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Wasps Rugby Discussion / Wadey in todays DT
« on: August 14, 2022, 05:27:00 PM »
From todays DT. A money/finance piece. Interesting to hear some detail we don’t usually get about pro rugby/nfl pay.
Christian Wade: ‘I was paid $400,000 a year when I ditched rugby for the NFL’
Fame and Fortune: the British and Irish Lion on how he made his money across the pond
By John Wright
Christian Wade, 31, is a professional rugby union player turned American footballer who was a winger for the Premiership side Wasps; he scored 82 tries in 165 appearances between 2011 and 2018.
He has one England cap and played for the British & Irish Lions and England Saxons. In 2019 he joined NFL team the Buffalo Bills before his departure this year. Today he lives in Buffalo, New York, with his wife, Lisa Ramos.
Q. How did your childhood influence your attitude to money?
A. My dad was a financial adviser and helped me understand money and business from a young age. I grew up with my brother in High Wycombe, Buckinghamshire, and we’ve always been around music and sports; he’s a professional drummer who recently toured with Craig David. My mum was a beautician who gave up her career to raise us.
We didn’t have lots of money but our parents made sure we had the basics. My dad then started a real estate agency with somebody but learned hard lessons with people ripping him off: he was a bit too nice, which in business you can’t be.
We had no money for holidays.
Q. What was your first job?
A. At 15 I worked for after-school club Kumon, teaching maths and English twice a week for £40 a week; it’s the only job I’ve had other than professional sport.
I went pro with London Wasps at 18 as soon as I left school, but I’d signed a contract with the Academy at 16 and got £100 a month for expenses to get to and from training. My first contract with Wasps was around £17,000 a year and in my last season I was on £250,000‑plus.
Q. What were you paid for playing international rugby?
A. You’d get paid for summer tours. I did tours for England – to South Africa in 2012 (£25,000) and Argentina in 2013 (£25,000). For the Lions tour to Australia I was paid £50,000, but pro rata for the six weeks I was out there. And I was paid about £15,000-£20,000 for the England Saxons tour to South Africa.
Q. How did you manage your rugby income?
A. In 2016 I bought a house in Coventry for around £450,000 with a £70,000 deposit. I had a short mortgage, like 15 years, because I wanted to pay it off. I don’t buy cars; I lease them because I like to hold on to my money.
Most of the time I was getting special endorsement deals. With England we had a BMW deal so I had to get my cars there.
Then I had my own relationship with BMW and would get loan cars.
Q. Why did you swap rugby for the NFL?
A. I wanted to test myself against the very best athletes in the world to draw more out of myself as I was only operating at around 60pc-70pc of my capabilities.
Q. So was it a question of money?
A. Money is a useful tool but tapping into my true potential was the priority. “The money will follow later” is still my belief.
Q. How much were you paid in the NFL?
A. In the NFL you’re either in the practice squad or the 53-man roster. I’d been with the Buffalo Bills since April 2019 but injured my shoulder before the first season started.
So for the first two years I was in the practice squad (paid $150,000 a year). If you make the 53-man roster the minimum you get paid, I believe, is $600,000 a year now.
But this last year I was on injury reserve so was getting paid just over $400,000 a year.
And I still had my Adidas sponsorship I’ve had throughout my career, which provided equipment.
Q. Are you a saver or a spender?
A. A spender in my early years, now more of a saver. When you’re young and making money you want to live a little.
I had my insurance, pension and an Isa that I would max out every month, so that whatever happened I wouldn’t be left out on a limb.
Since I’ve been in America I’ve been earning money and paying tax here and we have a pension fund – for every dollar I put in, the NFL puts in $2.
Q. Do you use cash, debit cards or credit cards?
A. Cash is king but over here I definitely use credit cards because you can do more things. If your credit score isn't good, you can’t buy a house or lease a car.
Q. Have you invested in property?
A. Yes. I have two houses in England and I’m in the process of buying more properties here in America.
Q. Have you ever had trouble paying your bills?
A. There were a couple of difficult times for us as a family when I got behind with payments. And when I was coming into a little bit of money with Wasps I was able to take the load off my dad.
Q. Does money make you happy?
A. Yes, but with the character-building I’ve been through I know that money isn’t everything. I’m very creative and understand how to bring people together. When trying to make money for myself it never goes to plan, but when I try to help people it usually generates money.
Q. What have been your best and worst financial decisions?
A. Best: buying my first house. Worst: my first car. Everybody’s first car is like a £200-£300 banger, right? Because I was playing rugby I wanted a nice car. The Peugeot 207 cost me £5,000, but I wasn’t disciplined at 18 to keep up the payments because I was spending money on other things. So that put me into debt. I was staying with my dad and we had to make arrangements so it wouldn’t be repossessed.
Q. What is the worst thing you’ve bought?
A. In LA one time I was enticed to buy this jacket. But it was really because I fancied the girl working behind the register and was trying to show off. I went back into the shop and bought it for $750 (£615) but I’ve probably worn it once.
Q. Have Americans taught you anything about money?
A. In America, everybody tips. I didn’t realise you had to tip properly, like at least 15pc-20pc. In England you just give them some change. When I first came here I was tipping $1, $2, nothing more than $5.
But my American wife said “how much did you tip?”, then “oh my gosh, do you know how much of an insult that is?” and asked the waiter to bring the receipt back. I let her pay now.
