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.Putting my finance hat on, those accounts show a loss making business struggling to make a success of playing professional rugby and owning the Ricoh Arena. The value placed on the Ricoh is completely subjective and strangely enough will always be just enough to meet whatever banking or other finance covenants happen to be in place. Most significantly for Wasps and for us, the business is completely dependent on a rich owner funding on-going loses. If he were to walk away, the whole thing would collapse. However, there is no evidence whatsoever that will happen in the foreseeable future. The impending need to successfully re-finance the Ricoh debt is a potential problem, but in reality there's always a way to do that, particulaly if the interest rate on offer to new investors is attractive enough.
Anyone hoping that the whole thing is going to go tits up, is being unrealistic. Rich men are proud men, and don't like to admit they've made mistakes. Perhaps we could play the long-game and hope he loses interest, but a total collapse of the Irish insurance market or his untimely demise appear to be the only likely game-changers.
Funnily enough, the worse Wasps' financial position, the less they need us. If Richardson is prepared to put £5-6m a year into Wasps, he's not desperate for £100,000 from us, is he? I would suggest we don't piss him off.