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Wasps downward spiral... (5 Viewers)

  • Thread starter CCFC54321
  • Start date Oct 20, 2018
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Skybluemichael

Well-Known Member
  • Apr 21, 2022
  • #3,501
What did coventry building society pay to sponsor the stadium? do you think they would be involved in refinancing the bonds? Like they paid nothing to sponsor but will give them a good mortgage
 
C

CCFC54321

Well-Known Member
  • Apr 24, 2022
  • #3,502
Skybluemichael said:
What did coventry building society pay to sponsor the stadium? do you think they would be involved in refinancing the bonds? Like they paid nothing to sponsor but will give them a good mortgage
Click to expand...
The suggestions/rumour I heard was Hoffman was at the time involved with the CBS offering London wasps better refinancing terms and the stadium named after CBS and Coventry city has to come back to the city.
 
Reactions: Grendel

oldskyblue58

CCFC Finance Director
  • Apr 24, 2022
  • #3,503
CCFC54321 said:
The suggestions/rumour I heard was Hoffman was at the time involved with the CBS offering London wasps better refinancing terms and the stadium named after CBS and Coventry city has to come back to the city.
Click to expand...

Hoffman is still chairperson of CBS

CBS is effectively a public company and Hoffman would not be allowed to take part in any negotiations loan or otherwise because of his previous involvement with the stadium.

As far as I know CBS have a maximum loan available for any borrower of £2m

More importantly CBS only lends in the residential market to individuals and doesn't provide loans to commercial trading limited companies as far as I know.

I could be wrong of course will wait see but I don't see CBS being involved in the wasps refinancing at all. Nor Hoffman
 
Last edited: Apr 24, 2022
Reactions: stupot07, Danceswithhorses, Kneeza and 2 others
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CCFC54321

Well-Known Member
  • Apr 24, 2022
  • #3,504
CCFC54321 said:
The suggestions/rumour I heard was Hoffman was at the time involved with the CBS offering London wasps better refinancing terms and the stadium named after CBS and Coventry city has to come back to the city.
Click to expand...
Grendel why don’t you just fuck off and leave this site alone? Every thread is you around like a fucking shit stuck to a shoe you can’t shake off.

I have 0.25% of respect on this site but it’s 0.25% more than yourself. Your tiring and the majority who won’t add to this thread are-bored to the back teeth of you.
 
Reactions: ccfcrob, SkyBlueCharlie9, Sick Boy and 1 other person
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CCFC54321

Well-Known Member
  • Apr 24, 2022
  • #3,505
oldskyblue58 said:
Hoffman is still chairperson of CBS

CBS is effectively a public company and Hoffman would not be allowed to take part in any negotiations loan or otherwise because of his previous involvement with the stadium.

As far as I know CBS have a maximum loan available for any borrower of £2m

More importantly CBS only lends in the residential market to individuals and doesn't provide loans to commercial trading limited companies as far as I know.

I could be wrong of course will wait see but I don't see CBS being involved in the wasps refinancing at all. Nor Hoffman
Click to expand...
You may probably be right be it’s more than a coincidence that Hoffman is involved with the CBS and now sponsor the stadium and CCFC coming back?
 
Reactions: Grendel

Grendel

Well-Known Member
  • Apr 24, 2022
  • #3,506
CCFC54321 said:
You may probably be right be it’s more than a coincidence that Hoffman is involved with the CBS and now sponsor the stadium and CCFC coming back?
Click to expand...

He is right and as usual you are talking nonsense
 

Grendel

Well-Known Member
  • Apr 24, 2022
  • #3,507
CCFC54321 said:
Utter clap trap. W**ps won’t be here in two/three years and your financies are a disgrace. Your gates are dropping despite free tickets and under 10’s being allowed free entrance too. 12,000 there Saturday? More like 5 or 6,000.

Your owner won’t continue to fund you much longer I’m hearing and your playing squad all want out. Your statement about international players are coming next season? One cap wonders from across the world that nobody else wants? Oh, and the news that I have about your financies becoming just a little weaker won’t have helped mate!

You’ll be relegated next season and then liquidated the year afterwards. Shame CCFC couldn’t finish you off ourselfs. Your not wanted in Coventry and will never be accepted here.
Click to expand...

This along with your numerous other predictions went well
 
F

Fletch

Member
  • Apr 25, 2022
  • #3,508
oldskyblue58 said:
Hoffman is still chairperson of CBS

CBS is effectively a public company and Hoffman would not be allowed to take part in any negotiations loan or otherwise because of his previous involvement with the stadium.

