm Picture of Launchbury on social media at the training ground with his family so in pre season.
To a financial novice like me this all sounds pretty terminal.
Surely the Premiership has the power to force the issue now with the start of the season just over 5 weeks away.
I dont understand what any of it means 😂
"Rugby isn't a contact sport,ballroom dancing is a contact sport. Rugby is a collision sport" Heyneke Meyer
Rugbygramps
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Re: Wasps still in the mire

Post by Rugbygramps »

Scott1 wrote: Tue Aug 02, 2022 6:07 pm
Rugbygramps wrote: Tue Aug 02, 2022 6:00 pm Picture of Launchbury on social media at the training ground with his family so in pre season.
To a financial novice like me this all sounds pretty terminal.
Surely the Premiership has the power to force the issue now with the start of the season just over 5 weeks away.
I dont understand what any of it means 😂
To us laymen Scott I think they borrowed lots of money and now they can’t pay it back.
Scott1
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Re: Wasps still in the mire

Post by Scott1 »

Rugbygramps wrote: Tue Aug 02, 2022 6:48 pm
Scott1 wrote: Tue Aug 02, 2022 6:07 pm
Rugbygramps wrote: Tue Aug 02, 2022 6:00 pm Picture of Launchbury on social media at the training ground with his family so in pre season.
To a financial novice like me this all sounds pretty terminal.
Surely the Premiership has the power to force the issue now with the start of the season just over 5 weeks away.
I dont understand what any of it means 😂
To us laymen Scott I think they borrowed lots of money and now they can’t pay it back.
That’s good enough for me 👍
"Rugby isn't a contact sport,ballroom dancing is a contact sport. Rugby is a collision sport" Heyneke Meyer
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