Gallagher Premiership 2022-2023 Season

This is the bond indenture here - https://www.rns-pdf.londonstockexchange.com/rns/3422L_-2015-4-26.pdf

It's all laid out on pg 51 - Derek Richardson gave a shareholder loan of c. £20m to the club (which likely financed the Coventry stadium acquisition), and was receiving £10m of that back as part of this transaction.

The Restricted Payments provision of the indenture restricted his ability to get anymore of his £10m back except in very limited circumstances, and he specifically restructured his shareholder loan to rank subordinate to the bond.

I think Jim Hamilton is putting two and two together here and getting £15m, and it looks wrong based on that. It's a pretty scandalous thing for him to say on a rugby podcast even though he admits he doesn't know. This bond indenture is publicly available, and the info is right there in black and white.

FYI: This is what the £35m went on: (from pg 57 - Use of Proceeds).

Use of Proceeds The proceeds from the issue of the Bonds will be used by Wasps Holdings and ACL for the following purposes:

(a) to repay in full the facility provided to ACL by CCC;

(b) to repay in full the Close Leasing Facility;

(c) to part repay to Derek Richardson an amount of up to £10 million on or after the Issue Date pursuant to the Shareholder Loan. If £10 million is repaid, this will leave a remaining balance of £10,361,658 under the Shareholder Loan;

(d) to fund the Interest Service Reserve Account, as detailed in the terms and conditions of the Bonds and under Section 3 (Information About the Bonds – How will the Bonds be secured?”); and

(e) for general working capital purposes of ACL and Wasps Holdings. All existing security granted by the Group to CCC and Close Leasing Limited in relation to the facilities described above will be released on the date that the Bonds are issued.

Kidney and Kiss's "Irish" go down to Gloucester 21- 22 in an interesting game. Three tries by Argentinian hookers and the winning score was a DG by Hastings from about 55 metres.

Problem there is that it appears that the clubs with fewer international players want to play the teams that will be depleted during the international season!

Inevitable finish - Exeter aren't going to win much unless they can stop giving away scrum penalties.

Tom Foley seems to have improved as a referee this season now that he's getting the bigger games. (I wonder has Karl Dickson been relegated to the lower leagues, if so, I'm not surprised. He was rubbish in the Saints - Leicester game.)

And van Graaaaaaan has done it! Bath 27 - 14 Saints.

Unbeaten Sale were stuffed by Quins this afternoon! FT 13 - 29.

The quins pack plus Care and Smith played the Sharks off the park. It's hard to describe how poor Sale were, so suffice to say that Manu was about as useful as a spare wheel on a tank.