Commonwealth 7s - Pitch

[SBSam]

Shugs - genuine question. Do potential financiers actually have any impact on operations of a business in which they have no function (can’t quite think of the right word)? And if they did, wouldn’t they also have to factor in the damage that the publicity is doing to the Wasps brand, the potential compensation costs for inaction by Wasps, the potential longer term financial impact of losing a tenant and sponsorship?

[Agosto blond snowpack]

Shugs - genuine question. Do potential financiers actually have any impact on operations of a business in which they have no function (can’t quite think of the right word)? And if they did, wouldn’t they also have to factor in the damage that the publicity is doing to the Wasps brand, the potential compensation costs for inaction by Wasps, the potential longer term financial impact of losing a tenant and sponsorship?

To be fair Shugs thinks a couple of Westlife reuinion weekends will solve all Wasps financial woes.

[Shugs]

Shugs - genuine question. Do potential financiers actually have any impact on operations of a business in which they have no function (can’t quite think of the right word)? And if they did, wouldn’t they also have to factor in the damage that the publicity is doing to the Wasps brand, the potential compensation costs for inaction by Wasps, the potential longer term financial impact of losing a tenant and sponsorship?

Not in that they decide day to day operational business. But the re-financing loan will certainly have covenants attached that have to be met otherwise the loans could be called in. Typically they’ll be around cash flow/liquidity/EBITDA etc etc. They will have been derived from a business plan that I imagine Wasps have had to present. I know no loan is in place yet but it’s a poor look if, for instance, you’ve presented a cash flow forecast and then driven a coach and horses through it before you’ve started because you’ve bought a new pitch. It’s a fair point that within the same statement income from games involving CCFC will also be included. I suspect that balancing act is currently playing out.

[Shugs]

Shugs - genuine question. Do potential financiers actually have any impact on operations of a business in which they have no function (can’t quite think of the right word)? And if they did, wouldn’t they also have to factor in the damage that the publicity is doing to the Wasps brand, the potential compensation costs for inaction by Wasps, the potential longer term financial impact of losing a tenant and sponsorship?

To be fair Shugs thinks a couple of Westlife reuinion weekends will solve all Wasps financial woes.

Don’t believe all you read on SBT agosto. But some concerts would “raise us up. At the minute “we’re flying without wings”.

[Come on Dai Young]

It's a worry for both sets of fans.Its a shame because Coventry is a sports mad city.

I know 

[Rifleman Harris]

I guess things can only get better.

[SBSam]

Shugs - genuine question. Do potential financiers actually have any impact on operations of a business in which they have no function (can’t quite think of the right word)? And if they did, wouldn’t they also have to factor in the damage that the publicity is doing to the Wasps brand, the potential compensation costs for inaction by Wasps, the potential longer term financial impact of losing a tenant and sponsorship?

Not in that they decide day to day operational business. But the re-financing loan will certainly have covenants attached that have to be met otherwise the loans could be called in. Typically they’ll be around cash flow/liquidity/EBITDA etc etc. They will have been derived from a business plan that I imagine Wasps have had to present. I know no loan is in place yet but it’s a poor look if, for instance, you’ve presented a cash flow forecast and then driven a coach and horses through it before you’ve started because you’ve bought a new pitch. It’s a fair point that within the same statement income from games involving CCFC will also be included. I suspect that balancing act is currently playing out.

I get that potential financiers will want to see a plan of how Wasps are going to turn round multi million pound annual losses, but surely such a plan would need to include some contingency for the unexpected. I would imagine any plan would be stress / sensitivity tested in any case so that lenders could have a feel for the impact of potential less than ideal scenarios.
Sometimes the simplest explanations are the most likely, Wasps simply didn’t have the cash and couldn’t afford it - which actually summarises the technical details you have detailed.

[ColonelWasp]

Coventry City and Wasps reach breakthrough in CBS Arena talks.

https://www.coventrytelegraph.net/sport/football/football-news/coventry-city-wasps-stadium-pitch-24775651

According to Coventry Telegraph and Andy Street sorted until "at least the end of the season" - no real details though?

[NellyWellyWaspy]

Statement on the Offy:

https://www.wasps.co.uk/news/pitch-update-from-wasps-group-ccfc/

[Chunky24]

Possibly similar to what they are doing at Twickenham at the moment?

https://twitter.com/jimRFU/status/1559857242630938624?t=ynXQgnKpRlDpmEfIw-x-uw&s=19

[WonkyWasp]

All we need now then is 35 million.

[hopwood]

It sounds like whatever monies we made from the Commonwealth Games are going to have to be invested back into the state of the pitch and winning back hearts and minds.

I wonder whether it was all worth it.

At least they now have a solid plan in place...which will hopefully work as a long term solution.
Although, maybe maintenance costs will go up.

[SBSam]

It sounds like whatever monies we made from the Commonwealth Games are going to have to be invested back into the state of the pitch and winning back hearts and minds.

I wonder whether it was all worth it.

At least they now have a solid plan in place...which will hopefully work as a long term solution.
Although, maybe maintenance costs will go up.

I think they will have to schedule a pitch replacement next year.

[Rossm]

It sounds like whatever monies we made from the Commonwealth Games are going to have to be invested back into the state of the pitch and winning back hearts and minds.

I wonder whether it was all worth it.

I expect the Coventry Building Society would have thought so with all the TV coverage.

[SBSam]

It sounds like whatever monies we made from the Commonwealth Games are going to have to be invested back into the state of the pitch and winning back hearts and minds.

I wonder whether it was all worth it.

I expect the Coventry Building Society would have thought so with all the TV coverage.

The only problem with that is that the arena had to be “de-branded” and was supposed to be referred to a the Coventry Arena throughout. The more recent tv coverage of the CBS arena hasn’t been all that great.