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Wasps current finances & hope (1 Viewer)

  • Thread starter oldskyblue58
  • Start date Nov 19, 2017
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Grendel

Well-Known Member
  • May 22, 2018
  • #1,296
italiahorse said:
Bunged out by who ?
Are you saying the Ricoh put a proposal to LR?
Are you saying it was going to be LR and now it's not?
It was considered then and something changed ?
We could both be right.
Click to expand...

Er no I’m saying wasps wanted a high profile company but were deluded and shown the door - by several companies I believe.

Wasps will do what they always do in the end - agree a “multi million pound” deal with a company - you’ll be all over it - but in reality the terms conditions and small print mean it costs the sponsor next to nothing
 

fernandopartridge

Well-Known Member
  • May 22, 2018
  • #1,297
Grendel said:
Er no I’m saying wasps wanted a high profile company but were deluded and shown the door - by several companies I believe.

Wasps will do what they always do in the end - agree a “multi million pound” deal with a company - you’ll be all over it - but in reality the terms conditions and small print mean it costs the sponsor next to nothing
Click to expand...

They've been incredibly quiet about the 'deal' with RICOH, not even a 'five figure' sponsorship deal.
 
D

Deleted member 5849

Guest
  • May 22, 2018
  • #1,298
fernandopartridge said:
They've been incredibly quiet about the 'deal' with RICOH, not even a 'five figure' sponsorship deal.
Click to expand...
Yeah, interesting in its own way. Even if a small figure, I expected them to get a new sponsor so they could claim it was a big deal, and 'showcase' their commercial pulling ability.
 

Terry Gibson's perm

Well-Known Member
  • May 22, 2018
  • #1,299
Grendel said:
Er no I’m saying wasps wanted a high profile company but were deluded and shown the door - by several companies I believe.

Wasps will do what they always do in the end - agree a “multi million pound” deal with a company - you’ll be all over it - but in reality the terms conditions and small print mean it costs the sponsor next to nothing
Click to expand...


It will cost the sponsor a fortune just to change the signage and all the brown signs I would imagine this as well as second stadium name value being much less interesting must also be putting off the massive sponsors like the glentworth chippy , pilgrims newsagents and the Tudor Shoe Bar that they can attract
 
Reactions: Grendel
C

CCFC54321

Well-Known Member
  • May 27, 2018
  • #1,300
Grendel said:
What evidence do you want? Do you have any idea how companies work regarding sponsorship? Do you honestly think a multi national company like JLR will put on hold a very minor sponsorship deal with a minority sport for years and years until some court action is resolved?

Really it’s embarrassing. As for evidence - the evidence is that you stated it would be a done deal in 2015 (there was court action then) and 3 years later it hasn’t

I’m hardly going to be able to colonially reveal minutes of meetings am I? Fact is in 2015 I said it had been dimissed and you said it’s imminent.

Let’s let the audience decide whose in the know and who hasn’t got a fucking clue.
Click to expand...
I can assure any disgusting wasps supporter JLR will not be sponsoring the Ricoh and the shirt sponsorship may also be in doubt.
 

Terry Gibson's perm

Well-Known Member
  • May 27, 2018
  • #1,301
It would be interesting to know how much they are getting for stadium sponsorship at the moment compared to what they expected or budgeted for?
 

chiefdave

Well-Known Member
  • Jun 1, 2018
  • #1,302
More good news for our landlords
Billy Ocean and Five Star concert at the Ricoh CANCELLED
 

Sub

Well-Known Member
  • Jun 1, 2018
  • #1,303
chiefdave said:
More good news for our landlords
Billy Ocean and Five Star concert at the Ricoh CANCELLED
Click to expand...


Well when the going gets tough the tough get going !!!
 
Reactions: torchomatic, clint van damme, Captain Dart and 5 others

Grendel

Well-Known Member
  • Jun 1, 2018
  • #1,304
chiefdave said:
More good news for our landlords
Billy Ocean and Five Star concert at the Ricoh CANCELLED
Click to expand...

All rather odd - says will be rescheduled at another venue?
 

Terry Gibson's perm

Well-Known Member
  • Jun 1, 2018
  • #1,305
Grendel said:
All rather odd - says will be rescheduled at another venue?
Click to expand...


Maybe a smaller one where they can sell enough tickets easier
 

chiefdave

Well-Known Member
  • Jun 1, 2018
  • #1,306
Terry Gibson's perm said:
Maybe a smaller one where they can sell enough tickets easier
Click to expand...
Would expect so. The worry for Wasps must be that Billy Ocean is clearly shifting tickets generally as he's having extra dates added to his tour due to demand. If they aren't shifting at one particular venue it would indicate the problem lies with the venue. And of course this is the second gig there recently to be cancelled.
 

Grendel

Well-Known Member
  • Jun 1, 2018
  • #1,307
chiefdave said:
Would expect so. The worry for Wasps must be that Billy Ocean is clearly shifting tickets generally as he's having extra dates added to his tour due to demand. If they aren't shifting at one particular venue it would indicate the problem lies with the venue. And of course this is the second gig there recently to be cancelled.
Click to expand...

