BB Breaking - Announcements

[Neils]

Anyone know who the Directors are for the remaining Companies? Will be quite angry if there has been a slight of hand that has killed off Wasps.

ACL have Nick Eastwood, Derek Richardson, and Jacquelyn Issac listed as directors.  What are the other companies?

Arena Coventry Limited and IEC Experience Limited still to operate!

IEC Experience Ltd are Nick Eastwood, and Jacquelyn Issac. Though Derek is the primary owner.

So CCFC have not got rid of Derek

[matelot22]

Anyone know who the Directors are for the remaining Companies? Will be quite angry if there has been a slight of hand that has killed off Wasps.

ACL have Nick Eastwood, Derek Richardson, and Jacquelyn Issac listed as directors.  What are the other companies?

Arena Coventry Limited and IEC Experience Limited still to operate!

IEC Experience Ltd are Nick Eastwood, and Jacquelyn Issac. Though Derek is the primary owner.

Please excuse my ignorance in these matters, but if Derek and Eastwood are the directors of ACL, does that not provide a glimmer of hope that they will only sell to a company that are interested in saving the club, or even better, can they somehow engineer a solution from their continued operations of the arena?

I realise I may be thinking through nothing but blind optimism, but I really am clutching at straws that anything may rescue the club.....

[Andywasp50]

Anyone know who the Directors are for the remaining Companies? Will be quite angry if there has been a slight of hand that has killed off Wasps.

ACL have Nick Eastwood, Derek Richardson, and Jacquelyn Issac listed as directors.  What are the other companies?

Arena Coventry Limited and IEC Experience Limited still to operate!

Kind of feels those directors have kept the stadium and cast off Wasps as a rugby club? Is the name a co-incidence or is the administrator the Andrew Sheridan of Sale and England?

[Vespula Vulgaris]

Please excuse my ignorance in these matters, but if Derek and Eastwood are the directors of ACL, does that not provide a glimmer of hope that they will only sell to a company that are interested in saving the club, or even better, can they somehow engineer a solution from their continued operations of the arena?

I realise I may be thinking through nothing but blind optimism, but I really am clutching at straws that anything may rescue the club.....

I'm not sure they have any say in it any more. Especially if the players and coaches have all been officially made redundant.

[Neils]

Please excuse my ignorance in these matters, but if Derek and Eastwood are the directors of ACL, does that not provide a glimmer of hope that they will only sell to a company that are interested in saving the club, or even better, can they somehow engineer a solution from their continued operations of the arena?

I realise I may be thinking through nothing but blind optimism, but I really am clutching at straws that anything may rescue the club.....

I'm not sure they have any say in it any more. Especially if the players and coaches have all been officially made redundant.

I think Wasps Professional has been wiped out completely.

[Neils]

From Bobby -

The darkest day in Wasps' history.

Well, let us digest that statement.

We were expecting Wasps to go into administration, but the most shocking line is that 'joint Administrators were required to make 167 employees redundant, including all members of the playing squads and coaching staff'.

This was the worst-case scenario for fans of the club, and for those employed by Wasps.

They are now out of work. Everything that was built by head coach Lee Blackett and his group, is now in ruins.

Young men whose dreams of playing in black and gold, crushed.

Men and women who depend on the club to pay their bills, now without an income.

The vast majority of these employees live in the real world financially. Modest incomes without great pools of reserves. This isn't football, the rewards in rugby are far, far smaller.

As the statement says, it's a dark day. The darkest in Wasps' history.

[DGP Wasp]

Which of those entities is the bond against?  Presumably ACL as that's the stadium?

[NellyWellyWaspy]

Is the bond secured against the arena lease? If so, ACL would likely look to sell the lease to pay back the bondholders. CCFC's tenancy must also be with ACL, as with all other bookings (like the Rugby League World Cup game). I wonder what else was secured against the lease? I mean, did Wasps get the DCMS loan, or did ACL, and was it secured against the lease?

The fact that ACL have now lodged a similar intent to enter Administration notice suggests that they too have some big debts to pay, and may need a quick sale to avoid actual administration. So, even that is not out of the woods yet.

No mention of the training site. Owned by Chris Holland. What on earth would he do with it, with no club needing such facilities? I wonder if he has to pay the contractors who are still owed a big bundle of money, or if they had invoiced Wasps Holdings?

I suppose we are now waiting for the PRL to stick the knife in and twist it by relegating Wasps next.

[jamestaylor002]

Please excuse my ignorance in these matters, but if Derek and Eastwood are the directors of ACL, does that not provide a glimmer of hope that they will only sell to a company that are interested in saving the club, or even better, can they somehow engineer a solution from their continued operations of the arena?

I realise I may be thinking through nothing but blind optimism, but I really am clutching at straws that anything may rescue the club.....

I'm not sure they have any say in it any more. Especially if the players and coaches have all been officially made redundant.

I think Wasps Professional has been wiped out completely.

So that means that there is now technically no Wasps team and, therefore, unless a buyer comes along and resurrects the club in a Rangers type fashion, the closest we will get to a Wasps team from now on is Wasps FC?

(Note: I am by no means a business minded person so please excuse if my questions are bad/stupid!)

[InBetweenWasp]

So that means that there is now technically no Wasps team and, therefore, unless a buyer comes along and resurrects the club in a Rangers type fashion, the closest we will get to a Wasps team from now on is Wasps FC?

(Note: I am by no means a business minded person so please excuse if my questions are bad/stupid!)

My understanding as well

[WonkyWasp]

How can we be relegated if we don't exist?

[hookender]

How can we be relegated if we don't exist?

Well we certainly can’t lose any more games this season

[DGP Wasp]

How can we be relegated if we don't exist?

Well we certainly can’t lose any more games this season

Yep, just 3 defeats in our entire season.  The stuff of dreams!

[InBetweenWasp]

How can we be relegated if we don't exist?

We're automatically relegated unless proven to be a no-fault insolvency; if we don't come back then of course it doesn't matter.  If we do, it'll be in the Championship.

[coddy]

Relegation is now a given, Wasps playing in the Championship next season with a competitive team is the best case scenario, the worst case scenario is extinction.

Are there any other scenarios?