Wasps in the mire - now in administration

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sam16111986
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Re: Wasps still in the mire

Post by sam16111986 »

wormus wrote: Thu Sep 01, 2022 12:09 am No cash for the pitch relaying / repairs and now the hotel complex deal collapses. Not good for Wasps!
- https://www.bbc.co.uk/news/uk-england-c ... e-62724995
Not surprised they let that expire. Struggling to pay the bonds and then taking on more debt and a hotel construction project wouldn't have been the best idea.
TigerFeetSteve
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Re: Wasps still in the mire

Post by TigerFeetSteve »

https://twitter.com/spkeene/status/1565 ... mQkDA&s=19

New statement released today, does a good job of not saying much "Discussions with the lender are at an advanced stage."

No dates or commitments given...
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Dr H Flashman MBE
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Re: Wasps still in the mire

Post by Dr H Flashman MBE »

https://www.bbc.co.uk/news/uk-england-c ... e-62795446
I just read this…it appears one party is saying it’s all going to be good and money is being sorted, but the bond holders are saying that there has been no communication so they will recover their money through the stadium…
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TigerFeetSteve
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Re: Wasps still in the mire

Post by TigerFeetSteve »

Dr H Flashman MBE wrote: Mon Sep 05, 2022 7:51 pm https://www.bbc.co.uk/news/uk-england-c ... e-62795446
I just read this…it appears one party is saying it’s all going to be good and money is being sorted, but the bond holders are saying that there has been no communication so they will recover their money through the stadium…
Couple of things to take from this

1. Worth pointing out that the Wasps statement is actually slightly "less" confident than the statement the club put out in May, this is the first one that they haven't committed to a date (they missed all previously published dates though)

2. Simon Gilbert (author of the article) is heavily disliked by Wasps fans, they perceive him as being a Cov City fan who is always looking for the negative side. There are a lot of bond holders angry that he may have spoken to, but there are definitely some (not saying a majority) who want to give the club more time, so be mindful that one bondholder quote is not gospel as yet, especially from a journalist that at least Wasps fans have an agenda.
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TigerFeetSteve
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Re: Wasps still in the mire

Post by TigerFeetSteve »

Worcester are not the first club in the league to enter administration... that award goes to Wasps


https://www.thetimes.co.uk/article/wasp ... -kmmrdhnrg
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loretta
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Re: Wasps still in the mire

Post by loretta »

Any chance of cut and paste of some text? Can’t get past the paywall
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Re: Wasps still in the mire

Post by TigerFeetSteve »

Used to run around with an 11, 14 or 15 on my back.
Leicestertinytiger
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Re: Wasps still in the mire

Post by Leicestertinytiger »

Wasps are set to enter administration and face automatic relegation from the Gallagher Premiership.

The club filed a notice to appoint an administrator on Wednesday over the £35m in debt owed by the club to bondholders, who were due to be repaid in May. The initial investment was used to buy the Coventry Building Society Arena in 2014, after Wasps relocated from London.

Per regulations set out by the Rugby Football Union, clubs who enter administration during the season face the prospect of automatic relegation from the Premiership.

Wasps' financial future has been uncertain for some time, with the club undergoing a recruitment freeze earlier this year which led to them missing out on key off-season signings.

The club previously released a statement at the start of September announcing that a refinancing offer had been received which would have seen bondholders repaid, suggesting at the time that discussions with a lender were "at an advanced stage".

More to follow...
Pmvl
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Re: Wasps still in the mire

Post by Pmvl »

Here’s the Telegraph link, you can sign in using your Google account to open it

https://www.telegraph.co.uk/content/dam ... mdensity=2
Nofrontteeth
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Re: Wasps still in the mire

Post by Nofrontteeth »

And LOL said on BT "his club also had financial issues but they had plans". Some plan.

And no I'm not gloating. Again there are players and staff with big worries on top of those financial burdens we are all already going through.

Carry on like this and as some have suggested we'll have a Premier League of 10
ay2oh
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Re: Wasps still in the mire

Post by ay2oh »

If Wasps and Worcester are unable to play their fixtures how does this affect everybody else. Two lost home fixtures is a lot of revenue for clubs that are already struggling to make ends meet. Also will the TV money be split 11 ways instead of 13. Worrying times for the premiership .
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Re: Wasps still in the mire

Post by Tigerbeat »

ay2oh wrote: Wed Sep 21, 2022 6:14 pm If Wasps and Worcester are unable to play their fixtures how does this affect everybody else. Two lost home fixtures is a lot of revenue for clubs that are already struggling to make ends meet. Also will the TV money be split 11 ways instead of 13. Worrying times for the premiership .
Dont think TV money will be at the same level as there would be a loss of 48 matches if both clubs could not fulfill fixtures.
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Scuttle
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Re: Wasps still in the mire

Post by Scuttle »

Wasps fans forum concerned about no comment from the Club yet and wondering if this is a bit of kite flying by the papers. Also nothing on Beeb which is unusual. Having said all that the screenshot of the application is something to go on.
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speedski
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Re: Wasps still in the mire

Post by speedski »

https://www.coventrytelegraph.net/sport ... s-25076837

Wasps release confirmation of intent.
Old Hob
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Re: Wasps still in the mire

Post by Old Hob »

Tigerbeat wrote: Wed Sep 21, 2022 6:50 pm
ay2oh wrote: Wed Sep 21, 2022 6:14 pm If Wasps and Worcester are unable to play their fixtures how does this affect everybody else. Two lost home fixtures is a lot of revenue for clubs that are already struggling to make ends meet. Also will the TV money be split 11 ways instead of 13. Worrying times for the premiership .
Dont think TV money will be at the same level as there would be a loss of 48 matches if both clubs could not fulfill fixtures.
On the other hand, BT show 3 live matches over a weekend; sometimes 4 if there is an early Saturday kick-off. A 10 team league produces 5 matches each week. The change will mean more time on the highlights show per game.
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