Derek Speaks

[WonkyWasp]

No w now  -  play nicely!  Seriously. CoDY  I've been fortunate to meet Derek several times, and he and his family are totally straight,  genuine and truthful people; no 'side',  no nastiness.  He chats readily   with all supporters  and is a lovely man.  The family have always loved  Wasps.  He couldn't stop chuckling  at the thought of an 80+ female getting a  Wasp tattoo, and he stops and talks  with supporters.  He is a STAR! Having met him I won't hear a word against him.  Calm down CoDY;  you're in danger of imploding.

[Shugs]

I guess it boils down to expectation. CODY wanted a full dialogue around five or six things. Personally, I think the statement is more than Richardson was obliged to do (which was nothing). Neither expectation is wrong. Contrary to what some outside of this forum think there is plenty of disagreement here but it’s conducted in a reasoned manner - differing opinions don’t indicate interlopers. Let’s be honest - if someone wanted to set up a fake account just to wind people up that’s very much their problem.

[TeflonTed]

Morning all. We’re following your news closely from here at Sixways, since we have our own financial difficulties, and we have owners who are saying nothing, as was your Derek until now.

His statement though says little, and obviously there’s a world of difference between a CVA and administration. The bit I don’t understand is the position of the bond holders. Having passed the redemption date, are holders not simply in a position to demand repayment via the courts? or does the prospect of further interest payments (at a rate surely not easily found elsewhere) just make it attractive to hold on…..wait and see?

But if it’s any comfort to you in your troubles, take a second to consider our problem. Failure to pay local suppliers relatively small sums for months, widely reported delays in player salary payments, and a switch of ticketing service provider that’s in chaos, and looks as though ST direct debit payments may well be delayed. That helps not a lot when there’s no cash in the business at all. No tenants paying rent, and only the occasional stadium event to provide a bob or two.

And above all, at least Derek has personal resources and a sound business background. We’re owned by a pair of chancers who don’t have any significant personal fortunes, and are basically an ex pawn shop operator (and Greek pawn shops at that) who came out of the London rag trade, and a luxury supercar trader who was recently mentioned in proceedings where a Middle Eastern Princeling was done out of serious money.

Del Boy looks serious by comparison.

Anyway, we do hope it all goes well for you, and look forward to coming to see you on Dec 23rd, by which time you’ll surely have the pitch sorted out😃

[BlackAndGoldSunglasses]

Short and to the point from Derek.

The club is solid, there are no plans for CVAs or other financial implements.

No-one can see the future, but projections and forecasts can be made. All this nonsense about crystal balls and so on is just nonsense. The spculation can end, Wasps will be buzzing around (and annoying some people) for the foreseeable.

More than he had to say, but typically for Derek, exactly what was required.

[Neils]

Hope you get out of your extensive problems (as do we).

Pitch is perfect for rugby!

[SBSam]

Short and to the point from Derek.

The club is solid, there are no plans for CVAs or other financial implements.

No-one can see the future, but projections and forecasts can be made. All this nonsense about crystal balls and so on is just nonsense. The spculation can end, Wasps will be buzzing around (and annoying some people) for the foreseeable.

More than he had to say, but typically for Derek, exactly what was required.

The “statement” is very narrow and excludes only administration. It does not exclude a CVA which is a different process. He does not say the business is solid - annual losses, failure to pay the bond including failing to attract alternative financing and seeking public funds in the form of a £13 grant would suggest otherwise. Bondholders in general do not feel that there has been transparency.

[BlackAndGoldSunglasses]

The “statement” is very narrow and excludes only administration. It does not exclude a CVA which is a different process. He does not say the business is solid - annual losses, failure to pay the bond including failing to attract alternative financing and seeking public funds in the form of a £13 grant would suggest otherwise. Bondholders in general do not feel that there has been transparency.

I know I shouldn't bite, but...

Are you a bond holder? I'm genuinely intrigued by what skin you have in the game.

If not, and I'm guessing not, then I do wonder why you keep trotting out the same lines over and over.

