Nah, Les Reid invented COVIDIf you take that at face value and assume crowds aren't returning anytime soon that would put Wasps on course for losses of something approaching £15-20m before you even consider the additional impact of the exhibition side of things.
And its now less than 20 months until they have to repay or refinance the bond.
Even the most optimistic Wasps fan must have serious concerns.
I guess COVID hasn't been all bad then. Couple more lockdowns to starve out the insects anyone?If you take that at face value and assume crowds aren't returning anytime soon that would put Wasps on course for losses of something approaching £15-20m before you even consider the additional impact of the exhibition side of things.
And its now less than 20 months until they have to repay or refinance the bond.
Even the most optimistic Wasps fan must have serious concerns.
It isn't pay walled it is free, you just need to register or click that you'll register laterAnother grim read if your a wasp fan. Behind a paywall mind you
Wasps chief warns of drastic cuts in rugby union without government help
Stephen Vaughan has warned Premiership clubs will have to make drastic cuts in a struggle for survival unless the government agrees to a compensation proposalwww.theguardian.com
It isn't pay walled it is free, you just need to register or click that you'll register later
Another grim read if your a wasp fan. Behind a paywall mind you
Wasps chief warns of drastic cuts in rugby union without government help
Stephen Vaughan has warned Premiership clubs will have to make drastic cuts in a struggle for survival unless the government agrees to a compensation proposalwww.theguardian.com
Another grim read if your a wasp fan. Behind a paywall mind you
Wasps chief warns of drastic cuts in rugby union without government help
Stephen Vaughan has warned Premiership clubs will have to make drastic cuts in a struggle for survival unless the government agrees to a compensation proposalwww.theguardian.com
If you take that at face value and assume crowds aren't returning anytime soon that would put Wasps on course for losses of something approaching £15-20m before you even consider the additional impact of the exhibition side of things.
And its now less than 20 months until they have to repay or refinance the bond.
Even the most optimistic Wasps fan must have serious concerns.
I need to learn to pay attention !
But looks very grim for wasps.
"Vaughan, the Wasps group chief executive, said that without financial assistance, following the decision to put the return of fans to sports grounds on hold indefinitely, his club would lose £500,000 a month and that all options would have to be on the table, including further wage cuts, to avoid closure."
Even with fans in they did not turn a profit so isn't like having fans it would make a huge difference to start.
Let’s face it - if this was fisher the telegraph and some of our fans would be going mental - “Gucci clad Joy Sappalla asks for tax payer bail out for private company football club”Exactly, they need their own house in order before asking for public money. They're already getting £5.3m in public funds, the furlough scheme, they had £12m in CVC money. Derek Richardson took this punt, he has to address costs first or he puts his hand in his pocket, that's the choice, the public shouldn't put in a penny to otherwise failing businesses.
You were probably thinking of the, I assume similar, Torygraph one. That's def behind a paywall.I need to learn to pay attention !
Exactly, they need their own house in order before asking for public money. They're already getting £5.3m in public funds, the furlough scheme, they had £12m in CVC money. Derek Richardson took this punt, he has to address costs first or he puts his hand in his pocket, that's the choice, the public shouldn't put in a penny to otherwise failing businesses.
Unlikely, eh?£500k pm = £6m
Last year the trading loss was c£14m
They are doing better in the Covid period ?
Seems they're talking about clubs in general losing £500K a month due to covid so you'd have to add that to their existing losses and then also factor in that the conference and exhibition business will have completely collapsed.£500k pm = £6m
Last year the trading loss was c£14m
They are doing better in the Covid period ?
When is their next interest payment and update on the state of accounts due? Thats the next hurdle to get over.
Also have to assume lack of events will mean the valuation of the Ricoh will nosedive given that increased business was the explaination for the way the value surged after Wasps takeover. Any drop will put them in danger of breaching the covenants again.
The key is going to be refinancing the bond. Remember we've still got the economic impact of Brexit, which is increasingly looking like no deal, to come. How likely is it they will be able to get the finance, and even if they do how much is the interest rate going to increase?
So when are we expecting some sort of made up grant for CCC again.
How about 10 million to plant flowers around the ground ?
I thought they did accounts every 6 months? If so aren't we due a mid year update sometime soon?
Nah, Les Reid invented COVID
You can't argue with the results - but you CAN argue that most sides they've met since returning to play have put out much-weakened teams.Unbelievable run of results gonna finish top 4 and likely home semi. Financially may be struggling but can’t argue with the run of results. Maybe wasps and ccfc have brighter times to come
Not sure if there hasn't been some industrial action at Bullivant media?Les has been sacked by observer apparently. hopefully he'll still have access to CCFC info and share what telegraph don't
Not sure if there hasn't been some industrial action at Bullivant media?
They were luck last night. They were losing to Harlequins and looking really poor. They only won after harlequins had a man sent off.I can’t see anything about Les Reid being sacked anywhere, is this just a rumour?
As for Wasps, fair play to them, but their improved on-pitch performance doesn’t make any of their off-pitch shenanigans any less reprehensible, imho.
They were luck last night. They were losing to Harlequins and looking really poor. They only won after harlequins had a man sent off.
Strange game that one. The second half wasps were more than useless...Without wanting to be unfair to them, they’ve had a bit of that. Bath were spectacularly disorganised too, when that game went to uncontested scrums (which is always a farce, imho) - no way Wasps should have won that one either.
Clearly the devil looks after his own.
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