NPR

sockwithaticket wrote: ↑Mon May 15, 2023 6:04 pm Well the Glaws CEO is the latest one to have spouting off about the benefits of a 10 team Prem. I suspect the LI situation might be handled by the various powers that be with that goal in mind, unfortunately.

Glaston wrote: ↑Mon May 15, 2023 6:47 pm

sockwithaticket wrote: ↑Mon May 15, 2023 6:04 pm Well the Glaws CEO is the latest one to have spouting off about the benefits of a 10 team Prem. I suspect the LI situation might be handled by the various powers that be with that goal in mind, unfortunately.

Wonder how much cash Newcastle have?

2024 season down to 9 clubs

Paddington Bear wrote: ↑Mon May 15, 2023 7:04 pm Yes strikes me the buyers are stringing this out to test just how desperate Crossan is to get out with the intention of low balling as much as they can. Bit of a game of chicken with PRL/RFU a likely deeply unhelpful third party

Margin__Walker wrote: ↑Mon May 15, 2023 7:13 pm

Paddington Bear wrote: ↑Mon May 15, 2023 7:04 pm Yes strikes me the buyers are stringing this out to test just how desperate Crossan is to get out with the intention of low balling as much as they can. Bit of a game of chicken with PRL/RFU a likely deeply unhelpful third party

Yep, If the buyout is serious (big if), they hold all the cards now with the deadline terms set and fast approaching. Crossan's likely going to get fucked however this ends up going.

Paddington Bear wrote: ↑Mon May 15, 2023 9:29 pm

Margin__Walker wrote: ↑Mon May 15, 2023 7:13 pm

Paddington Bear wrote: ↑Mon May 15, 2023 7:04 pm Yes strikes me the buyers are stringing this out to test just how desperate Crossan is to get out with the intention of low balling as much as they can. Bit of a game of chicken with PRL/RFU a likely deeply unhelpful third party

Yep, If the buyout is serious (big if), they hold all the cards now with the deadline terms set and fast approaching. Crossan's likely going to get fucked however this ends up going.

I feel like a smarmy git sat here criticising and second guessing a man who has set up a really successful business from scratch, among other things, but being so public and vocal with how desperate to sell he was seemed always likely to end with the sharks circling round him as they are.

Paddington Bear wrote: ↑Mon May 15, 2023 7:04 pm Yes strikes me the buyers are stringing this out to test just how desperate Crossan is to get out with the intention of low balling as much as they can. Bit of a game of chicken with PRL/RFU a likely deeply unhelpful third party

Kawazaki wrote: ↑Tue May 16, 2023 6:05 am The problem with LI is what exactly is for sale, what does he own? He owns a rugby brand, a small percentage of the 74% of the Premiership and the contractual use of about 50 professional rugby players with zero transfer value.

They've got less than Worcester and Wasps had to sell and they've already approached everyone to find a buyer. The only USP LI have is the word 'Irish' in their name but the IRFU aren't interested either.

It does seem that reducing to 10 clubs is a done deal but I don't see how that improves things, it's just a slightly larger percentage of a smaller pie.

Kawazaki wrote: ↑Tue May 16, 2023 6:05 am The problem with LI is what exactly is for sale, what does he own? He owns a rugby brand, a small percentage of the 74% of the Premiership and the contractual use of about 50 professional rugby players with zero transfer value.

They've got less than Worcester and Wasps had to sell and they've already approached everyone to find a buyer. The only USP LI have is the word 'Irish' in their name but the IRFU aren't interested either.

It does seem that reducing to 10 clubs is a done deal but I don't see how that improves things, it's just a slightly larger percentage of a smaller pie.

sockwithaticket wrote: ↑Mon May 15, 2023 6:04 pm Well the Glaws CEO is the latest one to have spouting off about the benefits of a 10 team Prem. I suspect the LI situation might be handled by the various powers that be with that goal in mind, unfortunately.

Margin__Walker wrote: ↑Tue May 16, 2023 7:27 am
The club does also own the modern 63 acre Hazelwood training complex in Sunbury. Lots of pitches, conferencing facilities, gets hired out to visiting NFL teams each year etc.

Kawazaki wrote: ↑Tue May 16, 2023 8:30 am

Margin__Walker wrote: ↑Tue May 16, 2023 7:27 am
The club does also own the modern 63 acre Hazelwood training complex in Sunbury. Lots of pitches, conferencing facilities, gets hired out to visiting NFL teams each year etc.

63 acres of land inside the M25 must be worth a lot more than £30m? A hell of a lot more.

Kawazaki wrote: ↑Tue May 16, 2023 5:49 am

Paddington Bear wrote: ↑Mon May 15, 2023 7:04 pm Yes strikes me the buyers are stringing this out to test just how desperate Crossan is to get out with the intention of low balling as much as they can. Bit of a game of chicken with PRL/RFU a likely deeply unhelpful third party

He's offered to sell the club for £1.

Do you think the buyers are holding out for 80p?

dpedin wrote: ↑Thu May 18, 2023 5:09 pm Wasps gone - have to start in the bottom tier next season!

sockwithaticket wrote: ↑Thu May 18, 2023 5:13 pm Fuck's sake. I was starting to fear the worst anyway with no players, staff or ground, but you always have hope until it's dashed.

Guess I'd best take good care of the shirts I have, probably looking at 15 years - never for new ones.

Glaston wrote: ↑Thu May 18, 2023 8:16 pm

sockwithaticket wrote: ↑Thu May 18, 2023 5:13 pm Fuck's sake. I was starting to fear the worst anyway with no players, staff or ground, but you always have hope until it's dashed.

