Wasps in the mire - now in administration

[GB72]

Solihull Wasps it is!

https://12ft.io/proxy?q=https%3A%2F%2Fw ... olihull%2F

So just to get this straight. the 'punishment' for such gross mismanagement at Wasps is to have all of their debts written off, get rid of their most expensive playing contracts and start afresh smelling of roses with a one league relegation in what stinks suspicially of a pre-packaged deal to buy the valuable elements out of administration whilst ditching all the debt and dead wood.

[Rugbygramps]

Has the debt gone or is that with the previous owners who issued the bonds.
Like Worcester I don’t think they will find it that easy to be promoted with their squad having been decimated and a lot of them tied up with contracts for next season.

[Scott1]

Free Pass Wasps it is

[Scott1]

Solihull Wasps it is!

https://12ft.io/proxy?q=https%3A%2F%2Fw ... olihull%2F

So just to get this straight. the 'punishment' for such gross mismanagement at Wasps is to have all of their debts written off, get rid of their most expensive playing contracts and start afresh smelling of roses with a one league relegation in what stinks suspicially of a pre-packaged deal to buy the valuable elements out of administration whilst ditching all the debt and dead wood.

Crazy isn't it?!

[GB72]

Has the debt gone or is that with the previous owners who issued the bonds.
Like Worcester I don’t think they will find it that easy to be promoted with their squad having been decimated and a lot of them tied up with contracts for next season.

From what I have read, they have bought assests out of the administration and so the debt has gone. The bond debt has gone when ashley bought the stadium with the bond holders getting pennies in the pound.

With a bit of belt tightening going on and no debts to hold them back it would not be that hard to recruit a squad that could challenge for promotion next season. At the moment they have no players, they were all made redundant and so they have a clean slate to recruit.

[Rugbygramps]

Has the debt gone or is that with the previous owners who issued the bonds.
Like Worcester I don’t think they will find it that easy to be promoted with their squad having been decimated and a lot of them tied up with contracts for next season.

From what I have read, they have bought assests out of the administration and so the debt has gone. The bond debt has gone when ashley bought the stadium with the bond holders getting pennies in the pound.

With a bit of belt tightening going on and no debts to hold them back it would not be that hard to recruit a squad that could challenge for promotion next season. At the moment they have no players, they were all made redundant and so they have a clean slate to recruit.

I think you’ll be surprised re the squad remember they are recruiting for a championship side at a new ground with no training facilities. They will be looking for championship players and that is what they will get as anyone of premiership quality has either signed for another premiership side or is plying their trade in another country. You will have Worcester and the other strong sides already in the championship such as Ealing and Pirates.
Only time will tell but this won’t be another Saracens situation

[GB72]

Has the debt gone or is that with the previous owners who issued the bonds.
Like Worcester I don’t think they will find it that easy to be promoted with their squad having been decimated and a lot of them tied up with contracts for next season.

From what I have read, they have bought assests out of the administration and so the debt has gone. The bond debt has gone when ashley bought the stadium with the bond holders getting pennies in the pound.

With a bit of belt tightening going on and no debts to hold them back it would not be that hard to recruit a squad that could challenge for promotion next season. At the moment they have no players, they were all made redundant and so they have a clean slate to recruit.

I think you’ll be surprised re the squad remember they are recruiting for a championship side at a new ground with no training facilities. They will be looking for championship players and that is what they will get as anyone of premiership quality has either signed for another premiership side or is plying their trade in another country. You will have Worcester and the other strong sides already in the championship such as Ealing and Pirates.
Only time will tell but this won’t be another Saracens situation

Not sure I fully agree. I think we are going to be seeing a fair amount of belt tightening amongst clubs and there will be players on the market for those who can offer a salary. Worcester currently are not being allowed into the Championship though that can change. Wasps may not be striaght back but they will be back pretty quickyl and without the tens of millions of pounds of debt. That they are allowed back and not sent to the bottom of the league pyramid is a massive injustice to me.

[Rugbygramps]

I agree about them being forced to start again but they’re not so to a certain degree that’s irrelevant. Worcester will be allowed back in it’s just the right boxes being ticked.
I take your point about premiership belt tightening but that has already happened and salary caps will be rising in 18 months. Any players that move down will be taking pay cuts, may have to anyway admittedly, and will be moving from full time to part time players.
As I say only time will tell, but without Launchbury the Willis boys Atkinson et al it won’t be easy IMO.

[Wayne Richardson Fan Club]

& at present the UK Taxpayer is out of pocket.

[TiltonTiger]

Still, they will be able to tap into the rugby heritage and massive fan base that is Solihull.

[teds]

TBH of the two I have far more sympathy for Worcester, and hope Steve Diamond is allowed to rescue the club. As for Wasps, I can’t help thinking they stole tens of millions of pounds. It would now be for the best for the sport if they were just to be cancelled. Better clubs have been treated far worse.

[Rugbygramps]

TBH of the two I have far more sympathy for Worcester, and hope Steve Diamond is allowed to rescue the club. As for Wasps, I can’t help thinking they stole tens of millions of pounds. It would now be for the best for the sport if they were just to be cancelled. Better clubs have been treated far worse.

Totally agree with this

[northerntiger]

I don’t even pretend to understand the financial ins and outs. But it smacks horribly of the old established side being treated much better than the upstarts who had the temerity to dine at the top table

[TiltonTiger]

Still, they will be able to tap into the rugby heritage and massive fan base that is Solihull.

[RichG]

Disgusting if it is true that Wasps’ £14.1m Covid Sport Survival Package (SSP) loan from the Department for Digital, Culture, Media and Sport (DCMS) is not going to be repaid. Especially as other clubs will be paying theirs back over the coming years. Surely they should not be allowed back into the Premiership until it is. It’s a rugby debt.