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Wasps into administration
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FHLH View Drop Down
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Points: 5256 		Post Options Post Options   Thanks (0) Thanks(0)   Quote FHLH Quote  Post ReplyReply Direct Link To This Post Posted: 16 Oct 2022 at 20:49
If he implements the finance controls the whole Premiership will collapse


Sweeney said he favours establishing a structure similar to the one that operates in France.  (Extract from the BBC article below)

There the game's financial health is policed by the DNACG - a body, independent of the French Rugby Federation (FFL) and the French National Rugby League (LNR), that safeguards the finances of the 30 professional clubs in the Top14 and Pro D2.

"They define themselves as there to grow and protect the interests in the French game," Sweeney said, before highlighting the criteria each of the 30 clubs must meet in order to get a "licence to compete" - the right to start the season.

"They have to have a complete review of their financial projections and business plan, their assumptions around ticketing and hospitality - if they look out of whack to previous years they are scaled back," he said.

"They look at their projected finish in the league - which carries a bonus payment - and if they've finished no higher than ninth for the last 10 years and then say they're going to finish third that gets challenged."

French clubs also have to keep 15% of their yearly cost projections in cash in the bank and any benefactor wanting to cover losses must supply a bank guarantee.

Sweeney said the English game "needed something like that" in place.


Edited by FHLH - 16 Oct 2022 at 21:31
"My father told me big men fall just as quick as little ones, if you put a sword through their hearts."
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Points: 5256 		Post Options Post Options   Thanks (0) Thanks(0)   Quote FHLH Quote  Post ReplyReply Direct Link To This Post Posted: 16 Oct 2022 at 21:18
Originally posted by BE57 REF BE57 REF wrote:

Couldn't agree more, Camquin. The BBC report is an astonishing admission that RFU have been asleep with him at the wheel. It beggars belief that RFU took no action on his watch other than to throw cash at PRL - and he can then come out all surprised and with a plan......

I think members of this forum have been suggesting this for at least 5 years
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Points: 4150 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Halliford Quote  Post ReplyReply Direct Link To This Post Posted: 16 Oct 2022 at 22:33
I think you will find Bill Sweeney has been working towards this but out of the public eye. The PRL funding was agreed in a deal well before he joined and it was written without get-out clauses. I have certainly heard him say at NCA AGMs in recent years that Clubs at every level must live within their means and I’ve also heard other members of his team suggest that the PRL model doesn’t work. What he said today isn't new, he has been saying it for some time.

The problem is PRL and the people years ago who ceded control to them.

We need 2 Professional Leagues of Clubs who own their grounds and can generate income to support their team.
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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: 17 Oct 2022 at 07:07
Central contracts being considered. 
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Points: 506 		Post Options Post Options   Thanks (0) Thanks(0)   Quote kempstonblue Quote  Post ReplyReply Direct Link To This Post Posted: 17 Oct 2022 at 07:43
Avoid clashes with Internationals.

But what will replace those nine weeks?

Clubs still need income.
The older I get, the more the RFU leave me confused.
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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: 17 Oct 2022 at 08:05
Telegraph article
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Points: 1081 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Redted Quote  Post ReplyReply Direct Link To This Post Posted: 17 Oct 2022 at 08:44
Bill Sweeney attended the NCA AGM spoke for ages about England & the Premiership with clear approval of them.  Wouldn’t take open questions, they were filtered and changed through the chair. Said he was a great supporter of the NCA then a few weeks later withdrew all funding!!
He said sod all about this at the meeting.
Clueless or spineless you decide?
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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: 17 Oct 2022 at 08:59
Originally posted by kempstonblue kempstonblue wrote:

Avoid clashes with Internationals.

But what will replace those nine weeks?

Clubs still need income.

Could always just play midweek/Friday nights?
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Points: 104 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Fly Half Quote  Post ReplyReply Direct Link To This Post Posted: 17 Oct 2022 at 09:03
As usual, Clubs are really only interested in their own good, not that of the game. As far as they are concerned, what is good for them, is good for everybody else, whether that Wasps remaining in the Premiership, clubs somehow wanting to retain ther shares (assets) even when in Administration, or going for a 10 team Premiership, as long as they are one of the 10.

Pure selfishness. There is sufficient money in the game it just needs a dose of realism - reduce salaries and squad sizes.
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Points: 1081 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Redted Quote  Post ReplyReply Direct Link To This Post Posted: 17 Oct 2022 at 13:19
If the shares are worth anything shouldn’t they be made to sell them the pay some of their debt?
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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: 17 Oct 2022 at 13:40
Originally posted by Redted Redted wrote:

If the shares are worth anything shouldn’t they be made to sell them the pay some of their debt?

