Latest financial statement from the club.

[Heathen]

https://www.wasps.co.uk/your-club/wasps-bonds/

[Raggs]

So a quick read of the first couple of paragraphs, and I make it a £2m ish loss overall? At least in terms of everyday cash flow, rather than one off payments and valuations etc.

[Shugs]

Yes, at first glance looks like our operating loss once you take out the CVC piece out has reduced by approx £2m

[Dgwasp]

I don't think they are particularly surprising results. Key point for me is that cost of sales is still too high (and increasing).  Without exceptional items we lost £12m rather than £10 last season.  However, we also repaid nearly £6m debt and have put £3 into the bank. Whereas last year, we dipped into greater debt. So overall not great but not horrific either.

Of course, we again need to thank Derek for keeping the club afloat and be grateful that we can look forward to supporting the club as we all do.

[RogerE]

I don't think they are particularly surprising results. Key point for me is that cost of sales is still too high (and increasing).  Without exceptional items we lost £12m rather than £10 last season.  However, we also repaid nearly £6m debt and have put £3 into the bank. Whereas last year, we dipped into greater debt. So overall not great but not horrific either.

Of course, we again need to thank Derek for keeping the club afloat and be grateful that we can look forward to supporting the club as we all do.

Only managed to put that in the bank - that is worrying   

[Dgwasp]

Ha! Good spot.  I guess £3 was still better than last year! Lol

[Shugs]

I'm not sure if the £3m we've banked includes some of the CVC money?

[Heathen]

Some interesting comments from the DW site :

https://www.rugbynetwork.net/boards/read/s96.htm?98,16661078

[Dgwasp]

Interesting is one word.  Two posters are from SBT... They are not great figures in any sense and I hope there is a plan to limit costs. 

The picture that Kent paints of a quaint ground, owned by Wasps in West London is amazing. However it is also very improbable and the truth is that we were in a bad situation in HW, gambled on a move to Coventry with the Ricoh and that is proving more difficult than hoped.  The antics of SISU have made the road more difficult but I don't see that the problems are unsurmountable.

[AKWasp]

Some interesting comments from the DW site :

https://www.rugbynetwork.net/boards/read/s96.htm?98,16661078

Wish I hadn’t looked there, left me feeling quite low for this time in the morning.

As much as I appreciate the difficulty to follow your club across the country, I’m still surprised at the anti-Cov feeling that that thread has stirred up. I was a casual Wasps fan before the move but the move to Coventry made me fall fully head over heels for this incredible club.

While the figures do not look great, the situation is that buying a multi-platform venue results in large financials, profit and loss will be large once the structure is settled.

We have a new CEO to manage the business side and one that (so far) has been making all the right noises, the venue profit increased by £2m in a year and we have a huge international company with shares in our league with their sole intention to grow the game and make premiership rugby sustainable.

No need for the numbers to be an excuse to have a go at the club for the move or some players for not performing.

[Dgwasp]

The problem with some of the sentiment on DW is that it is all very idealistic.  Yes, the opportunity at Brentford would be great, but it hasn't happened at the right time for Wasps.

Being in London was not an option financially.  Where could we have gone to? Continuing at Adams Park was not an option, similar losses but with no assets to show for it.  The only other option would have been to fold and restart, but we would be doing well to have moved up as far as the Championship and people already complain that the club isn't top 4 premiership material.

The move still presents a huge risk to the club and I'm not sure how costs are reduced.  However, getting the knives out now and not presenting a valid arguement for where we should have moved is pointless and proves nothing. 

[BG]

We're not the only club struggling financially. We have a venue that should be able to generate more and more money. The problem is whether we can do that whilst financing the bonds.

Spare a thought for Bath who don't own the ground they play on (does a trust or charity own it?) and are being fought at every turn to try and increase their capacity.

Tiggers are up for sale and there doesn't seem to be a massive queue forming for that.

The RFU are (or have been) haemorrhaging cash (not helped promising bonuses that they can ill afford)

I'm sure other clubs are all struggling to balance the books which is why the other subject being discussed on other boards and threads needs to be addressed. EPL clubs need to operate within their own means and clubs need to know other clubs are doing likewise

[Rossm]

Chief executive (sport) Stephen Vaughan talks finances and his time in the role

With Bobby Bridge:

https://www.coventrytelegraph.net/sport/rugby/wasps-rugby-accounts-finances-17207602

[BG]

From the article

"Vaughan has pushed through a new playing surface at the Ricoh Arena"

Eh? I thought the hybrid was installed the summer after Wasps moved to the Ricoh, or has something else been changed?

[Raggs]

From the article

"Vaughan has pushed through a new playing surface at the Ricoh Arena"

Eh? I thought the hybrid was installed the summer after Wasps moved to the Ricoh, or has something else been changed?

We had a new surface after the monster truck rally.

Wonder if we're using the same plastic carpet, just with a new lot of grass growing on top? Maybe a different species.