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CVC
Discussion started by Johns , 01 April, 2020 07:02
CVC
Johns 01 April, 2020 07:02
What did the club use the CVC (money about 13 million I think) ?

Where did this money go?

Re: CVC
SK 88 01 April, 2020 09:09
At Tigers 8m was sitting in cash at July 2019.

At Bath 11m was used to repay a loan to Bruce Craig.

Quins and Gloucester purchashed some form of financial asset and kept the rest as cash.

Wasps just used it to plug the gaps on day to day spending.

Everyone except Wasps considered it deferred income to unwind over 36 or 48 months, most kept cash piles of c.5mish.

That's from the 8 clubs who have reported their figures so far.

Re: CVC
Rich W 01 April, 2020 09:30
8m held in cash - doing nothing?
What happened to the other 5m?

Not expecting you to know Stuart - just expressing confusion/concern.



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Re: CVC
SK 88 01 April, 2020 09:55
Just re-checking, it was 8.7m,

12.8m was the advance from CVC.

1m went on the tax bill, the other 3m was spent on lots of little bits and bobs, 500k on "stuff" (i.e. tangible fixed assets), 700k on repayments of loans, getting our of the overdraft, and there is a large amount of seasonal variation. Remember that is a snapshot on one day effectively, it often varies by a couple of million up and down (presumably based on things like season ticket sales and timing of off season cash payments like re-laying the pitch or touching up the stands).

Re: CVC
Yorkie 01 April, 2020 10:17
Wasn't some of the cash to be used to buy the Granby Halls site? Which they bid on and agreed to buy without really having the money to service at the time.

And what happened to the expected cash windfall from selling on the option they had to buy Stoneygate ground to housing developers?



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Re: CVC
SK 88 01 April, 2020 12:14
Grandby Halls would be in this season's accounts, as I understand it no money changed hands until everything was passed planning wise. Could be wrong, but it certainly wasn't in the most recent set of accounts.

Not sure on old Stoneygate ground, I thought that had been disposed of years ago?


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