The attitude of some Sky Blues fans (and this isn't necessarily directed at you, SBSam) amazes me. Surely the best case scenario for everyone is for Wasps to do well, which means CCFC do well with a well appointed home in Coventry, and both clubs succeed financially. I said in a previous post that I'm bewildered by the acceptance of SISU by the vocal portion of City fans these days - they're the true bin-fire. Nothing good for City has come from their ownership, other than the last minute stay of execution of administration. SISU have contributed nothing, taken everything, and dragged the club around the Midlands.

I'm a Sky Blue, and a Black & Gold (and a Cov Rugby fan to boot), and I want everyone connected with the City to do well. Why people would wish failure on a club - particuarly one which has taken on the financial management of the Arena (which is, and has always been beyond CCFC) and brought CCFC back to Coventry - is beyond me.

Okay, I bit. Now jog on.

[WonkyWasp]

  Sam ......     Have you got your  'includes' and your 'excludes'  muddled up?  Are you a bondholder?  How do you know all this?  Genuine queries.

[WonkyWasp]

BAGS ..........  What a superb posting.  If only we all  had your good sense.

[SBSam]

Wonky - I haven’t mixed up my words, the settlement, whilst including the use of the term “administration”, only excludes administration from being on the cards. The rest of my post is information, not speculation, which is in the public domain.

BAGS - I agree with much of what you say about SISU, although I think that the appointment of Mark Robins is a second good thing they have done. I’m not sure that Wasps management are that much “better” though.

[SBSam]

Wonky - I haven’t mixed up my words, the statement, whilst including the use of the term “administration”, only excludes administration from being on the cards. The rest of my post is information, not speculation, which is in the public domain.

BAGS - I agree with much of what you say about SISU, although I think that the appointment of Mark Robins is a second good thing they have done. I’m not sure that Wasps management are that much “better” though.

[Shugs]

Bang on the money BAGS. An element of CCFC fans equate any demise of Wasps with them getting the stadium. In reality, as you say, they’re very best chance of continuing to play in Coventry depends on Wasps pulling through. SBSam - yes, SISU seem to have smelt the coffee in terms of Robins and it is something they’ve done well - as well as extending Viveash.

[Neils]

Very surprised somebody hasn't tempted Robins away. He must be on bigger clubs radar by now.

[Come on Dai Young]

Unlikely, Barney wasn't an argumentative attention seeker from what I remember.

Thanks for making a snide, one-line drive-by attack in a thread that has otherwise been pretty nuanced and civil, despite various points of disagreement. Very helpful!

I think CODY has been balanced.

Non-sarcastic thanks for that, Wombles - you make some very fair points in the rest of this post, and while I don't concur with all of them, you've certainly given me food for thought.

How do you know who Grendel is then?

This isn't quite the "gotcha!" you seem to think it is, I'm afraid - I've been visiting SBT on and off since the most recent bond update two weeks ago, in an attempt to see what the 'other side' makes of it all, and Grendel appears to be quite a notorious prat even among his fellow CCFC fans.

Calm down CoDY;  you're in danger of imploding.

I'm trying to stay calm, Wonky, really I am - not easy in this heat, speaking as someone who finds anything above 25°C to be uncomfortable! - but it gets a bit tiresome to face accusations of acting in bad faith on such a regular basis. I'm sure you can understand that. As for "imploding", it certainly isn't my intention to lose my rag and get myself banned, if that's what you mean.

I guess it boils down to expectation. CODY wanted a full dialogue around five or six things. Personally, I think the statement is more than Richardson was obliged to do (which was nothing). Neither expectation is wrong. Contrary to what some outside of this forum think there is plenty of disagreement here but it’s conducted in a reasoned manner - differing opinions don’t indicate interlopers. Let’s be honest - if someone wanted to set up a fake account just to wind people up that’s very much their problem.

Thank you, Shugs - as with Wombles' post above, this was greatly appreciated, despite our differing perspectives on Richardson's statement.

The club is solid, there are no plans for CVAs or other financial implements.

But Richardson's comments didn't preclude anything but administration, as TeflonTed and SBSam have already pointed out. That's what bugged me in the first place!

Thanks to anyone who bothered to read this far, and apologies for the War and Peace-esque post.

[BlackAndGoldSunglasses]

BAGS - I agree with much of what you say about SISU, although I think that the appointment of Mark Robins is a second good thing they have done.

Now that's a fair point. I'll give you that one!