sky blue zam
Member
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.........

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.........