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SBD Global/April 12, 2013/Franchises

London Wasps Future Secured After Irish Businessman Becomes Principal Shareholder

Irish businessman Derek Richardson "has become principal shareholder" of Premiership rugby side London Wasps, according to the BBC. The Wasps "had been owned by a consortium including ex-player Ken Moss since September." Richardson's business background is in insurance, and he made a reported €30M from the sale of his 123.ie company in '10. Richardson: "Financial stability is our immediate focus and our aim is to become a self-sustainable business within a number of years" (BBC, 4/10). In London, Mike Averis reported Richardson immediately said that continuing their ground share at Adams Park "was not an option and that work had already started on looking for possible sites." Richardson: "Increasing revenue is an important part of a five-year strategic plan, which we are currently finalizing. There is a combination of ways we can do this. Very obviously we want to increase revenue from ticket sales, increase sponsorship income and then, longer term, generate vital revenue through owning or co-owning our own stadium" (GUARDIAN, 4/10). Richardson "met the players at their current base in Acton and told them that new, improved training facilities were near the top of his agenda" (London INDEPENDENT, 4/10).
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