The reason I posted that from the bondholders forum was because Liquid Gold had said “The second funniest thing behind Wasps going bust would be all the people that bankrolled their franchising losing all their money.” I felt that was a pretty cruel and unkind thing to say.
The bondholders, other than Wasps fans, had no interest in supporting Wasps franchising. The bonds were released after the event. Some holders seem to be professional investors, others ordinary people who saw an opportunity to make a reasonable, above inflation, return on their nest eggs. They all believed it was an investment, not without some risk, but secured against the stadium. Whether they understood that the 250 year lease was not necessarily that secure given the arrangement that it would return to CCC if Wasps went bust is another matter. The bondholders are certainly getting jittery now as they become(quote) “aware of the issues, injustices, sharp practices which WF are foisting on what should have been perfectly healthy, normal 'deal'”.
Wasps fans seem unable to acknowledge just how close they are sailing to the wind, their reputation in the financial markets must be shattered. If their credit rating is as poor as suggested elsewhere (in relation to the pitch), it’s little wonder they have been unable to refinance elsewhere.
Wasps had £35m from bondholders, £14m from the CVC deal and probably £10m in Covid support and are still in the financial shit. They could still be relegated if insolvency was unavoidable in May. If they fail to come up with something to satisfy the bondholders, that would be a reasonable conclusion to come to.
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