WASPS Interim Accounts 2019 (1 Viewer)
- Thread starter oldfiver
- Start date
Bond was issued by "Wasps Finance Ltd" and is secured against ACL and Wasps Holdings (the day to day Rugby club). If they default I believe the lease reverts back to the council.
As for liquidating either of the companies assets to pay back the 35m I'm not sure
covcity4life
Well-Known Member
R wasps sufferring badly with corona stopping season and concerts?
covcity4life
Well-Known Member
Ok tead drubken wasps thread. Cant wait yo see cov play again but this break could force wasps out of ricoh hopefully
Maybe then council would be forced to sell to us?
Maybe then council would be forced to sell to us?
ccfcchris
Well-Known Member
Re: Wasps finances
kentwasp1 22 March, 2020 16:16
Brave man.
Wasps main problem before this awful virus was just the business model was broken - stadium too big, no play's offs, on and off field underperformance, the promises thus made to the city broken and a chasm between the business plan and actuality.
The virus has put the coup de grace. Unlike other clubs Wasps inherited various other underperforming businesses. All now toxic as punters have gone and premises closed - the Hotel, Casino, Exhibition and Conference centre. All with continuing costs, rents, rates, staff, and Wasps exposed as no other club is . Ok Exeter has a hotel but smaller scale.
It's unbelievably sad
DrunkenWasps.com - Wasps finances
kentwasp1 22 March, 2020 16:16
Brave man.
Wasps main problem before this awful virus was just the business model was broken - stadium too big, no play's offs, on and off field underperformance, the promises thus made to the city broken and a chasm between the business plan and actuality.
The virus has put the coup de grace. Unlike other clubs Wasps inherited various other underperforming businesses. All now toxic as punters have gone and premises closed - the Hotel, Casino, Exhibition and Conference centre. All with continuing costs, rents, rates, staff, and Wasps exposed as no other club is . Ok Exeter has a hotel but smaller scale.
It's unbelievably sad
DrunkenWasps.com - Wasps finances
skyblue1991
Well-Known Member
Just seen this, my smile got bigger by the word!
Wonder how they look now 2.5 months later...
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chiefdave
Well-Known Member
That's actually a pretty good summary for a change, their fans usually seem to have their heads buried in the sand when it comes to this.
Missed one big issue, the bond matures on 13th May 2022. We all know there's zero chance of them having the cash to repay it, any concerns have always been casually dismissed with refinancing. I can imagine there's some nervous people at Wasps looking at that date in the current situation, and we've got Brexit still to come.
Brighton Sky Blue
Well-Known Member
Speaking of which when are we going to hear the EC decision?
chiefdave
Well-Known Member
Think the only thing we've been told on that is its usually about 12 months from when its raised. We're past that now so who knows.
oldskyblue58
CCFC Finance Director
EU prioritise cases, and give only a guidance that it should respond within 12 months. It is not something written in stone. Given everything else going on i would think the Ricoh Arena is well down the list of cases in priority
