'We're all sad, we're all angry, including me' - Stephen Vaughan.

[Rossm]

Exclusive from Bobby Bridge.

Here's a full transcript of a one-on-one I had with Wasps CEO Stephen Vaughan this afternoon - discussing today's meeting, administration and what happens next

https://www.coventrytelegraph.net/sport/rugby/wasps-exclusive-were-sad-were-25286268

I thought it better to have this in a fresh thread as it might get lost elsewhere. Sorry if people don't agree with me.

[InBetweenWasp]

Gives some good insight. 

- HMRC called in the balance on their debt despite a payment plan that was being followed as agreed
- HSBC reneged on financing at the Eleventh Hour
- pre-covid the group had 6 months of breakeven months

[Neils]

He hasn’t held back where he could be open about things.

[Bloke in North Dorset]

Sounds like any plan to play in the Championship will revolve around the current training ground if I understood this correctly:

"For a playing department perspective, we would want to contract the players who want to be here next season, and we can afford within the refined budget. But in that period if time, clearly they are free to do as they wish. To try and find a deal in the Premiership, the Championship, abroad, knowing that they had contracts to come back to here at Henley ahead of the next year.

[AndyL]

Sounds like HMRC have completely screwed us. Yes we had debts yes they were big yes a bank has screwed us as well. But if we had a payment plan why act this way.

[NellyWellyWaspy]

Sounds like any plan to play in the Championship will revolve around the current training ground if I understood this correctly:

"For a playing department perspective, we would want to contract the players who want to be here next season, and we can afford within the refined budget. But in that period if time, clearly they are free to do as they wish. To try and find a deal in the Premiership, the Championship, abroad, knowing that they had contracts to come back to here at Henley ahead of the next year.

Yes. I do wonder whether they had this in mind for a plan C way back then when the place was acquired. It would need a proper clubhouse adding to the buildings, and away team changing rooms etc, plus a decent car park (the current car park isn't big enough for even the players when they train).

[Bloke in North Dorset]

Sounds like any plan to play in the Championship will revolve around the current training ground if I understood this correctly:

"For a playing department perspective, we would want to contract the players who want to be here next season, and we can afford within the refined budget. But in that period if time, clearly they are free to do as they wish. To try and find a deal in the Premiership, the Championship, abroad, knowing that they had contracts to come back to here at Henley ahead of the next year.

Yes. I do wonder whether they had this in mind for a plan C way back then when the place was acquired. It would need a proper clubhouse adding to the buildings, and away team changing rooms etc, plus a decent car park (the current car park isn't big enough for even the players when they train).

I don’t think they could play there but it’s a good base to restart the professional clan. How about a ground share with Oxford United?

[Vespula Vulgaris]

That reads to me very much like Vaughan places the blame firmly at  Derek's feet.

I'm not sure I like that seeing as he's reportedly £18M out of pocket keeping the club going over the last few years.

[Wombles]

Perhaps someone with financial knowledge can answer this for me.

We are not the only team to be in debt with HMRC, therefore if we are following a payment plan and then they call the whole debt in why is that? Also why not do this to every club in the Premiership as this would seem the fairest course of action?

[BrackenandMacken]

Perhaps someone with financial knowledge can answer this for me.

We are not the only team to be in debt with HMRC, therefore if we are following a payment plan and then they call the whole debt in why is that? Also why not do this to every club in the Premiership as this would seem the fairest course of action?

It will be one of two things or both. Our bill likely started to be building up earlier than others and secondly it may well be larger.

I strongly believe the rumours of other clubs being close to the wall is that their time with HMRC is also nearly up and in a months time we will have lost two more.

[NellyWellyWaspy]

Perhaps someone with financial knowledge can answer this for me.

We are not the only team to be in debt with HMRC, therefore if we are following a payment plan and then they call the whole debt in why is that? Also why not do this to every club in the Premiership as this would seem the fairest course of action?

If you have dealt with HMRC, you will know they can be quite fickle. They will let you propose a payment plan when what they want is full payment. They will let you make payments in line with that plan. But, you are unlikely to get any formal agreement to the plan in writing. They always reserve the option to simply pursue the debt in full, plus penalties.

I will be most surprised if other clubs aren't in the same boat, and get picked off one at a time with the same treatment. Until all the remaining clubs get the message.

[Shugs]

The statement is a mix of self preservation and honesty. The aspect I don’t understand is who will be pursuing the ambitions he states about the championship etc. we have no staff

[COYW15]

Unsure if this has been posted elsewhere: https://youtu.be/G_HfwlZWtGo

Vaughan expects news this week if any takeover will go through.

[wasps]

Perhaps someone with financial knowledge can answer this for me.

We are not the only team to be in debt with HMRC, therefore if we are following a payment plan and then they call the whole debt in why is that? Also why not do this to every club in the Premiership as this would seem the fairest course of action?

I suspect that when the bond didn't get refinanced as expected they started getting twitchy.
Further ongoing economic unrest wouldn't have helped either


But also, with worcester going out of business they may have lost out there and didn't want to lose out and time

[Bloke in North Dorset]

Perhaps someone with financial knowledge can answer this for me.

We are not the only team to be in debt with HMRC, therefore if we are following a payment plan and then they call the whole debt in why is that? Also why not do this to every club in the Premiership as this would seem the fairest course of action?

I suspect that when the bond didn't get refinanced as expected they started getting twitchy.
Further ongoing economic unrest wouldn't have helped either


But also, with worcester going out of business they may have lost out there and didn't want to lose out and time

I think you’re right about the bond refinancing, huge red flag to HMRC.