Christian Wade is planning his follow-up Next Gen You rugby camps for 12 to 16-year-olds starting on Oct 24 (nextgenyou.org)
Christian Wade: ‘I was paid $400,000 a year when I ditched rugby for the NFL’
Fame and Fortune: the British and Irish Lion on how he made his money across the pond
By John Wright
Christian Wade, 31, is a professional rugby union player turned American footballer who was a winger for the Premiership side Wasps; he scored 82 tries in 165 appearances between 2011 and 2018.
He has one England cap and played for the British & Irish Lions and England Saxons. In 2019 he joined NFL team the Buffalo Bills before his departure this year. Today he lives in Buffalo, New York, with his wife, Lisa Ramos.
Q. How did your childhood influence your attitude to money?
A. My dad was a financial adviser and helped me understand money and business from a young age. I grew up with my brother in High Wycombe, Buckinghamshire, and we’ve always been around music and sports; he’s a professional drummer who recently toured with Craig David. My mum was a beautician who gave up her career to raise us.
We didn’t have lots of money but our parents made sure we had the basics. My dad then started a real estate agency with somebody but learned hard lessons with people ripping him off: he was a bit too nice, which in business you can’t be.
We had no money for holidays.
Q. What was your first job?
A. At 15 I worked for after-school club Kumon, teaching maths and English twice a week for £40 a week; it’s the only job I’ve had other than professional sport.
I went pro with London Wasps at 18 as soon as I left school, but I’d signed a contract with the Academy at 16 and got £100 a month for expenses to get to and from training. My first contract with Wasps was around £17,000 a year and in my last season I was on £250,000‑plus.
Q. What were you paid for playing international rugby?
A. You’d get paid for summer tours. I did tours for England – to South Africa in 2012 (£25,000) and Argentina in 2013 (£25,000). For the Lions tour to Australia I was paid £50,000, but pro rata for the six weeks I was out there. And I was paid about £15,000-£20,000 for the England Saxons tour to South Africa.
Q. How did you manage your rugby income?
A. In 2016 I bought a house in Coventry for around £450,000 with a £70,000 deposit. I had a short mortgage, like 15 years, because I wanted to pay it off. I don’t buy cars; I lease them because I like to hold on to my money.
Most of the time I was getting special endorsement deals. With England we had a BMW deal so I had to get my cars there.
Then I had my own relationship with BMW and would get loan cars.
Q. Why did you swap rugby for the NFL?
A. I wanted to test myself against the very best athletes in the world to draw more out of myself as I was only operating at around 60pc-70pc of my capabilities.
Q. So was it a question of money?
A. Money is a useful tool but tapping into my true potential was the priority. “The money will follow later” is still my belief.
Q. How much were you paid in the NFL?
A. In the NFL you’re either in the practice squad or the 53-man roster. I’d been with the Buffalo Bills since April 2019 but injured my shoulder before the first season started.
So for the first two years I was in the practice squad (paid $150,000 a year). If you make the 53-man roster the minimum you get paid, I believe, is $600,000 a year now.
But this last year I was on injury reserve so was getting paid just over $400,000 a year.
And I still had my Adidas sponsorship I’ve had throughout my career, which provided equipment.
Q. Are you a saver or a spender?
A. A spender in my early years, now more of a saver. When you’re young and making money you want to live a little.
I had my insurance, pension and an Isa that I would max out every month, so that whatever happened I wouldn’t be left out on a limb.
Since I’ve been in America I’ve been earning money and paying tax here and we have a pension fund – for every dollar I put in, the NFL puts in $2.
Q. Do you use cash, debit cards or credit cards?
A. Cash is king but over here I definitely use credit cards because you can do more things. If your credit score isn't good, you can’t buy a house or lease a car.
Q. Have you invested in property?
A. Yes. I have two houses in England and I’m in the process of buying more properties here in America.
Q. Have you ever had trouble paying your bills?
A. There were a couple of difficult times for us as a family when I got behind with payments. And when I was coming into a little bit of money with Wasps I was able to take the load off my dad.
Q. Does money make you happy?
A. Yes, but with the character-building I’ve been through I know that money isn’t everything. I’m very creative and understand how to bring people together. When trying to make money for myself it never goes to plan, but when I try to help people it usually generates money.
Q. What have been your best and worst financial decisions?
A. Best: buying my first house. Worst: my first car. Everybody’s first car is like a £200-£300 banger, right? Because I was playing rugby I wanted a nice car. The Peugeot 207 cost me £5,000, but I wasn’t disciplined at 18 to keep up the payments because I was spending money on other things. So that put me into debt. I was staying with my dad and we had to make arrangements so it wouldn’t be repossessed.
Q. What is the worst thing you’ve bought?
A. In LA one time I was enticed to buy this jacket. But it was really because I fancied the girl working behind the register and was trying to show off. I went back into the shop and bought it for $750 (£615) but I’ve probably worn it once.
Q. Have Americans taught you anything about money?
A. In America, everybody tips. I didn’t realise you had to tip properly, like at least 15pc-20pc. In England you just give them some change. When I first came here I was tipping $1, $2, nothing more than $5.
But my American wife said “how much did you tip?”, then “oh my gosh, do you know how much of an insult that is?” and asked the waiter to bring the receipt back. I let her pay now.
Christian Wade is planning his follow-up Next Gen You rugby camps for 12 to 16-year-olds starting on Oct 24 (nextgenyou.org)
2
Wasps Rugby Discussion / Smashley
« on: May 12, 2022, 07:28:40 AM »
Thinking of the awards yesterday got me thinking about Ashley. Surely he should have been given a proper fan send off at some point, given he was such a great servant of the club, or did I miss it? Or maybe even a way to get him to the big 200. Leaving under the cover of COVID was in no way befitting such a great longtime servant of the club, but understandable at the time. Did he ever get a Ivor Montlake Cap? He’s still playing/coaching in Moseley, so still in the area.
