| New Ground on 15:26 - Jul 21 with 3031 views | derbyhoop |
Sold Highfield Road to rent the Ricoh, when they needed 22K crowds to cover the cost.
The Ricoh owners have shafted them good and proper.
Given how much money has been lost from top level sport and the lack of money-spinning concerts this Summer, the owners income must be down heavily. Coventry are now in a decent position to return the shafting with interest.
Realistically, Coventry, unless they get back to PL level, probably aren't going to attract crowds much in excess of 15K average, although they may experience a short term surge after a return to Championship. |  |
| Travel is fatal to prejudice, bigotry and narrow-mindedness, and many of our people need it sorely on these accounts. Broad, wholesome, charitable views of men and things cannot be acquired by vegetating in one little corner of the Earth all one’s lifetime. (Mark Twain)
Find me on twitter @derbyhoop |
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| New Ground on 19:09 - Jul 21 with 2859 views | themodfather |
have they got the money? thought they were brassic! then again likely we'll be the first lot there and suffer wet paint, loose railings and drying cement again lol
also will the new ground be near anything? the ricoh was remote and nowhere near life! |  | | |
| New Ground on 19:46 - Jul 21 with 2801 views | Gloucs_R |
Going to build a 16k stadium, based on Shrewsburys. |  |
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| New Ground on 02:29 - Jul 22 with 2500 views | stowmarketrange |
I find it strange that Wasps can play there and make a success of it but a football club couldn’t.Surely the income from a rugby club can’t be bigger than a football club,even a struggling one. |  | | |
| New Ground on 03:52 - Jul 22 with 2468 views | nadera78 |
| New Ground on 02:29 - Jul 22 by stowmarketrange |
I find it strange that Wasps can play there and make a success of it but a football club couldn’t.Surely the income from a rugby club can’t be bigger than a football club,even a struggling one. |
Wasps are in huge trouble. They borrowed the money needed to buy the Ricoh, and repayment is due on those bonds in the next year or so. If you want to know how likely that is, the bonds are currently selling at 50% of their value - which indicates that traders think you've a 50-50 chance of them actually paying out. Basically, Wasps will have to borrow even more money to repay the money they borrowed the first time, and that will come at even higher rates.They have no way of ever paying off the bonds used to buy the Ricoh - £35million worth by the way - they're just hoping to be able to keep rolling it over, but at some point that will become prohibitively expensive and the plan will collapse..
Oh, and they're also being investigated for misleading investors. On top of this, they lose millions every year just running their business.
To make matters worse, the RU Premiership clubs sold a 30% stake in the competition to a private equity company called CVC (and used that money to pay off a fraction of the debt they'd accumulated). But this means that CVC will take 30% of the TV and central sponsorship rights sold by the premiership every year - so Wasps and every other club will actually have even less money coming to them in future.
And all of that is without looking at the impact Covid is having and going to have.
In short - Wasps are f'ed. That's why I don't believe Coventry's owners will ever build a new stadium, they'll just wait until Wasps have completely run out of options and then buy the stadium for peanuts. [Post edited 22 Jul 2020 3:58]
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| New Ground on 04:39 - Jul 22 with 2446 views | stowmarketrange |
| New Ground on 03:52 - Jul 22 by nadera78 |
Wasps are in huge trouble. They borrowed the money needed to buy the Ricoh, and repayment is due on those bonds in the next year or so. If you want to know how likely that is, the bonds are currently selling at 50% of their value - which indicates that traders think you've a 50-50 chance of them actually paying out. Basically, Wasps will have to borrow even more money to repay the money they borrowed the first time, and that will come at even higher rates.They have no way of ever paying off the bonds used to buy the Ricoh - £35million worth by the way - they're just hoping to be able to keep rolling it over, but at some point that will become prohibitively expensive and the plan will collapse..
Oh, and they're also being investigated for misleading investors. On top of this, they lose millions every year just running their business.
To make matters worse, the RU Premiership clubs sold a 30% stake in the competition to a private equity company called CVC (and used that money to pay off a fraction of the debt they'd accumulated). But this means that CVC will take 30% of the TV and central sponsorship rights sold by the premiership every year - so Wasps and every other club will actually have even less money coming to them in future.
And all of that is without looking at the impact Covid is having and going to have.
