Wasps in the mire - now in administration

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Old Hob
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Re: Wasps still in the mire

Post by Old Hob »

Isn't there a hotel and casino on the site also owned by the club on the same terms as the stadium, or have I got that completely wrong? I'm sure I read that the idea was that the hotel/casino funded the rugby. However, I may have dreamt that or the idea arrived via a glass or three.
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Hot_Charlie
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Re: Wasps still in the mire

Post by Hot_Charlie »

Old Hob wrote: Wed Aug 10, 2022 5:12 pm Isn't there a hotel and casino on the site also owned by the club on the same terms as the stadium, or have I got that completely wrong? I'm sure I read that the idea was that the hotel/casino funded the rugby. However, I may have dreamt that or the idea arrived via a glass or three.
There's a Doubletree by Hilton but I expect that is a similar arrangement to our own hotel - owned by the club but operated by the 3rd party. No idea how much profit that brings the landlord.
TigerFeetSteve
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Re: Wasps still in the mire

Post by TigerFeetSteve »

https://www.coventrytelegraph.net/sport ... s-24729548

Ex-employee's are coming out to complain about Wasps too
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tigerburnie
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Re: Wasps still in the mire

Post by tigerburnie »

Seems to be taking a turn for the worse possibly.
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TigerFeetSteve
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Re: Wasps still in the mire

Post by TigerFeetSteve »

Well tomorrow is their next deadline, doubt they'll be much movements tbh...
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ourla
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Re: Wasps still in the mire

Post by ourla »

TigerFeetSteve wrote: Thu Aug 11, 2022 1:26 pm https://www.coventrytelegraph.net/sport ... s-24729548

Ex-employee's are coming out to complain about Wasps too
To be fair I wouldn't be trusting the comments of a possibly disgruntled ex-employee.

Not saying he's necessarily wrong!
sk 88
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Re: Wasps still in the mire

Post by sk 88 »

TigerFeetSteve wrote: Thu Aug 11, 2022 10:27 pm Well tomorrow is their next deadline, doubt they'll be much movements tbh...
No they announced on the 29th that they were going to miss this date and are now trying some other scheme.
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Scott1
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Re: Wasps still in the mire

Post by Scott1 »

What's a CVA? Wasps have filed for one apparently
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Re: Wasps still in the mire

Post by peteD »

Scott1 wrote: Fri Aug 12, 2022 12:15 pm What's a CVA? Wasps have filed for one apparently
Doesn’t look good. From HMRC
Company Voluntary Arrangements
If your limited company is insolvent, it can use a Company Voluntary Arrangement (CVA) to pay creditors over a fixed period. If creditors agree, your limited company can continue trading.
GB72
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Re: Wasps still in the mire

Post by GB72 »

Scott1 wrote: Fri Aug 12, 2022 12:15 pm What's a CVA? Wasps have filed for one apparently
If they have, this is where the league needs to step in. No idea how the Premiership will deal with this
Scott1
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Re: Wasps still in the mire

Post by Scott1 »

peteD wrote: Fri Aug 12, 2022 12:21 pm
Scott1 wrote: Fri Aug 12, 2022 12:15 pm What's a CVA? Wasps have filed for one apparently
Doesn’t look good. From HMRC
Company Voluntary Arrangements
If your limited company is insolvent, it can use a Company Voluntary Arrangement (CVA) to pay creditors over a fixed period. If creditors agree, your limited company can continue trading.
Only a rumour i might add but chap seems very in the know. Is this the end then if so?
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GB72
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Re: Wasps still in the mire

Post by GB72 »

Scott1 wrote: Fri Aug 12, 2022 12:25 pm
peteD wrote: Fri Aug 12, 2022 12:21 pm
Scott1 wrote: Fri Aug 12, 2022 12:15 pm What's a CVA? Wasps have filed for one apparently
Doesn’t look good. From HMRC
Company Voluntary Arrangements
If your limited company is insolvent, it can use a Company Voluntary Arrangement (CVA) to pay creditors over a fixed period. If creditors agree, your limited company can continue trading.
Only a rumour i might add but chap seems very in the know. Is this the end then if so?
No, this is basically a company saying that they cannot pay their debts now and putting forward a payment plan to clear them off and it is accepted then it gives them some bankruptcy protection as long as they keep up the payments. problem may be that the bond holders do not appear happy to accept an extended payment plan.

What it does represent is an admission that they cannot pay back the bond so I assume that they have failed in efforts to refinance it and that leaves them teetering on the brink. How the league deals with a situation like that is anybody's guess
loretta
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Re: Wasps still in the mire

Post by loretta »

One Paul Wheeler posted on twitter regarding the CVA about 2 hours ago. The tweet has since been deleted
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Rugbygramps
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Re: Wasps still in the mire

Post by Rugbygramps »

Like others I’m not a financial expert, but if they have applied for a CVA it will mean their ability to trade with existing suppliers will be affected, and new companies will not touch them with the proverbial pole.
Don’t doubt that Scott’s information is correct.
Scott1
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Re: Wasps still in the mire

Post by Scott1 »

loretta wrote: Fri Aug 12, 2022 12:36 pm One Paul Wheeler posted on twitter regarding the CVA about 2 hours ago. The tweet has since been deleted
That makes it more likely to be true then imo,could he have been forced legally to take the tweet down?
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