Exeter Hotel purchased by....Exeter owner!

[Vespula Vulgaris]

Thing is Rowe pumped the cash in this year.
Derek....didn't. When the 2 million bill could not be paid, we went to the wall.
So in a way we want a Rowe.

That isn't Rowe pumping the cash in. That's what they want you to think. That is Rowe separating off an asset of the club to ensure that he still owns it when and if the club goes under.

It's done under the guise of him being a saviour, but in reality he's the problem not the solution.

[Rossm]

Thing is Rowe pumped the cash in this year.
Derek....didn't. When the 2 million bill could not be paid, we went to the wall.
So in a way we want a Rowe.

www, when the 2 mil HMRC tax bill could not be paid, we were operating a budget that included a payment plan already agreed with HMRC which they then cancelled and called the whole tax debt in at once. We were well and truly shafted.

[WonkyWasp]

Did the accountants not  query that and/or put up a fight?

[Neils]

Did the accountants not  query that and/or put up a fight?

With HMRC you cannot argue.

[WonkyWasp]

Oh yes you can.  Mr W. had to do that for a client years ago. Not only shot down the HMRC's claim  (not millions!) and HMRC had to pay the client money they owed him due to their miscalculations.

[backdoc]

HMRC stood outside my house for most of a week last October, trying to give letters to my 14 year old daughter, whilst I was abroad.

They said I owed them £35k. If that was correct it would have been 2 months late.

I had the accounts done early and they owed me £38.5k.
They declined to pay it and stated that they would take the sum off the next years accounts.

We are moving towards banana republic territory.

[Bloke in North Dorset]

Another HMRC anecdote. 

They turned up at my mates house when he was secretary of our business demanding money with menaces and had bailiffs in tow. Fortunately he was on a project out of the country and is is single, so no family members to harass.

Fortunately our accountant sorted it out and we didn’t owe the money, but it was a very worrying experience.

That said, Wasps were in a different position. They’d accepted they owed the money and had agreed a schedule. The taxman has to make the judgement about the best way to get paid and as someone elsewhere on this forum pointed out, whenever they agree a schedule they also reserve the right to change their mind if they think the debtor will struggle to make their payments.

[Rossm]

Another HMRC anecdote. 

They turned up at my mates house when he was secretary of our business demanding money with menaces and had bailiffs in tow. Fortunately he was on a project out of the country and is is single, so no family members to harass.

Fortunately our accountant sorted it out and we didn’t owe the money, but it was a very worrying experience.

That said, Wasps were in a different position. They’d accepted they owed the money and had agreed a schedule. The taxman has to make the judgement about the best way to get paid and as someone elsewhere on this forum pointed out, whenever they agree a schedule they also reserve the right to change their mind if they think the debtor will struggle to make their payments.

So you are presumed to be guilty even if you have been keeping up with the agreed schedule.

[westwaleswasp]

But when they shafted us, had we had a sugar daddy, they would have paid the bill.

[Rossm]

But when they shafted us, had we had a sugar daddy, they would have paid the bill.

If we had a sugar daddy, then we wouldn't have had a payment plan.

[InBetweenWasp]

The houlier than thou Chiefs fans were quick to suggest that other fans are envious, but I think the cynicism comes from the outward projection that Chiefs are the only financially sustainable club in the premiership and all clubs should be like them when it appears that Tony Rowe is the main facilitator of their financial stability through the old sponsorship by SWComms and the Hotel purchase. 

[andermt]

The houlier than thou Chiefs fans were quick to suggest that other fans are envious, but I think the cynicism comes from the outward projection that Chiefs are the only financially sustainable club in the premiership and all clubs should be like them when it appears that Tony Rowe is the main facilitator of their financial stability through the old sponsorship by SWComms and the Hotel purchase.

100% agree, the whole financially stable position of chiefs is a sham, just look at when Tony Rowe sold SW Comms and they stopped their sponsorship, they made a big thing about their new sponsor, Westexe Business centre which was basically an empty field on the edge of Exeter for a future business Rowe had set up, and had done a few years earlier without actually doing anything with it. I'd love to have seen the taxman discussions about how a company with no turnover spent millions sponsoring a rugby club....

[baldpaul101]

and his personal guaranteeing of their loans...

I mean good luck to the guy, but nobody should pretend Exeter are anything other than a club backed by a rich bloke who wants a rugby club as his plaything. Just like Trailfinders, Bristol, Bath & Sarries.

[Neils]

and his personal guaranteeing of their loans...

I mean good luck to the guy, but nobody should pretend Exeter are anything other than a club backed by a rich bloke who wants a rugby club as his plaything. Just like Trailfinders, Bristol, Bath & Sarries.

And strangely at least two of those have broken the salary cap!

[InBetweenWasp]

nobody should pretend Exeter are anything other than a club backed by a rich bloke who wants a rugby club as his plaything

That feels a bit harsh on Rowe.  I see him more as a Duckworth Character than, say, Bruce Craig.  Rowe seems genuinely passionate about Chiefs and Rugby (and certainly more involved) than Craig.