Guess I'd best take good care of the shirts I have, probably looking at 15 years - never for new ones.

They did have a few things pencilled in .
Had a kit deal and some sponsorship lined up. ( Allegedly)


Supposedly some players and staff lined up but all dependant on getting into the Championship.

There is a Statement from Peter Scrivener on one of the Wasps boards.

Our exit from the Rugby Football Union

It has been an all-consuming 7 months since the 17th of October 2022. Our first task was to save and secure the brand, the IP, and the legend ? and in that we have been successful. Since then, we have been constantly involved in the resurrection of the club with the intention of competing in the 2023 RFU Championship.

Operating in a void between regulatory authorities that were managed by strict governance requirements, and a championship that had not been engaged in our membership and who, perhaps understandably, offered some resentment to our inclusion, has been challenging.

Our recovery to date has been managed by a very small team who have been dealing with the operational and financial issues and requirements of the RFU and PRL since our engagement in November 2022 when we were successful in the approval process to enter the RFU Championship in September 2023. That approval was subject to initial and then continuing requirements around financing, ground, rugby creditors and the demanding governance provisions. During our approval process, and since, we have continually reminded the RFU that we would not repeat the mistakes of the past by allowing a single point of failure, and that we would not commit to any employment or contract unless we were sure that
we would be able to fund the expenditure for the season.

We have embarked on a wide ranging, and professional search, for suitable funding. From the outset we had interest from various sources who engaged in their own due
diligence, some in depth to the extent that they had direct contact with the governing bodies. Whilst the investment interest continues, we regret to say that the current state of rugby finances, the lack of clarity on the league structure and concerns over promotion has caused the investor group to remain silent and fatigued.

On two occasions we asked the RFU for an extension of time to secure funding and to satisfy the rugby creditors. Our requests were refused on both occasions. Whilst we understand the need for regulatory conformity and the administration of the league, the only reason we needed that extension was for the RFU to establish a clear vision and direction of travel so that our investor pool were able to see equitable funding for the Championship and a clear pathway to promotion.

Indeed, the recent revelations around the possible ring fencing of the premiership for 3 to 5 years to protect it has further weakened our investment position. There is the suggestion that a route for promotion could exist with a play-off between the bottom of the premiership playing the winner of the Championship. Given there is a deficit of ?4m+ in funding between the Premiership and the Championship, then the only route of promotion includes the very problem of excessive funding that perpetuates the business system failure.

We had made progress in certain areas though. We have a kit deal, significant sponsorship from a global brand, and a choice of grounds to play at. We have 232 players and 37 coaches available to select a team from. We have also identified strong local authority support for our own stadium, and whilst some have criticised us for even considering a new stadium option, their rush to judgement ignores the stark reality that rugby at the higher levels needs supplementary income to survive without owner funding - which is the single point of failure we are determined to avoid. Rugby alone will not provide a sustainable business, until it is properly governed and financially supported.

The arrangements and direction regarding the rugby creditors has also been troublesome. We were handed the responsibility of others to identify, validate, audit, and settle the rugby creditor claims inherited from the previous administration. We established a system to manage this process and acknowledged our moral obligations to complete it.

Following our regrettable exit from the Championship, our understanding is that the rugby creditors will now revert back to the administrators for the claims to be pursued against Wasps Holdings Limited (In Administration). We will work with the administrators on this.

So, what will happen now?

The journey continues with utter determination and commitment to ensure that WASPS continues its 156-year history in a sustainable rugby environment that shares the vision
and values that the new club aspires to. We are extremely grateful for the loyal support and concern from our global fan base.

Our silence has been deliberate and necessary. Firstly, we had nothing definitive to say that couldn?t have changed the following day, and often did, and secondly, we only recovered our social media accounts and rebuilt a new web site in the first week of May. You will hear more from us soon.

Margin__Walker wrote: ↑Fri May 19, 2023 8:10 am It would be such a long term project for anyone, but the most committed investor to take on. Anyone seriously looking to invest who wasn't a die hard Wasp fan would surely look at a more mature setup from much higher up the league structure (Champ to ND2).

LI would have a similar issue if they go under, with a nice amateur setup already in place who wouldn't want the hassle. Only difference would be fewer in the way of 'rugby' creditors, which could potentially make post administration survival higher up the league structure more viable. But even that would be a long shot in the current environment.

Paddington Bear wrote: ↑Fri May 19, 2023 9:00 am

Margin__Walker wrote: ↑Fri May 19, 2023 8:10 am It would be such a long term project for anyone, but the most committed investor to take on. Anyone seriously looking to invest who wasn't a die hard Wasp fan would surely look at a more mature setup from much higher up the league structure (Champ to ND2).

LI would have a similar issue if they go under, with a nice amateur setup already in place who wouldn't want the hassle. Only difference would be fewer in the way of 'rugby' creditors, which could potentially make post administration survival higher up the league structure more viable. But even that would be a long shot in the current environment.

The Wild Geese being in the Championship with gates of a couple of thousand within a few years of what increasingly looks inevitable seems a plausible enough scenario

Hal Jordan wrote: ↑Fri May 19, 2023 1:03 pm So with all the financial collapses and whatnot, I assume this season's title will have a big old asterisk by it?

Brazil wrote: ↑Fri May 19, 2023 1:06 pm

Hal Jordan wrote: ↑Fri May 19, 2023 1:03 pm So with all the financial collapses and whatnot, I assume this season's title will have a big old asterisk by it?

Only if Sarries win it.

Just like their other ones.