Perhaps need some maintenance that wasps can’t afford?
 
M

Monners

Well-Known Member
  • Jun 1, 2018
  • #1,308
Looks like the going has got tough
 

Grendel

Well-Known Member
  • Jun 1, 2018
  • #1,309
I see they are now offering zebra finance for season tickets and spreading over 12 months. The APR is 17.8% is ours that high on finance?
 

Terry Gibson's perm

Well-Known Member
  • Jun 1, 2018
  • #1,310
Grendel said:
I see they are now offering zebra finance for season tickets and spreading over 12 months. The APR is 17.8% is ours that high on finance?
Click to expand...


Must have come as a shock to their followers when they suddenly had to pay for tickets
 
Reactions: The Reverend Skyblue, chiefdave, Covstu and 4 others

italiahorse

Well-Known Member
  • Jun 1, 2018
  • #1,311
Grendel said:
I see they are now offering zebra finance for season tickets and spreading over 12 months. The APR is 17.8% is ours that high on finance?
Click to expand...
I have both .....
Both are 0% finance
Wasps ST 17.8% and CCFC ST 22% on charges
Not sure though if because I have Premium CCFC ticket that the % is effected.
 

fernandopartridge

Well-Known Member
  • Jun 3, 2018
  • #1,312
chiefdave said:
More good news for our landlords
Billy Ocean and Five Star concert at the Ricoh CANCELLED
Click to expand...
The ticket prices were exorbitant. No surprise this has been cancelled.
 

Nick

Administrator
  • Jun 28, 2018
  • #1,313
 

Earlsdon_Skyblue1

Well-Known Member
  • Jun 28, 2018
  • #1,314
Can anyone elaborate on what this means? Or is it as straight forward as it sounds?
 

Nick

Administrator
  • Jun 28, 2018
  • #1,315
Just means that when they were auditing the stuff for Wasps, they asked for evidence and Wasps gave them falsified evidence so now PWC have resigned from being their auditor.

Isn't anything new, just the written reason confirmation.
 

Earlsdon_Skyblue1

Well-Known Member
  • Jun 28, 2018
  • #1,316
That's good though, because when I tried to explain this to some Wasps apologists I know, they told me it was bullshit and that 'companies change their auditors all the time'.

I will now Whatsapp them a screenshot of the evidence, and a few sarcastic meme's maybe.
 
Reactions: fernandopartridge, MusicDating and Sick Boy

oldskyblue58

CCFC Finance Director
  • Jun 29, 2018
  • #1,317
Auditors have to file such a statement in such circumstances. This was expected after the release of 2017 accounts so nothing new at all, its just the statutory requirement

advice from Institute of Chartered Accountants in England & Wales
521 Copy of statement to be sent to registrar


[This section sets out what the auditor then has to do with his statement made under section 519.]

(1) Unless within 21 days beginning with the day on which he deposited the statement under section 519 the auditor receives notice of an application to the court under section 520, he must within a further seven days send a copy of the statement to the registrar.

(2) If an application to the court is made under section 520 and the auditor subsequently receives notice under subsection (5) of that section, he must within seven days of receiving the notice send a copy of the statement to the registrar.

(3) An auditor who fails to comply with subsection (1) or (2) commits an offence.

(4) In proceedings for such an offence it is a defence for the person charged to show that he took all reasonable steps and exercised all due diligence to avoid the commission of the offence.

(5) A person guilty of an offence under this section is liable—

(a) on conviction on indictment, to a fine;

(b) on summary conviction, to a fine not exceeding the statutory maximum.




We will never know what went on exactly but there was clearly no working relationship remaining between PWC and Wasps. Not sure you see such audit reports and filings that often, and that seriously taints Wasps holdings. That in itself makes me wonder what really went on between the two sides Wasps and PWC

I know I work with smaller audit clients but quite how audit fees charged by PWC increased by a factor of nearly 7 to over £200k surprises me even with the extra work they had to do. Wasps might have large numbers but are there that many transactions, and isn't a lot (even all) held electronically so the actual man power to the audit is it that high? The transaction they found must have been material to the audit it was £1.1m, it is not as if they stumbled across it to check by luck I would think they had to check it

I get the feeling there is more to this but I have nothing to add to that, its just a gut feeling. Seems PWC are covering their position any way they can however they have acted quite properly in terms of resignation . I think both sides will feel well rid of each other. But not my problem anyway
 
Last edited: Jun 29, 2018

fernandopartridge

Well-Known Member
  • Jun 29, 2018
  • #1,318
oldskyblue58 said:
We will never know what went on exactly but there was clearly no working relationship remaining between PWC and Wasps. Not sure you see such audit reports and filings that often, and that seriously taints Wasps holdings. That in itself makes me wonder what really went on between the two sides Wasps and PWC

I know I work with smaller audit clients but quite how audit fees charged by PWC increased by a factor of nearly 7 to over £200k surprises me even with the extra work they had to do. Wasps might have large numbers but are there that many transactions, and isn't a lot (even all) held electronically so the actual man power to the audit is it that high? The transaction they found must have been material to the audit it was £1.1m, it is not as if they stumbled across it to check by luck I would think they had to check it

I get the feeling there is more to this but I have nothing to add to that, its just a gut feeling. Seems PWC are covering their position any way they can however they have acted quite properly in terms of resignation . I think both sides will feel well rid of each other. But not my problem anyway
Click to expand...

