Has Italia hacked your account?
Whose? Mine?
Yeah.
Well no as Italia is a Wasps fan
I am just offering an opinion based on Financials and likely re-funding that they are not going to be leaving the City anytime soon.
The interesting thing is if we really believe we are building a new ground we must have a plan for the Financial backing that requires. In that case and given it seems Wasps are desperate and Derek Richardson needs his money back why do the owners not make a bid for the shares that own the lease.
We all know the answer and why.
Good old Sisu.The other thing I don’t understand is what people think will happen if wasps go under. Unfortunately we have been put into a position where we now have to rely on their solvency to ourselves remain in business
If nothing else we would offset running costs to a degree.It's an interesting opinion, but politely, I don't think it necessarily adds up. I don't think Wasps going down would pull us down, and in fact I think it would put us in a much stronger position if we did want to negotiate a deal on the lease with the ultimate lease holder (be that another company or the Council).
Having read again the Wasps bond prospectus, it looks to me like if Wasps go bust, the lease might well revert to the Council, though it could well become mired in legal wrangling (for once, without the club being directly involved!).
Either way though, I don't see that we'd get booted out, we'd then be the primary income source for whomever does take the lease over. And we'd also be the only obvious party who'd be interested in renting the ground.
I'm not saying this ends up with us owning the ground but it's not obvious to me how Wasps going pop ends up with us getting a worse deal than the one we've already got.
Wasps remain bullish about being able to refinance the bond. But money's tighter now than ever it was and by definition they would be a bigger risk having failed to pay it off without further borrowing. There's no way I can see of them refinancing it on better terms than the existing bond, which in itself puts their ongoing business under pressure. Interesting times ahead.
Tim Fisher would like that comment! Brings to mind ‘We are the only show in town’.I think people keep forgetting we aren’t the only entity in their portfolio
Tim Fisher would like that comment! Brings to mind ‘We are the only show in town’.
It's an interesting opinion, but politely, I don't think it necessarily adds up. I don't think Wasps going down would pull us down, and in fact I think it would put us in a much stronger position if we did want to negotiate a deal on the lease with the ultimate lease holder (be that another company or the Council).
Having read again the Wasps bond prospectus, it looks to me like if Wasps go bust, the lease might well revert to the Council, though it could well become mired in legal wrangling (for once, without the club being directly involved!).
I enjoy ploughing through a mundane PDF as much as anyone, but that one is over 200 pages long. Any edited highlights?
I enjoy ploughing through a mundane PDF as much as anyone, but that one is over 200 pages long. Any edited highlights?
Richardson can retain total control if he wants to
Yet the bond has recovered to near full value.Absolutely. As long as he's willing and able to keep throwing money at a loss making business.
Given part of the reason for the bond was to pay him back (circa 10m, iirc), that might be in doubt.
And either an expensive refinancing of the bond, or a failure to refinance and a default, would really make him have to dip into his pockets.
Losses would increase in the first case, and profits would greatly reduce in the latter (with the benefits of the lease going elsewhere).
Financially, they're in a very tight spot, imho.
Yet the bond has recovered to near full value.
10000 were traded recently.
I agree with G, would love the gratification of them going bust but it isn't going to happen.
I think they'll refinance the bond, at the end of the day they've met all the interest payments and that's good enough for the investors in these markets. Whilst their own gates are in decline, they now have a long term deal in place with the football club which is currently going in the opposite direction.
I can't remember the entire implications of a default but the bondholders have the first legal charge over the lease which I believe is precedent over CCC.
Where to though, would Wycombe welcome them back or play at Wimbledon, Barnet, not all teams would welcome a full time Rugby Club, and what about the Henley in Arden training centreAnd having read that last one again, it feels a bit mean-spirited.
I don't really want Wasps to completely fail, that would be harsh on their genuine fans and the players and staff that have no blame attached.
The ideal solution is for them to go approximately back to where they came from. I don't think they'd get many from Coventry travelling in the other direction to support them, mind...
Where to though, would Wycombe welcome them back or play at Wimbledon, Barnet, not all teams would welcome a full time Rugby Club, and what about the Henley in Arden training centre
If they did decide to move back to London I don't think the training ground is much of an issue. They took over an existing facility and as much as they claim its 'state of the art' there's not that much that has changed since it was a community facility. Could easily be reverted back to its former use which I'm sure the community would welcome.the Henley in Arden training centre
With Oxford United’s plans for a new stadium, the Kassam could be looking for a new occupant. Surely that would suit Wasps’ demographic and with only 3 stands is more than big enough for them. They could probably retain their Henley In Arden training centre as well?
If they did decide to move back to London I don't think the training ground is much of an issue. They took over an existing facility and as much as they claim its 'state of the art' there's not that much that has changed since it was a community facility. Could easily be reverted back to its former use which I'm sure the community would welcome.
I’d have a guess it’s because the project hasn’t and won’t work and nobody is interested in their product (the rugby).why would they move to London when they have a 250 year lease and a football club paying I assume over a million a year in rent?
But that's the whole reason they moved here in the first place.If they stay here then it’s for outside rugby business reasons and would say it all that the rugby side of the project is secondary.
I’d have a guess it’s because the project hasn’t and won’t work and nobody is interested in their product (the rugby).
If they stay here then it’s for outside rugby business reasons and would say it all that the rugby side of the project is secondary.
If they want the rugby team to succeed long term then in my opinion they need to go back to their routes. (London)
He’s going to be bust at their losses!So it’s worth surrendering a £60 million pound business which would ruin Richardson - whose buying it?
Hence the if, I was responding to Gynnsthetonic's comment not saying they're going to up and move tomorrow.why would they move to London when they have a 250 year lease and a football club paying I assume over a million a year in rent?
Why does Grendel love London wasps so much? Is there something we should know.
Don’t bite Grendel just a simple question. Your times changed on here. Why out of interest.
He’s going to be bust at their losses!
Hence the if, I was responding to Gynnsthetonic's comment not saying they're going to up and move tomorrow.
I’m sure you only come on here to take your frustrations out because your not allowed to answer your missus back.What the fuck are you on about - the Sisu bank is owed more than Richardson in capital and interest and has zero assets - we are a bankrupt basket case
I’m sure you only come on here to take your frustrations out because your not allowed to answer your missus back.
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