Stephen/Derek - can anything be done here?
Stephen/Derek - can anything be done here?
3
Wasps Rugby Discussion / English clubs weigh up European boycott this weekend
« on: January 10, 2022, 06:17:31 PM »
From The Times:
Will Kelleher, Deputy Rugby Correspondent,
English clubs may boycott their European fixtures this weekend if the French government continues to insist that teams isolate for 48 hours in the country before they play.
Newcastle Falcons are scheduled to play away to Biarritz in the European Challenge Cup on Friday, before Bath travel to La Rochelle in the Heineken Champions Cup on Saturday and Sale face Clermont Auvergne 24 hours later. However, The Times understands that all those fixtures are under threat.
The French government has granted exemptions for the matches to be played, as the clubs are deemed to be “in pursuit of an economic activity”, but at present the rules state that sides would need to isolate for two days before their matches.
If that regulation is relaxed, teams would be happy to travel, but that is uncertain at the moment before a government meeting set for Monday night.
With away trips costing clubs in the region of £75,000 each before those extra days are added, a 48-hour isolation is viewed as unfeasible. If the requirement is not dropped, it is believed that the Gallagher Premiership teams set to travel to France may decide not to go — in which case they will probably have to accept 28-0 forfeit losses, in another huge blow to the already beleaguered competitions. Before Christmas, seven games were postponed in the Champions and Challenge Cups in round two, after France closed its borders to UK travellers.
The logistics of fulfilling the fixtures in France are presenting a big stumbling block for English clubs. At present, the teams would need to travel across the Channel three days before their fixture, to allow for a day-two PCR test to be done in France. For Newcastle, for instance, that would mean flying on Tuesday in order to be out of isolation by Friday night.
European Professional Club Rugby (EPCR), the competition organisers, has clarified that teams would be allowed to train in their bubble in France during the 48-hour period.
However, the added complication is that if any players or staff were to test positive not only could they not play but that individual would have to remain in France for ten days.
With Premiership clubs collectively recording their highest numbers of weekly Covid positive test results over the festive period many English teams have players who have recently emerged from isolation. While they are now asymptomatic there are worries they have a high chance of testing positive on a PCR test despite numerous lateral-flow negative results.
Another issue is that if a club has South African players — as Sale and Bath do — they need to apply for separate Schengen visas, which may not be processed in time before their games.
With all those complications it is understood that English sides are all considering telling EPCR they will not travel to France, unless the 48-hour rule is dropped.
Some clubs may accept a forfeit result as preferable to sending an inexperienced side to France only to be beaten easily, especially with the threat of losing squad members to isolation if they test positive while in the country.
What may soften the blow for the English clubs is if they are awarded a 28-0 win for their round-two fixtures that were postponed in December. If that decision goes their way, with the EPCR accepting that the games cannot be replayed in a crowded calendar, they are likely to accept these forfeits as they would effectively even up pool points from the two scrapped rounds.
Behind the scenes, the clubs are hopeful that there will be clarity from EPCR on the outcomes of the postponed round-two fixtures before round three begins this weekend.
On Saturday, Newcastle director of rugby, Dean Richards, sounded his concern about the next European rounds. “We’re not sure where we stand with it all, and to be honest I’m not sure if we can go,” he said.
“There has so far been no relaxation from the French government regarding the 48-hour isolation requirement, and it’s very much up in the air. We just don’t know where we stand.
“We’ve heard nothing from EPCR other than a positive email which doesn’t actually clarify anything. There’s no clarity on isolation, no clarity on the testing, and all they’ve said is from the competition point of view it’s game on. But that’s not what the French government have said so far, and we just don’t know where we stand.
“The situation is compounded by having back-to-back games out in France, and there’s every chance we’ll go out there and end up living in France for the next three or four weeks. That might not sound bad to some people, but I don’t think they’ll be sending red wine and foie gras to our quarantine hotel room!”
For its part, the EPCR is hoping that the fixtures can be fulfilled. “EPCR is continuing to work with the Ligue Nationale de Rugby, as well as with the other leagues and unions, to seek improvements to the conditions which currently apply to UK clubs when they travel to France, and to French clubs returning from the UK,” their statement read.
“If the 48-hour isolation period happens to be maintained for matches in Round 3, clubs should be permitted to train during this time provided relevant Covid-19 protocols are observed.”
Will Kelleher, Deputy Rugby Correspondent,
English clubs may boycott their European fixtures this weekend if the French government continues to insist that teams isolate for 48 hours in the country before they play.
Newcastle Falcons are scheduled to play away to Biarritz in the European Challenge Cup on Friday, before Bath travel to La Rochelle in the Heineken Champions Cup on Saturday and Sale face Clermont Auvergne 24 hours later. However, The Times understands that all those fixtures are under threat.
The French government has granted exemptions for the matches to be played, as the clubs are deemed to be “in pursuit of an economic activity”, but at present the rules state that sides would need to isolate for two days before their matches.
If that regulation is relaxed, teams would be happy to travel, but that is uncertain at the moment before a government meeting set for Monday night.
