Skyblueweeman
Well-Known Member
I think it would make my blood boil reading some of the stuff on there. And it's already too hot. 32 degrees C here in Portsmouth today.
I've just had a look on the Wasps forum, some utterly deluded arseholes on there. Matt82 being number 1 currently.
Looks good to be fair.
No one would stop in the Ricoh hotel if they are exhibitors if they have already been once. Its pretty dire and in a dire area of Coventry.
It's really not dire.
And if they're there for a conference/exhibition/meeting which is one or two days, they do tend to stay there. If it's anything longer, then delegates do tend to stay somewhere else where there's more happening. Same for anyone going to a multiday event in any city.
Have you stayed there? I have attended several exhibits and corporate events and its decline has been severe. Of course management companies will dump low paid exhibition staff there but given they have hardly any such events anyway what purpose does it serve.
I was Director of Sales for Sports and Partnerships at Hilton until 6 weeks ago, so I know the hotel very well. I've also shown a few professional sports teams the hotel who all said it was a good option (despite being 'too near' where they were playing).
Its a budget Hilton Hotel - we never used it for guests coming in - food is terrible and its just odd - the noise screening is dire.
When we sponsored the Arena we had free facilities for meetings - the rooms were so cramped and the food so dire we moved away and paid for facilities at superior venues. The reviews are in decline with many 3 star or less reviews - this is the best summary to me.
A unique situation for a hotel - built into a sports stadium with rooms round the edge of the stadium.
This is all well and good if you're coming to watch a 'Wasps' match but the walk to your room can be right around the other side of the huge stadium - take walking boots and a rucksac.
Other than that, it's basic (hard to believe it a Hilton) and has sparse facilities.
Read less
Yes I agree £35m to be repaid. My point is the value of the stadium is greater than £35m, yes. And I am noting it is significantly larger than £14m. A couple of points in your post are pretty circular arguments. Public markets often fluctuate and significantly undervalue or overvalue the fundamentals. If Wasps had significant cash they could consider buying shares, but they don't, like you say, and even if they did they could not without moving the market significantly. Yes we have covid now, but there are many vaccines in trials, Russia is rolling one out now so we will know pretty quickly if that one works and is safe, AstraZeneca have begun manufacture, and so yes discounting cash flows is the correct approach. Write off 1 (or 2 if you like) years of profit and the NPV will not dip vastly. I would not underestimate the potential things have to blow over. The point I am making is that the bonds have security over the stadium. I would definitely not accept 60p tomorrow and no bondholder is likely to accept less than full payout when, on taking possession of the stadium, the exercise of appointing a party to sell the stadium, or alternatively simply forming a company to take the stadium forwards as an awesome local venue for Coventry, is so straightforward. | ||
| ||
Wasps are top 6 in the Premiership currently, which means European rugby next year, and if they manage top 4 then they get payments from the play-offs. I cant see the owner walking away and letting everything go bust, including selling off the stadium, when all he needs to do is re-finance and continue trading. That might not mean 100% return, but maybe 80% return. Most major sports teams only exist due to the continued support of their owner, Wasps are not unique in that situation. |
I hope they did not invest without expert advice.
Especially if they think they are secured on the ground
The valuation of the Arena given by Strutt & Parker for the long leasehold interest as at 23 April 2015 is £48,500,000. This is significantly higher than the valuation in the audited accounts of ACL (see Section 15 (Financial Statements – Annual report and accounts of Arena Coventry Limited for the financial years ended 31 May 2013 and 31 May 2014)) as the ACL accounts value the Arena purely at its historic cost less depreciation, whilst Strutt & Parker make assumptions as to future trading (i.e. Strutt & Parker give the market value). In addition, pursuant to the Conditions of the Bonds, Guarantors and ACL2006 have undertaken that they will together require further independent appraisals of the value of the Arena, together with the current value of the P- Shares, not less than once in each consecutive 24 month period, the first such valuation date to be no later than 30 June 2016.
couple of dreamers on there. Doubt they even read the prospectus.I hope they did not invest without expert advice.
