Wasps facing relegation

[Westy68]

Even though I hate Sarries for what they did, it is definitely not the main reason we are in this trouble, it maybe for other clubs who are likely to be close to financial problems.

I just have a problem with DR and the directors for having a poor business plan and borrowing £35m to do it, it was pretty naive, how on earth did they think the £35m was going to be paid off, even without Covid, that is disappointing.

I really don't know what I'm going to do when we play our last game this weekend as a premiership club, most probably stop watching club rugby has i just couldn't bear it watching Sarries winning every season, what a terrible product rugby will be. I may just keep an half eye on the Willis brothers but please god don't play for Sarries

[DGP Wasp]

It's not the main reason for Wasps demise, or Worcester's for that matter.  But it a a significant contributory factor to the sorry state of finances throughout club rugby where no wealthy benefactor exists to support sustained over-spending.

[mike909]

I don't believe anyone's suggesting that the wage inflation is linked to Wasps' debt levels.  But the attitudes across the Prem seem to suggest that the EA's are/were treated differently to Wasps and Worcester.  And their treatment has probably meant that other teams will be allowed to go to the wail. We're not all in this together. And rugby is devalued  in England because of the EA's and that their cheating is  let off as they can't be allowed to go under. 

[DGP Wasp]

I may just keep an half eye on the Willis brothers but please god don't play for Sarries

Wonder if they might be tempted to go to Irish (budget permitting) since that's where their dad played.

But God I hope someone can find a way to get Wasps in a position where we can keep hold of them.

[Westy68]

I honestly believe we have the potential of a great side, we have several outstanding players and still the potential of more in a year or 2 time, it is one of the reason that I'm really taking this situation pretty badly.

[BlackAndGoldSunglasses]

Bobby on twitter just now:

"Wasps’ media call is scheduled for 2pm today (player, then Blackett). No zoom links have been sent out & no response to requests for link.
Unconfirmed, but I understand players & staff have been called into a meeting. Thurs is day off, Friday travel day for Exeter (A) on Sat."

Not sure what that means, really... keep an eye on twitter for info from players and staff this afternoon!

[BlackAndGoldSunglasses]

Exeter game is off:

Breaking: Wasps pull out of their Premiership game against Exeter on Saturday. The club say it is “likely that they will enter into administration in the coming days”.

[BlackAndGoldSunglasses]

Statement:

A spokesperson for Wasps Holdings Limited, said: “Since filing a notice of intention to appoint administrators on 21st September, we have been working tirelessly to secure the long-term future for Wasps Holdings Limited, and all of the organisations and clubs that sit within the Group.

“Negotiations to secure deals that will allow the Men’s and Women’s rugby teams, netball team and the arena and associated business to move forward are ongoing. However, it has become clear that there is likely to be insufficient time to find a solvent solution for the companies within the group, and it is therefore likely that they will enter into administration in the coming days with a view to concluding deals shortly thereafter.

“While the companies within the Group all represent strong and viable businesses, the reality is that they have insufficient cash at this time to continue to fund operations until these complex negotiations have concluded. We have therefore been asking potential funders and investors to provide bridging finance to provide enough time for a solvent solution to be found. Regrettably, this has not been possible to date, although we will continue to pursue this until the very last opportunity.

“In light of the current situation, we have therefore taken the decision to withdraw the Wasps Men’s team from this Saturday’s league fixture against Exeter Chiefs. This was an extremely difficult decision to make and we recognise that this will not only impact on our players, staff and supporters, but also Exeter Chiefs and the wider rugby community. However, we strongly believe it is the right course of action when, at this time, we are unable to meet our regulatory requirements in the absence of fully concluded deal negotiations.

“We understand that this news will be disappointing and concerning for everyone involved. Our immediate focus will be on ensuring that all of our players and the staff of Wasps and the arena are fully updated and given the support they need.

“While these are challenging times, we remain confident that new owners will be found that will allow the clubs and businesses within the Group to move forward.

“We will not be making any further statement at this time.”

[Westy68]

That is bad, really bad

[DGP Wasp]

Well, it's been nice knowing you all.

[loverugby1979]

Ok. Thx for the statement. It's hard to take It.

Goodbye Wasps from Spain.i'm following the team during the last 20 years. Thanks for all to all the players,staff and followers.

[Vespula Vulgaris]

Damn.

[NellyWellyWaspy]

At the least, the directors have done the right thing when they must, rather than letting it get as far as a winding up order. This will have an immediate knock on effect on CCFC as well, as the administrator is unlikely to trade on. I wonder about the casino and hotel as well.

I guess we will find out in due course, in drips and drabs.

The key decisions are what happens with regard to bond holders (did they not have equity over the arena) and Coventry City Council.  Were some of the Covid loans also secured on the Arena?

[bigad82]

Bugger, I think they in denial.
Lucky to find a buyer for any part of the business.

[coddy]

Obvoiusly I'm gutted from a personal sense but thoughts go out to the players, coaches, medical team and all other support staff who have no idea where their next pay check is coming from.