With away trips costing clubs in the region of £75,000 each before those extra days are added, a 48-hour isolation is viewed as unfeasible. If the requirement is not dropped, it is believed that the Gallagher Premiership teams set to travel to France may decide not to go — in which case they will probably have to accept 28-0 forfeit losses, in another huge blow to the already beleaguered competitions. Before Christmas, seven games were postponed in the Champions and Challenge Cups in round two, after France closed its borders to UK travellers.
The logistics of fulfilling the fixtures in France are presenting a big stumbling block for English clubs. At present, the teams would need to travel across the Channel three days before their fixture, to allow for a day-two PCR test to be done in France. For Newcastle, for instance, that would mean flying on Tuesday in order to be out of isolation by Friday night.
European Professional Club Rugby (EPCR), the competition organisers, has clarified that teams would be allowed to train in their bubble in France during the 48-hour period.
However, the added complication is that if any players or staff were to test positive not only could they not play but that individual would have to remain in France for ten days.
With Premiership clubs collectively recording their highest numbers of weekly Covid positive test results over the festive period many English teams have players who have recently emerged from isolation. While they are now asymptomatic there are worries they have a high chance of testing positive on a PCR test despite numerous lateral-flow negative results.
Another issue is that if a club has South African players — as Sale and Bath do — they need to apply for separate Schengen visas, which may not be processed in time before their games.
With all those complications it is understood that English sides are all considering telling EPCR they will not travel to France, unless the 48-hour rule is dropped.
Some clubs may accept a forfeit result as preferable to sending an inexperienced side to France only to be beaten easily, especially with the threat of losing squad members to isolation if they test positive while in the country.
What may soften the blow for the English clubs is if they are awarded a 28-0 win for their round-two fixtures that were postponed in December. If that decision goes their way, with the EPCR accepting that the games cannot be replayed in a crowded calendar, they are likely to accept these forfeits as they would effectively even up pool points from the two scrapped rounds.
Behind the scenes, the clubs are hopeful that there will be clarity from EPCR on the outcomes of the postponed round-two fixtures before round three begins this weekend.
On Saturday, Newcastle director of rugby, Dean Richards, sounded his concern about the next European rounds. “We’re not sure where we stand with it all, and to be honest I’m not sure if we can go,” he said.
“There has so far been no relaxation from the French government regarding the 48-hour isolation requirement, and it’s very much up in the air. We just don’t know where we stand.
“We’ve heard nothing from EPCR other than a positive email which doesn’t actually clarify anything. There’s no clarity on isolation, no clarity on the testing, and all they’ve said is from the competition point of view it’s game on. But that’s not what the French government have said so far, and we just don’t know where we stand.
“The situation is compounded by having back-to-back games out in France, and there’s every chance we’ll go out there and end up living in France for the next three or four weeks. That might not sound bad to some people, but I don’t think they’ll be sending red wine and foie gras to our quarantine hotel room!”
For its part, the EPCR is hoping that the fixtures can be fulfilled. “EPCR is continuing to work with the Ligue Nationale de Rugby, as well as with the other leagues and unions, to seek improvements to the conditions which currently apply to UK clubs when they travel to France, and to French clubs returning from the UK,” their statement read.
“If the 48-hour isolation period happens to be maintained for matches in Round 3, clubs should be permitted to train during this time provided relevant Covid-19 protocols are observed.”
5
Wasps Rugby Discussion / Wasps accounts to June 2020
« on: March 10, 2021, 05:21:17 PM »
Just released on the offy, presumably to tie in with CCFC announcements. Ouch, but not unexpected.
https://www.wasps.co.uk/media/7793/wasps-holdings-limited-ye-30-06-2020.pdf
https://www.wasps.co.uk/media/7793/wasps-holdings-limited-ye-30-06-2020.pdf
6
Wasps Rugby Discussion / Accounts 2020
« on: October 06, 2020, 07:23:54 AM »
In process of being released. Bottom line is:
Results for the Wasps Group summarised below reflect the impact of COVID-19 on the Wasps Group, combined with the prior year cash injection of £12.5 million of funds received by Wasps Holdings as part of the Premier Rugby Limited commercial deal with CVC Capital Partners and a £4.1 million increase in the valuation of the "P-Shares" that Wasps Holdings holds in Premier Rugby Limited:
· as at 30 June 2020, full year revenue decreased year-on-year to £22.2 million, compared to £34.5 million for the year to 30 June 2019 (Wasps Holdings: £9.9 million (2019: £14.8 million); ACL: £3.0 million (2019: £5.1 million); and IEC Experience Limited: £9.3 million ( 2019: £14.6 million));
· operating loss of £8.75 million, compared to an operating profit of £8.4 million in 2019;
· EBITDA loss (operating loss before taxation, finance costs, depreciation and amortisation) of £6.5 million, compared to a profit of £10.7 million in 2019 (a decrease of £17.1 million from the financial year ended 30 June 2019);
· valuation of the Ricoh Arena at £51 million and P-Shares at £13.9 million, unchanged from the 2019 valuations; and
· consolidated senior net debt at £37.3 million (mainly owed to Wasps Finance), compared to £31.4 million in 2019.
Board going out to the bondholders to seek changes to the conditions of the bonds - info here https://www.londonstockexchange.com/news-article/WAS1/launch-of-consent-solicitation/14709706
To be honest I don’t know much about the figures but it was surely to be expected given the pandemic.
