Wasps downward spiral... (2 Viewers)

[Frostie]

Wonder if Wasps fans are having second thoughts about when they were pushing for Sale to forfeit their game due to a covid outbreak in their squad.

Seven test positive for Covid-19 at Wasps

Four Wasps players and three staff members who work in the playing department of the Premiership finalists test positive for Covid-19.

www.bbc.co.uk

So surely all of them & their contacts have to go into self isolation for 14 days & should either field their youth team or simply forfeit the final?

 

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[Philosorapter]

So surely all of them & their contacts have to go into self isolation for 14 days & should either field their youth team or simply forfeit the final?

I thought they were doing a great job self-isolating from everyone at the Arena.

Hope they're all okay. I wouldn't wish this on anyone.

 

[Kneeza]

I thought they were doing a great job self-isolating from everyone at the Arena.

Hope they're all okay. I wouldn't wish this on anyone.

Quite right, it's not a joke for anyone.
Well, maybe Trump.

 

[oldfiver]

dandigirl: A J Bell require votes by tomorrow, Friday. We have just voted against.

 

[stay_up_skyblues]

Bristol could replace Wasps in final

Wasps will be replaced by Bristol in the Premiership final on 24 October if a coronavirus outbreak means they cannot play, says Premiership Rugby.

www.bbc.co.uk

 

[Liquid Gold]

Bristol could replace Wasps in final

Wasps will be replaced by Bristol in the Premiership final on 24 October if a coronavirus outbreak means they cannot play, says Premiership Rugby.

www.bbc.co.uk

 

[Frostie]

Bristol could replace Wasps in final

Wasps will be replaced by Bristol in the Premiership final on 24 October if a coronavirus outbreak means they cannot play, says Premiership Rugby.

www.bbc.co.uk

 

[Liquid Gold]

Shows what a joke sport it is though. Just let the team that lost win the thing.

 

[chiefdave]

If they isolate the ones who have tested positive they'll be fine won't they? Would be hilarious if they got kicked out through.

 

[oldfiver]

dandigirl 17 Oct '20 - 13:07 - 135 of 137 0 0 0 Hi. Thanks. Your points are well made and for the most part are two-edged. First up: Totally agree that WASPS [and all the PL clubs] are in a weak position. IMV because of this any finance will not be low cost, as you suggest. Who would provide it? On what terms? Certainly not any regular financiers - hedge funds? maybe, but whoever does will be an opportunist and drive a very hard bargain. Any finance will not come cheap and in any event there isn't the cash flow to service it. WASPS is not bankable. In a simple world, and I think we agree it isn't, DR could arrange for a new bond on terms such as these he is proposing and repay current bondholders. He knows it will not fly. That is why he is trying to foist these onerous terms on current holders. It doesn't matter if the current bondholders force his hand now or the new Johnies-come-lately do so sometime next year. WASPS is still bankrupt whoever does it. WASPS problems are not going away with these proposals. They make matters worse. Please ignore the valuation. What you have is historic. It no longer applies. Value is what someone will pay today. If DR has sources of finance which require these changes, let him come clean now and tell us what is intended. Why should CCFC or anybody enter into any sort of arrangement with a weak organisation which may not be around in a few months time. Better to wait a bit longer and see what transpires. Might come cheaper if the WASPS hive has collapsed. In my terms DR is a wealthy man. When it comes to baling out WASPS, he isn't. The last figure I saw for his net worth was in the high £30 millions. That was pre-Covid so who knows, now he may be worth less, maybe more. But as before, why should he risk his wealth on this. I am sure Mrs DR would have something to say! Yes, I am resigned to losing part of what we have invested. Finally, if DR or someone has a few million to spare, he could arrange to repay bondholders 20% on the condition that the other 80% is extended on different terms to be agreed. This is what IPF is proposing with their Eurobond due next year. DR would do well to look at this sort of idea. Finally, as part of this process DR ought to lay out the current state of the Group's finances - and what is intended, in details. Enough, I think.​