As far as I know CBS have a maximum loan available for any borrower of £2m

More importantly CBS only lends in the residential market to individuals and doesn't provide loans to commercial trading limited companies as far as I know.

I could be wrong of course will wait see but I don't see CBS being involved in the wasps refinancing at all. Nor Hoffman
Click to expand...

CBS are governed by the Building Society's Act and do not have the regulatory permissions to provide commercial finance
 
Reactions: Skybluemichael

fernandopartridge

Well-Known Member
  • Apr 25, 2022
  • #3,509
Skybluemichael said:
May the 13th according to these people Wasps 22 Chat - WAS1 | ADVFN
Click to expand...

It's a Friday as well!
 
Reactions: Kneeza, AOM, CCFC54321 and 2 others

AOM

Well-Known Member
  • Apr 25, 2022
  • #3,510
fernandopartridge said:
It's a Friday as well!
Click to expand...

 
Reactions: vow, Hiraeth and duffer
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oldfiver

Well-Known Member
  • May 2, 2022
  • #3,511

Oh dear !!
 
Reactions: fernandopartridge, duffer and vow

Liquid Gold

Well-Known Member
  • May 2, 2022
  • #3,512
More interested in how they're going to repay the bonds maturing in 2 weeks than how they did in a league game where there is no relegation and everybody qualifies for europe no matter what.
 
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oldfiver

Well-Known Member
  • May 2, 2022
  • #3,513
Liquid Gold said:
More interested in how they're going to repay the bonds maturing in 2 weeks than how they did in a league game where there is no relegation and everybody qualifies for europe no matter what.
Click to expand...

They won't make the pay four on the league
So related
 

jordan210

Well-Known Member
  • May 3, 2022
  • #3,514
Apparently the bond will be paid off at Maturity. Not sure if this means it been refinanced to a bank or Richardsons paid it himself. I sure we will find out
 

Liquid Gold

Well-Known Member
  • May 3, 2022
  • #3,515
Would be mad for Richardson to just pay it off. If he was going to do that he could have done it when they moved and saved himself years of interest payments.
 
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oldfiver

Well-Known Member
  • May 3, 2022
  • #3,516
Liquid Gold said:
More interested in how they're going to repay the bonds maturing in 2 weeks than how they did in a league game where there is no relegation and everybody qualifies for europe no matter what.
Click to expand...

ADVFN

uk.advfn.com
 

duffer

Well-Known Member
  • May 3, 2022
  • #3,517
oldfiver said:

Oh dear !!
Click to expand...

I stopped watching it when it looked certain that Wasps were going to win. Arse.

Now I know how those people leaving the CBS in the 89th minute feel.
 
Reactions: Sky Blue Pete and vow

Gynnsthetonic

Well-Known Member
  • May 8, 2022
  • #3,518
Bonds day on Friday, will anything actually happen or will it just be a normal day.
 

duffer

Well-Known Member
  • May 8, 2022
  • #3,519
Gynnsthetonic said:
Bonds day on Friday, will anything actually happen or will it just be a normal day.
Click to expand...

 

Grendel

Well-Known Member
  • May 8, 2022
  • #3,520
Gynnsthetonic said:
Bonds day on Friday, will anything actually happen or will it just be a normal day.
Click to expand...

All bond holders have been told they’ll be paid in full
 

Gynnsthetonic

Well-Known Member
  • May 8, 2022
  • #3,521
Heard from a source from inside the CBS that Derek Richardson had to borrow money off some of his racehorse owner chums last months to cover Wasp costs.
 
Reactions: Moff and duffer

duffer

Well-Known Member
  • May 9, 2022
  • #3,522
Gynnsthetonic said:
Heard from a source from inside the CBS that Derek Richardson had to borrow money off some of his racehorse owner chums last months to cover Wasp costs.
Click to expand...

Ah stop it now, you're just teasing me.

In truth of course, I've got no idea whether or not Wasps will be able to refinance the bond. Even if they do though, it's not going to be cheap, so it'll continue to be a big drag on the business.

In the meantime there's no evidence that their support will increase or that their on field performance will significantly improve. Not a great candidate for further investment I'd suggest, but I guess we'll see...
 

chiefdave

Well-Known Member
  • May 9, 2022
  • #3,523
Gynnsthetonic said:
Bonds day on Friday, will anything actually happen or will it just be a normal day.
Click to expand...
it will almost certainly just be a normal day and they'll be paid off. don't think there's any reason they have to say how they're raised the finances but it will no doubt be some sort of loan / mortgage that won't be revealed until the relevant set of accounts are published.

Would have thought the interest rate will be higher than the one they have at the moment.
 