Results for the Wasps Group summarised below reflect the impact of COVID-19 on the Wasps Group, combined with the prior year cash injection of £12.5 million of funds received by Wasps Holdings as part of the Premier Rugby Limited commercial deal with CVC Capital Partners and a £4.1 million increase in the valuation of the "P-Shares" that Wasps Holdings holds in Premier Rugby Limited:
· as at 30 June 2020, full year revenue decreased year-on-year to £22.2 million, compared to £34.5 million for the year to 30 June 2019 (Wasps Holdings: £9.9 million (2019: £14.8 million); ACL: £3.0 million (2019: £5.1 million); and IEC Experience Limited: £9.3 million ( 2019: £14.6 million));
· operating loss of £8.75 million, compared to an operating profit of £8.4 million in 2019;
· EBITDA loss (operating loss before taxation, finance costs, depreciation and amortisation) of £6.5 million, compared to a profit of £10.7 million in 2019 (a decrease of £17.1 million from the financial year ended 30 June 2019);
· valuation of the Ricoh Arena at £51 million and P-Shares at £13.9 million, unchanged from the 2019 valuations; and
· consolidated senior net debt at £37.3 million (mainly owed to Wasps Finance), compared to £31.4 million in 2019.
Board going out to the bondholders to seek changes to the conditions of the bonds - info here https://www.londonstockexchange.com/news-article/WAS1/launch-of-consent-solicitation/14709706
To be honest I don’t know much about the figures but it was surely to be expected given the pandemic.
7
Wasps Rugby Discussion / Bonds
« on: July 02, 2020, 03:51:54 PM »
Just released. Given the lockdown not a great surprise. Not sure of the implications.
Wasps Finance plc
(the "Issuer")
£35,000,000 6.50 per cent. Secured Bonds due 2022 (the "Bonds")
Update on COVID-19 and impact on the Bonds
The Group had been trading in line with expectations during the first nine months of the financial year prior to the lockdown imposed in response to the COVID-19 pandemic. The Government's public health restrictions, which have meant the closure of the Ricoh Arena to all events since 21 March, have had a significant impact on the Group's business and operations.
The Issuer today gives holders of the Bonds notice that, as a result of the significant impact on the Group from COVID-19, it now anticipates that certain financial covenants under the Bonds relating to the financial year ended 30 June 2020 will not be satisfied when Wasps Holdings Limited's audited annual consolidated financial statements for the period are published.
COVID-19 mitigating actions
The Group's management had prepared for the possibility of lockdown and therefore was able to implement its closedown plan effectively and efficiently. Alongside the Government support initiatives, including the CJRS and the cash savings as a result of the one year exemption from business rates, together with the deferral of VAT and PAYE payments, management has taken a number of actions to reduce costs, preserve cash and maintain liquidity.
The Board of Directors of the Issuer, Wasps Holdings Limited and Arena Coventry Limited are actively engaging with relevant stakeholders and pursuing further initiatives to support the Group during this period and through to the reopening of the Ricoh Arena. As part of its reopening plans, the Group is reviewing its business strategy for a post-COVID environment and for the long term.
The health and well-being of the Group's staff and users of the Ricoh Arena remain of paramount importance. Prior to lockdown, the Group had been adhering to Government guidelines and implementing social distancing measures. During the lockdown, it has continued to follow the latest official guidance at the Ricoh Arena and elsewhere across its business. The Group has a comprehensive reopening plan in place, with detailed operating procedures to ensure team member and visitor health and wellbeing. It has already held a number of positive conversations with customers already impacted by the Government restrictions and successfully rescheduled a number of events to 2021. This is in anticipation of the public health restrictions being relaxed leading to the gradual reopening of the Ricoh Arena.
The Issuer will make further announcements as appropriate.
For further enquiries, please contact:
Tulchan Communications
Elizabeth Snow
T: +44 (0)20 7353 4200
wasps@tulchangroup.com
The information contained in this announcement is inside information as stipulated under the Market Abuse Regulation (EU) No 596/2014. Upon publication of this announcement, this inside information is now considered to be in the public domain. The person responsible for arranging for the release of this announcement on behalf of the Issuer is Nick Eastwood, a director of Wasps Finance plc.
2 July 2020
Wasps Finance plc
(the "Issuer")
£35,000,000 6.50 per cent. Secured Bonds due 2022 (the "Bonds")
Update on COVID-19 and impact on the Bonds
The Group had been trading in line with expectations during the first nine months of the financial year prior to the lockdown imposed in response to the COVID-19 pandemic. The Government's public health restrictions, which have meant the closure of the Ricoh Arena to all events since 21 March, have had a significant impact on the Group's business and operations.
The Issuer today gives holders of the Bonds notice that, as a result of the significant impact on the Group from COVID-19, it now anticipates that certain financial covenants under the Bonds relating to the financial year ended 30 June 2020 will not be satisfied when Wasps Holdings Limited's audited annual consolidated financial statements for the period are published.
COVID-19 mitigating actions
The Group's management had prepared for the possibility of lockdown and therefore was able to implement its closedown plan effectively and efficiently. Alongside the Government support initiatives, including the CJRS and the cash savings as a result of the one year exemption from business rates, together with the deferral of VAT and PAYE payments, management has taken a number of actions to reduce costs, preserve cash and maintain liquidity.
The Board of Directors of the Issuer, Wasps Holdings Limited and Arena Coventry Limited are actively engaging with relevant stakeholders and pursuing further initiatives to support the Group during this period and through to the reopening of the Ricoh Arena. As part of its reopening plans, the Group is reviewing its business strategy for a post-COVID environment and for the long term.
