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Steve@Mose ![]() World Cup Winner ![]() Joined: 01 Jun 2007 Location: United Kingdom Status: Offline Points: 2799 |
![]() ![]() ![]() ![]() ![]() Posted: 21 Sep 2022 at 16:48 |
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Wasps face relegation from Gallagher Premiership over unpaid bonds
Edited by Steve@Mose - 21 Sep 2022 at 21:09 |
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Richard Lowther ![]() Coaching staff ![]() ![]() Moderator Joined: 19 May 2007 Location: England Status: Offline Points: 6574 |
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What an complete mess.
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Big Eddie ![]() World Cup Winner ![]() ![]() Joined: 19 Jun 2007 Status: Offline Points: 5043 |
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This won't help Worcester, the Premiership, The RFU or rugby in general. There could be a chain reaction
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''The future isn't what it used to be''
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Richard Lowther ![]() Coaching staff ![]() ![]() Moderator Joined: 19 May 2007 Location: England Status: Offline Points: 6574 |
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I agree on the last comment. Various message boards rumours about another club in difficulties. However I dont think we should confuse the poor state of the Premiership with the game as a whole. But this should be the time that the RFU set the direction and terms for the next agreement with the Premiership clubs and those terms should be more advantageous to the game as a whole than the 13 current Premiership clubs.
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Richard Lowther ![]() Coaching staff ![]() ![]() Moderator Joined: 19 May 2007 Location: England Status: Offline Points: 6574 |
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A fire sale merger of Wasps and Worcester playing at Sixways could be the answer. Worcester Wasps.
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kingsheathlad ![]() World Cup Winner ![]() ![]() Joined: 15 Jan 2010 Location: Alcester Status: Offline Points: 3297 |
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Where would they play if merged.
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Cauliflower ear.
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billesleyexile ![]() World Cup Winner ![]() ![]() Joined: 20 Jun 2013 Location: England Status: Offline Points: 1855 |
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Those of us who also frequent the RL message boards might well be aware of one that's been bubbling away for months.
Edited by billesleyexile - 21 Sep 2022 at 18:22 |
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keep the faith
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billesleyexile ![]() World Cup Winner ![]() ![]() Joined: 20 Jun 2013 Location: England Status: Offline Points: 1855 |
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Meanwhile over on Shedweb someone makes the point that 'rugby can't afford to lose established clubs' like Worcester and Wasps.
Memory span of a goldfish. Top flight/list A rugby has 'lost' Moseley, Coventry, London Scottish, Richmond, Orrell, Waterloo, London Welsh, West Hartlepool etc. RU has done nothing but lose 'established clubs.'
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keep the faith
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Big Eddie ![]() World Cup Winner ![]() ![]() Joined: 19 Jun 2007 Status: Offline Points: 5043 |
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In my experience a merger of two failing businesses rarely works.......just promote Doncaster and Ealing and send Wasps and Worcester to level 9
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''The future isn't what it used to be''
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omnes Paviores ![]() First XV regular ![]() ![]() Joined: 04 Feb 2013 Location: West of Hull Status: Offline Points: 115 |
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Does this suggest that Caldy replace Newcastle or any of the others nearing finance troubles.
Oh what a rise to stardom for Caldy
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dropout22 ![]() World Cup Winner ![]() Joined: 03 Jul 2017 Location: UK Status: Offline Points: 518 |
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A league or union club?
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Steve@Mose ![]() World Cup Winner ![]() Joined: 01 Jun 2007 Location: United Kingdom Status: Offline Points: 2799 |
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Premiership club to appoint administrators to 'protect club's interests'
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Marylebone ![]() First XV squad ![]() ![]() Joined: 17 Mar 2022 Location: London Status: Offline Points: 35 |
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Good point - but all of those clubs have survived and are still playing at various leagues. The make up of the top flight has radically changed. There is a common thread amongst the fallen giants: selling their grounds and not having a feasible replacement and/or the benefactors pulled out.
