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Worcester winding up order |
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Richard Lowther
Coaching staff Moderator Joined: 19 May 2007 Location: England Status: Offline Points: 6528 |
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The plain and simple truth is that clubs are still spending too much money on players and this leads to all their financial problems. Covid is a smokescreen - and for some a godsend as it opened up new financial packages. Until clubs - at all levels - realise this, the same thing will keep happening. The interesting thing is what happens at the next RFU/Premiership deal. Will the RFU finally stand up to the demands of the clubs and decrease the amount of subsidiaries they give - or will it be another cave in to the detriment of the 'community game'? |
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Richard Lowther
Coaching staff Moderator Joined: 19 May 2007 Location: England Status: Offline Points: 6528 |
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£45million according to Google. Is that quite deep? It's certainly a lot deeper than mine but you can quickly burn through that with big losses each year. What is London Irish's deal with Brentford over the stadium revenue - especially bars - for each game?
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Richard Lowther
Coaching staff Moderator Joined: 19 May 2007 Location: England Status: Offline Points: 6528 |
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£3.5M (rounded up) loss on last accounts, £5.5 accounts before.
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Camquin
World Cup Winner Joined: 01 Jun 2007 Location: Cambridge Status: Offline Points: 11156 |
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The Premiership clubs are living in fantasy land. Wasps need to increase revenue by £500,000 every home game - that is what 25,000 extra fans at £20 a ticket, £25 with VAT. They cannot give away that many tickets. That is with the RFu funding them to the tune of several million a year. Unfortunately, Rugby is a minority sport in England, with 10% of the market at best. The French clubs, play in a larger country where there is less interest in Soccer. So they can get bigger gates and more TV money. Our clubs are never going to be able to compete on salary with that. |
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Sweeney Delenda Est
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dropout22
World Cup Winner Joined: 03 Jul 2017 Location: UK Status: Offline Points: 516 |
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I've understood from speaking to business partners of his he's around the 300m mark. They wanted £300,000 a year for the shirt sponsorship he was covering. I'd imagine a split of bar monies and ticket sales, and not much more then that...
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Wobbler
First XV regular Joined: 07 Feb 2014 Location: Clubhouse Status: Offline Points: 97 |
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Wasps join the HMRC party…
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moseleyfans.wix.com/moseleyfans
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paddym
British and Irish Lion Joined: 01 May 2012 Status: Offline Points: 260 |
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As far as I am aware Irish get all monies from ticket sales as they pay a fixed cost for use of stadium. Bar and catering is split unlike deal with Madejski. |
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Fly Half
First XV regular Joined: 15 Jun 2019 Location: Otley Status: Offline Points: 105 |
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What is particularly worrying, is that these apparent financial problems, come after the CVC (27% ? ) injection.
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Camquin
World Cup Winner Joined: 01 Jun 2007 Location: Cambridge Status: Offline Points: 11156 |
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The press are rightly stating the Barcelona are mortgaging their future by borrowing money against future sales, but that is precisely what the Premiership and Six Nations have done with CVC, but it is sold as an investment. They have paid off some debts by selling future income -on the pretence that CVC will help them gain more lucrative TV contracts out of the ether. They are also putting a value on the Premiership shares, apparently the premiership is worth an extra £60m this season, permitting Wasps to claim £3.7m in profit on their P-shares. Thus reducing their nominal loss to £6m. |
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Sweeney Delenda Est
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Richard Lowther
Coaching staff Moderator Joined: 19 May 2007 Location: England Status: Offline Points: 6528 |
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I was looking at the Companies House site to see how the clubs declared the CVC monies and any Covid related help they received.
I didn't get past Worcester, the first club I looked at. WRFC Players Limited is a subsidiary of WRFC Trading Limited which is a subsidiary of Worcester Sport Limited which is owned by Bond Group Sixways Limited.
Which is the one that HMRC have an interest in? |
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tigerburnie
World Cup Winner Joined: 10 Jun 2012 Location: Scotland Status: Offline Points: 3646 |
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I have that some of those companies are brand new.......................................less than two months old.
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Richard Lowther
Coaching staff Moderator Joined: 19 May 2007 Location: England Status: Offline Points: 6528 |
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I don't know what you are looking at but Trading and Players registered in 1996, Sport and BGS in 2018. All have submitted accounts. There are other connected companies plus companies no longer live from previous ownerships.
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tigerburnie
World Cup Winner Joined: 10 Jun 2012 Location: Scotland Status: Offline Points: 3646 |
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Just read on the Wuss board, they sounded quite concerned that businesses have popped up, I have no idea which is which.
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tigerburnie
World Cup Winner Joined: 10 Jun 2012 Location: Scotland Status: Offline Points: 3646 |
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There are 3 new companies that Colin Goldring is a director of.
Sixways Medical ltd Sixways Property ltd Sixways Stadium ltd |
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Kimbo
World Cup Winner Joined: 31 May 2007 Location: 'incleh Status: Offline Points: 6207 |
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The CVC deal was probably the worst thing that could've happened to the Prem clubs, who, mostly, promptly spent their injection on getting out of holes rather than wise investment.
You can't live on capital alone. Not for long, anyway.
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Our Club |
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Red over White
World Cup Winner Otley Joined: 22 May 2007 Location: Baildon Status: Offline Points: 340 |
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I suspect HMRC would give a business a Time to Pay arrangement to see them through short term difficulties. Proceedings such as winding-up would only be considered if the business failed to honour that agreement, or the chances of paying off the debt within a reasonable timescale were not there. Banks are also unlikely to loan money to pay off debts, unless there was the prospect of new money coming into the business.
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Red over White
World Cup Winner Otley Joined: 22 May 2007 Location: Baildon Status: Offline Points: 340 |
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WRFC Trading Limited according to https://www.cityam.com/premiership-club-worcester-hit-with-hmrc-winding-up-order-reports-suggest/ , which also says that company's accounts are/were overdue.
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castleparknight
World Cup Winner Joined: 07 Jun 2012 Location: Doncaster Status: Offline Points: 2978 |
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From what I read, Worcester had already defaulted for over a year. How much longer should they be granted? Perhaps it is time for them to fall on their sword, or fall to a level that they can sustain until such time as they are ready to climb back up the league.
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Onward and Upwards C'mon Donny!
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tigerburnie
World Cup Winner Joined: 10 Jun 2012 Location: Scotland Status: Offline Points: 3646 |
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Looking at the Worcester fans comments, it would seem their investors were not rugby people, but interested in making money, have they been taking money out of the club, who knows?
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OldNick
World Cup Winner Joined: 20 May 2007 Location: United Kingdom Status: Offline Points: 3414 |
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Companies House. Eventually, when accounts are filed.
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