The health and well-being of the Group's staff and users of the Ricoh Arena remain of paramount importance. Prior to lockdown, the Group had been adhering to Government guidelines and implementing social distancing measures. During the lockdown, it has continued to follow the latest official guidance at the Ricoh Arena and elsewhere across its business. The Group has a comprehensive reopening plan in place, with detailed operating procedures to ensure team member and visitor health and wellbeing. It has already held a number of positive conversations with customers already impacted by the Government restrictions and successfully rescheduled a number of events to 2021. This is in anticipation of the public health restrictions being relaxed leading to the gradual reopening of the Ricoh Arena.
The Issuer will make further announcements as appropriate.
For further enquiries, please contact:
Tulchan Communications
Elizabeth Snow
T: +44 (0)20 7353 4200
wasps@tulchangroup.com
The information contained in this announcement is inside information as stipulated under the Market Abuse Regulation (EU) No 596/2014. Upon publication of this announcement, this inside information is now considered to be in the public domain. The person responsible for arranging for the release of this announcement on behalf of the Issuer is Nick Eastwood, a director of Wasps Finance plc.
2 July 2020
8
Wasps Rugby Discussion / Premiership further delayed but aims to complete season
« on: April 08, 2020, 04:33:46 PM »9
Wasps Rugby Discussion / Premiership expected to be postponed?
« on: March 14, 2020, 09:42:56 PM »
Reports tonight in The Telegraph that PRL expected to postpone all fixtures for at least four weeks.
https://www.telegraph.co.uk/rugby-union/2020/03/14/premiership-rugby-expected-announce-matches-will-postponed-four/
by Gavin Mairs - Chief rugby Union correspondent
“ Premiership Rugby is expected to announce on Monday that all league matches will be postponed for at least four weeks in response to the public safety risks posed by the coronavirus outbreak.
Sources suggest that at least the next two rounds of matches will be postponed following on-going dialogue between club owners and PRL over the weekend.
With the Champions Cup quarter-finals currently scheduled for the weekend of Apr 4/5, it is understood the situation will be revised to see if the league campaign can resume on Apr 11/12.
The option of playing the remainder of the league behind closed doors is now regarded as "highly unlikely", although PRL are determined not to cancel any fixtures, even if it means extending the season into the summer months.
“Premiership rugby are working closely with their own medical experts, DCMS & Public Health England and all clubs,” said a PRL spokesman.
“Sunday's Premiership Rugby Cup final has been postponed, so it's sensible to wait for latest advice so we can make an informed decision for the rest of the season, in the coming days.
“Premiership Rugby reiterated last night that the welfare of fans, players and staff is their first concern and decision are important to get right. That advice will allow Premiership Rugby and its clubs to make a well-informed decision in the coming days.”
The Rugby Football Union meanwhile has said its advice to clubs to keep playing has not changed despite their Welsh counterparts on Saturday joining Scotland and Ireland in suspending all domestic rugby.
Three Greene King IPA Championship games that were due to take place on Saturday, Nottingham v Jersey Reds, London Scottish v Hartpury and Ealing Trailfinders v Yorkshire Carnegie, were all postponed because of suspected incidents of the virus however.
An RFU spokeswoman said: “Current Government advice is that amateur and professional sporting events should go ahead unless there are significant mitigating circumstances.
“In line with many other sports, rugby union league and cup matches and the grassroots game in England is to be played as usual this weekend, unless there is a specific reason to postpone identified by the clubs. “We will continually review this based on Government advice. ”
The Six Nations meanwhile dismissed reports that the bidding process for the broadcasting rights for the tournament had not been postponed because of the outbreak.
"Media rights process has not been delayed,” said a senior Six Nations spokesperson.
“Multiple proposals were received this week as required and discussions are on-going with all interested parties with no pre-determined viewpoint.”
https://www.telegraph.co.uk/rugby-union/2020/03/14/premiership-rugby-expected-announce-matches-will-postponed-four/
by Gavin Mairs - Chief rugby Union correspondent
“ Premiership Rugby is expected to announce on Monday that all league matches will be postponed for at least four weeks in response to the public safety risks posed by the coronavirus outbreak.
Sources suggest that at least the next two rounds of matches will be postponed following on-going dialogue between club owners and PRL over the weekend.
With the Champions Cup quarter-finals currently scheduled for the weekend of Apr 4/5, it is understood the situation will be revised to see if the league campaign can resume on Apr 11/12.
The option of playing the remainder of the league behind closed doors is now regarded as "highly unlikely", although PRL are determined not to cancel any fixtures, even if it means extending the season into the summer months.
“Premiership rugby are working closely with their own medical experts, DCMS & Public Health England and all clubs,” said a PRL spokesman.
“Sunday's Premiership Rugby Cup final has been postponed, so it's sensible to wait for latest advice so we can make an informed decision for the rest of the season, in the coming days.
“Premiership Rugby reiterated last night that the welfare of fans, players and staff is their first concern and decision are important to get right. That advice will allow Premiership Rugby and its clubs to make a well-informed decision in the coming days.”
The Rugby Football Union meanwhile has said its advice to clubs to keep playing has not changed despite their Welsh counterparts on Saturday joining Scotland and Ireland in suspending all domestic rugby.
Three Greene King IPA Championship games that were due to take place on Saturday, Nottingham v Jersey Reds, London Scottish v Hartpury and Ealing Trailfinders v Yorkshire Carnegie, were all postponed because of suspected incidents of the virus however.
An RFU spokeswoman said: “Current Government advice is that amateur and professional sporting events should go ahead unless there are significant mitigating circumstances.
