Interesting that Wasps pay rent to play there....
Can OSB translate it? Or godiva?
He said: “When you look at the strange exceptional item (£10.6million Canmango transaction), and take it away, you may think Wasps are doing really badly.
“But, in Mr Richardson’s first full year of ownership, we have invested quite significant in the strength of the playing squad, coaching staff and management as part of a long term strategic view, that’s why our costs are high.
“The business hasn’t done particularly worse or better than previous years, what we were doing was building and preparing for a move to a permanent home.
Sure someone more qualified will explain but isn't this like Fisher saying we've made a £6m profit only to find out we really lost £4m but SISU put £10m in? What happens next year if another equivalent amount isn't put it, before you even consider they will have an additional expenditure next year in purchasing ACL.
Am I missing something as it doesn't look too positive to me.
Nothing we didn't already know tbh, Wasps were reported to be losing 3 million a year. Gone up a million by the look of it over the last year.Sure someone more qualified will explain but isn't this like Fisher saying we've made a £6m profit only to find out we really lost £4m but SISU put £10m in? What happens next year if another equivalent amount isn't put it, before you even consider they will have an additional expenditure next year in purchasing ACL.
Am I missing something as it doesn't look too positive to me.
Pretty muchSo basically wasps the club made a £4m loss before the owner gave them some cash to cover those losses?
Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors
So basically wasps the club made a £4m loss before the owner gave them some cash to cover those losses?
Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors
Basically Wasps owner is behind them and they are moving forward at high Speed as opposed to CCFC driving into a brick wall at high speed.
Basically Wasps owner is behind them and they are moving forward at high Speed as opposed to CCFC driving into a brick wall at high speed.
Have I missed something here, because that doesn't look like a great deal for the taxpayer to me.
Unless I've misunderstood it then, Wasps are reliant on a sugar daddy in the form of Richardson.
This isn't a profitable or sustainable business unless he's willing to keep putting his hands in his pockets (currently) to the tune of at least a few million pounds a year. If for whatever reason he pulls out, and no one else steps in, Wasps goes pop.
At that point the taxpayer is on the hook for whatever is left of the £14.4m bailout to ACL.
Have I missed something here, because that doesn't look like a great deal for the taxpayer to me.
Unless I've misunderstood it then, Wasps are reliant on a sugar daddy in the form of Richardson.
This isn't a profitable or sustainable business unless he's willing to keep putting his hands in his pockets (currently) to the tune of at least a few million pounds a year. If for whatever reason he pulls out, and no one else steps in, Wasps goes pop.
At that point the taxpayer is on the hook for whatever is left of the £14.4m bailout to ACL.
Have I missed something here, because that doesn't look like a great deal for the taxpayer to me.
This may be a bit simple, but whats to stop him in 5 years time calling his debt in and then when Wasps can't pay it just takin the Ricoh in the form of ACL to cover the debt?
Yes they have a sugar Daddy that has made a significant investment at the front end of a business plan they are currently executing.
These figures reflect the old regime and earning so its difficult to make a call as to what they really mean in the current context. If they are succeeding yow would expect the figures to improve over time and we will only see the start of that in 12 months time and their business plan may allow for a decreasing loss over a couple of seasons until the group break even and make a profit.
If CCFC are lucky enough to get a new investor I would not expect us to initially make a profit but show decreasing losses eventually pushing into profit
In theory nothing is there to stop him taking his money but why would he do that? he is behind WASPS and they are running the show so infect he already has it.
As it stands though, this is a business that relies entirely on the goodwill of a single investor to survive. Isn't that the case? If he pulled out tomorrow, and/or asked for repayment of the other 8.5m he's owed, Wasps is finished. I don't wish the bloke ill, but what if he falls upon hard times for whatever reason, or dies. I can't see this as anything other than a horribly risky business to be lending money to. It seems to me that in essence the council have taken a punt that either Wasps can turn around very substantial operating losses by turning another loss-making business (ACL) into a cash cow, or that Richardson will continue to subsidise them.
CCFC are allegedly cash-flow neutral now - in other words they don't have to rely on any more handouts from SISU. On that basis wouldn't they actually be a lower risk than Wasps, if we were looking for someone to lend £14.4m to?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?