Accounts to June 2021

[ardenwasp]

Now available for review at:

https://www.wasps.co.uk/media/8656/whl-group-ye-30-06-2021-final.pdf

[Neils]

Interesting to see in print -
There  have  been  no  further  developments  made  since  the  April  2019  High  Court  decision  dismissing  the
challenge that Coventry City Council’s extension of ACL’s lease on the Coventry Building Society Arena in 2015
represented state aid.

[NellyWellyWaspy]

The EU never came back on that case, one suspects that they never will.

[Sussex Wasp]

I'm surprised this has not caused worry. The auditors have taken the unusual approach of a "material uncertainty" of the Wasps Holdings to be able to repay the £35m bonds in May 2022. That the Wasp board are currently unable to find any solution. Who would bale the current bond holders out (and if you read the bond owner threads - boy do they want out)?

[Shugs]

Auditors will never be committed on something like this unless a dotted line has been signed prior to the date they are dealing with. That doesn’t mean we’re not close to sorting it.

[Sussex Wasp]

With all respect Shugs it's nothing to do with the auditors

They only highlight risks

It's all about the fact as a business Wasps are broke, we owe Derek around £20m and suppliers loads and then £35m to city bondholders.

Wasps have nothing to repay them. So crisis time - sell the CBS? In my opinion no-one will take over the bonds, as they are junk status.

Sense under the corporate face Wasps board must be in massive panic

Or what is plan B if the £35m bondholders can't  be replaced 

[Neils]

This looks like a DW post of old.

[NellyWellyWaspy]

With all respect Shugs it's nothing to do with the auditors

They only highlight risks

It's all about the fact as a business Wasps are broke, we owe Derek around £20m and suppliers loads and then £35m to city bondholders.

Wasps have nothing to repay them. So crisis time - sell the CBS? In my opinion no-one will take over the bonds, as they are junk status.

Sense under the corporate face Wasps board must be in massive panic

Or what is plan B if the £35m bondholders can't  be replaced

Well, that's a cheerful thought for the weekend. The happiest man alive is the one who dies deeply in debt, having enjoyed his life more than he should have.

[DGP Wasp]

With all respect Shugs it's nothing to do with the auditors

They only highlight risks

It's all about the fact as a business Wasps are broke, we owe Derek around £20m and suppliers loads and then £35m to city bondholders.

Wasps have nothing to repay them. So crisis time - sell the CBS? In my opinion no-one will take over the bonds, as they are junk status.

Sense under the corporate face Wasps board must be in massive panic

Or what is plan B if the £35m bondholders can't  be replaced

Well, that's a cheerful thought for the weekend. The happiest man alive is the one who dies deeply in debt, having enjoyed his life more than he should have.

Strange analogy. While there might be some truth in it at an individual level, if a business comes to the end of its life deeply in debt then who exactly is "the happiest man alive"??

[NellyWellyWaspy]

With all respect Shugs it's nothing to do with the auditors

They only highlight risks

It's all about the fact as a business Wasps are broke, we owe Derek around £20m and suppliers loads and then £35m to city bondholders.

Wasps have nothing to repay them. So crisis time - sell the CBS? In my opinion no-one will take over the bonds, as they are junk status.

Sense under the corporate face Wasps board must be in massive panic

Or what is plan B if the £35m bondholders can't  be replaced

Well, that's a cheerful thought for the weekend. The happiest man alive is the one who dies deeply in debt, having enjoyed his life more than he should have.

Strange analogy. While there might be some truth in it at an individual level, if a business comes to the end of its life deeply in debt then who exactly is "the happiest man alive"??

Anybody who it doesn't owe money to and enjoyed its output at what must, by definition, have been at below cost.

Money is, at best, a construct designed to keep the poor poor, and make the rich richer.

[Heathen]

The Bond will be refinanced. End of. (Secured against the stadium?)

[Neils]

The Bond will be refinanced. End of. (Secured against the stadium?)

It is apparently well advanced.

[Heathen]

The Bond will be refinanced. End of. (Secured against the stadium?)

It is apparently well advanced.

That is my understanding too.

[westwaleswasp]

Remember rugby's finances as a whole are a basket case. We are just reflecting a reality that has played out across the game.
Our stadium and other facilities put us in a stronger position than most as the economy recovers.

[Shugs]

With all respect Shugs it's nothing to do with the auditors

They only highlight risks

It's all about the fact as a business Wasps are broke, we owe Derek around £20m and suppliers loads and then £35m to city bondholders.

Wasps have nothing to repay them. So crisis time - sell the CBS? In my opinion no-one will take over the bonds, as they are junk status.

Sense under the corporate face Wasps board must be in massive panic

Or what is plan B if the £35m bondholders can't  be replaced

The material uncertainty is the auditors judgement so that is about them. Of course there is a wider context around the bond and finances in general. Personally I believe we’ve got very shrewd operators working this out - knowing from the start that they would have to. Time will tell I guess but I’m not overly worried.