“In line with many other sports, rugby union league and cup matches and the grassroots game in England is to be played as usual this weekend, unless there is a specific reason to postpone identified by the clubs. “We will continually review this based on Government advice. ”
The Six Nations meanwhile dismissed reports that the bidding process for the broadcasting rights for the tournament had not been postponed because of the outbreak.
"Media rights process has not been delayed,” said a senior Six Nations spokesperson.
“Multiple proposals were received this week as required and discussions are on-going with all interested parties with no pre-determined viewpoint.”
10
Wasps Rugby Discussion / Times Umaga interview
« on: January 21, 2020, 09:22:20 PM »
Times interview in full - John Westerby January 21 2020.
The moment Jacob Umaga realised his life was about to change came yesterday evening when he was cooking stir-fry at the home of a girl he is seeing. He had just met her mother and, to demonstrate his worthiness as a suitor for her daughter, was showing his hand in the kitchen when he looked down at his phone and saw that his name had been added to an unfamiliar WhatsApp group. The Wasps fly half stood staring at his phone in disbelief and his female friend — he does not wish to divulge her name, as she cannot yet be classed as his girlfriend — wondered what was wrong.
“I had a look at who was in it, I saw Launchers [Joe Launchbury], Elliot [Daly], Jonathan Joseph,” Umaga, 21, said. “I thought I was being pranked. But then I had a phone call from Matt Everard [the Wasps transition coach] and he said, ‘We’re buzzing for you!’ It was surreal.”
And so, having only made his Premiership debut in October, the penny dropped that Umaga had now been named in Eddie Jones’s squad for the Six Nations. He would not, now, be preparing with Wasps for the game at Worcester Warriors on Saturday, but travelling to Pennyhill Park tomorrow and then on to Portugal for the build-up to England’s opening game against France in Paris a week on Sunday.
The son of Mike, the former Samoa full back, and the nephew of the former All Blacks captain Tana, the surprise is not so much that Umaga has matured into a fly half of international calibre, merely that the summons, after only four Premiership starts, has come so soon. “It was absolutely out of the blue,” he said. “This time last year, I was playing for Yorkshire Carnegie [on loan from Wasps] against Richmond. It’s been a whirlwind of a year.”
Once he had recovered his composure and checked that the stir-fry had not burned, he discovered he was not the only one to question whether news of his call-up was a joke. His mother, Michelle, a former player and coach, found the news difficult to digest. “My mum didn’t believe me at first, she said ‘You’re talking nonsense!’” he said. “So I called her back and said, ‘It’s real.’ I heard my dad screaming in the background. He’s really proud.”
Umaga Sr, born and raised in Auckland, came to England in 1995 to play rugby league for Halifax, the town where Jacob was born. He crossed codes to play for Rotherham before moving to coach with Coventry when Jacob was six. Jacob played his junior rugby with Kenilworth and spent time in Leicester Tigers’ academy before joining Wasps in 2016, going on to represent England at under-18 and under-20 age groups.
A goal-kicking fly half, combining Samoan solidity with the skills of a player who has grown up with a rugby ball in his hands, he is also capable of playing at full back or, at a push, in the centre, standing 6ft and weighing 14st 5lb, perhaps with a little filling out still to follow. “I’ve played a lot of full back, I’m pretty happy to play there,” he said. “I don’t mind playing in the centres if I’m asked to, but No 10 for the moment is where I want to be.”
In 2018, at the age of 19, he travelled to New Zealand to play for eight months. He overcame a broken arm to play in the Auckland side that won the Mitre Cup and he was mixing with rugby royalty.
He was living with his uncle, Tana, and being coached by two other former All Blacks: Alama Ieremia and Filo Tiatia. It was an important experience — and not just on the rugby field. “My uncle was always working, my auntie was working, my cousins were at school, so it was like properly living on my own,” he said. “Meeting a new group of people, moving to another team, it was a good learning experience.”
The Kiwi influence has continued at Wasps in the past couple of years, where he has learnt from experienced playmakers in Jimmy Gopperth and Lima Sopoaga. There will be raised eyebrows at Jones selecting a fly half with such scant experience, but Sopoaga, the former All Blacks fly half, hopes that Umaga demonstrates in England training the verve that has marked out his Wasps appearances.
“His strength is his confidence,” Sopoaga said. “His natural instinct is to back himself, not thinking too much about it. I know from when I went into the All Blacks camp for the first time, it can be daunting, so I hope he doesn’t lose that. There are players he’s watched for his whole life, now he’ll be sharing a changing room. Be yourself, do what’s got you there and don’t change who you are.”
Umaga has an impressively broad skillset that is developing. “His catch-pass is good, he’s very well balanced, he’s got a good kicking game, he can goal-kick really well,” Sopoaga said. “He’s not the finished product, but he’s got a bit of everything.”
Now the next step in Umaga’s rugby odyssey will come alongside English rugby royalty, joining the squad who were beaten in the World Cup final two months ago. “I just want to take in as much as possible,” he said. “To learn from guys like Owen Farrell and George Ford, build to become the best player I can be. Any chance I get, I’ll try to take it.”
His extraordinary family
Father Mike Umaga Brother of Tana, won 13 caps for Samoa, and played in the Premiership for Rotherham Titans.
Mother Michelle Umaga Played and coached rugby league and represented England in touch rugby World Cup.
Uncle Tana Umaga Legendary centre, who won 74 caps for New Zealand
Father’s cousin Jerry Collins Won 48 caps for the All Blacks and played for Ospreys.
