We Need To Talk About Wasps

[Lé Ddanno]

Going into administration, I've discovered
So someone comes in and starts sizing down/selling off things to be able to pay off the debts

Basically bankruptcy


(this is all from a vaguely understood Google search, so anyone who knows more plz correct me)

A CVA is a legally binding payment plan. The company makes an offer to pay, say 80p in the £ over X years, together with any lump sums from selling assets and such and asks creditors to vote to accept it. If 75% by value of them vote yes it goes into force. It's overseen by a supervisor but their powers are limited to enforcing the terms of the CVA and taking required steps in the event of default

Default on your CVA and it's probably administration time

Administration protects the business, as creditors can't enforce for payment during the admin period, which allows you to sell it as a going concern. Unlike liquidation, which is a fire sale for all intents and purposes. The Administrators can basically act as is they are the company provided their actions are in the best interests of creditors

(Source: me. 17 years in the field)

Be interested to know whether players have insolvency clauses in their contracts

 

[Scotty]

With regards to the fixture lists it depends if they do go bust and when it happens. If it's a week or two before the new season then it'll be too late to change them to eliminate the bye weeks so I can see there being the normal byes with either an extra two for the Wasps games or everyone else getting two 20-0 bonus point wins

Isnt that the same thing, everyone gets 2 20 point wins so 10 points or everyone gets an extra bye week so 0 points. Both have no affect on the order of the table at the end. So why mess around with any points at all.

2 extra bye weeks and in a season leading to a WC then more time off for players isnt a bad thing. Sad for Wasps and id rather them be in the prem but best of a bad situation is getting 4 bye weeks to rest up players will help on player welfare grounds.

 

[Scotty]

Wasps owner breaks silence to address administration claims

The Gallagher Premiership rugby club has played at the Coventry Building Society Arena since 2014

www.coventrytelegraph.net

 

[Scotty]

"Contrary to some ill-informed speculation, we are not in administration and we are not going to be," Richardson told The Times.

 

[LeinsterMan (NotTigsMan)]

Doesn't sound like he has been transparent with the bond holders though

 

[McTallshort]

Random question: if Wasps fold what happens to their ground in regards Coventry City? Asking for a friend

 

[Which Tyler]

Random question: if Wasps fold what happens to their ground in regards Coventry City? Asking for a friend

I've seen it said, but don't know how accurate - that there's a clause whereby if Wasps go insolvent, City can buy the stadium for basically nothing.

More likely though, would surely be Wasps going into administration, and the administrator sells off the assets, like the stadium, to service debts.

 

[McTallshort]

I've seen it said, but don't know how accurate - that there's a clause whereby if Wasps go insolvent, City can buy the stadium for basically nothing.

More likely though, would surely be Wasps going into administration, and the administrator sells off the assets, like the stadium, to service debts.

Ta. As a recently new resident of Cov you get mixed reports. The local paper is seriously anti Wasps and the lads I go fishing with are all cov city fans and proper hate wasps too. It was in a discussion with said lads that this point was raised

 

[Don't Skip Leg Day]

Lol the idiot cov city fans don't know what they are talking about

 

[LeinsterMan (NotTigsMan)]

Those idiots are the ones that are stopping wasps from fully going under though

 

[LeinsterMan (NotTigsMan)]

Would be surprised if wasps get more than 2k season tickets this year

 

[McTallshort]

Lol the idiot cov city fans don't know what they are talking about

In what way? Genuine question

 

[Don't Skip Leg Day]

In what way? Genuine question

The most recent is the common wealth games pitch drama. Wasps committed to play the games before signing cov city up for the season. They always said cov can't play their initial games there etc but the city fans ignore that.

They also act like they could make wasps leave the city and then suddenly they own the stadium. Listening to cov fans talk about wasps etc is a joke, they are so angry for the sake of it rather than look at the positives because before wasps let them back in they weren't even playing in cov.

I get cov city need to own their own ground but they were never going to buy the Ricoh and then they get all worked up because there is a rugby team playing there who have nothing to do with the failure of the cov city club which is down to their owners etc.

 

[stinginthetail]

The most recent is the common wealth games pitch drama. Wasps committed to play the games before signing cov city up for the season. They always said cov can't play their initial games there etc but the city fans ignore that.

You seriously think CCFC would have signed a lease agreement on that basis and, more so, hadn't planned for such an eventually? What this comes down is that Wasps have failed to keep to their agreement to deliver a playable and safe pitch, and as the only way they could honour that agreement would be to pay 500k for a lay and play pitch they are desperately trying to avoid any additional costs that would take them under.

 

[McTallshort]

The most recent is the common wealth games pitch drama. Wasps committed to play the games before signing cov city up for the season. They always said cov can't play their initial games there etc but the city fans ignore that.

They also act like they could make wasps leave the city and then suddenly they own the stadium. Listening to cov fans talk about wasps etc is a joke, they are so angry for the sake of it rather than look at the positives because before wasps let them back in they weren't even playing in cov.

I get cov city need to own their own ground but they were never going to buy the Ricoh and then they get all worked up because there is a rugby team playing there who have nothing to do with the failure of the cov city club which is down to their owners etc.

Thanks. Makes you wonder why Cov city didn't buy the Ricoh. Guess it was down to funds

 

[stinginthetail]

Well, there'll be different versions of this but I think a fair summary view would be that SISU (who own CCFC) tried to distress Coventry Council into selling on the cheap, as a result of which there was a complete and irrecoverable breakdown in relations between them both. Then, either because the Council was itself financially distressed, and not least because of personal positions in the Council towards SISU, the Council then sold the Arena on the cheap to Wasps instead.

Hence



Of course, going back further in time, the club (not then under SISU) had to sell the Arena to the Council as they fell into financial trouble shortly after completion, in part because of a drop off in income from having being relegated but also because the sums didn't match up in the first place, whilst certain Directors got money from selling the old ground. What goes around....

 

[McTallshort]

Well, there'll be different versions of this but I think a fair summary view would be that SISU (who own CCFC) tried to distress Coventry Council into selling on the cheap, as a result of which there was a complete and irrecoverable breakdown in relations between them both. Then, either because the Council was itself financially distressed, and not least because of personal positions in the Council towards SISU, the Council then sold the Arena on the cheap to Wasps instead.

Hence

Yeah charming. So cov city tried pulling a fast one and got bitten?

Ok ta

 

[stinginthetail]

Yes, that's the case. That doesn't reflect on the current situation, however. Agreements over the pitch were part of the new tenancy agreement. CCFC have already triggered the disputes procedure in the agreement. Nobody is ever going to know the ins and outs of this, but it seems like Wasps gambled on the pitch being okay following the commonwealth games, and now aren't in a position to fulfil the agreement.

 

[TRF_Olyy]

Biggest issue seems to be the concerts pre-CWG rather than the games themselves,
A 7s tournament shouldn't have demolished a regular pitch, but rather than doing maintenance/reseeding/whatever during the summer the Ricoh had concerts on, so covered up the turf and had thousands of people on it

Should've been CWG or Concerts, not both - and now they're paying the price

 

[McTallshort]

Yes, that's the case. That doesn't reflect on the current situation, however. Agreements over the pitch were part of the new tenancy agreement. CCFC have already triggered the disputes procedure in the agreement. Nobody is ever going to know the ins and outs of this, but it seems like Wasps gambled on the pitch being okay following the commonwealth games, and now aren't in a position to fulfil the agreement.

Ok, but as someone with no dog in this fight I think the commonwealth games coming to Cov was a very positive thing and perhaps some City fans should realise the world doesn't revolve around just them.