What evidence is there that Richardson has the money to pump back into Wasps? Presumably he got the 10m from the bond financing for a reason (e.g., to settle debts elsewhere in his portfolio) which means that Richardson no longer has 10 million to pump back into Wasps.
I agree with OSB that there is a possibility of refinancing but it's not a definite. Investors are going to want to see evidence of improved financial performance or else the interest rate is going to be very high to cover the risks of such a high risk loan.
Personally I suspect Wasps are in trouble ... whether that manifests in their failure before 2022 or after 2022 remains to be seen. A lot will depend what happens on the pitch because if they continue to slide down the table I can't see the fair-weather supporters and sponsors continuing to back them.
He speculates about potentially being able to borrow based on the value of the lease to be fair. He also caveats his comments that he doesn't know how well they're doing financially. If they're just hear to borrow make enough to repay external borrowers, what's the point for Richardson? No profit?Read OSB's posts in Wasps sub forum, he identifies alternative sources of refinancing they could use.
Wasps current finances & hope
We have been saying the same thing for years about Sisu, obviously they both see something we don't., what's the point for Richardson? No profit?
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Wasps v Newcastle Falcons 16, 073
Looking at the pictures I think they counted everyone twice!Do you think that is good, bad or average?
Looking at the pictures I think they counted everyone twice!
I would guess more than half the gate was free tickets dished out.I must admit I had a quick squint at the ticketing site and the seating plan before the game and sold seats seemed very sparse.
I would guess more than half the gate was free tickets dished out.
I would guess more than half the gate was free tickets dished out.
You could be right but there’s a bloody hell of a lot of tickets being dished out which is inflating there crowd. I don’t care less what they do but there comes a time when it just doesn’t work as the people going up there will be expecting a freebie and will never purchase one. Under 10s free as well comes into the equation.Surely free tickets would be shown as booked and would have been blocked off? The booked seats were very random and sparse..
There is no way on gods earth that they had 16,000 paying customers vs Newcastle when there gate v Newcastle a couple of weeks before was 7,000.
Just had a look on twitter at some photos from their match at the weekend. No way the Ricoh is anything like half full.Those attendances are probably correct. One game was a league match the other was a cup game similar to a Checkatrade Trophy match
I know must be something about the ground like I keep saying at or home games no way the Ricoh is anything like a quarter fullJust had a look on twitter at some photos from their match at the weekend. No way the Ricoh is anything like half full.
To be honest I don't know but would guess and it's only a guess if free tickets have been given out etc it's not great. I'm trying to find out each game just hoping there's a downward trend.Do you think that is good, bad or average?
To be honest I don't know but would guess and it's only a guess if free tickets have been given out etc it's not great. I'm trying to find out each game just hoping there's a downward trend.
I'd agree.Time will tell but I think it is too soon to say they are failing.
I'd agree.
I'd also say it's too soon to say they're succeeding too, however.
Only a madman would have moved the club and expected it to work straight out. The issue will be how elastic those fans are or not, and if they can get some leverage out of the Arena in a general sense, and get it performing better than it has been up to now.
Isn't that the issue with an awful, awful lot of new grounds? They end up surrounded by a fast food joint, a chain restaurant, and a supermarket or two... and not a lot else!They're more plastic than elastic I'd say.
I'll see it again, the Ricoh will never be the day out they'd like it to be, it's poorly accessed with limited nearby amenity.
Good post however, if your not pulling in the crowds here in the first two or three years your knackered. It’s a bloody dangerous game Wasps are playing with there future. If the CCFC/ACL model wasn’t working on much higher gates when the Ricoh opened on circa 20k gates how the heck will Wasps do it on say 7/8k paying customers?Despite what others are saying there are not as many free tickets available this year compared to last. Their gates are down but so has their form been down. Even with free tickets, there is a chance of revenue through beverages....however not sure how much they make on that with the Compass contract? They will also be making far more from tv revenue than us. Although it sounds like they have cocked up on some of their sponsorship deals. Also remember local rugby teams benefit more from ticket sales than handing out freebies.
It was never going to be plain sailing and I would have thought they would have expected a 3 to 4 year period of transition (normal for a new business to get established and that's what it is moving a community based team). Time will tell but I think it is too soon to say they are failing. So I would prefer to see SISU being more proactive in securing our own future and revenue streams.
Those of us that moved away from Coventry know how much more difficult it is to go to games. First you have the expense. You either get transport if you like to have a drink or you drive. If you can afford to go each game then you have to add extra time for travelling. Every game is an away game. How many of us only do home games? How many partners allow home but not away? Family time when you work Monday to Friday?I'd agree.
I'd also say it's too soon to say they're succeeding too, however.
Only a madman would have moved the club and expected it to work straight out. The issue will be how elastic those fans are or not, and if they can get some leverage out of the Arena in a general sense, and get it performing better than it has been up to now.
Sorry your missing the point. They can’t pay back the bond owners back as there there operating profit isn’t enough. You can talk about the gates but there a huge numbers of free tickets included which is dressing up the attendances.Very objective posting Mr oddskyblue58, some on here are so overwhelm with hate they cling on to the slightest negative.
For those who think/hope that Wasps gates are reducing.....The Wasps gates are actually UP marginally, it's public information.
First Four Premiership Games:
2016-17 13,555, 12,280, 16,006 & 15,033 Total=56,874
2017-18 12,018, 15,308, 15,488 & 16,073 Total=58,887
Mind you you can't draw any conclusions, different teams, different days, different prices & the biggest gate this season was on the same day as England were playing Australia.
So in the words of Donald Trump "fake news"
Sorry your missing the point. They can’t pay back the bond owners back as there there operating profit isn’t enough. You can talk about the gates but there a huge numbers of free tickets included which is dressing up the attendances.
I think the majority agree somethings around the corner for Wasps... and it’s not good.
Sorry as much as people put forward hope as fact i do not see Wasps going bump any time soon, if ever. They have risks and problems to overcome definitely, same as any business, but are they terminal - I have seen no actual evidence that suggests that is the case.
I am one who has suggested all is not as rosy as Wasps would like us to believe, but have never advocated that they are going bump.
Aside from what has been suggested to me from a couple of sources, the cut of one marquee player and now the cancellation of the Training ground at the Higgs suggests that things have been a little tougher than they predicted. I am led to believe they thought they would have achieved more both on the pitch and off it with paying attendees, than they have. Whether it is true or not I think the two decisions I have mentioned shows a tightening of their belt, which seems sensible business sense.
One of the biggest problems for Wasps, is also a problem within the sport for all the pro clubs, player wages. These are spiralling and a lot of Club Bosses have raised concern at the fact they are creeping up, and have been compared to 'footballer's wages.
Unfortunately Rugby clubs, unlike football clubs, don't have the riches to cover these and its beginning to lead many clubs to reign their costs in, in other areas. Unfortunately for the British clubs, French clubs don't have the financial restrictions that ours do, and so we are constantly fighting for the best players from a lesser financial position, and to be able to compete in Europe.
Couple this with players beginning to put more pressure on re the short length of their career and being fairly financially rewarded then I can see wages going up and up, and clubs beginning to suffer.
Richmond in the recent past, and London Welsh are two examples of how it can all go wrong.
Bet there will be a decent crowd for Leicester Tigers though.
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