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#Post#: 97142--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: WestBerksQuin
Date: October 13, 2022, 7:07 am
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--- Quote from: East Sussex Chris link ---
>
> Why should we feel sorry for a club that tried to destroy and
plant itself on another clubs patch, should never have been
allowed to happen.
>
--- End Quote ---
We shouldn't feel sorry for the owners, but I do think we should
feel sorry for the fans & players. The fans have been messed
around for quite a while.
#Post#: 97150--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: Camquin
Date: October 13, 2022, 8:29 am
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The players and staff have lost their livelihood.
The fans have only lost their entertainment.
#Post#: 97161--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: A222Quin
Date: October 13, 2022, 10:33 am
---------------------------------------------------------
--- Quote from: Camquin link ---
>
> It is hard to understand how the premiership clubs manage to
chuck away so much money.
> With £7 million from PRL from TV and sponsorship, plus £2m
from RFU for the academy and about £3m for shirt and pitch
sponsorship - and then any money from tickets and wet sales,
from hospitality and other events in the stadium, every team
should be able to generate £20m in income.
>
> The salary cap is set at £6m, though due to the exceptions
many clubs are spending up to £10m.
>
> So to break even you only need to keep the cost of sales and
general operations under £10m - but none of the teams seems to
manage to do it.
>
> A middling championship club is probably operating on about £2
million, though Ealing is probably spending a little more, and a
National One club well under a million.
>
> There is a RFU Club Financial Viability Group, it has
obviously been asleep at the wheel. Losing two clubs within the
first month of the season, to quote Oscar Wilde, "looks like
carelessness"
>
> Especially in a season where Ealing were shut out, officially,
for not having a ground that seats 10,000.
> and therefore not audited to the same level as other grounds.
Though it is perfectly safe as a Championship ground.
>
> Given the debts on their balance sheets, I am expecting that
both Worcester and Wasps will be liquidated. And it was clear in
May that Wasps were insolvent - as otherwise they would have
paid off their bond.
>
> Worcester had not submitted accounts and were threatened with
being struck off, it was not the first time they had failed to
submit accounts. That should be a red flag. In fact, I think it
should be at least a Notifiable event, if not treated as an
insolvency event - as there is no good reason for accounts to be
that late.
>
--- End Quote ---
For starters I feel an immense amount of sympathy for the
players, fans and staff at both Worcester and Wasps. They're the
ones who will suffer as a result of all this.
The rest of this is just me thinking out loud - your post was a
nice one to piggyback off Camquin - hence the quote!
In terms of the £20 million revenue figure - while ourselves and
some of the 'bigger' clubs will achieve that figure, there's a
fair few that won't. Sale, Newcastle, Irish, Worcs probably
won't come near to that amongst others but their overheads won't
be markedly different. Those that ground share - it'll depend on
the agreement with the other occupant/landlord as to how the
revenue is split.
On the RFU point, it depends what level of interference the
clubs/we are willing to put up with. You either go with
effective union control which would mean the RFU digging around
and telling private businesses what to do - I can't see that
flying with the Craigs, Wrays and Landsdown's of this world. At
what point do they step in? When these clubs start having
problems - what sort of assistance is provided? PRL seems to be
the body that lacks anything - going back to Mark Evans's point
about the poor governance in club rugby in this country.
Sport seems to often be managed/led by ex pros, dreamers and
others who are blinded by the bright lights and the glory days.
Many are 'supporters', but at the end of the day professional
sport is a business and it seems that so many owners over the
years have dreamt big and gambled without any realistic
foundation.
#Post#: 97182--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: Aha!
Date: October 14, 2022, 3:32 am
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Quins need the Peskies to survive - no questioning!
