so wasps were involved ? (1 Viewer)

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Nick

Nick

Administrator
I saw a bloke earlier who was saying stuff so I did a search for NOPM.

He has gone from NOPM shove your season tickets, NOPM are glory hunters and it's bollocks to telling somebody to save their money instead of spending it in the club shop NOPM.

People really don't know how to think for themselves.
 
Skyblueweeman

Skyblueweeman

Well-Known Member
fernandopartridge said:
I don't know, possibly feeling a bit sensitive but it's the idea of using that story as another dig at Wasps
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Fair point and I agree that when I read it, it's quite anti-Wasps but I guess that's been the Observer narrative whilst the CET narrative has been anti-Sisu.

Typical media bias on both sides although I'd like to think that the Observers reporting is more accurate of the situation. Might be wrong though.
 
oldskyblue58

oldskyblue58

CCFC Finance Director
I think that once CCFC were no longer there this was going to be the logical conclusion...... some people would lose their jobs. Looking at it very coldly i am surprised it hasn't happened sooner, turnover was decreasing, there appears to be a certain amount of overlap of functions, the need to cost cut etc. It shouldn't be a surprise really. Let alone because CCFC are not there any more.

But on a more personal level you have to feel for the people affected for no fault of their own. What the article didn't need was cut and pasting yet again the version of history, I think it carries more weight focusing on the human element, just my opinion

I am pretty certain that the loss of CCFC is the driver but it could be that they are also looking to do things differently. eg run everything through wasps, or through Delaware or out sourcing the marketing function for example.

Also would be pretty certain the source of the internet chatter and therefore article would be disgruntled employees.

You dont make people redundant unless it is a fundamental change in something for the foreseeable future. I think we can assume that wasps are planning ahead with no CCFC, and i dont mean till this time next year. If they have just made say 40% of their staff redundant that could be quite a saving ...... 2018 there were 57 staff at a cost of £1.9m.

I know CCFC executives said CCFC would cost wasps £2m and went on to provide all sorts of turnover figures to prove it. That is turnover (is it before or after VAT?), what about the costs of generating that turnover, those are saved at the same time. Looking at the accounts suggests to me that is a substantial figure, but depends on where that income is derived to be able to calculate it. (was it in IEC which is responsible for stadium hospitality & events <run through Delaware> or was it all in ACL) .

Yes the rent is lost £100k, The matchday recharge is lost but so too the costs to wasps, car parking revenue is lost, the discounts or retros on food & beverage purchases perhaps, maybe an element of rent from the Casino but that's not a given, perhaps an effect on stadium sponsorship etc etc. Yes lost turnover but the lost net profit is not £2m and profitability is a key issue especially for the bond covenant. The bigger worry for wasps than turnover is cashflow and always has been.

This latest news doesn't actually make me think wasps are about to go bust though (or even in the next two years), it also doesn't make me think there is an easy way back for CCFC . They (wasps) are going to have a few months where they will get a good battering certainly. Come 31st October it will be interesting to see their financials.
 
better days

better days

Well-Known Member
oldskyblue58 said:
I think that once CCFC were no longer there this was going to be the logical conclusion...... some people would lose their jobs. Looking at it very coldly i am surprised it hasn't happened sooner, turnover was decreasing, there appears to be a certain amount of overlap of functions, the need to cost cut etc. It shouldn't be a surprise really. Let alone because CCFC are not there any more.

But on a more personal level you have to feel for the people affected for no fault of their own. What the article didn't need was cut and pasting yet again the version of history, I think it carries more weight focusing on the human element, just my opinion

I am pretty certain that the loss of CCFC is the driver but it could be that they are also looking to do things differently. eg run everything through wasps, or through Delaware or out sourcing the marketing function for example.

Also would be pretty certain the source of the internet chatter and therefore article would be disgruntled employees.

You dont make people redundant unless it is a fundamental change in something for the foreseeable future. I think we can assume that wasps are planning ahead with no CCFC, and i dont mean till this time next year. If they have just made say 40% of their staff redundant that could be quite a saving ...... 2018 there were 57 staff at a cost of £1.9m.

I know CCFC executives said CCFC would cost wasps £2m and went on to provide all sorts of turnover figures to prove it. That is turnover (is it before or after VAT?), what about the costs of generating that turnover, those are saved at the same time. Looking at the accounts suggests to me that is a substantial figure, but depends on where that income is derived to be able to calculate it. (was it in IEC which is responsible for stadium hospitality & events <run through Delaware> or was it all in ACL) .

Yes the rent is lost £100k, The matchday recharge is lost but so too the costs to wasps, car parking revenue is lost, the discounts or retros on food & beverage purchases perhaps, maybe an element of rent from the Casino but that's not a given, perhaps an effect on stadium sponsorship etc etc. Yes lost turnover but the lost net profit is not £2m and profitability is a key issue especially for the bond covenant. The bigger worry for wasps than turnover is cashflow and always has been.

This latest news doesn't actually make me think wasps are about to go bust though (or even in the next two years), it also doesn't make me think there is an easy way back for CCFC . They (wasps) are going to have a few months where they will get a good battering certainly. Come 31st October it will be interesting to see their financials.
Click to expand...
Very good analysis as always OSB
I think you're probably right that ACL's demise isn't imminent
Businesses don't go bust because they are loss making, rather when they run out of money
 
oldskyblue58

oldskyblue58

CCFC Finance Director
chiefdave said:
But we've had months, if not years, of people telling us CCFC are insignificant and not playing at the Ricoh wouldn't impact on ACL.
Click to expand...

