Wasps 18/19FY Financial Results

Discussion in 'Wasps' started by CCFC54321, Oct 22, 2018.

  1. Liquid Gold

    Liquid Gold Well-Known Member

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    Rich men are generally not stupid men and wouldn't be happy to piss their fortune away on a property company with a Rugby club attached pissing money up the wall.
     
  2. Captain Dart

    Captain Dart Well-Known Member

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    I fear it will be when Wasps bond payback is due in 2022 before anything much happens
     
  3. CCFC88

    CCFC88 Well-Known Member

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    Any danger that SISU see these results and see this a the correct time to try and starve Wasps of revenue by moving us elsewhere for a couple of years? 100k rent is a drop in their ocean of debt but could 30 x matchday revenue (their cut) and a reduction in naming rights appeal make a dent into their future fortunes?
     
  4. dazed&confused

    dazed&confused Active Member

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    My comments are entirely those of an outsider looking in. If you know differently, fair enough.
     
  5. oldskyblue58

    oldskyblue58 CCFC Finance Director

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    Not quite correct. Depends what it is you buy in to. You have to look at the group situation and break it down

    ACL owns the lease valued at £60m. That is given as security to the bond. However ACL owes £14.4m to Wasps Finance PLC not the full 34m. ACL had a turnover in 2017 of £9m. ACL also owns 100% of its subsidiary IEC Experience turnover £15m which deals with the events, hospitality F&B etc at the stadium (could be important for the SCMP)

    Wasps holdings Limited owes Wasps Finance £19.4 for the bond finance plus what it owes Richardson £18.6m (unsecured)

    In theory you could buy in to ACL without buying into all of the group debt. I would think anything paid would have to be offset against the bond debt, probably the debt of £14m owed by ACL first. That means financing costs for CCFC though and accepting a charge over the lease (a charge is not the same as an interest bearing loan). It is unlikely that Wasps would sell 50% or more and lose simple control

    of course if you were showing that sort of long term commitment wouldnt it be easier to buy a long term term lease with access to income streams without taking on any of the Wasps debt? That way CCFC get an asset on its balance sheet and Wasps maintain asset value and income/bottomline. Plus if anything happens to Wasps Holdings, CCFC are on site and first in the "queue" without a share of the liabilities or group finances fall out
     
    Last edited: Nov 15, 2018
  6. oldskyblue58

    oldskyblue58 CCFC Finance Director

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    double edged sword though, would the fans wear playing outside of the city again? In which case SISU would damage the CCFC income just as much as the Wasps income. There is no great naming rights income at the moment and Wasps would lose the F&B etc profits they get now

    So no i dont think that would be the plan
     
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  7. dazed&confused

    dazed&confused Active Member

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    I genuinely think we need them, more then they need us. There is definitely some PR value in having Coventry City at the Ricoh, but the matchday revenue we bring in is hardly a game changer. And if we were to skulk-off again, who's to say they couldn't find another tenant. SISU once assumed no one else would buy the Ricoh; it's not safe to assume Wasps couldn't find another team to replace us on 15-23 matchdays a year. Another Rugby Union club, a Rugby League club, an American Football club? And they might bring in more revenue.

    The naming rights thing is a good point, but lets be realistic: we are a League One side with modest crowds in a city where football is not that big a deal. We aren't a huge commercial draw. Look at our shirt sponsor.
     
    Last edited: Nov 15, 2018
  8. Captain Dart

    Captain Dart Well-Known Member

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    The financial benefit is being pretty much consumed by legal costs (assuming Wasps get about 50% costs of what they had to pay to defend the case, which roughly the percentage that CCC stated applied to the earlier JR). So the only benefit in keeping City on is loss of public goodwill and that won't be tested till next season.
     
  9. Covstu

    Covstu Well-Known Member

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    But rich men also know when to quit,
     
  10. dazed&confused

    dazed&confused Active Member

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    My comments are entirely those of an outsider looking in. If you know differently, fair enough.
     
