By raising ?35m, Wasps have secured the billing as the ?world?s richest rugby club? and now have the funds necessary to invest in new players and club expansion. Wasps group chief executive David Armstrong commented: ?This is the first time a sports club has accessed the market in this way and the response form investors, both institutional and private, has been very positive. ?The funds raised will enable us to restructure our balance sheet and pay down our existing debt, including the loans we acquired with the Ricoh Arena. We now have a solid foundation for the long-term future of the club and look forward to the future with confidence.? More on sport and finance:
The Ricoh Arena Armstrong referred to is the Coventry stadium Wasps moved to from its base in London at the end of 2014. In a move aimed at securing its long-term standing and expand the club?s fan base, Wasps bought Arena Coventry, which owns the Ricoh Arena, and has tripled the number of people coming to its games. Wasps are currently sixth in the British Aviva Premiership, competing with other teams around it for a place in the end-of-season playoffs. Interest on the new bond will be paid semi-annually on 13 November and 13 May ever year, with the investment due to be repaid by 13 May 2022. Part of Wasps future revenue model will be money derived from hosting events, such as concerts or conferences, at the Ricoh Arena. By Hunter Ruthven
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