As I understand it they are forfeited if a club becomes insolvent under the terms of the share issue, so the value is not maintained by the insolvent club but with the holding company of whom shares they are. 
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Points: 11150 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Camquin Quote  Post ReplyReply Direct Link To This Post Posted: 17 Oct 2022 at 13:58
When they formally enter administration, which they hadn't when I last looked, they will be forced to sell the shares back to the league. They are not tradeable.

PRL is owned by two companies, one currently owned by a CVC subsidiary, and one owned by the clubs.
Wasps will presumably get the same sum as Worcester, about £9m.
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Points: 6187 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Kimbo Quote  Post ReplyReply Direct Link To This Post Posted: 17 Oct 2022 at 14:12
Meetings for Wasps Holdings employees have just commenced at the CBSA and the Henley training ground.
The outcome could be very interesting.

Both Arena companies have also just lodged their second seven-day Notice of Intent to enter Administration.
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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: 17 Oct 2022 at 14:20
Originally posted by Kimbo Kimbo wrote:

Meetings for Wasps Holdings employees have just commenced at the CBSA and the Henley training ground.
The outcome could be very interesting.

Both Arena companies have also just lodged their second seven-day Notice of Intent to enter Administration.

Are you our reporter on the ground? 
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Points: 6187 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Kimbo Quote  Post ReplyReply Direct Link To This Post Posted: 17 Oct 2022 at 14:22
Could be...


Wasps Holdings Limited (the “Company”) was placed into Administration on 17 October 2022 and immediately ceased to trade. Further information is available here.

The affairs, business and property of the Company are being managed by Andrew Martin Sheridan and Rajnesh Mittal of FRP who were appointed Joint Administrators. The Joint Administrators act as agents of the Company and without personal liability.

Please note that Arena Coventry Limited and IEC Experience Limited, which operate the businesses at arena in Coventry, are not in Administration and continue to trade as normal.
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Points: 208 		Post Options Post Options   Thanks (0) Thanks(0)   Quote oldman Quote  Post ReplyReply Direct Link To This Post Posted: 17 Oct 2022 at 14:52
BBC reporting Wasps have gone into administration.
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Points: 6187 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Kimbo Quote  Post ReplyReply Direct Link To This Post Posted: 17 Oct 2022 at 15:17
Originally posted by oldman oldman wrote:

BBC reporting Wasps have gone into administration.

Welcome to the party.
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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: 17 Oct 2022 at 15:32
So, assuming the winners of the Championship get promoted, we're now looking at a 12 team Premiership and a 13 team Championship for next year.  Unless Worcester get kicked to the bottom of the pyramid, which is the usual penalty for any club which fails to complete a season (and Wasps could yet be put in the same boat).  So how many teams will be relegated from the Championship?  Is this the time to expand to 14 teams, in-line with the national leagues, or should we be looking to mirror the number of clubs in the Premiership?  And how many will that be?  Ten? Twelve?  The knock-on effect of this could impact relegations all down the pyramid.
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Originally posted by Kimbo Kimbo wrote:

Originally posted by oldman oldman wrote:

BBC reporting Wasps have gone into administration.

Welcome to the party.


Quote  

Wasps have made 167 players and staff redundant after becoming the Premiership's second club to go into administration inside 21 days.

The Coventry-based club were suspended by the Premiership last week.

It is now been confirmed that they have suffered the same fate as Midlands rivals Worcester and will be relegated.

But Arena Coventry Limited, which operates the Wasps-owned Coventry Building Society Arena, may still avoid going into administration.

While Wasps Holdings Limited are the firm to have actually entered administration, ACL, also part of Wasps, have filed a new notice of intention to appoint administrators with the High Court in London.

That would allow ACL, who hold the Coventry City Council lease to operate the stadium, a fortnight's grace, which will give time to find further funding.

The city council could now step in to keep the CBS Arena operational, so that stadium tenants Coventry City's Championship home matches can still be played, along with other events.

Meetings were set up for 14:00 BST on Monday to inform players and staff at both the CBS Arena and Wasps' training ground at Henley-in-Arden.

 
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Points: 6187 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Kimbo Quote  Post ReplyReply Direct Link To This Post Posted: 17 Oct 2022 at 16:41
CCFC shouldn't really be affected whether or not the ACL business folds. They have the balance of a ten year agreement to play at the Arena, and even if ACL go bang in the next few days the City Council still own the freehold of the stadium and would likely have to step in as 'managers' again until a more certain future can be mapped out.
Whether that is under Sisu or Mike Ashley, or somebody else, who knows?
CCC will wish to keep the stadium business afloat to avoid the embarrassment to the city of losing so many pre-booked events, if for no other reason.
On the upside, the Wasps club shop is still open so you can still get your first team replica top for ninety nicker...
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