  11. letsallsingtogether

    letsallsingtogether Well-Known Member

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    Why are Sisu still here then?
     
  12. letsallsingtogether

    letsallsingtogether Well-Known Member

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    Thats what I was thinking buying onto the Ricoh not wasps.
    Hopefully wasps go tits up City and Cov Rugger join forces both play at the Ricoh and turn the Butts into a training ground and stadium for the youth teams.
    Bang job done.
     
  13. Grendel

    Grendel Well-Known Member

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    How rich actually is he?
     
  14. Nick

    Nick Administrator

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    In an ideal world maybe.

    Would cover rugby want to? They seem to be building something themselves.
     
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  15. dazed&confused

    dazed&confused Active Member

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    Good question.
     
  16. chiefdave

    chiefdave Well-Known Member

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    Can't remember who told me this so it could be totally wrong but I was told he made his money by selling his insurance company for £40m.
     
  17. Covstu

    Covstu Well-Known Member

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    Not their cash! Clearly feel they have unfinished business
     
  18. Covstu

    Covstu Well-Known Member

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    At a rate that’s sustainable too....
     
  19. letsallsingtogether

    letsallsingtogether Well-Known Member

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    Isn't that how most football clubs are run?
    Borrow money against the club to then give them the money.
    Isn't that how The Glaziers do it at Man Utd and Abramovich at Chelsea?
    So you actually don't put anything of your own into the club.
     
  20. fernandopartridge

    fernandopartridge Well-Known Member

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    Abramovich has lent money to the club. The Glaziers bought the club by using it as collateral to finance. Two different things and neither like what you say. Man United can sustain themselves without borrowing.
     
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  21. sb84

    sb84 Member

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    also quote...First post of the new season. How do you think the season is going?

    Thank you and wishful thinking I suppose but if they did up sticks again I don't think all our stadium or ownership problems will be solved overnight.
    Season much better than I expected it to be, honestly expected us to be bottom 6 but delighted to be proved wrong at present and hope we are still hanging around at the current position or better come the end of the season.
    I don't post here very often at all but read quite frequently to keep up with ccfc news. I didn't realise I had to keep up with a minimum post count, sorry.
    There seems to be an underlying issue with me as if you think I am some sort of Wasps mole on here, I am near to 50 years of age and been a city fan since 1984, was a highfield road regular but never been keen on ricoh atmosphere and other life commitments get in the way these days so hardly ever get to city home games. I was pissing about with charlie perms at Owen Owen in a kappa tracksuit on a Saturday morning and then going to HR whilst most on here hadn't been considered yet so I would say I am a reasonable city fan.

    However I do have a Wasps connection so I am not an all out hater, but then I also have a connection to Leicester Tigers, England Rugby, England Football, Manchester City, New York city, Wolves, etc etc. Also sorry if this offends anyone (especially in an age where offence is easily taken by everyone it seems) but I like team sports and follow a few clubs. City take priority over all the above though as it was my childhood choice to support them and having lived my whole life Coventry, Leamington or Kenilworth it is the obvious choice.
     
  22. Nick

    Nick Administrator

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    What's your point?

    I'd say you have logged in to post because of your Wasps "link" rather than your CCFC "link".

    Who has said in this thread that Wasps will be gone? All you have done is try to login and deflect away from people commenting on the finance situation.
     
  23. sb84

    sb84 Member

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    here we go again, im a city fan and have no reason to deflect anything away from wasps, i logged in this time whilst having a cup of tea and thought i better clarify the situation regarding other users suspecting that i was a wasp mole. There are about 4 or 5 different threads going with regards to wasps issues but im not posting in there too.
    I do hate villa and Leicester though just in case you need a bit more proof ; )

    Can we just park this spat now as I dont have time to keep checking back in for this really. Please.
     
  24. Nick

    Nick Administrator

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    Isn't a "spat" it's an observation that you logged in just to try and play it down by trying to disprove something nobody had actually said.
     

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