Wasps going into admin & the impact on CCFC (7 Viewers)

[torchomatic]

Always loved the Daily Mail me

Great article, that. Sound like it was written by a collaboration of SBT posters.

 

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[Flying Fokker]

Always loved the Daily Mail me

I guess the journalist didn’t have time to do much background reading? Our history over the past 15 or so years is full of twists and turns. I hope Wasps end up playing elsewhere. There may even be the opportunity for local Rugby fans to watch an established Championship team in the form of CRFC.

 

[Terry_dactyl]

I guess the journalist didn’t have time to do much background reading? Our history over the past 15 or so years is full of twists and turns. I hope Wasps end up playing elsewhere. There may even be the opportunity for local Rugby fans to watch an established Championship team in the form of CRFC.

I’m imaging a scenario next season where, as sole users of the CBS, we allow CRFC to use the stadium to host Wasps in the championship. I’d pay to see that.

 

[NorthernWisdom]

I’m imaging a scenario next season where, as sole users of the CBS, we allow CRFC to use the stadium to host Wasps in the championship. I’d pay to see that.

Nah, let them find out what a proper rugby ground is like

 

[CCFC54321]

I still think there’s a case for a criminal investigation on the handling on the bonds and being allowed to drive nose first a business into the ground so badly it’ll never recover. Despite warnings over the last 4/5 years it was going south at an alarming rate.

No one intervened or wanted to and with a plastic population of wasps supporters that in many instances didn’t even know how they obtained the Ricoh arena in 2014.

I imagine a book will be written to demonstrate how not to manage a sports business in the future.

 

[Terry_dactyl]

I still think there’s a case for a criminal investigation on the handling on the bonds and being allowed to drive nose first a business into the ground so badly it’ll never recover. Despite warnings over the last 4/5 years it was going south at an alarming rate.

No one intervened or wanted to and with a plastic population of wasps supporters that in many instances didn’t even know how they obtained the Ricoh arena in 2014.

I imagine a book will be written to demonstrate how not to manage a sports business in the future.

With SISU as co-authors?

 

[Sick Boy]

Did the franchise actually receive taxpayers money? If so, how much?

 

[Red House Coaches]

They were averaging more in Wycombe than they did last season in Coventry. They got up to 18k average at one point in the early days in Coventry (and a lot of that was free tickets), but after the novelty wore off dropped back down.

You have to search for some of their worst attendances - but last season Wasps average was just UNDER 10k. I have no idea if that figure includes the 'freebies' or not.
Cov Rugby were getting 3k (and none of the Premiership media hype, or CVC and RFU hand-outs) pre-pandemic.

 

[HuckerbyDublinWhelan]

So now they’re fucked can we get use of the good changing room now?

 

[joemercersaces]

You've changed your tune.

On a seperate note though, I do genuinely wonder how many wasps sympathisers will now fully jump back on board with CCFC and pretend it never happened.

Well I know of at least one on here who fully embraced Wasps but has always kept it quiet. Collaborators they used to call ‘em.

 

[Moff]

Twitter is very interesting. You would think, as Lord Mayor, Kevin Maton would have his finger on the pulse when it comes to the public asking questions about Coventry.

Never have I seen anyone so removed from the reality of the current situation they are now facing since Jayne Innes put herself forward as a prospective candidate for a Coventry MP after those bullying allegations.

Is Kevin going to say anything today, or just retweet generic stuff?

There is a growing swell of people on Twitter commenting to Kevin each day about previous tweets made by the Lord Mayor, and then a deafening silence back.

Kevin, do you think the public now deserve an enquiry on the actions of CCC over the Arena, as you tweeted?

That’s what happens when a bell end of a human being is elected into local politics.

 

[MusicDating]

Did the franchise actually receive taxpayers money? If so, how much?

'In March 2021, it announced £88 million in Covid loan support for Premiership clubs' - Source

'Around £3.8 million has been made available to the venue via the Coventry and Warwickshire Local Enterprise Partnership (CWLEP), which successfully secured the investment from £66 million worth of Government funding that was provided to the West Midlands Combined Authority (WMCA) as part of the Government’s Getting Building Fund.

An additional £1.4 million has also been made available to Ricoh Arena via CWLEP from the Local Growth Fund and Growing Places Fund. ' - Source

Not sure if this is separate to the above - Ricoh Arena Renewal | CWLEP)

 

[Great_Expectations]

I’m with the unanimous feeling; it’s great news. And to be honest a long, long time coming. Absolutely not surprised it came to a head.