ADVFN uk.advfn.com CC2014 17 Oct '20 - 13:44 - 136 of 137 0 0 0 But IPF is throwing off cash and making an underlying profit... So, whilst the market does not like the rate they are currently paying, the refinancing pays down debt. With Wasps this is more a COVID issue. Once a vaccine is found we go back to normal in due course and Wasps regains it's revenue streams. It seems to me the best solution is something like extend the bond for 10 years at 10% and maybe a share of the media rights or some other convertible instrument. I'm not really an expert. Question is if they can't afford the 6.5% now how do they afford 10% but it feels fairer to me.​

aringadingding 17 Oct '20 - 14:38 - 137 of 137 0 0 0 Dandigirl, "these onerous terms" - such as? "the new Johnies-come-lately do so" - how if their debt is non-recourse? The only lender I can see accepting the terms would be the government, unless there was security provided to the lender from elsewhere. In the case of the former, the waiving of covenents would be a 'nice to have' for the government (I guess) but in the case of the latter you can see why a new lender would want them waived in advance to avoid us calling default when not strictly necessary from a 'kept whole' perspective. You can argue they have made provisions to raise cash from either source. From DR's perspective to not do the former would be mad, and to do the latter using other security he has is basically his choice but if it's better than using equity I can see why that may be the case. We don't know how much debt will be raised under the proposals and what it will be used for, if raised. Hypothetically £20m could be raised secured on some other asset, used to refinance 57% of the bonds pro-rata to holdings, while the rest have extended maturity but are now effectively lower geared. Don't know how likely that is but it is possible! The equity raise plus extend life option is another one, yes, though 10% seems perhaps optimistic. Indeed it's a double whammy of the covid issue and the non-ground share issue... The FT report today that Pfizer may seek emergency authorization for their vaccine in the 3rd week of Nov. Vaccines are already deployed in Russia and China. History tells us recoveries from such events are slow but they do happen. The groundshare thing... yeah to me it is ridiculous and it seems likely that egos have got involved but such is life.​

 

[Terry Gibson's perm]

Plans approved by the council for their hotel, next we will hear the council have decided to support this by paying for the build.

 

[chiefdave]

Plans approved by the council for their hotel, next we will hear the council have decided to support this by paying for the build.

Be interesting to see the response from the people who put in an application a few hundred yards away and were turned down as it was an unsuitable location for a hotel and would take business away from the city centre.

 

[fernandopartridge]

Be interesting to see the response from the people who put in an application a few hundred yards away and were turned down as it was an unsuitable location for a hotel and would take business away from the city centre.

I thought that had been appealed or something now? I wouldn't worry about this too much, can't see any operator pursuing this development any time soon.

 

[Terry Gibson's perm]

Looks like it would be a good place to house any over flow from the Allesley hotel

 

[jordan210]

Not looking good for wasps for playing in the final. 4 more members of playing department have Covid.

Hopefully anyone who has it recovers without any major issues.

 

[Frostie]

Obviously hope everyone is ok but would be fantastic karma if they have to forfeit their place in the final.

 

[jordan210]

Also this guy is brave buying 12k worth of bonds

"
I'm not giving advice since I am not authorised to do so.
Having cleared that bit of legal requirement I am buying £30,000 of the bonds as a possible reasonable use of funds. At present they will cost me arount £12,000 and will earn interest at 6% per annum. On maturity I take the risk of non-repayment, but I have confidence that an solution will be found.

On a more positive note, if 999 additional Wasps fans did the same; the future of the stadium would be in safe hands for the pro-tem."

 

[chiefdave]

Hope everyone is OK but that's not looking good for the final I wouldn't have thought. This round of testing was at the weekend so any isolation period will take them past the date of the final. Surely they whole team will be isolation now.

In other 'shoot yourself in the foot' news I see the Premiership offered the final to the BBC as crowds won't be allowed in. BBC booked in outside broadcast units and a commentary team only for the league to change its mind. Always a good move to piss off a massive broadcaster when you're struggling to get any interest in your next TV deal.

 

[Skyblueweeman]

"I'm not giving advice since I am not authorised to do so....

On a more positive note, if 999 additional Wasps fans did the same; the future of the stadium would be in safe hands for the pro-tem."