The moment Jacob Umaga realised his life was about to change came yesterday evening when he was cooking stir-fry at the home of a girl he is seeing. He had just met her mother and, to demonstrate his worthiness as a suitor for her daughter, was showing his hand in the kitchen when he looked down at his phone and saw that his name had been added to an unfamiliar WhatsApp group. The Wasps fly half stood staring at his phone in disbelief and his female friend — he does not wish to divulge her name, as she cannot yet be classed as his girlfriend — wondered what was wrong.
“I had a look at who was in it, I saw Launchers [Joe Launchbury], Elliot [Daly], Jonathan Joseph,” Umaga, 21, said. “I thought I was being pranked. But then I had a phone call from Matt Everard [the Wasps transition coach] and he said, ‘We’re buzzing for you!’ It was surreal.”
And so, having only made his Premiership debut in October, the penny dropped that Umaga had now been named in Eddie Jones’s squad for the Six Nations. He would not, now, be preparing with Wasps for the game at Worcester Warriors on Saturday, but travelling to Pennyhill Park tomorrow and then on to Portugal for the build-up to England’s opening game against France in Paris a week on Sunday.
The son of Mike, the former Samoa full back, and the nephew of the former All Blacks captain Tana, the surprise is not so much that Umaga has matured into a fly half of international calibre, merely that the summons, after only four Premiership starts, has come so soon. “It was absolutely out of the blue,” he said. “This time last year, I was playing for Yorkshire Carnegie [on loan from Wasps] against Richmond. It’s been a whirlwind of a year.”
Once he had recovered his composure and checked that the stir-fry had not burned, he discovered he was not the only one to question whether news of his call-up was a joke. His mother, Michelle, a former player and coach, found the news difficult to digest. “My mum didn’t believe me at first, she said ‘You’re talking nonsense!’” he said. “So I called her back and said, ‘It’s real.’ I heard my dad screaming in the background. He’s really proud.”
Umaga Sr, born and raised in Auckland, came to England in 1995 to play rugby league for Halifax, the town where Jacob was born. He crossed codes to play for Rotherham before moving to coach with Coventry when Jacob was six. Jacob played his junior rugby with Kenilworth and spent time in Leicester Tigers’ academy before joining Wasps in 2016, going on to represent England at under-18 and under-20 age groups.
A goal-kicking fly half, combining Samoan solidity with the skills of a player who has grown up with a rugby ball in his hands, he is also capable of playing at full back or, at a push, in the centre, standing 6ft and weighing 14st 5lb, perhaps with a little filling out still to follow. “I’ve played a lot of full back, I’m pretty happy to play there,” he said. “I don’t mind playing in the centres if I’m asked to, but No 10 for the moment is where I want to be.”
In 2018, at the age of 19, he travelled to New Zealand to play for eight months. He overcame a broken arm to play in the Auckland side that won the Mitre Cup and he was mixing with rugby royalty.
He was living with his uncle, Tana, and being coached by two other former All Blacks: Alama Ieremia and Filo Tiatia. It was an important experience — and not just on the rugby field. “My uncle was always working, my auntie was working, my cousins were at school, so it was like properly living on my own,” he said. “Meeting a new group of people, moving to another team, it was a good learning experience.”
The Kiwi influence has continued at Wasps in the past couple of years, where he has learnt from experienced playmakers in Jimmy Gopperth and Lima Sopoaga. There will be raised eyebrows at Jones selecting a fly half with such scant experience, but Sopoaga, the former All Blacks fly half, hopes that Umaga demonstrates in England training the verve that has marked out his Wasps appearances.
“His strength is his confidence,” Sopoaga said. “His natural instinct is to back himself, not thinking too much about it. I know from when I went into the All Blacks camp for the first time, it can be daunting, so I hope he doesn’t lose that. There are players he’s watched for his whole life, now he’ll be sharing a changing room. Be yourself, do what’s got you there and don’t change who you are.”
Umaga has an impressively broad skillset that is developing. “His catch-pass is good, he’s very well balanced, he’s got a good kicking game, he can goal-kick really well,” Sopoaga said. “He’s not the finished product, but he’s got a bit of everything.”
Now the next step in Umaga’s rugby odyssey will come alongside English rugby royalty, joining the squad who were beaten in the World Cup final two months ago. “I just want to take in as much as possible,” he said. “To learn from guys like Owen Farrell and George Ford, build to become the best player I can be. Any chance I get, I’ll try to take it.”
His extraordinary family
Father Mike Umaga Brother of Tana, won 13 caps for Samoa, and played in the Premiership for Rotherham Titans.
Mother Michelle Umaga Played and coached rugby league and represented England in touch rugby World Cup.
Uncle Tana Umaga Legendary centre, who won 74 caps for New Zealand
Father’s cousin Jerry Collins Won 48 caps for the All Blacks and played for Ospreys.
11
Wasps Rugby Discussion / Brave or stupid?
« on: August 12, 2019, 09:44:19 AM »
I see on the offy that the club commercial department are taking ‘Wasps on tour’. It appears they are promoting the club at various locations throughout the Midlands giving away fixture cards and freebies. However, one stop raised my eyebrows. They are setting up shop for the day on August 29th at Freeman Common in Leicester, which I believe is just off a certain Welford Road. This strikes me as brave and a slightly odd choice (unless we are trying to wind Tigers up).. I hope the Wasps staff have thick skins that day!
https://www.wasps.co.uk/news/wasps-on-tour/
https://www.wasps.co.uk/news/wasps-on-tour/
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