Exeter now in trouble?
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Exeter now in trouble?
find a better way of life, http://www.marillion.com
marillion 19, coming ....er not sure..
marillion 19, coming ....er not sure..
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Re: Exeter now in trouble?
Anybody know what this non rugby asset might be.
Re: Exeter now in trouble?
I think they have a hotel, maybe that?
find a better way of life, http://www.marillion.com
marillion 19, coming ....er not sure..
marillion 19, coming ....er not sure..
Re: Exeter now in trouble?
Either the freehold to the David Lloyd gym or the hotel.
Their statement doesn't really make sense, their most expensive debt is their natwest loan that easily pre-dates the pandemic. The DCMS loan is the cheapest and a quarter of the cost of that Natwest loan.
They did take a CBILS (the govt scheme before the DCMS one just for rugby clubs) which is expensive so perhaps they mean that.
They've been praised to the hilt but they've always been punchy on their borrowing, and as its all commercial some of it is very expensive now. Typically they are paying LIBOR (which is 4.46% currently) + a high 3.5%. We pay base rate +2% as a comparison.
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Re: Exeter now in trouble?
This article on the BBC might give more of a clue as to their loans and the possible offloading of the new hotel, but with that level of debt it does not look good.. This might well explain the very high cost of the tickets, £60 for a seat in the new stand on thesk 88 wrote: ↑Fri Nov 04, 2022 5:59 pmEither the freehold to the David Lloyd gym or the hotel.
Their statement doesn't really make sense, their most expensive debt is their natwest loan that easily pre-dates the pandemic. The DCMS loan is the cheapest and a quarter of the cost of that Natwest loan.
They did take a CBILS (the govt scheme before the DCMS one just for rugby clubs) which is expensive so perhaps they mean that.
They've been praised to the hilt but they've always been punchy on their borrowing, and as its all commercial some of it is very expensive now. Typically they are paying LIBOR (which is 4.46% currently) + a high 3.5%. We pay base rate +2% as a comparison.
22> to goal line! https://www.bbc.co.uk/sport/rugby-union/63520511
Re: Exeter now in trouble?
Yes that is a correct analysis of their debt from the BBC in my opinion. From their accounts they are the only club to take a CBILS as well as the DCMS loans.
Their debt is expensive but they have built a great deal with it. As Rob Baxter might say though, the salary cap is a cap not a target so just need to tighten their belt a bit!!
Their debt is expensive but they have built a great deal with it. As Rob Baxter might say though, the salary cap is a cap not a target so just need to tighten their belt a bit!!
Goooooodeeeeeyyyyy!
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Re: Exeter now in trouble?
I suspect they are only announcing their intentions because they need a member vote in order to go ahead. If they didn't need that they'd offload the asset and clear the debts in the background and then just move on. I presume it's the cashflow they are looking to protect with increasing costs of virtually everything the monthly the payments maybe looking steeper than they'd like in forecasting.
Re: Exeter now in trouble?
Anything from the hotel to the freehold on the development land to the south and east.
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Re: Exeter now in trouble?
They are feeling the pinch like a lot of other clubs, quite a list of players leaving them and it seems a concern over a lack of local young talent coming through. Paying off their debts instead of paying inflated wage bill sounds like a sound long term plan to me.
"If you want entertainment, go to the theatre," says Edinburgh head coach Richard Cockerill. "Rugby players play the game to win.15/1/21.