So Ealing Trailfinders rescue them:
West London heritage and fan base
Ealing have the ground and the capacity - 5k in '23, 7k in '24
10k in '25 (ish)
Sir Mike Gooley gets deserved legacy (now age 86)
Merger reduces Premiership league by one team (assuming Ealing
get promoted)
Reduction in league size addresses demand for proper level of
club appearances for international players (Baxter et al)
Ealing aren't relegated after just 1 or 2 seasons and so avoid
the London Welsh debacle
(ok, so P shares are a challenge)
#Post#: 97184--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: DOK
Date: October 14, 2022, 4:01 am
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The sport does not need another London based club. It needs
clubs throughout England. I agree, we could make another London
club in the premiership work, but I don't think it helps grow
the sport.
#Post#: 97187--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: WellingQuin
Date: October 14, 2022, 5:17 am
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The Times have revealed that Wasps and Worcester players who
move abroad will be eligible for England selection up until the
2023 World Cup.
HTML https://www.thetimes.co.uk/article/wasps-and-worcester-players-who-move-abroad-can-play-for-england-3qqs87g0z
#Post#: 97191--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: Brown Bottle
Date: October 14, 2022, 5:59 am
---------------------------------------------------------
--- Quote from: WellingQuin link ---
>
> The Times have revealed that Wasps and Worcester players who
move abroad will be eligible for England selection up until the
2023 World Cup.
>
>
HTML https://www.thetimes.co.uk/article/wasps-and-worcester-players-who-move-abroad-can-play-for-england-3qqs87g0z
>
--- End Quote ---
That's good. Sensible approach.
#Post#: 97454--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: WellingQuin
Date: October 17, 2022, 8:34 am
---------------------------------------------------------
Wasps have officially gone into administration. Extremely sad
situation which sees 167 employees lose their jobs.
Statement below:
Andrew Sheridan and Raj Mittal, partners at specialist business
advisory firm FRP, have today (17th October) been appointed as
Joint Administrators of Wasps Holdings Limited, the holding
company for Wasps Men, Wasps Ladies, Wasps Netball, the
associated coaching and support teams, and the respective
Academies and Pathways. The company has ceased trading with
immediate effect.
Regrettably, upon appointment the Joint Administrators were
required to make 167 employees redundant, including all members
of the playing squads and coaching staff. A small number of
employees have been retained to support with the orderly wind
down of the company and the operation of the CBS Arena, which is
unaffected by this administration and continues to trade as
normal.
Andrew Sheridan, Joint Administrator, said: “This is a dark day
for English rugby, and we know this will be devastating news for
every Wasps player and member of staff, past players, sponsors,
and their thousands of supporters throughout the world, and
anyone who has ever been involved with this great club.
“Our immediate focus is on supporting those who have lost their
jobs this morning. This will be an incredibly challenging time
for every individual, and we will be assisting them in making
claims to the redundancy payments service.
“The board and many others across the club have worked
tirelessly over the last few weeks to try and find a solution
that would allow the club to move forward, and it is with great
regret that there has been insufficient time to allow this to
happen. However, we remain in ongoing discussions with
interested parties and are confident that a deal will be secured
that will allow Wasps to continue.
“We would like to thank the RFU and PRL for their support to
date and we continue to engage closely with them as negotiations
with interested parties continue. Of course, time remains of the
essence, and we will be doing everything in our power to
progress discussions with interested parties as quickly as
possible, while fulfilling our statutory duties as
administrators. This will include discussions with Wasps FC, the
amateur club aligned to the Wasps Women team to explore options
that may allow the Wasps Women team to continue playing. Despite
the challenging and complex environment, we have been heartened
by the supportive approach taken by all stakeholders to date and
are confident that this will continue now that the business is
in administration, with all focused on securing an outcome that
is in the best interests of rugby and the wider community.”
#Post#: 97456--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: Monte
Date: October 17, 2022, 8:47 am
---------------------------------------------------------
Does not include shop, stadium and FC. Just Wasps rugby. Sad
day.
#Post#: 97458--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: Wirralquin
Date: October 17, 2022, 8:51 am
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Which players do you think we will nab
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