Ok just playing with figures

Wasps annual turnover £33m
CCFC claimed turnover £2m (6% of total)

The redundancies in part mitigate the risk. If 23 people go or 40% of workforce costing £1.9m that could be a potential saving of £760k. There would always have had to be job losses without CCFC but thats just business. It isnt just about turnover
Cost of sales to CCFC excluding rent and say £250k in car parking say 60% £990k

That doesnt factor in any element of alternative income, or more income from existing sources at a better margin

All guess work, same as anyone else making claims on this forum, but that is pretty close to being no worse off without us but it is just a for instance and it could be way out.

But these thoughts are why i remain worried about what this means for CCFC. Unless of course the new stadium rolls in to view with all the benefits that apparently provides
 
chiefdave

chiefdave

Well-Known Member
oldskyblue58 said:
All guess work, same as anyone else making claims on this forum, but that is pretty close to being no worse off without us but just a for instance and it could be way out.
Click to expand...
I suspect when the council, wasps etc say CCFC aren't needed and will make no difference to the business most people don't assume that means people will lose their jobs. At best its misleading and given their track record I doubt that was accidental.
 
duffer

duffer

Well-Known Member
Having been through redundancy more than once, it's horrible for anyone to lose their job. I hope it's not just the senior management who get a decent payoff and an easy switch into a new role, but I suspect that's how it will turn out.

Which got me thinking, how much will it take out of the local economy with CCFC not playing in Coventry?

I remember the risible quote from Ann Lucas about Wasps bringing in six million to the local economy for one European game. It's fairly well demonstrated that Ms Lucas has a tenuous grip on the truth around these matters, even for a politician, but even if she was only 10% correct how much does it cost the City to lose 'the City' each year? Let alone putting the lie to the farcical 'European City of Sport 2019', which really should come with an asterisk...

*As long as the sport is rugby... and it's played by Wasps.
 
D

Deleted member 2477

Guest
How long before the club crest is removed from the ricoh ?
 
COVKIDSNEVERQUIT

COVKIDSNEVERQUIT

Well-Known Member
chiefdave said:
When they can afford to pay someone to take it down!
Click to expand...
Don't they belong to the football club ?

Going to have to store them at Ryton until the new stadium is built.
 
usskyblue

usskyblue

Well-Known Member
COVKIDSNEVERQUIT said:
Going to have to store them at Ryton until the new stadium is built.
Click to expand...

giphy.gif
 
ccfc1234

ccfc1234

Well-Known Member
oldskyblue58 said:
I think that once CCFC were no longer there this was going to be the logical conclusion...... some people would lose their jobs. Looking at it very coldly i am surprised it hasn't happened sooner, turnover was decreasing, there appears to be a certain amount of overlap of functions, the need to cost cut etc. It shouldn't be a surprise really. Let alone because CCFC are not there any more.

But on a more personal level you have to feel for the people affected for no fault of their own. What the article didn't need was cut and pasting yet again the version of history, I think it carries more weight focusing on the human element, just my opinion

I am pretty certain that the loss of CCFC is the driver but it could be that they are also looking to do things differently. eg run everything through wasps, or through Delaware or out sourcing the marketing function for example.

Also would be pretty certain the source of the internet chatter and therefore article would be disgruntled employees.

You dont make people redundant unless it is a fundamental change in something for the foreseeable future. I think we can assume that wasps are planning ahead with no CCFC, and i dont mean till this time next year. If they have just made say 40% of their staff redundant that could be quite a saving ...... 2018 there were 57 staff at a cost of £1.9m.

I know CCFC executives said CCFC would cost wasps £2m and went on to provide all sorts of turnover figures to prove it. That is turnover (is it before or after VAT?), what about the costs of generating that turnover, those are saved at the same time. Looking at the accounts suggests to me that is a substantial figure, but depends on where that income is derived to be able to calculate it. (was it in IEC which is responsible for stadium hospitality & events <run through Delaware> or was it all in ACL) .

Yes the rent is lost £100k, The matchday recharge is lost but so too the costs to wasps, car parking revenue is lost, the discounts or retros on food & beverage purchases perhaps, maybe an element of rent from the Casino but that's not a given, perhaps an effect on stadium sponsorship etc etc. Yes lost turnover but the lost net profit is not £2m and profitability is a key issue especially for the bond covenant. The bigger worry for wasps than turnover is cashflow and always has been.

This latest news doesn't actually make me think wasps are about to go bust though (or even in the next two years), it also doesn't make me think there is an easy way back for CCFC . They (wasps) are going to have a few months where they will get a good battering certainly. Come 31st October it will be interesting to see their financials.
Click to expand...
I see from your username your a CCFC finance Director. Am i right in assuming this is a self propelled title. Good detailed analysis either way and looking forward to your views when they file their next set of accounts.
 
oldskyblue58

oldskyblue58

CCFC Finance Director
ccfc1234 said:
I see from your username your a CCFC finance Director. Am i right in assuming this is a self propelled title. Good detailed analysis either way and looking forward to your views when they file their next set of accounts.
Click to expand...

The title isn't self appointed Nick gave it to me years ago just for this forum as a jokey title because of all the comments i make regarding finance & accounts:)
 
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