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Premiership Rugby Side London Wasps Set To Complete $31M Takeover Of Ricoh Arena

Premiership Rugby side London Wasps' £19.5M ($31.4M) takeover of the Ricoh Arena in Coventry is "set to be approved on Tuesday after Labour councillors agreed to back the sale," according to the London GUARDIAN. A full Coventry City Council meeting, scheduled for 2pm on Tuesday, will "result in the Premiership side being given the green light to complete a 100% takeover of ACL, the operating firm of the Ricoh Arena." Wasps have been "based at Adams Park in Wycombe -- 80 miles away from Coventry -- for the last 12 years but have long since been looking for a new home." The search was "accelerated when the Irish businessman Derek Richardson completed his takeover of the club" in April '13, "providing the two-times European champions with much-needed financial stability." Wasps are "expected to be handed a 250-year lease as part of the deal" and it was "initially thought" that the council would maintain a 10% stake in the stadium. The club will reportedly take on the complete £14.4M ($23M) loan from the council issued to ACL in Jan. '13 (GUARDIAN, 10/7). In London, Chris Jones reported Coventry City Council was expected to vote on Tuesday night on "whether to approve" Wasps' £30M ($48.2M) bid to buy a "250-year lease on the 32,000-capacity Ricoh Arena." Wasps have "refused to confirm their interest in moving to the Midlands but they have been discussing how to interact with potential fans through the Coventry Sports Foundation." Although the plan has been criticized by fans, Rugby Players' Association CEO Damian Hopley is convinced it is "the next stage of evolution" for professional rugby in England. Hopley: "We will all be looking at the Wasps situation with considerable interest and it will be fascinating to see how it plays out." Fans are "hoping the club can find an alternative home nearer London." Former Wasps player Rob Smith said, "There is so much rumor at the moment. Talk of moving the club to the Midlands crosses a red line in my view" (EVENING STANDARD, 10/7).

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