LOLZ. 'Not giving advice but if 999 of you others do the same as I've done, then we're tickety boo'

Magic.

 

[Nick]

Judging by their celebration videos the fans won't be that arsed if they don't get to play anyway.

 

[rob9872]

You're all being far too nice with your responses. Fk em all!!!

 

[jordan210]

I have a slight prediction of how the next couple of weeks will be PR rise at wasps for off the field activity.

I believe the accounts are due by the end of this month. Aswell as the issue with the bonds. To cover any band news we will see.

Bigger office has now been rented out. Well let agreed. A month after wasps told everyone it was. So I would expect a big sing and dance about how this is a multi year deal worth millions. Rent is £160k Pa (advertised rate. So likely to be less)

Training ground planning given. We 0 mention of the issues with the locals. how wonderful it will be for the community yet they have lost access.

Hotel planning given with no mention of the other hotel. Plus how wonderful it will be for the community as a whole and create lots of jobs.

All of this in the run up to the accounts being made public.

 

[oldfiver]

All of this in the run up to the accounts being made public.

They have until next June to file their accounts publicly at Companies House
Will be interesting to see when they actually reveal them

 

[jordan210]

They have until next June to file their accounts publicly at Companies House
Will be interesting to see when they actually reveal them

I thought half year ones are due soon. Maybe was looking at Wasps FC not holdings.

As on wasps corporate site they always give half years.

Wasps Bonds

Learn more about investing in Wasps Finance and purchasing a Bonds.

www.wasps.co.uk

 

[chiefdave]

Hotel planning given with no mention of the other hotel. Plus how wonderful it will be for the community as a whole and create lots of jobs.

Was just reading about the hotel planning application. I don't know how Wasps get away with this shit so often. The council planning officer admitted people had complained the application was being treated differently because of Wasps’ involvement. The justification for approving this and not the other was concerns for pedestrian safety on event days with the other hotel. How does that work when the hotel Wasps want to build is in the middle of one of the car parks?

Training ground planning given. We 0 mention of the issues with the locals. how wonderful it will be for the community yet they have lost access.

Meeting to decide that application is tonight. Given all the objections from locals and Sport England it should be a foregone conclusion that it will be turned down but we know how these things work when Wasps are involved.

 

[jordan210]

Annoying Wasps are allowed to play in the final. Hopefully Exeter Smash them.

 

[oldfiver]

I thought half year ones are due soon. Maybe was looking at Wasps FC not holdings.

As on wasps corporate site they always give half years.

Wasps Bonds

Learn more about investing in Wasps Finance and purchasing a Bonds.

www.wasps.co.uk

They do a half year to December and then the final audited to June

 

[jordan210]

They do a half year to December and then the final audited to June

On the wasps forum it said the Year June 2020 are due up soon. So maybe they got it wrong.

 

[chiefdave]

The interesting thing about Wasps getting to the final is that it really highlights how little interest there is in them around the local area. Compare the build up to this final to us going to Wembley in the JPT, which we all know is a pretty tinpot competition.

 

[oldfiver]

On the wasps forum it said the Year June 2020 are due up soon. So maybe they got it wrong.

Not unheard of!

December has been earliest filing date in past

Wasps Finance normally due December but have an extra 3 months this year if needed

 

[Covstu]

I always come on this thread hoping they are in pain, hopefully get killed in the final Then Go bust

 

[ccfcchris]

I always come on this thread hoping they are in pain, hopefully get killed in the final Then Go bust

And I thought it was just me.

 

[shepardo01]

 

[Brighton Sky Blue]

Those pricks get everything their way so expect it to go through without a hitch

 

[shepardo01]

Those pricks get everything their way so expect it to go through without a hitch

Secret un-minuted meeting/vote at CCC - Ricoh sold to Wasps.
5m of public money to Wasps from CCC.
Planning approved from CCC for hotel that was declined to another possible builder...
Wasps director suddenly appears on board of a group all of a sudden selling their sporting facility... to Wasps ..
Planning permission more or less granted by Stratford Council to develop said sporting facility whilst blocking use for local residents despite numerous objections including one from sport England.
How the F**k do they do it!????
Absolutely stinks...