Now the pivotal milestone is; what happens next. Happy path, there’s a serious investor looking at the stadium and the football club. Or, I’d be fine with SISU taking over the stadium.

Worst case; Wasps are magically saved, they remain tenants and we’re in the same place we are now. Or CCC refuse to sell to us and we end up with another shocker of a landlord.

If SISU ever had any intent on the stadium, even if it’s just to make the club more saleable, now is the time. Naive and optimistic but perhaps that’s why we’ve seen a change in stance over the summer; keeping as much money back as possible? And/or not wanting to spend money when they know they are going to sell the club as part of a stadium deal?

Rare I play any sort of “ITK card” but Hoffman is 100% sniffing around. Not sure his angle yet, whether it’s stadium or stadium and club, but he’s got backing (again) and is assessing options. Not really sure how I feel about that.

 

[Grendel]

I’m with the unanimous feeling; it’s great news. And to be honest a long, long time coming. Absolutely not surprised it came to a head.

Now the pivotal milestone is; what happens next. Happy path, there’s a serious investor looking at the stadium and the football club. Or, I’d be fine with SISU taking over the stadium.

Worst case; Wasps are magically saved, they remain tenants and we’re in the same place we are now. Or CCC refuse to sell to us and we end up with another shocker of a landlord.

If SISU ever had any intent on the stadium, even if it’s just to make the club more saleable, now is the time. Naive and optimistic but perhaps that’s why we’ve seen a change in stance over the summer; keeping as much money back as possible? And/or not wanting to spend money when they know they are going to sell the club as part of a stadium deal?

Rare I play any sort of “ITK card” but Hoffman is 100% sniffing around. Not sure his angle yet, whether it’s stadium or stadium and club, but he’s got backing (again) and is assessing options. Not really sure how I feel about that.

You’d be happy with Sisu owning it? Really?

 

[Gynnsthetonic]

I’m with the unanimous feeling; it’s great news. And to be honest a long, long time coming. Absolutely not surprised it came to a head.

Now the pivotal milestone is; what happens next. Happy path, there’s a serious investor looking at the stadium and the football club. Or, I’d be fine with SISU taking over the stadium.

Worst case; Wasps are magically saved, they remain tenants and we’re in the same place we are now. Or CCC refuse to sell to us and we end up with another shocker of a landlord.

If SISU ever had any intent on the stadium, even if it’s just to make the club more saleable, now is the time. Naive and optimistic but perhaps that’s why we’ve seen a change in stance over the summer; keeping as much money back as possible? And/or not wanting to spend money when they know they are going to sell the club as part of a stadium deal?

Rare I play any sort of “ITK card” but Hoffman is 100% sniffing around. Not sure his angle yet, whether it’s stadium or stadium and club, but he’s got backing (again) and is assessing options. Not really sure how I feel about that.

SISU and Boddy quiet, I'm hoping things are going on behind the scenes ie the silence, very true on the lack of investment and Hoffmans talk to the fans at the recent England game, why waste money when going to sell up.

 

[Sick Boy]

You’d be happy with Sisu owning it? Really?

It would have to be the football club - imagine them as landlords.

 

[tisza]

Did the franchise actually receive taxpayers money? If so, how much?

An 8 figure COVID loan was received by all Premier clubs. Seen between 10.5 and 11.5m quoted.

 

[tisza]

You’d be happy with Sisu owning it? Really?

God no. First week some sort of club/stadium-backed refinancing to repay all their ownership loans.
When they were designing all sorts of new stadia years back it was made clear club would never own the new stadium it would be a separate "SISU entity"

 

[chiefdave]

Had a good chuckle on the way to work this morning listening to talk sport, they had James Haskell on questioning him about the demise apparently things got that bad when he was playing they trained in the dark on many occasions as the generators we're down ice coolers down, also players striking regularly about late pay and this was going on for many years. He mentioned the bonds that players were pushing and promoting out felt guilty that he was a part of it but didn't really understand at the time!

If what Haskell is saying is even remotely true then surely there needs to be an investigation as part of the insolvency proceedings. Sounds very much like they've been continuing to trade knowing full well they are in the shit and have been doing so for some time.

 

[NorthernWisdom]

Why on earth are people reading things into SISU being quiet? It's been their defaut setting for all the time they've been here!

