Wasps in the mire - now in administration

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Hot_Charlie
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Re: Wasps in the mire - now in administration

Post by Hot_Charlie »

sk 88 wrote: Fri Nov 04, 2022 12:27 pm
Tigerbeat wrote: Fri Nov 04, 2022 12:23 pm I would think that they have a case for Covid as the hotel and casino which are part of the stadium brought in no revenue....with that revenue they may have been able to make payments to HMRC and stay alive.....having debt similar to other clubs.
They haven't got debt similar to other clubs at all though, they've got about 10 times the commercial debt of anyone else and covid or not there was no way they were ever going to be able to re-finance their bond.

It wasn't during covid that they stopped paying HMRC it was this summer.
And they were happily losing tons of money long before Covid came along
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Re: Wasps in the mire - now in administration

Post by Hot_Charlie »

Offside wrote: Fri Nov 04, 2022 12:15 pm
Rugbygramps wrote: Fri Nov 04, 2022 11:41 am
jgriffin wrote: Fri Nov 04, 2022 11:38 am Apparently goodbye to women's team
That is sad, a situation they had very little or no control over.
I thought the Wasps women played at the ground of the Wasps amateur team in London. Photos suggest they have the same /similar sponsorship with Vodafone but they are semi pro and not based at CBS arena.
It think the Netball team confused matters a little. I think a lot of people falsely assumed the women's rugby team was in the same boat, when it was just the mens and netball teams.
Scott1
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Re: Wasps in the mire - now in administration

Post by Scott1 »

Ashley has agreed an 8 figure sum to buy the CBS arena
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Old Hob
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Re: Wasps in the mire - now in administration

Post by Old Hob »

A little mystifying is this quote:

"With a hotel, and casino on site, the CBS Arena is a profitable business already".

So, what happened Wasps? :smt017

And there is no mention of his buying Wasps
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Re: Wasps in the mire - now in administration

Post by jgriffin »

Old Hob wrote: Wed Nov 09, 2022 5:23 pm A little mystifying is this quote:

"With a hotel, and casino on site, the CBS Arena is a profitable business already".

So, what happened Wasps? :smt017

And there is no mention of his buying Wasps
Not at all mystifying. Assets plus site for distribution centre, arena to lease.
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Cagey Tiger
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Re: Wasps in the mire - now in administration

Post by Cagey Tiger »

jgriffin wrote: Wed Nov 09, 2022 5:47 pm
Old Hob wrote: Wed Nov 09, 2022 5:23 pm A little mystifying is this quote:

"With a hotel, and casino on site, the CBS Arena is a profitable business already".

So, what happened Wasps? :smt017

And there is no mention of his buying Wasps
Not at all mystifying. Assets plus site for distribution centre, arena to lease.
And Wasps had £35 million to pay off or re-finance.
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Re: Wasps in the mire - now in administration

Post by TigerFeetSteve »

https://uk.advfn.com/stock-market/londo ... share-chat

It seems that there's been some communication to bondholders today that they won't be paid in full for their bonds...
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Re: Wasps in the mire - now in administration

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Old Hob
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Re: Wasps in the mire - now in administration

Post by Old Hob »

Shocking story in today's Times. Wasps were offered a rescue package of £60 million three weeks before they went into administration. ".. Unanimity was required for the bid to proceed and though it was popular, one man failed to vote in its favour - Derek Richardson the club's owner."
The offer came from Hottinger, a wealth management company and while £60m would not have paid off everything the "lifeboat" deal would have kept Wasps in business.
Hottinger were also negotiating with Coventry City council to offer matched funding which was apparently, going well.
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TigerFeetSteve
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Re: Wasps in the mire - now in administration

Post by TigerFeetSteve »

Bond holders being offered only just over £15mil for the £35mil bonds...

https://uk.advfn.com/stock-market/londo ... at?page=53
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Hot_Charlie
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Re: Wasps in the mire - now in administration

Post by Hot_Charlie »

TigerFeetSteve wrote: Mon Nov 14, 2022 12:41 pm Bond holders being offered only just over £15mil for the £35mil bonds...

https://uk.advfn.com/stock-market/londo ... at?page=53
Wasps last "valuation" (who did that?) for the stadium was over £50million and the offer on the table seems to be £17million in total... nothing to see here.
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Re: Wasps in the mire - now in administration

Post by LE18 »

TigerFeetSteve wrote: Mon Nov 14, 2022 12:41 pm Bond holders being offered only just over £15mil for the £35mil bonds...

https://uk.advfn.com/stock-market/londo ... at?page=53
That's quite a good return by comparison, in some cases they only get 1p in the £1
Hot_Charlie
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Re: Wasps in the mire - now in administration

Post by Hot_Charlie »

LE18 wrote: Mon Nov 14, 2022 4:32 pm
TigerFeetSteve wrote: Mon Nov 14, 2022 12:41 pm Bond holders being offered only just over £15mil for the £35mil bonds...

https://uk.advfn.com/stock-market/londo ... at?page=53
That's quite a good return by comparison, in some cases they only get 1p in the £1
It's better than nothing for some. Seems like some are not going to want to let the "previous administration" get away scot-free.
LE18
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Re: Wasps in the mire - now in administration

Post by LE18 »

Hot_Charlie wrote: Mon Nov 14, 2022 4:35 pm
LE18 wrote: Mon Nov 14, 2022 4:32 pm
TigerFeetSteve wrote: Mon Nov 14, 2022 12:41 pm Bond holders being offered only just over £15mil for the £35mil bonds...

https://uk.advfn.com/stock-market/londo ... at?page=53
That's quite a good return by comparison, in some cases they only get 1p in the £1
It's better than nothing for some. Seems like some are not going to want to let the "previous administration" get away scot-free.
I don't blame them but it was obviously a risk investing knowing Wasps history and you have to question their initial expectations?
Hot_Charlie
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Re: Wasps in the mire - now in administration

Post by Hot_Charlie »

LE18 wrote: Mon Nov 14, 2022 4:42 pm
Hot_Charlie wrote: Mon Nov 14, 2022 4:35 pm
LE18 wrote: Mon Nov 14, 2022 4:32 pm

That's quite a good return by comparison, in some cases they only get 1p in the £1
It's better than nothing for some. Seems like some are not going to want to let the "previous administration" get away scot-free.
I don't blame them but it was obviously a risk investing knowing Wasps history and you have to question their initial expectations?
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