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HMRC wouldnt be asking for the full amount immediately. They'd rather get something than nothing
But they also have to pay the bonds and they are gearing up to bring in their own administrator.
How can a tax bill from HMRC be unexpected & "blindsided" them?
"If administration does occur, under RFU rules, Wasps will be relegated at the end of the season. However, another rule states that exemptions can be made if the club can demonstrate the situation was not their fault.
Listed among the possible reasons is a 'pandemic'. All aspects of the Wasps business were rocked by Covid-19 with the rugby, hotel, exhibitions, events and conference all taking s significant hit."
He's surely missed off a sentence at the end there? Something like...
"This would be disingenous though as, whilst Covid may have exacerbated the issue, the franchise's finances have been an unsustainable shitshow ever since their disastrous move to Coventry"
Yeah but like I said it’s a closed old boys club, Wasps are one of the established names. The RFU won’t go that far
To be fair the Telegraph thinking a potential buyer is credible doesn't mean much. They don't have a great track record with potential new owners for us.
Red Bull are overseas…. Red Bull Coventry & Red Bull Wasps anyone?
Two quick thoughts:
HMRC don't "blindside" anyone. They'll have been very clear on what they want and when they want it, and Wasps will have had plenty of time to settle up before any winding-up order would have been threatened.
If Wasps are in this spot because they can't find £2m, then they're as good as done I suspect. Their debts go far, far beyond that, and having spooked and abused the bondholders' trust I can't see any way they'll let this dangle on much longer.
To bail them out properly and keep hold of the stadium is going to cost someone £35m - £50m. I'm not sure anyone is genuinely up for that, and neither HMRC nor the bondholders are likely to take things on trust any longer.
HMRC don't "blindside" anyone. They'll have been very clear on what they want and when they want it, and Wasps will have had plenty of time to settle up before any winding-up order would have been threatened.
If Wasps are in this spot because they can't find £2m, then they're as good as done I suspect. Their debts go far, far beyond that, and having spooked and abused the bondholders' trust I can't see any way they'll let this dangle on much longer.
To bail them out properly and keep hold of the stadium is going to cost someone £35m - £50m. I'm not sure anyone is genuinely up for that, and neither HMRC nor the bondholders are likely to take things on trust any longer.
It seems to me, as you say…if there is an overseas investor they’re going to have to have very deep pockets not only to bail them out but also to continue to invest for years to come in a club that not only loses lots of money…but in a sport structure that doesn’t seem sustainable.
If someone is giving them just a one off £2mil payment they might as well give it to me, for all the use it will do.
Well those ruined picnics when we were kids have stayed with us right?
As there is no relegation from the RPL what is to stop Wasps cutting costs to the bone, even getting rid of the playing squad and auctioning off matches in the first team for a few years to gain revenue.
The sport is a joke.
The sport is a joke.
Who is going to make way for the team names after a travel agent, the team that moves every 10 minutes or one of the teams with a racist name?
How exciting.
And Bobby is hardly providing the scrutiny of a critical local journalist is he? He never has. Rather he acts as the conduit for whatever BS Wasps choose to spew out. In other words their useful idiot. To paraphrase the immortal Mandy Rice Davies, the standard response to their claims should be “well they would say that wouldn’t they?”
You are seriously suggesting that HMRC agreed an arrangement to pay, and then went back on it?
Interesting that, because I've worked both for HMRC (a very long time ago admittedly) and kind of against them, when I ran my own business, and I've never ever heard of them going back on an agreed arrangement.
Wasps might have gambled that they weren't going to take action, or made some kind of assumption, but there is no way on this planet that HMRC renege on an agreed payment plan.
If you agree one and don't stick to it though, then they'll show their teeth. Blindsided my arse.
I think he has investigated his favourite complimentary pie…not much else.
Five things I like about pies……..
TBF, they appear to have been blindsided in May when they suddenly had to pay back £35m to bondholders...
Do I Wanna Know?Will they fuck the pitch up
Own up which one of us has been using their vpn to fool these desperate bunch that they’ve found £2m down the back of the sofa
Sounds like Greggs....
You will when the sun goes down...it'll be your favourite worst nightmare
Yeah, "share", but it's like sharing with a bunch of travellers who have camped up on one of your parks and have left a path of destruction and dirty nappies everywhere.
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