EXETER CHIEFS to sell non rugby asset

[Shugs]

And the authorities and richer clubs are just wandering into it, quoting the rules. They remind me of mad generals or dictators shuffling around imaginary and long gone troops. No one wanted the rules changing for us and Worcester. They had to be changed for the game overall.

[JonnyD]

Perhaps time for a super rugby format with regional based teams to play against the same in Ireland and Wales plus Glasgow and Edinburgh.
SA teams would have to go as that travel just isn’t sustainable.

Still room for European cup format and equally exciting is that there’d be room for a mitre cup/ITM cup format to include ‘proper clubs’ and can also include a number of championship clubs in this too.

The NZ model is a good one to follow in terms of money and sustainability too I think.

[Neils]

Exeter debts 'incomparable' to other clubs as Chiefs aim to sell 'non-rugby asset' - https://www.bbc.co.uk/sport/rugby-union/63569866

Baxter doth protesteth too much

[DGP Wasp]

Wasps' situation was incomparable to that of Worcester, yet the outcome was much the same.

Baxter is really winding me up (and I know I'm not alone).  All other club officials have kept their views very much to themselves.  They may agree with Baxter, they may not, but they have at least had the dignity and good grace to keep it out of the public domain.  Given how Exeter's own season is going and the fact that they are evidently not without financial troubles of their own, he really ought to be focusing on getting his own house in order rather than the endless swipes at others.

[baldpaul101]

Interesting that clubs have traditionally been encouraged to widen their operational base & diversify into hotels, casinos etc etc. Yet we have another club having to sell a stake in one of their diversified operations in order to survive.....

[Bloke in North Dorset]

The size of a debt is never the problem as long as you can:

1. Service the debt and demonstrate that you can maintain the confidence of your creditors to to service the debt and meet all obligations and covenants.

or

2. Can sell an asset to clear off the debts and continue to operate without running up further debts.

Obviously something has happened that means Exeter can't continue with option 1, whether option 2 can be implemented is yet to be seen.

[NellyWellyWaspy]

The size of a debt is never the problem as long as you can:

1. Service the debt and demonstrate that you can maintain the confidence of your creditors to to service the debt and meet all obligations and covenants.

or

2. Can sell an asset to clear off the debts and continue to operate without running up further debts.

Obviously something has happened that means Exeter can't continue with option 1, whether option 2 can be implemented is yet to be seen.

Just so. You are not solvent if you cannot sell the asset, or at least not sell it for enough to clear leveraged debt already secured on the asset. It matters not what assets you have if, on a certain date a debt is due (especially to HMRC) and you do not have the cash in hand to pay it. That is what undid Wasps. The second potential buyers of an asset realise you are under the cosh from HMRC, their offers will either melt away, or drop significantly.

[westwaleswasp]

Let us hope they can't sell it then.
Given the way Baxter gas gone on, I wouldn't sell them the steam off my piss.
I would feel sorry for the fans, but seeing them crash and burn, and the end of those smug pronouncements would actually make me feel better.

[Shugs]

The statement is really naive as potential buyers now have them over a barrel. I love the term “incomparable debt”. There’s nothing much more linear than debt. It is what it is.

[Neils]

https://www.rugbypass.com/news/exeters-asset-sale-should-concern-every-english-rugby-fan/

[Rifleman Harris]

https://www.rugbypass.com/news/exeters-asset-sale-should-concern-every-english-rugby-fan/

It doesn't concern me!  I couldn't care less.

[Rossm]

https://www.rugbypass.com/news/exeters-asset-sale-should-concern-every-english-rugby-fan/

Interesting srticle, though it's a bit over my head. However, for me, this line stood out - Having a good business model to recover is of no use if you have no opponents to play against.

[Neils]

https://www.rugbypass.com/news/exeters-asset-sale-should-concern-every-english-rugby-fan/

It doesn't concern me!  I couldn't care less.

+1

[Vespula Vulgaris]

Exeter's asset sale should concern us?

Not Worcester and Wasps going under? Just the fact that Exeter might be in a bit of trouble.

I know it isn't charitable, but I want to see the whole house of cards of premiership rugby come crashing down now. None more so that Baxter's lot.

[Neils]

Exeter's asset sale should concern us?

Not Worcester and Wasps going under? Just the fact that Exeter might be in a bit of trouble.

I know it isn't charitable, but I want to see the whole house of cards of premiership rugby come crashing down now. None more so that Baxter's lot.

Kind of agree with this.

Since we stopped watching any PRL I find I have completely lost interest in it. Even former Wasps players give me no desire to watch - unless they are Top 14 or URC.