Well indeed, particularly considering that the large audit firms in the UK have often been seen to be rather leant on by companies (the Financial Crisis, Carillion etc). It must be bad for even them not to sign it off!
 
W

wingy

Well-Known Member
  • Jun 29, 2018
  • #1,319
fernandopartridge said:
Well indeed, particularly considering that the large audit firms in the UK have often been seen to be rather leant on by companies (the Financial Crisis, Carillion etc). It must be bad for even them not to sign it off!
Click to expand...
Still find it Incredulous that his cash injection was made late ..
Was always likely ,required, necessary .
Really find it hard to conclude it was an accident oversight,incompitent?
 

Nick

Administrator
  • Jun 29, 2018
  • #1,320
wingy said:
Still find it Incredulous that his cash injection was made late ..
Was always likely ,required, necessary .
Really find it hard to conclude it was an accident oversight,incompitent?
Click to expand...

The auditors seemed to think it was done on purpose as evidence was falsified. That seems a fair bit away from filing something under the wrong code.
 
W

wingy

Well-Known Member
  • Jun 29, 2018
  • #1,321
Nick said:
The auditors seemed to think it was done on purpose as evidence was falsified. That seems a fair bit away from filing something under the wrong code.
Click to expand...
Unless it was pure panic I would be looking at their motivation If in some un-apparent bizarre way there is some advantage in the overall picture .
Clearly there doesn't appear to be one at surface level ,some Scam?
 

Nick

Administrator
  • Jun 29, 2018
  • #1,322
wingy said:
Unless it was pure panic I would be looking at their motivation If in some un-apparent bizarre way there is some advantage in the overall picture .
Clearly there doesn't appear to be one at surface level ,some Scam?
Click to expand...

Wasn't it to trick the bold holders and meet the needs of it? If I remember it was something like that.
 
W

wingy

Well-Known Member
  • Jun 29, 2018
  • #1,323
Nick said:
Wasn't it to trick the bold holders and meet the needs of it? If I remember it was something like that.
Click to expand...
Yeah
Why not just put it in on time though?
Is there a point with enough shit hit the fan to make the bonds attractive to buy out as opposed pay out years of interest, then final £35 M?
Unlikely.
 

chiefdave

Well-Known Member
  • Jun 29, 2018
  • #1,324
wingy said:
Yeah
Why not just put it in on time though?
Is there a point with enough shit hit the fan to make the bonds attractive to buy out as opposed pay out years of interest, then final £35 M?
Unlikely.
Click to expand...
Wasn't just the timing was it? Wasn't it that the owner putting in money didn't count towards income as far as the bond conditions were concerned. That's one of the things they voted on in that meeting I think, to change the conditions of the bond.
 
Reactions: duffer
W

wingy

Well-Known Member
  • Jun 29, 2018
  • #1,325
chiefdave said:
Wasn't just the timing was it? Wasn't it that the owner putting in money didn't count towards income as far as the bond conditions were concerned. That's one of the things they voted on in that meeting I think, to change the conditions of the bond.
Click to expand...
IDK Dave but hadn't he done that a couple of times before?
All on time etc.
 

Terry Gibson's perm

Well-Known Member
  • Jul 9, 2018
  • #1,326
They are going to build a hotel on the car park over the road from the stadium formerly known as the Ricoh (or is it still?).

As they are taking car park spaces away can we assume the car parking restrictions will be dropped or shrunk to allow people to park who would have used that car park?

Doubt it though
 

Nick

Administrator
  • Jul 9, 2018
  • #1,327
I wonder if they are paying for the long lease for the land?
 

Terry Gibson's perm

Well-Known Member
  • Jul 9, 2018
  • #1,328
Nick said:
I wonder if they are paying for the long lease for the land?
Click to expand...
Hahahaha
 

fernandopartridge

Well-Known Member
  • Jul 9, 2018
  • #1,329
Nick said:
I wonder if they are paying for the long lease for the land?
Click to expand...

Interesting that they're applying to extend the lease first on this occasion. Wasps will not operate the hotel, presumably will be leasing it on to a hotel operator or other intermediary.

How will the council calculate how much the lease is worth?
 

Terry Gibson's perm

Well-Known Member
  • Jul 9, 2018
  • #1,330
fernandopartridge said:
Interesting that they're applying to extend the lease first on this occasion. Wasps will not operate the hotel, presumably will be leasing it on to a hotel operator or other intermediary.

How will the council calculate how much the lease is worth?
Click to expand...


They will ask the people who do the valuations for wasps and then take off seventy five percent to get the figure
 
Reactions: duffer
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