Mate works "in the city" and restructures/shuts down struggling businesses. He's done some big ones including football administration.Interesting in depth article regarding their situation. I think they genuinely could fold
Wasps rugby union club defaults on repaying bond investors
Wasps Finance raised £35m from investors in 2015, partly to pay back a loan linked to the purchase of an arena in Coventry, and it was due to return capital to investors in mid-May.www.thisismoney.co.uk
They should have but a suspect a decent percentage were sold to supporters who didn’t really know what they were getting into and fell for the richest and most successful club in the world stuff. Wouldn’t have crossed their minds they could get to this stage and have no way of getting their money out.The people who bought bonds should have known they were high risk.
Mate works "in the city" and restructures/shuts down struggling businesses. He's done some big ones including football administration.
Here's what he said,
"It’s not good for wasps but not the end of the road either. Usually ends with a restructuring of the debt and everyone carries on rather than complete collapse but who knows. I’ll see what I can find out!!!"
The people who bought bonds should have known they were high risk.
The bonds holders are annoyed because of the way Wasps have handled the situation in recent months and have left them between a rock and a hard place. They will probably just have to accept whatever....
It has certainly damaged Wasps reputation. Hence them finding it hard to refinance the package. I dont think it will send them under. But they are going to have to restructure and sell off assests. Their last set of accounts recognised that if the bonds could not be refinanced.
They are heading into a very tough time and a lot of uncertainty
Won't the stadium have sufficient value now that the South Pavilion Entrance renovation has been completed for the Commonwealth Games?To be fair to bondholders I presume most invested believing that even if the rugby club didn’t remain viable, the stadium was of sufficient value to more than cover the outstanding bonds and/or enable a refinance. I’m not sure it is
Could just do the build a bonfire song with wasp/councilTime to bring back the fuck the wasps song but remive sisu and insert clubs name we are playing?
To be fair to bondholders I presume most invested believing that even if the rugby club didn’t remain viable, the stadium was of sufficient value to more than cover the outstanding bonds and/or enable a refinance. I’m not sure it is
Wait a second... don't SISU buy struggling businesses?
Not sure how this will end, I think Wasps selling the Arena to a third party is a possibility they then might move elsewhere Alexander Stadium Birmingham perhaps that would be good riddance but they won’t sell to sisu and we, ccfc will be piggy in the middle unfortunately.
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