Osb (1 Viewer)

[sky blue zam]

just seen this on cov rfc forum, what do you make of it?


Re: Wasps Ricoh Arena bid: Secret talks explore how club could..
r hess (IP Logged)
07/10/2014 13:03
I have now seen the latest accounts of London Wasps Holdings Limited.

Made Upto 30th June 2013:

Loss £3,263,039 (2012 loss £2,857,078)

Balance Sheet deficiency £14,261,348

Principal creditor Mr.Richardson and his company Canmango, which in turn is owned by Moonstone Limited, a company incorporated in Malta.

The only asset seems to be the shares in Premier Rugby Limited, which are valued at £5,000,000.

So, it appears to me that the Coventry move is one out of necessity rather than design. If the company carries on as before it will carry on losing £3,000,000 per year, until such time as Mr.Richardson has had enough, or cant afford it.

The Coventry move is obviously seen as a means of increasing the revenue stream and making the currently unviable model, viable.

I have to say it seems to be a massive gamble, both on Mr.Richardson's part and Coventry Council. To turn around a £3,000,000 loss will take a lot of doing and be under no illusion, Coventry RFC must either be part of that business plan, or alternatively a prime target for attack.

Oh dear.........

 

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[oldskyblue58]

Sorry not be online until now. I think that post raises valid concerns. Said something similar myself before. On the other side you would assume that the negotiations addressed such concerns if not they should have done

 

[spider_ricoh]

I had heard a couple of weeks ago that BR was involved in all this.

 

[Mary_Mungo_Midge]

You don't need to read the accounts and 'interpret' the losses and ambition of Wasps; it's all here.....

http://www.youtube.com/watch?v=LU9qBwpCDyI&feature=youtu.be

 

[Mary_Mungo_Midge]

I had heard a couple of weeks ago that BR was involved in all this.

I don't think so. That madness can be laid to rest, I'm pretty sure

 

[spider_ricoh]

I don't think so. That madness can be laid to rest, I'm pretty sure

Not according to emails in the possession of someone well-placed to know....

 

[Mary_Mungo_Midge]

Not according to emails in the possession of someone well-placed to know....

Okay. I'll not argue; but I haven't heard anything. Let's see

Edited to add the 'Mr Richardson' mention above (Canmango) is Derek Richardson; not BR if that's setting any pulses racing....

 

[torchomatic]

It's "an individual not a consortium" according to their chief exec.