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Wasps into administration |
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Thatbloke
World Cup Winner Joined: 02 Sep 2017 Location: Newport Status: Offline Points: 1721 |
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Posted: 14 Dec 2022 at 10:53 |
Which is why we need to "trigger" this EGM - 100 clubs is not many but obviously needs someone to take the initiative and then lobby for support to get the necessary number!
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Camquin
World Cup Winner Joined: 01 Jun 2007 Location: Cambridge Status: Offline Points: 11158 |
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And it is not just the current Championship clubs. it affects every other club in the union, because if five clubs come down from the Championship - that is five down at every level, so another fifty clubs relegated - or not promoted.
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Sweeney Delenda Est
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kempstonblue
World Cup Winner Joined: 20 Jun 2020 Location: Kempston Status: Offline Points: 507 |
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Will the RFU plans consider the opinions of current Championship clubs? Oh wait, why change every behaviour.
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The older I get, the more the RFU leave me confused.
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Kimbo
World Cup Winner Joined: 31 May 2007 Location: 'incleh Status: Offline Points: 6211 |
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I bet you can't work out why?
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Our Club |
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Whistle watcher
First XV regular Joined: 17 Jun 2019 Location: Midlands Status: Offline Points: 98 |
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[quote]The RFU are keen to plan ahead for next season's Championship{/quote]
For the first time ever.
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Steve@Mose
World Cup Winner Joined: 01 Jun 2007 Location: United Kingdom Status: Offline Points: 2761 |
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From Monday 12 December:
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Thatbloke
World Cup Winner Joined: 02 Sep 2017 Location: Newport Status: Offline Points: 1721 |
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Shot - never mind looked at. You also have to ask why suppliers would continue to supply when unpaid for what must have been months and months (£several millions on catering!!)
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kingsheathlad
World Cup Winner Joined: 15 Jan 2010 Location: Alcester Status: Offline Points: 3257 |
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With that size of debt they must have had it possibly for some time and if unable to pay said creditors, trading insolvently. I guess the directors will be looked at.
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Cauliflower ear.
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Steve@Mose
World Cup Winner Joined: 01 Jun 2007 Location: United Kingdom Status: Offline Points: 2761 |
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Rugby club's debts totalled £95m when they went into administration - report
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Kimbo
World Cup Winner Joined: 31 May 2007 Location: 'incleh Status: Offline Points: 6211 |
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Turns out that Wasps owed Coventry City FC around £465000 (source, Coventry and Warwickshire Radio) when they pulled the plug.
It rather beggars belief that a landlord could owe its tenant that kind of sum. I bet there won't be any kind of reparation.
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Kimbo
World Cup Winner Joined: 31 May 2007 Location: 'incleh Status: Offline Points: 6211 |
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Convenient, then, for the remaining shareholders.
Not so convenient for the prospective owners of the other two.
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Kimbo
World Cup Winner Joined: 31 May 2007 Location: 'incleh Status: Offline Points: 6211 |
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"Premiership Rugby chief executive Simon Massie-Taylor told the Telegraph Sport: “We can confirm it’s our clubs’ intent to buy the P share and they do so knowing that Wasps and Worcester are going to be in the Championship next season. “Both clubs’ prospective purchasers have also produced three-to-five-year plans which are not contingent on the P share.” The near-£20 million cost of buying the P shares will be used to pay off Government loans given to Wasps and Worcester during the coronavirus crisis." |
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Count Ford
World Cup Winner Joined: 20 May 2017 Location: WA4 Status: Offline Points: 412 |
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Exactly. Seems to me they are 'considerations' rather than absolutes and this last point gives them the ability to choose any resolution they want The circumstances of each Insolvency Event are likely to be different, and therefore the RFU may take any other matters into consideration it sees fit. |
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Camquin
World Cup Winner Joined: 01 Jun 2007 Location: Cambridge Status: Offline Points: 11158 |
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Well I would start with the 12 Championship clubs, and the 48 national League clubs and work down. If they do cut the Championship to 10 and relegate 5 and hence many clubs that thought they were safe get caught in the waterfall, it might be enough. |
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Sweeney Delenda Est
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Robb
World Cup Winner Joined: 24 Jan 2017 Location: South East Status: Offline Points: 1491 |
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It stinks of a fix if they let them in without fulfilling the criteria but will 100 (mostly lower league amateur) clubs be motivated enough to make that call? They can't just jump the amateur clubs up the league and they are (legally according to RFU standards) independent so they could just consume the Amateur club and start from the bottom (as London Welsh did) and probably will.
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Camquin
World Cup Winner Joined: 01 Jun 2007 Location: Cambridge Status: Offline Points: 11158 |
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Yes, the board can decide to make a special case. But 100 clubs can then call a Special General Meeting with a motion of no confidence. Worcester RFC are in Regional 2, so assuming the new Warriors could come to an agreement with the club, they could take that spot. Wasps FC are in Counties 2 - a little higher than Richmond and Scottish started, but not much.
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Sweeney Delenda Est
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Thatbloke
World Cup Winner Joined: 02 Sep 2017 Location: Newport Status: Offline Points: 1721 |
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Rules is rules but where does it state all the answers to those questions have to be "Yes"?
Edited by Thatbloke - 07 Dec 2022 at 14:38 |
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Camquin
World Cup Winner Joined: 01 Jun 2007 Location: Cambridge Status: Offline Points: 11158 |
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I say Regulation 5 Appendix 2
So the first requirement is to take over the ground.
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Sweeney Delenda Est
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Thatbloke
World Cup Winner Joined: 02 Sep 2017 Location: Newport Status: Offline Points: 1721 |
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We all know they should be starting again at the bottom of the pyramid like the rest of us would have to do if we suffered the same fate. I could just about stomach "Jollying up" with the amateur club as it gets them a few rungs up the ladder but Championship - definitely not!
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rugbychris
First XV regular Joined: 02 May 2019 Location: London Status: Offline Points: 141 |
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Investors aren't going to pile money into anything sports related unless it has an asset. You can make money from an asset (stadium. Car park. Training facilities etc). You can't make anything from a rugby team as the game doesn't seem to have eye watering transfer fees.
So do Worcester still have any assets? They could still spend a year in the champ, win it and then retain their P shares. I cant see how Wasps survive this. No stadium. No assets. No playing squad. They will have to join up with their Amateurs if their is any relationship left.
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