Wasps 22 Discussion Threads

[pusb] 15/9/2022 09:36

Rhino col, Wasps are in a worse underlying financial state than Worcester without the depth of local support that Worcester enjoy and hence would be far more costly to acquire.

[pusb] 14/9/2022 20:44

Ex player and current director Dallaglio said middle of last week there would be news in a few days, so by Friday?

[135791113] 14/9/2022 20:26

Last is they have had an offer which would involve the payment of the bond in full and that they will continue to pay interest at 6.5% until redeemed. At a guess there is DD going on in the background and we will be updated in due course.

[rhino col] 14/9/2022 18:53

Yes pjrh, I was thinking the same. Intresting to see someone is intrested in purchasing Worcester Rugby club, hopefully the intrest will spread to Wasps !

[135791113] 08/9/2022 10:56

As a lot of supports are bondholders and a lot of bondholders are supporters I expect they'd be doing their best to refinance the bond and pay the money owed. Nothing is going to alienate them from their supports more than walking off with £35m they can't pay back.

[cc2014] 08/9/2022 09:26

I wonder the following:

If the business is going so well why are the accounts for Arena Coventry 5 months overdue.

And who is going to lend money to anyone where the accounts are 5 months overdue regardless of the security.

I don't think Richardson is likely to have £35m to ride in and save the bondholders. He doesn't appear willing to even put in enough to pay whatever Wasps owe HMRC.


I wonder whether there may be some good news on the way for the future of Wasps fans, but that's entirely different than financial security for Wasps creditors.

[grahamg8] 08/9/2022 07:16

Well I hope he realises that if the Bond holders don’t get all of their money back then there is a real threat to the ownership of the club if not the club itself.

[bondholder] 07/9/2022 19:35

Dallglio, 50, has reassured supporters that the situation will improve imminently."There will be some statements in the next few days that will present and paint a much brighter picture about the club," Dallaglio told Telegraph Sport. "There are a number of sides to the Wasps business which make it both complex and unique: there's a rugby club which, like every club, has had its challenges; then there is a business on the other side which, contrary to what you might read, has been performing well. The complexity is that the rugby club is wrapped into the business; so what is - and can be - reported is not necessarily the big picture."They have a bond that needs refinancing and I'd love to be more candid but I cannot at the minute. There will be some statements coming out which will hopefully put us in a much better position; but there's no imminent threat to the club.

[bondholder] 07/9/2022 19:34

https://www.telegraph.co.uk/rugby-union/2022/09/07/lawrence-dallaglio-reassures-fans-brighter-financial-future/

[barondene] 06/9/2022 12:32

135791113

In todays market you can expect LTV of 60% ( its not the lease term but the covenants)

So the Arena would have to value at £60m - if in full repair - to clear BH Loan

I think you might also need to allow for upto 9% or more interest

There is also a second charge already on the Arena to clear as well

I am not a valuer btw so might be miles out

[135791113] 06/9/2022 11:48

There will always be people wanting to own premiership clubs, in the same way there are always people wanting to own football clubs. It's just the valuation which is in doubt. I should think Wasps will be able to refinance, also as a supporter I hope they can turn the club around so it is financially sustainable.

[barondene] 06/9/2022 10:35

WMCA aay they not part of funding!

[grahamg8] 06/9/2022 07:10

If I had deep pockets would I buy Worcester or Wasps? If there really are three potential buyers for Worcester it does lend some credence to the suggestion that the refinancing of Wasps debt has more substance than many of us believe at the moment. Hope for the best and prepare for the worst. Bond holders need to continue to band together ready to support forced administration of Wasps. Ultimately that may be the only, if rather messy, way forward.

[barondene] 05/9/2022 20:26

Meanwhile, 4 local Worcestershire MPs have demanded Worcester to placed onto Administration.




Will be interesting if DCMS intervene at WASPS

[barondene] 05/9/2022 20:24

Simon Gilbert
@TheSimonGilbert
Coventry City Council has categorically stated to me this afternoon that the funding Wasps has agreed is not from them.
Bearing in mind the history of that stadium business, and the fact the council bailed it out before, thought it worth clarifying.


But CCC said the funding application went to WMCA is that still being considered?

[pusb] 05/9/2022 14:11

The MoS has used the last published accounts which were to June 2021. Wasps attendances last season were 30% down on the last pre-covid season and there will probably be more “Covid” support to be reflected in 2021/22 accounts. So they are unlikely to be comfortable reading.

[barondene] 05/9/2022 13:31

Fastcat99 - The fear for WASPs was if they did not pay the interest( after a short period to rectify ) then an instant default

The early Bondholders will also recognise that until they have been in full they are funding their first 3 instalments themselves.

Based purely on past trading results the Company has relied on one off receipts and forward payments.

Are they still waiting on the reported grant application from WMCA?

[ozzie_dog] 05/9/2022 10:10

I wonder when (if) we will be given any more information from Wasps

[fastcat99] 05/9/2022 09:53

1. Wasps have never defaulted on interest payments
2. Friday was an official statement, not "reports say", that a financing plan has been revived
3. Bearing in mind how out of date Wasps accounts now are, at least some of the Mail's calculations must be guesstimates, NOT based on official figures as implied.

[fastcat99] 05/9/2022 09:43

Apart from glaring errors on basic points of fact relating precisely to this bond, that was great journalism by the Mail - ugh !

[barondene] 05/9/2022 09:33

Premiership clubs rack up more than £500MILLION in debt hxxps://mol.im/a/11177209 via hxxps://dailym.ai/android

[nelliereb] 05/9/2022 09:17

I agree with the previous posts I have zero trust in what Richardson and his gang have to say they have shown themselves to be untrustworthy the sooner we can take control the better.

[bondholder] 05/9/2022 07:42

Agreed- it feels like promise land. Complete lack of detail. No dates. Nada.