In short - Wasps are f'ed. That's why I don't believe Coventry's owners will ever build a new stadium, they'll just wait until Wasps have completely run out of options and then buy the stadium for peanuts. [Post edited 22 Jul 2020 3:58]
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Thanks for the info.Thats a real eye opener.I bet they long for the days of Chris Wright. | | | |
| New Ground on 06:05 - Jul 22 with 2395 views | PlanetHonneywood |
| New Ground on 04:39 - Jul 22 by stowmarketrange |
Thanks for the info.Thats a real eye opener.I bet they long for the days of Chris Wright. |
I bet they actually long for the days ‘before’ Chris Wright - another owner who was an utter disaster! |  |
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| New Ground on 07:12 - Jul 22 with 2342 views | Miss_Terraces |
| New Ground on 06:05 - Jul 22 by PlanetHonneywood |
I bet they actually long for the days ‘before’ Chris Wright - another owner who was an utter disaster! |
Don't we all? | |
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| New Ground on 08:05 - Jul 22 with 2253 views | paulparker |
Can’t they just ask Ricoh to make them a copy ? |  |
| And Bowles is onside, Swinburne has come rushing out of his goal , what can Bowles do here , onto the left foot no, on to the right foot
That’s there that’s two, and that’s Bowles
Brian Moore
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| New Ground on 08:37 - Jul 22 with 2191 views | Newhopphoops |
| New Ground on 08:05 - Jul 22 by paulparker |
Can’t they just ask Ricoh to make them a copy ? |
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| New Ground on 10:40 - Jul 22 with 2066 views | stowmarketrange |
| New Ground on 06:05 - Jul 22 by PlanetHonneywood |
I bet they actually long for the days ‘before’ Chris Wright - another owner who was an utter disaster! |
I don’t think he could’ve been as bad for them as he was for us.He was just another owner who was out of his depth and didn’t know what he was doing. | | | |
| New Ground on 13:47 - Jul 22 with 1918 views | TGRRRSSS |
| New Ground on 03:52 - Jul 22 by nadera78 |
Wasps are in huge trouble. They borrowed the money needed to buy the Ricoh, and repayment is due on those bonds in the next year or so. If you want to know how likely that is, the bonds are currently selling at 50% of their value - which indicates that traders think you've a 50-50 chance of them actually paying out. Basically, Wasps will have to borrow even more money to repay the money they borrowed the first time, and that will come at even higher rates.They have no way of ever paying off the bonds used to buy the Ricoh - £35million worth by the way - they're just hoping to be able to keep rolling it over, but at some point that will become prohibitively expensive and the plan will collapse..
Oh, and they're also being investigated for misleading investors. On top of this, they lose millions every year just running their business.
To make matters worse, the RU Premiership clubs sold a 30% stake in the competition to a private equity company called CVC (and used that money to pay off a fraction of the debt they'd accumulated). But this means that CVC will take 30% of the TV and central sponsorship rights sold by the premiership every year - so Wasps and every other club will actually have even less money coming to them in future.
And all of that is without looking at the impact Covid is having and going to have.
In short - Wasps are f'ed. That's why I don't believe Coventry's owners will ever build a new stadium, they'll just wait until Wasps have completely run out of options and then buy the stadium for peanuts. [Post edited 22 Jul 2020 3:58]
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Thanks for that Nadera - never understood why so many clubs were desperate to sell to CVC - and the 6 Nations too.
Think Rugby generally could be heading into a mess both north and south of the border.
As for Wasps, here's hoping your on the money. |  | | |
| New Ground on 14:02 - Jul 22 with 1882 views | DannyPaddox |
| New Ground on 19:46 - Jul 21 by Gloucs_R |
Going to build a 16k stadium, based on Shrewsburys. |
A 16k stadium built on biscuits? What kind of Hansel & Gretel madness is this? |  | | |
| New Ground on 14:46 - Jul 22 with 1814 views | Clive_Anderson |
| New Ground on 06:05 - Jul 22 by PlanetHonneywood |
I bet they actually long for the days ‘before’ Chris Wright - another owner who was an utter disaster! |
Yes not content with not taking the School End land for us, I believe he sold Wasps ground and moved them in with us, essentially making them homeless.
Why aren't Wasps getting Coventry in as tenants to help them pay the bills? | | | |
| New Ground on 15:05 - Jul 22 with 1788 views | stowmarketrange |
| New Ground on 14:46 - Jul 22 by Clive_Anderson |
Yes not content with not taking the School End land for us, I believe he sold Wasps ground and moved them in with us, essentially making them homeless.
Why aren't Wasps getting Coventry in as tenants to help them pay the bills? |
I think what Wasps wanted to charge and what Coventry wanted to pay are a little bit different.I think they’re having a scrum in the middle of the pitch to sort it out,but it could turn into a ruck or a maul. | | | |
| New Ground on 15:16 - Jul 22 with 1763 views | Boston |
| New Ground on 10:40 - Jul 22 by stowmarketrange |
I don’t think he could’ve been as bad for them as he was for us.He was just another owner who was out of his depth and didn’t know what he was doing. |
You’re fcking joking! | |
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| New Ground on 15:19 - Jul 22 with 1757 views | Boston |
| New Ground on 14:02 - Jul 22 by DannyPaddox |
A 16k stadium built on biscuits? What kind of Hansel & Gretel madness is this? |
We’re forging ahead on bread. | |
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| New Ground on 17:05 - Jul 22 with 1652 views | CLAREMAN1995 |
| New Ground on 04:39 - Jul 22 by stowmarketrange |
Thanks for the info.Thats a real eye opener.I bet they long for the days of Chris Wright. |
Agreed that is a very informative and well written post by nadera78 and it is stunning really how some clubs are walking a tightrope nowadays .Most people assume the money is flowing in (before Covid )and everything is Rosie but if you did deeper that is not always the case .
Without fans there is zero revenue from tickets or food and drink so the trickle down effect is immediate and devastating really .Good luck to all clubs really | | | |
| New Ground on 17:40 - Jul 22 with 1599 views | derbyhoop |
| New Ground on 14:46 - Jul 22 by Clive_Anderson |
Yes not content with not taking the School End land for us, I believe he sold Wasps ground and moved them in with us, essentially making them homeless.
Why aren't Wasps getting Coventry in as tenants to help them pay the bills? |
Wasps and Coventry are so far apart they make David Frost and Michel Barnier look like bosom buddies. (Apologies for the political slant). | |
| Travel is fatal to prejudice, bigotry and narrow-mindedness, and many of our people need it sorely on these accounts. Broad, wholesome, charitable views of men and things cannot be acquired by vegetating in one little corner of the Earth all one’s lifetime. (Mark Twain)
Find me on twitter @derbyhoop |
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