London Wasps to have new owners – Rugby News Update
It seems that the London Wasps have finally found new owners after desperately trying for a few months to sell the club off, to secure the long term financial stability of the team.
The Chairman of the Wasps, Mark Rigby, was in a buoyant mood and was pleased that the ownership will be transferred soon, after coming perilously close in the month of May, only for the deal to be called off last minute.
"The position with regards to the sale of the club is that terms are agreed, solicitors are instructed and we have entered into a period of exclusivity," Rigby said. "We are now thrashing through the finer detail. As ever with a transaction of this type,
there is always lots of detail to go through.”
The financial takeover of the club, which is being led by former player Ken Moss, who made millions in the Information Technology industry, was dependent upon their survival in the Aviva Premiership, and to avoid the drop into the Championship, the first
tier of English rugby.
After losing to Newcastle Falcons 14 – 10 at their home at Adams Park, Wycombe, they still managed to avoid relegation, and secure their place in the top tier. This has brought added hope, as the sale of the club was contingent upon the team from London
remaining in the Premiership.
This fact was not lost on the Chairman Rigby who acknowledged the situation and stated that the deal is on track because the club has secured Premiership rugby.
He said, “I hope to see it concluded by the end of May. It is much easier having a discussion with a consortium when you can confirm you will be playing Premiership rugby next season. It is a major positive.”
The London Wasps are a team that have been in decline over the years even though they have been European champions in 2004 and 2007. Over the last few months it seemed that the club would go into administration but the Wasps are being saved by the takeover,
which augurs well for their future. Rugby would have been a poorer place if the Wasps did not play in the top tier.
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