When Dai Duckham’s Coventry and Sam Doble’s Moseley were the best teams in the country, Exeter, Saracens and Worcester were way down the league structure. |
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“ Adventure and error go together”
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Donnyknightfan ![]() World Cup Winner ![]() Joined: 28 Feb 2021 Location: Doncaster Status: Offline Points: 560 |
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Feel sorry for the staff and players at Wasps as it can’t be a nice situation to be in but I have no sympathy for the owners of Premiership Clubs who have been quite happy to ride the RFU and PRL gravy train whilst showing a complete lack of interest in the good of the game and also in the Championship. Our league has been sidelined and ignored for two decades. Covid threw a giant spanner in the works and laid bare the absolutely diabolical state that the professional game is in. The karma train is well and truly running the RFU and PRL over.
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Donny Knights - best team in Yorkshire
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gerg_861 ![]() World Cup Winner ![]() ![]() Joined: 11 Jun 2017 Location: Ealing Status: Offline Points: 2613 |
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I predict that the PRL and RFU will invoke the relevant 'pandemic' clauses to justify not relegating Wasps, which blows me away as there is no real reason to protect them. Even from a geographic standpoint, there is a strong, well-supported Coventry team in place.
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Mark W-J ![]() Coaching staff ![]() ![]() Joined: 22 May 2007 Location: United Kingdom Status: Offline Points: 3662 |
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I agree - PRL and RFU have been pretty spineless when dealing with Worcester's issues, and I can't see them letting another club go under if Worcester go to the wall.
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Richard Lowther ![]() Coaching staff ![]() ![]() Moderator Joined: 19 May 2007 Location: England Status: Offline Points: 6574 |
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I don't believe the Pandemic could be used as an excuse in either case. Worcester and presumably Wasps took the Covid money on offer from the Government which was intended to prevent issues like this. Wasps' mess is from the financial bond, not anything else. It always came with a risk and that risk was independent of Covid. I have totally sympathy with the supporters and players of both clubs but if the RFU want to stop the dominos toppling they have been really firm now, or else others will take advantage of that 'generosity' and we will be seeing more clubs fail without any real repercussions to them - only their creditors, whilst better run clubs are kept out of the elite and would be treated differently by the RFU.
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Richard Lowther ![]() Coaching staff ![]() ![]() Moderator Joined: 19 May 2007 Location: England Status: Offline Points: 6574 |
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Ps. What the heck happened to the CVC money?
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castleparknight ![]() World Cup Winner ![]() ![]() Joined: 07 Jun 2012 Location: Doncaster Status: Offline Points: 3007 |
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I was under the impression that the pandemic clause, was a recent addition and was to protect clubs from future pandemics, not the previous pandemic. And as Richard pointed out this goes way back to 2014. And yes what happened to the CVC money? For WASPS sake I hope they can resolve the problems they are experiencing, but if they are unable to do so then they should face the same penalties as other clubs prior to them.
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Onward and Upwards C'mon Donny!
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Big Eddie ![]() World Cup Winner ![]() ![]() Joined: 19 Jun 2007 Status: Offline Points: 5043 |
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I have had an initial look at the accounts of a couple of the Premiership clubs and although it isn't clear to me I would suggest the CVC money may have been utilised by the shareholders by way of loans to them or one of their companies or by dividends if there were sufficient retained profits to do so.
There is nothing financially or legally improper if they did that and they have all been supporting the financial haemorrhaging for many years and the CVC deal would have been a godsend to them. However, as events have subsequently unfolded it may have been more prudent to retain such funds within the company........perhaps some of the clubs did so. If I have some time this weekend I will do some proper analysis. In one set of accounts the balance sheet is only solvent because of the upwards revaluation of the P shares held by that particular company. With at least two clubs insolvent or close to insolvency it brings starkly into focus the value of the P shares..........this maybe another shoe waiting to drop
Edited by Big Eddie - 22 Sep 2022 at 09:06 |
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''The future isn't what it used to be''
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