Wasps facing relegation

[mike909]

Refinance info to be given to @WaspsRugby players and staff today after application for administration "We have arranged for our restructuring partner, FRP, together with board members, to be available at the training ground in person tomorrow to answer any questions directly."

https://twitter.com/chrisjonespress/status/1572846136322400263?s=46&t=rsbpO3Xr9SCtU7kMZFfcaw

Will someone be able to provide a precis of where we are, today? I understand the reason for the application, but acknowledge that it's not a destination and it would be great to get an endorsed position and get a feel for our prospects.

Simple explantion : It's a pre-emptive move to keep HMRC at bay whilst Wasps get deal(s) done to sort out financing once and for all.

That's ok - I got what we've done and why. I was hoping that if board members are talking/available for players today - we might get some more detail about that financing progress/journey?

[InBetweenWasp]

I think the toughest part as a fan, is the lack of clarity or insight. 

Nobody seems particularly well-informed of what's actually going on:

- Other than vague details the Press don't really seem to know
- Bondholders don't seem to know
- Fans don't seem to know
- ex-Players have been pretty quiet about it; the likes of Goodey, Jim, Flats when they surely know more with their connections
- Eggchasers are wildly ill-informed about it (Believing it to be £17m or something on their 'Wasps emergency Pod' last night)

It's only Wasps Execs that would seemingly know.  I've appreciated the radio silence on transfers; they've almost always turned out to be interesting when annouced than 'meh', but would appreciate a little more.  Typically we see more understanding and intent to help when people understand situations better.  On the other side, people hate being blind-sided by bad news and that's when you tend to hear more frustration and anger.

(I'm not suggesting yesterdays news was blind-siding people - We've all known finances were stretched, although I didn't personally think yesterdays news was something we'd hear).

[DGP Wasp]

In fairness, they are meeting with staff today.  The staff deserve to hear it straight from the horse's mouth rather than through the same media channels that we rely on as supporters and other interested parties.  I might be very unhappy with a lot of things, but I don't feel any entitlement to know the ins and outs before those whose livelihoods depend on it.  Yes I'm worried, but others have reason to be a lot more worried than me.

[WonkyWasp]

It feels as tho'  this has been going on for some time now, maybe years. 

[Neils]

Personally as long as the players and staff are assured their living is sound for the moment and have the machinations fully explained to them I am satisfied.
As STHs we can feel aggrieved at being under the mushroom but it is really understandable.

As for the "I told you so merchants" aren't you wonderful people.

[mike909]

In fairness, they are meeting with staff today.  The staff deserve to hear it straight from the horse's mouth rather than through the same media channels that we rely on as supporters and other interested parties.  I might be very unhappy with a lot of things, but I don't feel any entitlement to know the ins and outs before those whose livelihoods depend on it.  Yes I'm worried, but others have reason to be a lot more worried than me.

Again, agree 100%, I was just wondering when those of us who support might expect some more info.

[WonkyWasp]

Totally agree with you Neils.

[DGP Wasp]

Lansdown taking a bit of a swipe at "disappointing" CVC in light of Wasps' and Worcester's plight.

https://www.bbc.co.uk/sport/rugby-union/62992223

If, as seems inevitable, Worcester follow Wasps down the administration route, PRL may be reluctant to relegate both, and would surely be unable to relegate one without the other.  If and when that particular precedent is set, then I wonder how many other clubs will follow suit without fear of relegation.

[InBetweenWasp]

But might solve their issue of a 13-team league with 14 being too many and 12 being about right.  Us and Warriors go down, Ealing go up.

[Shugs]

Personally as long as the players and staff are assured their living is sound for the moment and have the machinations fully explained to them I am satisfied.
As STHs we can feel aggrieved at being under the mushroom but it is really understandable.

As for the "I told you so merchants" aren't you wonderful people.

Problem is Neils, the told you so’s have jumped in a bit too quickly in their excitement. There’s loads to play out in this yet with a positive outcome more than possible. But you’re right, I find it peculiar in the extreme to bracket yourself as a fan but be clearly pleased with what’s happening (or what they believe is happening).

[Heathen]

Lansdown taking a bit of a swipe at "disappointing" CVC in light of Wasps' and Worcester's plight.

https://www.bbc.co.uk/sport/rugby-union/62992223

If, as seems inevitable, Worcester follow Wasps down the administration route, PRL may be reluctant to relegate both, and would surely be unable to relegate one without the other.  If and when that particular precedent is set, then I wonder how many other clubs will follow suit without fear of relegation.

At this stage Wasps are not seeking to go into administration. That is the option of last resort. They have asked for administrators to be appointed. This enables the club to hopefully resolve financing and stop HMRC issuing a winding up order.

[Sliminator]

Lansdown taking a bit of a swipe at "disappointing" CVC in light of Wasps' and Worcester's plight.

https://www.bbc.co.uk/sport/rugby-union/62992223

If, as seems inevitable, Worcester follow Wasps down the administration route, PRL may be reluctant to relegate both, and would surely be unable to relegate one without the other.  If and when that particular precedent is set, then I wonder how many other clubs will follow suit without fear of relegation.

Lansdown isn't wrong, from my perspective it looks like all CVC have done is bought a stake in the Prem, I don't see that they have done anything to grow the product.

[Andywasp50]

The frustrating thing is we've lurched from one extreme to the other - having no stadium to create a revenue stream to having a stadium much too big that has proved a financial black hole.

People behind Wasps courted the Ricoh/CBS for a long time before we moved there. I remember the astonishment and anger when Tony Copsey and co announced we were playing 'home' European games up there against Munster and Saints.

It's never felt like our home to me and I really miss the simple afternoon/evening jaunt up the road to Adams Park to watch whatever game we were playing. A beer in the tent or clubhouse, a chat with regulars, players, a bit of atmosphere etc. A 4 hour round trip, good for £200 all in and taking a whole day, a poor result, performance and atmosphere latterly being the norm, has meant the club has become more remote to me. I was happy as long as it meant the club survived and thrived but for this to happen makes the move a bit harder to take.

Its not about me though, I just want what's best for the club, so fingers crossed something works out.

 

 

[InBetweenWasp]

Not clear on the source of this, so take with a pinch of salt - But copied from the ADVFN Board discussing the Wasps Bond:

"From this morning's meeting: So, as we know, Wasps players and staff were called to a 9am meeting this morning to discuss the club's situation. We understand this lasted around 20 minutes and people were told the club was in advanced talks and things will move fast with the next step - with the overall tone being a 'hopeful' one. But there is a waiting game to be played. There was a feeling relayed that HMRC's issuing of a winding-up order came as a surprise. There's no suggestion at all that the game against Bath will not go ahead, and training is continuing as normal today before the group travels south for Friday night's game at The Rec."

[Rossm]

From Bobby re. this morning's meeting.

We understand this lasted around 20 minutes and people were told the club was in advanced talks and things will move fast with the next step - with the overall tone being a 'hopeful' one. But there is a waiting game to be played.

There was a feeling relayed that HMRC's issuing of a winding-up order came as a surprise.