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We Need To Talk About Wasps

LeinsterMan (NotTigsMan)

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Wasps keep kicking the can with the bonds

And Worcester are late paying players

Not looking good for either
 

Jimbo

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Wasps keep kicking the can with the bonds

And Worcester are late paying players

Not looking good for either
And Leicester won the premiership after avoiding relegation due to the fact they were **** whilst cheating and another team was cheating more, sticks and stones…..
 

LeinsterMan (NotTigsMan)

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And Leicester won the premiership after avoiding relegation due to the fact they were **** whilst cheating and another team was cheating more, sticks and stones…..

I mean you’re not wrong but neither am I….

Wasps currently are looking in a extremely bad shape finically wise.

I wasn’t even ranting against Wasps, they still keep pushing back the bond repayment, and have now basically held them as hostage!
 

Geordiefalcon

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Looks like the bond holders are now taking a collective action against Wasps. ..
 

Jimbo

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I mean you’re not wrong but neither am I….

Wasps currently are looking in a extremely bad shape finically wise.

I wasn’t even ranting against Wasps, they still keep pushing back the bond repayment, and have now basically held them as hostage!
Nah in fairness it’s a pretty dire state of affairs, just frustrating, once my local (ish) club moved miles away supposedly with a better future financially and here we are.
 

will311293

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Yeah its pretty bad. Apparently this was published in the times this morning.

Hedge fund puts Coventry City football club in play


The hedge fund owner of Coventry City FC is open to offers from a buyer with the clout to capitalise on financial difficulties at Wasps, the rugby team that owns the football club's shared stadium.

Wasps, who play in England's top rugby division, are in default on a £35 million bond, having failed to repay retail investors who helped to finance the purchase of the Coventry Building Society Arena in 2015.

The bond was suspended from the London Stock Exchange in May when repayment had been due. Last Friday Wasps admitted that it also would miss a new repayment deadline of August 12.

The Times understands that Sisu, a Mayfair-based hedge fund, is considering a sale of Coventry City, believing that Wasps' distress may present an opportunity for a third party to make an offer for the club and, at the same time, bid to acquire the lease for the arena. A senior source said Sisu was "open for business". Sisu itself is unlikely to make an offer for the stadium because of its troubled relationship with Coventry city council, which owns the freehold.

A spokeswoman for Wasps declined to comment on the idea, but said the club was "committed to its long-term future" at the stadium.


Sisu, which is led by Joy Seppala, 60, an American investor, bought Coventry City in 2007. Wasps, having relocated to Coventry from west London in 2014, bought the lease for the stadium amid a dispute between Sisu and the council.

The rugby club's bond, which has a 6.5 per cent coupon, was suspended in May on the last day of trading before it was supposed to reach its maturity date. Wasps had said that it was seeking to refinance with HSBC and in June it extended the proposed redemption date for the bonds to August 12.

On Friday, Wasps Finance, the issuer of the bond, said it had not been able to "agree final terms for refinancing" and so would be unable to redeem the bonds next month. Wasps said that in addition to talks with HSBC, it was "pursuing different refinancing options".

Sisu's ownership of Coventry City, known as the Sky Blues, has involved an often-fractious relationship with both the council and the team's fans. However, the team has been enjoying progress on the pitch recently, rising from League Two to the top half of the Championship last season.
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Sisu is thought to be open to the football club changing hands or a part-sale of equity if a third party also manages to acquire the lease for the stadium, which was built by the council in 2005. The source, speaking on condition of anonymity, said the natural next step for Coventry City was promotion to the Premier League, but that would require "serious investment", possibly from a third party. "This is a real opportunity for growing the club into its potential," the source said.

Wasps said that next month it would ask bondholders to agree a further extension to the redemption deadline, which would remove the bond's default status, and that it was seeking to have it reinstated on London Stock Exchange. Bondholders will continue to receive interest.

A spokesman for Sisu declined to comment.
 

LeinsterMan (NotTigsMan)

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Apparently rumour going on that Wasps are sniffing at Alexander stadium
Don't know how much is in it.

Birmingham makes more sense than Coventry did since 1. It's bigger, 2. Doesn't really have much Ties to Tigers or Saints (Well not as much as Coventry did) and IMO Wasps made a cock up on not picking Birmingham over Cov in the original move
 

will311293

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Yeah this wouldn't surpsie me. Still in striking distance of training facilitires either so wouldn't cause too much impact.
 

TRF_Olyy

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Bit big isn't it? Like size-wise - seats ages away from the centre due to the running tracks? Wikipedia says Villa's Women's team plays there - not sure if that's in the Stadium itself or if there's a smaller ground adjacent?

I'll probably go to a few games if they do go to Brum tbf


Agree that Birmingham should've always been the target - but I guess the allure of owning the Ricoh was too much to pass up
Travel to Birmingham so much easier than Coventry, for existing fans, as well (especially to the Ricoh, which is ages away from the train station)
 

Don't Skip Leg Day

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In my humble opinion wasps failed when they stopped having the Sunday o Friday games like they did the first season. There are loads of rugby players around the Coventry midlands area who don’t support a team. Having those non Saturday games meant that the stadium was full of club players but not any more with the Saturday games.

Plus they really need to sort out their finances. That stadium facilities should be raking in the cash.
 

TRF_Olyy

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See Coventry City have had to move their home game to Burton because the Ricoh's pitch is unplayable after the CWG

Imagine that'll result in compensation and/or reduced rent - not gonna help Wasps' coffers
 

Which Tyler

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TL,DR- we signed an agreement with the Commonwealth Games before Coventry City signed to play football here - so you already knew this was going to be the case.
Consequently, we suggested that Coventry City play their first few matches away from home, because the pitch wouldn't be playable - you said this wasn't possible (and are now playing those matches away from home, despite being impossible).
You're now complaining that the pitch isn't ready after 1 week, when we told you it wouldn't be ready until [about 5] weeks.
 
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Which Tyler

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I see there's also talk (speculation?) that Wasps financial issues are a bit too well known, so no company is willing to carry out the groundwork without full payment up front.
 

TRF_Olyy

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TL,DR- we signed an agreement with the Commonwealth Games before Coventry City signed to play football here - so you already knew this was going to be the case.
Consequently, we suggested that Coventry City play their first few matches away from home, because the pitch wouldn't be playable - you said this wasn't possible (and are now playing those matches away from home, despite being impossible).
You're now complaining that the pitch isn't ready after 1 week, when we told you it wouldn't be ready until [about 5] weeks.

Guess it comes down to whether the contract says all season or all season minus the first few weeks - CCFC are raging but if they signed the contract with small print saying that there's the possibility that the pitch won't be available immediately post CWG then that's on them,
If Wasps guaranteed all season (even if they suggested after that they look elsewhere for the opening games) then they're going to have to pony up some serious cash - CCFC aren't selling out the Ricoh but two (I think?) lost home games will be worth a serious chunk of change that Wasps can't afford right now
 

TRF_Olyy

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Rumours wasps a going for a CVA which I believe if true would mean 35 point deduction
Mad, but wouldn't be completely out of the blue - would they even be able to pay their players?

The mad scramble for their guys if they do get a 35pt deduction/relegation will be a sight to see
 

LeinsterMan (NotTigsMan)

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Honestly wouldn’t be surprised if some clubs have saved cap just for moments like this potentially.
 

Geordiefalcon

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The points reduction is irrelevant with no relegation...but any issue with players payments might be a bigger one.

Could be some goods players up for grabs.
 

TRF_Olyy

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The points reduction is irrelevant with no relegation...
Wait there's no relegation this season as well - I thought we were past that now?

ffs
 

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