The Cheats write off over £45m of debt

[Fats]

https://www.rugbypass.com/news/saracens-write-off-over-45m-of-debt

[Rossm]

Bugger me.

[jamestaylor002]

Those are some deep pockets you have, Mr Wray! 

[Tervueren]

He has converted it to equity so it is writing off a debt to himself. He was no more likely to get it back from Sarries via his ownership vehicle then he is directly from Sarries, so might as well make the books look better.

[Hymenoptera]

Isn't this write off by the SA ownership..as per the news some time ago.

[Neils]

Nope this is Nigel's debt. As said big big pockets to write this level off. Of course, if he gets new investors as he said he wanted he gets some back. He has to fund the new stand (extra seats approx 500) but given they upped season tiocket prices hugely then it may pay for itself in a few years because, of course, they pay their players a pittance!

[BG]

Isn't this write off by the SA ownership..as per the news some time ago.

I think the SA consortium (RemGro - I can't remember the exact reason.. was it something to do with the way tax rules had changed in SA that it no longer made sense for them to stay as an investor) had about £20m invested in the club so when they wanted to pull out Nigel Wray bought their share.
 
That £40m he was owed is now being turned into equity.. then again.. 90% of nothing is still nothing.

I wonder how his family feel about his very generous investment in the club.

The article also mentions a company called TopCo. Its sounds like this is the company that CVC have set up to run their share of the PRL and they said that each club can invest £1.5m into that company which probably then alows the clubs to take a very small share of what ever TopCo make (along with the normal PRL distribution - minus CVC's share) which is very clever by CVC as it then ties the clubs to them as well as PRL.

[Neils]

As you say in your last para clever of CVC. If a club doesn't pay the joining fee (share) then they are outside the group.

[Rossm]

Article in today's Daily Mail:

https://www.dailymail.co.uk/sport/rugbyunion/article-6900369/Saracens-aces-past-present-grilled-salary-cap-concerns.html

Saracens aces past and present grilled over concerns that Premiership Rugby salary-cap rules have been broken.