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Wasps into administration
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Marylebone View Drop Down
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Points: 35 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Marylebone Quote  Post ReplyReply Direct Link To This Post Posted: 22 Sep 2022 at 20:15
Originally posted by billesleyexile billesleyexile wrote:

Originally posted by dropout22 dropout22 wrote:

Originally posted by billesleyexile billesleyexile wrote:

Originally posted by Richard Lowther Richard Lowther wrote:

Various message boards rumours about another club in difficulties. 


Those of us who also frequent the RL message boards might well be aware of one that's been bubbling away for months.

A league or union club?

Union.

The Union club owned by the same person who owns the RL club, the RL club which has recently gone back to part time? 
 
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Looking at last year's attendance stats. in the championship the average gate was 1294 only 3 teams averaged over 1500, Coventry, Bedford and Cornish Pirates with Ealing and Doncaster just over 1000. London Scottish the lowest with 716. Any team going into the Premiership will find it difficult to fill 5000 seats and would rely on away teams bringing a big crowd. 
With things going crazy in the Premiership what happens at the end if Wasps and Worcester go into Administration which will mean both will be relegated, and the league down to 11, tough choices ahead go to 12 with the winner of Nat 1 promoted leaving Nat 1 at 13 plus 1 promoted from Nat 1 and no relegation making a league of 14, including Wasps and Worcester. 23-24 would be interesting. What then for Wasps and Worcester if only one could be promoted back leaving the other to stay for another year.   
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Points: 401 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Trailfinder Quote  Post ReplyReply Direct Link To This Post Posted: 22 Sep 2022 at 20:56
With two or more clubs potentially going to the wall there is no way PRL or RFU will sanction automatic relegation, they will change the rules or invoke that it has already been agreed no relegation this year. 
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Points: 1718 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Thatbloke Quote  Post ReplyReply Direct Link To This Post Posted: 22 Sep 2022 at 21:29
Trailfinder - I'd be a bit more worried about what Marleyborne has just posted if I were you?!?!? 
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Points: 1855 		Post Options Post Options   Thanks (0) Thanks(0)   Quote billesleyexile Quote  Post ReplyReply Direct Link To This Post Posted: 23 Sep 2022 at 07:33
It's rumours, and I'm not repeating them. Not trying to be cryptic and part of me wishes I hadn't started this. It's really *not* Ealing though!




Edited by billesleyexile - 23 Sep 2022 at 07:40
keep the faith
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Points: 35 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Marylebone Quote  Post ReplyReply Direct Link To This Post Posted: 23 Sep 2022 at 09:13
Also owns The only club apart from London outside the RL M62 heartland in their second tier this year? 
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Points: 5026 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Big Eddie Quote  Post ReplyReply Direct Link To This Post Posted: 23 Sep 2022 at 09:15
Originally posted by billesleyexile billesleyexile wrote:

It's rumours, and I'm not repeating them. Not trying to be cryptic and part of me wishes I hadn't started this. It's really *not* Ealing though!

Could be any number of clubs.........the edifice is crumbling
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Points: 1126 		Post Options Post Options   Thanks (0) Thanks(0)   Quote PiffPaff Quote  Post ReplyReply Direct Link To This Post Posted: 23 Sep 2022 at 09:34
Well if we're being cryptic then its looks like Thunder outside!
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Points: 1210 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Runitback Quote  Post ReplyReply Direct Link To This Post Posted: 23 Sep 2022 at 09:58
I think the club in question, "Marylebone", is well supported by its owners huge wealth but he is constantly challenging the management team to make the club break even and as such they have one of the lowest rugby budgets in the Premiership, which will probably correlate to their league position and led to the last DoR leaving.
Run with it
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Points: 3414 		Post Options Post Options   Thanks (0) Thanks(0)   Quote OldNick Quote  Post ReplyReply Direct Link To This Post Posted: 23 Sep 2022 at 20:56
Coventry rugby comment...
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Financially-troubled Premiership club in talks with potential investors

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Wasps have asked for more time to resolve their financial problems with a "number of potential investors and funders" having come forward.

Wasps Holdings Limited, which includes the Premiership club and Arena Coventry Limited, have filed a second notice to appoint administrators.

The company said the move will "allow negotiations on securing its long-term future to continue".

The club continue to fulfil fixtures and will play Northampton on Sunday.

A Wasps Holdings Limited statement said: "Since filing the original notice of intention on 21 September, a number of additional potential investors and funders have come forward.

"Discussions are now at a relatively advanced stage, and we remain hopeful of securing a deal that will allow the group, and the entities that sit within it, to move forward.
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Points: 2760 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Steve@Mose Quote  Post ReplyReply Direct Link To This Post Posted: 06 Oct 2022 at 13:26
Coventry City Council 'may have right to force stadium ownership' forfeit

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Wasps could be forced to forfeit ownership of the Coventry Building Society Arena after initiating administration proceedings.

The BBC has discovered that Coventry City Council, as freeholder of the stadium, has the right to force Wasps to forfeit the lease "if the tenant enters into some kind of insolvency regime".

Notices of intention to appoint administrators have been filed with the Insolvency and Companies Court against parent company Wasps Holdings Limited, Arena Coventry Limited, and the company which holds the lease - Arena Coventry Ltd (2006).

