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#Post#: 97071--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: championes
Date: October 12, 2022, 9:51 am
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--- Quote from: Quinder Egg link ---
>
> ONe thing that really concerns me, about the wasps situation
is the reference to the repayment of the bonds.
>
> Didn't we issue a bond? Did anybody take it up?
>
--- End Quote ---
I have a vague memory that there were so few takers it didn't
proceed?
#Post#: 97072--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: MaidstoneQuin
Date: October 12, 2022, 9:54 am
---------------------------------------------------------
Whilst everyone has money issues, I think this serves as a stark
reminder why looking to cash in, moving your genuine fanbase
many miles away isn’t a good idea.
#Post#: 97073--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: Eggnog88
Date: October 12, 2022, 9:56 am
---------------------------------------------------------
--- Quote from: championes link ---
>
> I have a vague memory that there were so few takers it didn't
proceed?
>
--- End Quote ---
I didn't take up the offer, but it did proceed, been mentioned
on other threads by people who took them up
#Post#: 97074--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: WellingQuin
Date: October 12, 2022, 10:13 am
---------------------------------------------------------
Club statement from Wasps here:
HTML https://www.wasps.co.uk/news/club-statement-12-october/
Since filing a notice of intention to appoint administrators on
21st September, we have been working tirelessly to secure the
long-term future for Wasps Holdings Limited, and all of the
organisations and clubs that sit within the Group.
Negotiations to secure deals that will allow the Men’s and
Women’s rugby teams, netball team and the arena and associated
business to move forward are ongoing. However, it has become
clear that there is likely to be insufficient time to find a
solvent solution for the companies within the group, and it is
therefore likely that they will enter into administration in the
coming days with a view to concluding deals shortly thereafter.
While the companies within the Group all represent strong and
viable businesses, the reality is that they have insufficient
cash at this time to continue to fund operations until these
complex negotiations have concluded. We have therefore been
asking potential funders and investors to provide bridging
finance to provide enough time for a solvent solution to be
found. Regrettably, this has not been possible to date, although
we will continue to pursue this until the very last opportunity.
In light of the current situation, we have therefore taken the
decision to withdraw the Wasps Men’s team from this Saturday’s
league fixture against Exeter Chiefs. This was an extremely
difficult decision to make and we recognise that this will not
only impact on our players, staff and supporters, but also
Exeter Chiefs and the wider rugby community. However, we
strongly believe it is the right course of action when, at this
time, we are unable to meet our regulatory requirements in the
absence of fully concluded deal negotiations.
We understand that this news will be disappointing and
concerning for everyone involved. Our immediate focus will be on
ensuring that all of our players and the staff of Wasps and the
arena are fully updated and given the support they need.
While these are challenging times, we remain confident that new
owners will be found that will allow the clubs and businesses
within the Group to move forward.
We will not be making any further statement at this time.
#Post#: 97075--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: TW Quin
Date: October 12, 2022, 10:19 am
---------------------------------------------------------
Terrible news. Great club. I just can’t grasp the commercial
wisdom of moving clubs like London Welsh to Oxford and Wasps to
Coventry. The grass roots Wasps are still playing at the
traditional Acton home presumably.
#Post#: 97078--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: honkytonk
Date: October 12, 2022, 10:30 am
---------------------------------------------------------
--- Quote from: championes link ---
>
> I realise it pales when compared to the plight of families of
poorly paid backroom staff etc, so Im not saying it's the most
important thing....(just to clarify)
>
> But the more I think about the two missing games, then we have
the two games at Big Stoop, so we're four home games not "at
home".
>
> If Prem changes fixtures then you've got lots of ticket sales
that would have to be refunded? (presumably? if people can't
make new dates) And you'll already have lots of hotels / travel
booked for further fixtures so it's already going to hit people.
>
> So messing with it probably isn't on? But from a rugby
perspective it's going to be odd, read that Tigers will end up
with three weeks off due to how their games would have fallen.
So maybe you have to?
>
> And I assume Quins aren't about to give me money back for
there being fewer matches than advertised as part of the season
ticket?
>
--- End Quote ---
The games at Twickenham are probably vital to us in terms of
cash coming in.
#Post#: 97081--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: Nico Wilson
Date: October 12, 2022, 10:47 am
---------------------------------------------------------
--- Quote from: Quinder Egg link ---
>
> ONe thing that really concerns me, about the wasps situation
is the reference to the repayment of the bonds.
>
> Didn't we issue a bond? Did anybody take it up?
>
--- End Quote ---
Yes, and I did. It pays out 5.5%
#Post#: 97082--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: Brown Bottle
Date: October 12, 2022, 11:01 am
---------------------------------------------------------
--- Quote from: Rocker link ---
>
> Just saw this on my phone. Really quite shocking that it
should happen to another club so quickly and in some ways rather
it could or should be Wasps. I know they have had problems in
the past but their move to Coventry with its associated revenue
generating possibilities should in theory have helped with the
profitability of the entire outfit. I really do think that they
were truly messed up by the response to COVID.
> I feel sorry for anyone who invested in their bond because I
suspect that after HMRC and other preferred creditors have taken
their chunk there will be little to nothing left to distribute.
>
--- End Quote ---
They were haemorrhaging millions a year before COVID. It won't
have helped but the move just didn't pay off at all.
#Post#: 97083--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: Adrian
Date: October 12, 2022, 11:01 am
---------------------------------------------------------
This is awful news but not unexpected.
I feel so sorry for all players and staff and their families
directly impacted by this and also the clubs' supporters.
#Post#: 97085--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: Mayor West
Date: October 12, 2022, 11:16 am
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I wonder if they will end up back at Twyford Ave when they’re
back in the Championship. Or have they sold that. I know the
Womens team was supposed to be moving to Cov next season so
assume that it was probably because they’ve sold the land if
they owned it in the first place.
It doesn’t make sense to have moved to Coventry, an area
with plenty of well supported rugby and football clubs. Why
didn’t they choose an area with a large population with no Champ
or Prem sides. There’s little south or east of us.
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