EXETER CHIEFS to sell non rugby asset

[Rossm]

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.

I haven't watched an entire Prem game since we got suspended. I've tried (after all Glos has always been my second team) but the enthusiasm is just not there. EJ's England lost my interest several years ago. I expect I'll watch the Final tomorrow on my tablet from the comfort of my own bed, with a quick bacon sarnie and a large mug of strong tea.

There is something rotten at the heart of PRL rugby and I certainly wouldn't shed a tear if the whole thing crumbled. Please let Exeter be the next one to bite the dust

[jamestaylor002]

If Exeter don't go bust.. you'd hope that their reward for being so "financially responsible" they end up with only two or three clubs to play against and lose the rest.

[WonkyWasp]

Can't feel any sympathy for Execeter, which is a dreadful thing to say.  That article doesn't make for sympathy either.

[baldpaul101]

Sorry, but however un-likeable a club, its owners, coaches, players or supporters may be I can't wish for ANY other club to go under the way Warriors & Wasps have.
No players deserve to lose their jobs & no supporters deserve to be left with the massive gap in their lives losing a club they love will give them.

[Shugs]

Agree Baldpaul but I’d also say no other clubs should publicly pass comment on what punishment should be dished out to others. Put your point across in the designated private meetings as you are perfectly entitled but keep it zipped outside of that.

[Rifleman Harris]

Sorry, but however un-likeable a club, its owners, coaches, players or supporters may be I can't wish for ANY other club to go under the way Warriors & Wasps have.
No players deserve to lose their jobs & no supporters deserve to be left with the massive gap in their lives losing a club they love will give them.

Not caring if they go bust isn't the same as wishing them to go bust. I am totally ambivalent to their situation survive or fail I don't care; I'm not wasting any emotion either way. I think many are in the same situation.

[andermt]

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

The whole, they posted a profit, that comes out regularly really annoys me.

If Tony Rowe hadn't sponsored them with his companies, making sure the sponsorship deal covered costs they would have been in the same boat as everyone else. Not to mention the very dodgy one where an empty field he owns sponsored them last season when no-one lese would touch them, whilst other teams picked up big name sponsors, like Wasps moving from Land Rover to Vodaphone. DHL, Dyson etc

[Shugs]

Very, very dodgy that sponsorship/ownership scenario.

[Marlow Nick]

If they sell the hotel presumably they lose a couple  of million a year in income so will they then make an operating loss in subsequent years?

[Neils]

I don't think the club have actually stated that the hotel is the item to be divested so it is a rumour/supposition.

[jamestaylor002]

If they sell the hotel presumably they lose a couple  of million a year in income so will they then make an operating loss in subsequent years?

Sponsorship value might magically cover it eventually?

[FishingWasp]

Just to clarify:
Don't confuse income and profits, they are not the same.
Equally don't confuse profits and cash flow. Cash flow - or lack of it - is the most common reason for company failures
And the same for insolvency (inability to meet debts as they fall due) and bankruptcy (inability to satisfy creditors in the long term)
It looks like Cheifs have insufficient cash and are liquidating fixed asset to remain solvent. What they will get in the current market, especially it prospective purchasers realise the circumstances of the sale, is questionable, and could lead to a loss on sale which will affect reported profits in due course.

[Shugs]

They’re in real trouble then. Selling an asset such as that doesn’t translate to cash quickly generally.

[Chins]

Its also an asset that once disposed of wont be generating profit/cash in the future. There are also two less home games to generate much needed revenue. if the salary cap increases next year even Exeter may struggle to balance their books.

[Bloke in North Dorset]

Excellent summary of the situation, FishingWasp, bravo.

On your last point about confidence, as we found any hiccup can cause a loss of confidence in the financial situation and a very fast deterioration.

It shouldn’t be forgotten our position was sorted and we were at the alter, then we were gone.