Premiership rugby side London Wasps said that it "had the highest turnover of any rugby club in Europe as it posted a 229 percent rise in full-year revenues" to £21.4M ($32.8M), according to Malcolm Moore of the FINANCIAL TIMES. The 148-year club bought the Ricoh Arena in Coventry for £20M and "moved to the new ground in December last year." Since then, attendances have increased by 116% to "an average gate of just over 19,000 fans." Wasps raised £35M ($53.6M) with a seven-year, 6.5% coupon, retail bond and still has a cash balance of £12.3M ($18.8M) after paying off its debts, laying a new hybrid pitch that "can cope with both football and rugby and refurbishing a hotel at the stadium into a Double Tree by Hilton." Club CEO David Armstrong said that the club was "substantially lossmaking in its old home," losing £3M ($4.6M)-£4M ($6.1M) a year. Armstrong: "These results show that in the seven months since we moved, we have cut that to £1.6 million and we have only owned the stadium for nine months" (FT, 10/29).
PRE-TAX LOSS: RUNNING RUGBY's Tim Groves reported Premiership side Leicester Tigers submitted its "latest set of financial accounts" revealing a £1.3M ($2M) loss for the year ending June 30. The club increased its turnover by 4% to £20.2M ($31M) "from the previous financial year but made a pre-tax loss" of £1.3M rather than the £115,000 profit in the year ending June 30, 2014. That leaves Northampton, Exeter and Gloucester as the only Aviva Premiership clubs "making a profit in the latest set of financial accounts for each club" (RUNNING RUGBY, 10/29).