The court action provides a 10-day grace period protecting Wasps against action from creditors, including HMRC, and bondholders who are owed £35m by the club.
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Points: 6187 		Post Options Post Options   Thanks (1) Thanks(1)   Quote Kimbo Quote  Post ReplyReply Direct Link To This Post Posted: 06 Oct 2022 at 22:50
Originally posted by Steve@Mose Steve@Mose wrote:

Financially-troubled Premiership club in talks with potential investors

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Wasps have asked for more time to resolve their financial problems with a "number of potential investors and funders" having come forward.

Wasps Holdings Limited, which includes the Premiership club and Arena Coventry Limited, have filed a second notice to appoint administrators.

The company said the move will "allow negotiations on securing its long-term future to continue".

The club continue to fulfil fixtures and will play Northampton on Sunday.

A Wasps Holdings Limited statement said: "Since filing the original notice of intention on 21 September, a number of additional potential investors and funders have come forward.

"Discussions are now at a relatively advanced stage, and we remain hopeful of securing a deal that will allow the group, and the entities that sit within it, to move forward.
Blah. And indeed, blah.
Dead men walking.
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Points: 3641 		Post Options Post Options   Thanks (0) Thanks(0)   Quote tigerburnie Quote  Post ReplyReply Direct Link To This Post Posted: 07 Oct 2022 at 10:08
Worcester Stingers........................................................??
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Points: 2760 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Steve@Mose Quote  Post ReplyReply Direct Link To This Post Posted: 12 Oct 2022 at 16:56
Premiership club 'likely' to enter administration 'within days'

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Financially troubled Wasps have announced they are "likely" to go into administration "within days".

The Coventry-based Premiership club have filed notice on two occasions to get insolvency experts in to help with their debts, which run to tens of millions of pounds.

In a statement, Wasps Holdings Limited said they had been working "tirelessly" to secure the club's future.

"We strongly believe it is the right course of action," the statement added.

Wasps will not fulfil this Saturday's Premiership game at Exeter following the news, saying they "recognise that this will not only impact on our players, staff and supporters, but also Exeter Chiefs and the wider rugby community".
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Points: 171 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Thunderbird Quote  Post ReplyReply Direct Link To This Post Posted: 12 Oct 2022 at 17:13
So here we go again.!!!! Possibly two clubs get relligated to the championship ,then spend a shed load of cash to get promoted. 

As I have said previously why would any well run club want to join the Premiership?
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Points: 3647 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Mark W-J Quote  Post ReplyReply Direct Link To This Post Posted: 12 Oct 2022 at 18:42
Originally posted by Thunderbird Thunderbird wrote:

So here we go again.!!!! Possibly two clubs get relligated to the championship 
So this means that two clubs need to be relegated from the Championship - unless, of course, they decide to go to 14 teams.  And if the winners of the Championship were refused promotion for some reason - would that mean a third team relegated, with a massive knock-on effect all the way down the pyramid?

I think the Championship needs to decide on its future structure and make a definitive announcement sooner rather than later, so that everyone knows what is happening at the bottom of the league (and at the top of National One).
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Points: 1484 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Robb Quote  Post ReplyReply Direct Link To This Post Posted: 12 Oct 2022 at 18:53
Originally posted by Steve@Mose Steve@Mose wrote:

Coventry City Council 'may have right to force stadium ownership' forfeit

Quote
Wasps could be forced to forfeit ownership of the Coventry Building Society Arena after initiating administration proceedings.

The BBC has discovered that Coventry City Council, as freeholder of the stadium, has the right to force Wasps to forfeit the lease "if the tenant enters into some kind of insolvency regime".

Notices of intention to appoint administrators have been filed with the Insolvency and Companies Court against parent company Wasps Holdings Limited, Arena Coventry Limited, and the company which holds the lease - Arena Coventry Ltd (2006).

The court action provides a 10-day grace period protecting Wasps against action from creditors, including HMRC, and bondholders who are owed £35m by the club.

That's another Sixfields groundshare for a Coventry tenant then! Though in reality, what can Wasps do if they get kicked out of the Ricoh? Back to High Wycombe? 
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Richard Lowther View Drop Down
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Points: 6528 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Richard Lowther Quote  Post ReplyReply Direct Link To This Post Posted: 12 Oct 2022 at 19:08
Originally posted by Robb Robb wrote:

Originally posted by Steve@Mose Steve@Mose wrote:

Coventry City Council 'may have right to force stadium ownership' forfeit

Quote
Wasps could be forced to forfeit ownership of the Coventry Building Society Arena after initiating administration proceedings.

The BBC has discovered that Coventry City Council, as freeholder of the stadium, has the right to force Wasps to forfeit the lease "if the tenant enters into some kind of insolvency regime".

Notices of intention to appoint administrators have been filed with the Insolvency and Companies Court against parent company Wasps Holdings Limited, Arena Coventry Limited, and the company which holds the lease - Arena Coventry Ltd (2006).

The court action provides a 10-day grace period protecting Wasps against action from creditors, including HMRC, and bondholders who are owed £35m by the club.

That's another Sixfields groundshare for a Coventry tenant then! Though in reality, what can Wasps do if they get kicked out of the Ricoh? Back to High Wycombe? 

There's an empty ground in Worcester Cry
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Steve@Mose View Drop Down
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Points: 2760 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Steve@Mose Quote  Post ReplyReply Direct Link To This Post Posted: 12 Oct 2022 at 19:23
Wasps now suspended by the RFU according to reports.
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