The Administrators' job is to get the best deal they can, and so if they aren't going for the biggest offer there is a reason.
And if there is a reason someone utterly objective isn't going for the bigger money then maybe there was just as good a reason Derek didn't jump at a big figure being waved around.
Or, maybe there wasn't. You cannot defend him with supposition if he says nothing. It is time for him to speak out or be damned as the guy who sold Wasps down the river when things got tight. That might be unfair, and if it is then he needs to say something. It sounds like the old accustation that it was all a property deal with Wasps as the leverage to get it rings true. If he really cares about the staff and players who are now jobless he *must* give his side of it, or let the rest of us draw conclusions, it is that simple and he should not need prodding. Silence just makes him sound guilty. If there are legal reasons for silence, let them be hinted at if not heard. ' I cannot talk about it' would suffice.
We have heard the player interviews. He owes it to them to talk and not when he feels like it. They have lost more than him in many ways. There will be people who can't pay their mortgage this month or are now unable to rent. They deserve to be told the truth now if that is legally possible.
Whatever he is busy with, those players are jobless or taking 75 pc cuts in wages to play. 'He is busy' sounds like he is bullshitting, frankly. What is making him so busy that he doesn't have half an hour to talk to explain what happened to those players who are now jobless? If my employer caused me to take a job at even half my current wage I would not be accepting that they were too busy to explain. Neither will the players and staff.
The defence of a man who must be aware that silence looks awful is odd to me. I am sure that many are willing to listen and give him their ears, I am one of them, but if he says nothing, it will say everything. You simply cannot be too busy to explain when jobs have gone. You can be legally tied up, but not too busy. So if he is keen to talk, now is the time.
I'm with you on this. I met Derek a couple of times, we were at the 1st match at the Ricoh and in almost 8 years I think we missed about 2 home games, went to a number of away matches, I think our 3rd match was away at Quins in Europe, which we won, we went to A-league, a couple of academy matches etc. at the A-League match in Glos we met Derek and his wife and he was so pleased to see us there, there wasn't a big crowd, but all the non-playing 1st team players were there having been bused in, and he was saying thank you for coming thanks for the support etc it was obvious he has a strong love of Wasps and the club and was very enthusiastic about everything, so I did have a lot of support for Derek.
Like others, when the whole Worcester thing kicked off, I was very much in the opinion that despite our issues at Wasps at least it wasn't that, an asset grab with underhand dealings etc
However as things progress, it is starting to feel not much different, all the debt against the rugby club who were allowed to go to the wall to write off that debt, allegedly a substantial part of that debt was to pay back money to Derek, a training ground purportedly paid for by CVC money, suddenly being owned by Chris Holland, where was the sale of that recorded, and for how much?
The sale of the CBS, not sure how much if any debt sits against ACL, actually, just had a look at their Companies house info. Derek wasn't a director until August this year, interesting, I'm not an accountant, but it looks like they make a profit each year (£6.3M in 2020 and £8.2M in 2019), in fact in the latest accounts available (upto June 2020) they paid out share capital of £3.5M! For a business with the parent company (Wasps Holdings) losing a lot of money that seems very strange.
They owe Wasps Finance £14.5M which was due to be paid back this year (2022). They also owed Derek £1.9M. Interesting that they used Orion Securities, a company Chris Holland has an interest in, and paid them around £56k in 2020 and £86k in 2019. I guess the £14.5M is why they are speaking to administrators, as the balance sheet shows assets of £45M so the CBS is owned by ACL as a business, but the bond, secured against the CBS sits with Wasps Holdings, not sure I understand that, but as I said I'm not an accountant so really don't fully understand this stuff.
As WWW says, Derek needs to come out and explain things as he isn't doing himself any favours if there is nothing underhand, when there are reports he has turned down potential offers to keep things going.
Always a Wasp
