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#Post#: 93989--------------------------------------------------
Re: Financial woes force Wasps to halt recruitment
DIR By: Brown Bottle
Date: August 11, 2022, 11:40 am
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There's no relegation is there? A pretty pointless points
deduction.
Also, there doesn't appear to be any corroboration other than on
social media.
#Post#: 93997--------------------------------------------------
Re: Financial woes force Wasps to halt recruitment
DIR By: Mayor West
Date: August 11, 2022, 2:28 pm
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I suspect that this is bad news for the womens team too. There
could be two withdrawals from the Premiership 15s this season.
#Post#: 93998--------------------------------------------------
Re: Financial woes force Wasps to halt recruitment
DIR By: Rocker
Date: August 11, 2022, 4:57 pm
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Wow! That's an incredible situation. Very sad for wasps of
that's true 😥
#Post#: 93999--------------------------------------------------
Re: Financial woes force Wasps to halt recruitment
DIR By: D-Quins
Date: August 11, 2022, 5:05 pm
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It is a CVA not administration. I suspect this is due to the
bond issue that they appear to be having issues refinancing. If
they go into administration it would be a big loss for rugby as
then they would have the points deduction as I understand it.
However is there relegation next year? If not it does not matter
as they could survive
#Post#: 94000--------------------------------------------------
Re: Financial woes force Wasps to halt recruitment
DIR By: Camquin
Date: August 11, 2022, 5:58 pm
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RFU REGULATION 5 – FINANCIAL 2
Effective from 1 August 2022
“Insolvency Event” means (a) in relation to an incorporated
Club:
i. it enters into a Company Voluntary Arrangement (“CVA”)
pursuant to Part
1 of the Insolvency Act 1986 (“the 1986 Act”);
...
Subject to Regulation 5.5.8, where a Club suffers an Insolvency
Event during the
Season or after the end of the Season but before the playing
schedules have been set
for the following Season, that Club’s most senior first XV team,
as determined by the
RFU, shall in respect of the following Season be relegated to
the League below that in
which it participated at the time the Insolvency Event occurred
and there shall be no
right of appeal for any such Club.
Subject to Regulation 5.5.8, where a Club suffers an Insolvency
Event after the end of
the Season and after the playing schedules have been set for the
following Season, that
Club’s most senior first XV team, as determined by the RFU,
shall in respect of the
following Season incur a 35 point deduction and there shall be
no right of appeal for
any such Club. Where the RFU is satisfied that the Insolvency
Event was unavoidable
before the end of the Season and had been delayed by the Club in
order to avoid
relegation, it shall be entitled in its absolute discretion to
impose a further points
deduction against that Club’s most senior first XV team and/or
relegate that team the
RFU REGULATION 5 – FINANCIAL 6
Effective from 1 August 2022
following Season to the League below that in which it
participated at the time the
Insolvency Event occurred, and there shall be no right of appeal
for any such Club.
5.5.7 Where a Club suffers an Insolvency Event at any time
(whether during or at the end of
the Season and regardless of whether the playing schedules have
been set for the
following Season or not) the RFU shall have the right in its
absolute discretion to
impose such other sanction as the RFU deems appropriate on any
other team in that
Club that is not subject to the fixed sanction under Regulations
5.5.5 or 5.5.6. Such
sanction may include (but is not limited to) a points deduction
against or relegation of
that other team.
#Post#: 94006--------------------------------------------------
Re: Financial woes force Wasps to halt recruitment
DIR By: DOK
Date: August 12, 2022, 4:24 am
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It seems ironic that at one time we were so envious of their
move to their new stadium where they seemed to have streams of
money coming in and were rich as Croesus.
#Post#: 94017--------------------------------------------------
Re: Financial woes force Wasps to halt recruitment
DIR By: MaidstoneQuin
Date: August 12, 2022, 5:49 am
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--- Quote from: DOK link ---
>
> It seems ironic that at one time we were so envious of their
move to their new stadium where they seemed to have streams of
money coming in and were rich as Croesus.
>
--- End Quote ---
As David Brent once said.."Does a struggling salesman start
turning up on a bicycle? No, he turns up in a newer car -
perception, yeah?"
#Post#: 94021--------------------------------------------------
Re: Financial woes force Wasps to halt recruitment
DIR By: WildQuin
Date: August 12, 2022, 6:09 am
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--- Quote from: Camquin link ---
>
> Where the RFU is satisfied that the Insolvency Event was
unavoidable
> before the end of the Season and had been delayed by the Club
in order to avoid
> relegation, it shall be entitled in its absolute discretion to
impose a further points
> deduction against that Club’s most senior first XV team and/or
relegate that team
>
--- End Quote ---
Suspect that this may become the key section although as has
been said, given that relegation/promotion probably isn't
guaranteed this season, what would any penalty really mean?
Would the RFU hold it over until 2023/24? If its as bad
financially as has been suggested I can't see Wasps retaining
the services of the core playing squad using whatever mechanisms
Sarries employed!
#Post#: 94038--------------------------------------------------
Re: Financial woes force Wasps to halt recruitment
DIR By: SiB
Date: August 12, 2022, 10:30 am
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If interested this is well worth a read, latest rumour is filed
for bankruptcy, and have only sold 712 season tickets
HTML https://uk.advfn.com/stock-market/london/wasps-22-WAS1/share-chat?xref=navmenu_sharechat
#Post#: 94045--------------------------------------------------
Re: Financial woes force Wasps to halt recruitment
DIR By: Nico Wilson
Date: August 12, 2022, 3:27 pm
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--- Quote from: SiB link ---
>
> If interested this is well worth a read, latest rumour is
filed for bankruptcy, and have only sold 712 season tickets
>
>
HTML https://uk.advfn.com/stock-market/london/wasps-22-WAS1/share-chat?xref=navmenu_sharechat
>
--- End Quote ---
ADVFN ….. so best read with a medicinal pint to hand.
That said, the thread says that there’s been an announcement
that 712 season tickets have been sold. Where’s this been
announced?
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