Reactions: Sky Blue Pete

fernandopartridge

Well-Known Member
  • May 9, 2022
  • #3,524
chiefdave said:
it will almost certainly just be a normal day and they'll be paid off. don't think there's any reason they have to say how they're raised the finances but it will no doubt be some sort of loan / mortgage that won't be revealed until the relevant set of accounts are published.

Would have thought the interest rate will be higher than the one they have at the moment.
Click to expand...

Look out for a debenture being registered against Wasps Holdings Ltd at Companies House I guess
 
Reactions: oldskyblue58

oldskyblue58

CCFC Finance Director
  • May 9, 2022
  • #3,525
The bond was a way to fund their purchase when the wasps holdings wasn't established. The interest rate was 6.5% costing 2.275m pa with no capital repayment. High interest to reflect elevated risk of a sporting club bond

Things have not gone to plan, there were problems with the bond so raising finance by a second public bond was going to be difficult as the "confidence" or "excitement" for it was not there. Other factors were involved not least being it was expensive borrowing, pandemic etc

keep in mind it is not just about the rugby side of the business so any emphasis on crowd sizes is not as true as say for CCFC, and that the other parts of the business are more commercial than when they bought in.

Funding will come i think (and said often before) from more traditional but specialised lenders and be secured on the business assets, possibly not just the stadium. That could reduce the interest they pay. Then it will be all about the loan term and they effectively have a very long term assets to secure it with.

I am not convinced the interest rate will be higher, but we wont know until we see the 2022 & 2023 financials. As the bond will have been repaid i dont think we will see the 2022 ones until next March

Just as a for instance. They have been paying £2.275m pa interest and the debt remained static. If they got a secured repayment loan over 30 years at 5% that would cost £2.25m per annum with the loan reducing each year.

I am not sure it would be ordinary high street bank commercial loan, it will be tailored to suit. Clearly they have been able to raise the funds because of the emails sent to bondholders

Just as a thought it could be done in a similar way to how SISU raised funds but without the heavy interest charges because of the security on offer.

time will tell i guess
 
Reactions: Gynnsthetonic, duffer and Sky Blue Pete

SBAndy

Well-Known Member
  • May 13, 2022
  • #3,526
Bond maturity day and no fresh charges logged at Companies House…
 

Grendel

Well-Known Member
  • May 13, 2022
  • #3,527
SBAndy said:
Bond maturity day and no fresh charges logged at Companies House…
Click to expand...

Odd isn't it
 
H

HuckerbyDublinWhelan

Well-Known Member
  • May 13, 2022
  • #3,528
SBAndy said:
Bond maturity day and no fresh charges logged at Companies House…
Click to expand...
So what does that mean?
 

SBAndy

Well-Known Member
  • May 13, 2022
  • #3,529
HuckerbyDublinWhelan said:
So what does that mean?
Click to expand...

Well you’d expect if they were going down the route of traditional finance there would be a charge logged over the Arena and/or a Debenture over Wasps Holdings Limited. Either a) there’s a hold-up with the charge registration at Companies House but the legal firm involved have given sign-off that it is in effect, or b) other funding means have been utilised.

Definitely too early to say one way or the other, and registration of charges at Companies House isn’t necessarily gospel in terms of immediacy, but you would naturally think that a charge would have been logged in time for maturity. Not like it’s come as a surprise.
 
Reactions: HuckerbyDublinWhelan

Grendel

Well-Known Member
  • May 13, 2022
  • #3,530
It’s ok Shugs on drunken wasps says it’s fine it’s job has been achieved and now the business can move forward and grow
 
Reactions: SlowerThanPlatt and Kneeza

SBAndy

Well-Known Member
  • May 13, 2022
  • #3,531
Not that it’s worth reading *too* much into this, but bond holders on ADVFN saying no payment received yet. Will keep a watchful eye on proceedings.
 
Reactions: Gynnsthetonic

Gynnsthetonic

Well-Known Member
  • May 13, 2022
  • #3,532
SBAndy said:
Not that it’s worth reading *too* much into this, but bond holders on ADVFN saying no payment received yet. Will keep a watchful eye on proceedings.
Click to expand...
What could happen if nothing paid?
 
O

oldfiver

Well-Known Member
  • May 13, 2022
  • #3,533

ADVFN

uk.advfn.com
 

SBAndy

Well-Known Member
  • May 13, 2022
  • #3,534
Gynnsthetonic said:
What could happen if nothing paid?
Click to expand...

Can’t say I know the answer to that.
 

jordan210

Well-Known Member
  • May 13, 2022
  • #3,535
On ADVFN:

RNS out.

Payment being "delayed" pending "completion of financing"

"refinancing expected to complete on or before 30th June"
 
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