Be more concerned when they start speaking...

 

[Nick]

Why on earth are people reading things into SISU being quiet? It's been their defaut setting for all the time they've been here!

Be more concerned when they start speaking...

Yeah exactly.

I saw somebody say "SISU are unusually quiet" as if they won't shut up.

 

[ajsccfc]

Always loved the Daily Mail me

They see someone who's left their homes in search of a better future and go at them full pelt, have to admire the consistency

 

[HuckerbyDublinWhelan]

You’d be happy with Sisu owning it? Really?

To be honest if SISU owned it, an end game is more likely.

what concerns me is definitely what happens next. This is the moment Joy has pissed about for for8 years. It’s time to decide whether a new. Stadium was the grand plan or they were trying to smoke wasps out to get the Ricoh.

 

[Sbarcher]

Well I know of at least one on here who fully embraced Wasps but has always kept it quiet. Collaborators they used to call ‘em.

Get them tarred and feathered.

 

[NorthernWisdom]

It’s time to decide whether a new. Stadium was the grand plan

That was decided when we moved to Northampton.

 

[Flying Fokker]

I still think there’s a case for a criminal investigation on the handling on the bonds and being allowed to drive nose first a business into the ground so badly it’ll never recover. Despite warnings over the last 4/5 years it was going south at an alarming rate.

No one intervened or wanted to and with a plastic population of wasps supporters that in many instances didn’t even know how they obtained the Ricoh arena in 2014.

I imagine a book will be written to demonstrate how not to manage a sports business in the future.

The bond holders had a prospectus. It was not regulated and people knew the risks. They had chances to trade out of them as well. Blind faith is not an excuse.

 

[clint van damme]

Well I know of at least one on here who fully embraced Wasps but has always kept it quiet. Collaborators they used to call ‘em.

Sorry, couldn't help myself, it's that kit........

 

[Flying Fokker]

That was decided when we moved to Northampton.

We are closer to that now. If SISU sell up/take part ownership, we will have one. If not, then a stadium elsewhere is more Likely.

 

[MusicDating]

This is a pretty good article, again highlighting their losses pre-Covid - Premiership Rugby's ongoing crisis: Why are clubs like Wasps and Worcester Warriors struggling?

'Such a situation in being unable to pay debts has come principally due to dire financial accounts at the club over a number of years.

Yearly losses, between £3.7m and £11.1m, have been posted by the Wasps Group since their move to Coventry. With 2019 the only year to see a profit, and this was due to investment in the Premiership by private equity company CVC.'

and on rugby finances in general -

'The cumulative losses of Premiership clubs in the first 25 years of the competition stand at more than half a billion pounds. A staggering statistic.

Clubs have seen wage bills of £9m per year, but an average of just £4m brought in per club from match ticket sales.'

 

[Gynnsthetonic]

Why on earth are people reading things into SISU being quiet? It's been their defaut setting for all the time they've been here!

Be more concerned when they start speaking...

I know they don't say anything but I think it's been said a long time that their long-term aim is the stadium. Other bidders have already been named, will they be another who knows. To much bad history with them in my view and want them gone.

 

[better days]

The bond holders had a prospectus. It was not regulated and people knew the risks. They had chances to trade out of them as well. Blind faith is not an excuse.

Stuart Barnes has an article in The Times today saying that the return of 6.5% on the bond was so out of sync with with the state of the economy at the time, with interest rates at .5% that it should have been seen as the warning it was
It's one of the oldest sayings in the financial world but when something looks too good to be true, it usually is

 

[NorthernWisdom]

Stuart Barnes has an article in The Times today saying that the return of 6.5% on the bond was so out of sync with with the state of the economy at the time, with interest rates at .5% that it should have been seen as the warning it was
It's one of the oldest sayings in the financial world but when something looks too good to be true, it usually is

Yeah as soon as the returns start becoming rather good, it by definition is because there's a large risk to it.

Such as buying a football club in the hope of promotion to the top flight, for example...

 

[Saddlebrains]

Having numerous arguments on Twitter today

They STILL keep saying 'But sisu' 'But 10k attendances' 'but ccfc fans' Even when faced with pics of attendances

Fucking idiots

 

[Grendel]

Looks like Russell Slade is trying to build bridges with the fans

 

[Saddlebrains]

On that subject, they run away when you show them evidence of their attendance lies

Might be my finest twitter moment tbf enjoy the read