London Wasps Await Cash Injection From Consortium As Takeover Deal Finalized
Premiership Rugby's London Wasps have "brought an end to months of uncertainty regarding their future" by announcing the completion of a takeover deal by a consortium, according to Gavin Mairs of the London TELEGRAPH. The takeover will inject new capital after fears last season the club "would be forced to go into administration because of annual losses of £2M ($3.3M)." The Wasps initially hoped to have concluded the deal by July, but ongoing delays "are understood to have included debates over the make-up of the new board." Former Wasps player Ken Moss, who headed up the consortium that was first put together in April to buy the club from former owner Steve Hayes, is now "unlikely to have a forefront role but will still have a seat on the board." Club Chair Mark Rigby and Interim CEO David Thorne both "remain in their roles" (TELEGRAPH, 9/14). The BBC reported that the Wasps will continue to share Adams Park with Wycombe Wanderers, the football club that Hayes also owned until June this year, "for the foreseeable future." However, the Moss consortium has "previously shown a desire to transform the structure" of the Premiership side, which includes "the development of a new stadium for the club" (BBC, 9/14).