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Wasps Asks WMCA for Help with Stadium Finances
https://www.warwickshireonline.com/viewtopic.php?f=4&t=11767		 Page 1 of 2
Author:  Lex [ Thu Jun 16, 2022 5:43 pm ]
Post subject:  Wasps Asks WMCA for Help with Stadium Finances
The curse of the Ricoh continues: https://www.bbc.co.uk/news/uk-england-coventry-warwickshire-61827414
Author:  rebbonk [ Thu Jun 16, 2022 9:04 pm ]
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If they can't afford to stay there, they should sell up and move to somewhere within their means. Why should the tax payer bail them out?
Author:  Lex [ Fri Jun 17, 2022 7:08 pm ]
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Since COVID, the magic money tree is king! S*d paying it back.
Author:  rebbonk [ Fri Jun 17, 2022 10:37 pm ]
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Unfortunately, Lex, as our chancellor is finding out, money does need paying back. Of course, letting inflation take a hand helps out those that owe money, but screws those of us who have tried to be prudent. - It makes you wonder why you should bother saving for anything when the state is so generous with the money it has confiscated from you.
Author:  Lex [ Wed Jun 22, 2022 4:53 pm ]
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Any decision about the money will be 'transparent', but there will always back room deals made: https://www.bbc.co.uk/news/uk-england-coventry-warwickshire-61897949
Author:  rebbonk [ Wed Jun 22, 2022 6:05 pm ]
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I discussed this with several friends earlier today. To a (wo)man they are against lending.
Author:  Lex [ Tue Oct 04, 2022 4:42 pm ]
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Wasps are in real trouble: https://www.bbc.co.uk/sport/rugby-union/63135751
Author:  rebbonk [ Tue Oct 04, 2022 6:07 pm ]
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It doesn't look good, but I assume (dangerous I know) that CBS did due diligence before getting involved?
Author:  Lex [ Wed Oct 05, 2022 7:13 am ]
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I hope so.
Author:  Lex [ Thu Oct 06, 2022 5:22 pm ]
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Wasps could be kicked out of the sateium: https://www.bbc.co.uk/sport/rugby-union/63155795
Author:  rebbonk [ Thu Oct 06, 2022 7:59 pm ]
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This is typical rubbish that you get from inept and lazy/slack reporting.

WASPS have entered administration, not insolvency/liquidation. There is a long way to go, yet.

It was stupidity like this that prematurely pushed MG Rover under because a particular minister failed to understand the difference.
Author:  Lex [ Wed Oct 12, 2022 5:09 pm ]
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Looks likely the club will go into administration: https://www.bbc.co.uk/sport/rugby-union/63232043
Author:  rebbonk [ Wed Oct 12, 2022 6:50 pm ]
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Administration is not the end, by any means. Unfortunately, the way this is being touted in the MSM will likely be a self-fulfilling prophecy.
Author:  Lex [ Mon Oct 17, 2022 4:48 pm ]
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And it's happened: https://www.bbc.co.uk/sport/rugby-union/63244504
Author:  rebbonk [ Mon Oct 17, 2022 9:37 pm ]
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If I might point out...

What happens if a business goes into administration?
When a company enters administration the control of the company is passed to the appointed administrator (who must be a licensed insolvency practitioner). The administrator's primary goal is to leverage the company's assets to repay creditors as quickly and as fully as possible without preference.

I'm not aware of the structure of the company, or companies (holding co' etc.) but the administrator will try his damnest to pay all creditors off and offer the business a way forward. Administration must not be confused with liquidation, though that may happen. It does feel to me that as far as many people are concerned the outcome is already cast in stone. Maybe they know something I don't?
Author:  Lex [ Tue Oct 18, 2022 5:15 pm ]
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Yes, from what I understand, liquidation is a last option; the Administrator(s) will work hard to turn things around/find someone to buy the company.
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