Always a Wasp

Would anyone want to go into business with - and let's be brutally honest here - a damaged brand? Cov may want to pick up as many players as they can, but why would they dilute their own brand or identity? What could we bring to the table that an owner couldn't just do direct by investing in Coventry?

Given that we have no players, coaches, staff, stadium or anything, what value does a merger offer to Coventry rugby club?

Coming out of the anaesthetic from my op, I had two dreams:
1 that my 2nd Total Knee Replacement op this year would be as successful as the first, and
2 that 🐝 future would have been successfully assured.
Well the first dream is going to plan, just hope we’ll get some good news on the 2nd this week.

Quote from: mike909 on October 12, 2022, 07:16:25 PM

Quote from: NellyWellyWaspy on October 12, 2022, 06:45:14 PM

8:15 is the Phil Upton Show. At 8 they have a longish news slot, followed by weather. At around 8:15 they have a slot called Good Morning, Bad Morning. This morning the first story was Mike Ashley and Sports Direct possibly opening up that new place. It quickly descends in to Trivia usually, for example, Deliveroo offering finance for food purchases.

Thanks!

But, and this is important, we are as mushrooms in this. What could have happened already? Just supposition ...

Wasps approached an Insolvency Practitioner (IP) who agreed to act should the decision be made, and Wasps asked that IP to talk with the creditors in advance, to get a creditor's committee together (typically representing more than 50% of creditors by total debt). Usually, HMRC are in there. Many creditors give their proxy to the IP.

So that, by the time the Court approves the administration, a so-called pre-pack is in place.

Now, the IP has to advertise their appointment in the London Gazette, but it can take a day or two for that to appear. If the IP does not speak directly to the media, you have only small clues that the business went in to administration. Such as ... social media goes silent and website, online shop, etc. go offline (they did BTW).

The doors to the premises are locked. No idea if that happened. Staff are called to a meeting (I think BB said that happened this afternoon) to meet the IP and the directors.

If the pre-pack is in place, contracts would be signed within hours, and the deal announced publicly (after, a rescue is a 'good' thing, so the media are spoken to). This has not happened. That is odd, as the UK business day is now over. Maybe the buyer is overseas in a country/timezone where the business day is different.

Money has to flow. For an overseas transfer to the UK of that size, the IP might not officially see it until early morning UK time, but will already have had proof it has been sent on its way. An American resident buyer for example.

IF a pre-pack was in place, and IF the administration was this afternoon, you could expect the new buyer to emerge tomorrow morning, on media channels local to Coventry (I can't see it making national news on air). Say, around 8am.

Of course, as a pre-pack, this will have been arranged in advance. The media station that will 'break' the news will already know. Staff at the IP will know. Staff at Wasps and directors (some at least) will know. Wasps' most important assets (the players) will know. Some will speak to friends, some to wives/partners/husbands/family, and rumours will appear.

I get the feeling this is what will happen. I get the feeling the RFU already know Wasps are in Administration, and THAT triggered the suspension.

I think they will hold fire on announcing the relegation to see if Wasps can limit the lost games to just the Chiefs one. If Wasps can manage that and get playing again, they will get hit with a 35 points deduction, but no relegation.

Worcester fans will say, what about us? The RFU will reply, do you still have players under contract, because Wasps do? Do you have a ground you can play at, because Wasps do? Do you even have an owner, because Wasps do.

Nice and neatly, the PRL becomes 12 teams again. And other clubs who are teetering know what they have to do. See how Wasps started this process just after paying the players and all staff, so they could all remain under contract? That's how you do a pre-pack insolvency.

16 weeks doesn't equate to the year or season end. I am puzzled.

Lee said 16 weeks if he had the op, he had the op.