Especially if they think they are secured on the ground
couple of dreamers on there. Doubt they even read the prospectus.
Sure they're still waiting for their Nigerian prince to send them their money now he's got access to his funds
Been updated
Comedy update!
Dropping the protection of the sports centre.
In short, Stratford Council have morphed into CCC wanabees.
They're waiting for the hotel to openThere are travellers by the Ricoh refusing to move and the council are grumpy, ironic really when they are doing all they can to help keep the travellers in it.
| From the Bond's Board aringadingding: I have checked out the prospectus and there is nothing in there that bothers me greatly. CC2014 some background reading re trustee processes here: hxxps://www.icmagroup.org/assets/documents/About-ICMA/APAC/ICMA-NAFMII-WG-International-Practices-of-Bond-Trustee-Arrangements-031218.pdf The £5m is mostly government grant to get Britain building and not income, agreed, but obviously will add to the stadium value. There is a whole load of detail we could go into if we wanted to but at this stage the dynamic, I think, is that the football club wants to play there but they don't want to pay a lot for that, and probably hope that if the club goes bust they can pick up the stadium cheaply (the low public market valuation helps them think this might happen). Wasps are doing a really great job of investing in training facilities, management, players, the brand and navigating the crisis. I think they are doing a superb job. The arena is located in a very prosperous part of the UK. Rugby as a sport is growing in value as evidenced by private equity investment. Wasps just need to see out this awkward few years when they have got involved in retail security markets, then ideally bring the football club back to the table, but otherwise just keep growing the business and think long term. I think they can do it but as stated above I am a holder |
a private equity firm that now now owns 20% of rugby-related income in a league where only 1 club pre-covid could make a small profit.Rugby as a sport is growing in value as evidenced by private equity investment.
From the Bond's Board
aringadingding: I have checked out the prospectus and there is nothing in there that bothers me greatly. CC2014 some background reading re trustee processes here: hxxps://www.icmagroup.org/assets/documents/About-ICMA/APAC/ICMA-NAFMII-WG-International-Practices-of-Bond-Trustee-Arrangements-031218.pdf The £5m is mostly government grant to get Britain building and not income, agreed, but obviously will add to the stadium value. There is a whole load of detail we could go into if we wanted to but at this stage the dynamic, I think, is that the football club wants to play there but they don't want to pay a lot for that, and probably hope that if the club goes bust they can pick up the stadium cheaply (the low public market valuation helps them think this might happen). Wasps are doing a really great job of investing in training facilities, management, players, the brand and navigating the crisis. I think they are doing a superb job. The arena is located in a very prosperous part of the UK. Rugby as a sport is growing in value as evidenced by private equity investment. Wasps just need to see out this awkward few years when they have got involved in retail security markets, then ideally bring the football club back to the table, but otherwise just keep growing the business and think long term. I think they can do it but as stated above I am a holder
Wasps are doing a really great job of investing in training facilities
From the Bond's Board
aringadingding: I have checked out the prospectus and there is nothing in there that bothers me greatly. CC2014 some background reading re trustee processes here: hxxps://www.icmagroup.org/assets/documents/About-ICMA/APAC/ICMA-NAFMII-WG-International-Practices-of-Bond-Trustee-Arrangements-031218.pdf The £5m is mostly government grant to get Britain building and not income, agreed, but obviously will add to the stadium value. There is a whole load of detail we could go into if we wanted to but at this stage the dynamic, I think, is that the football club wants to play there but they don't want to pay a lot for that, and probably hope that if the club goes bust they can pick up the stadium cheaply (the low public market valuation helps them think this might happen). Wasps are doing a really great job of investing in training facilities, management, players, the brand and navigating the crisis. I think they are doing a superb job. The arena is located in a very prosperous part of the UK. Rugby as a sport is growing in value as evidenced by private equity investment. Wasps just need to see out this awkward few years when they have got involved in retail security markets, then ideally bring the football club back to the table, but otherwise just keep growing the business and think long term. I think they can do it but as stated above I am a holder
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?