Literally just read this and was about to post it!
Text of article:
Wasps are seeking funding for a new 24,000-capacity stadium development and are targeting a projected return to the top flight for the 2025-26 season as part of an ambitious rebuilding plan following the club?s financial collapse last autumn which saw them ejected from the Premiership.
The club?s vision, as outlined in documents seen by the Guardian, involves a new permanent home in the M40 corridor to be known as Wasps Nest Stadium. The proposed complex, which is intended to be fully operational by 2027-28 would also include a hotel, conference facilities and community leisure opportunities, with work potentially commencing in 2025 subject to planning and other permissions.
Wasps fell into administration in October, with 167 players and staff being made redundant, but have been cleared to resume playing in the Championship from next season. As things stand, it is understood the club?s existing training ground in Henley-in-Arden could potentially satisfy the criteria to stage competitive league matches.
This year a DCMS committee concluded the demise of Wasps and Worcester were ?a stain on the reputation? of the Rugby Football Union and Premiership Rugby who were accused of ?inert leadership? and warned the financial situation of Premiership teams was ?clearly unsustainable?.
A number of former Wasps players, however, remain committed to resurrecting the club and re-establishing it as a viable Premiership concern. Under the strapline ?Stung ? but Resilient? the club?s stated vision is ?to be an inspirational sports business? with promotion back to the Premiership in 2025 seen as a key element of the business plan.
Financially the aim is for rugby revenues to account for less than 50% of Wasps total revenues by 2028, with the objective of ?brand leveraged revenues? from other stadium activities bringing in an estimated ?7m per annum from 2027 onwards.
That mission statement has been made harder by the formal loss of the club?s ?P share? which, following the club?s descent into administration, is in the process of being bought back by Premiership Rugby. The ?P share? guarantees the holder a share of centrally-generated income and would cost at least ?15m to repurchase.
Wasps will also have to rebuild their local supporter base and to source fresh investment at a time when English rugby?s financial outlook has rarely looked less certain. The Guardian understands, that a strong, new-look board containing several prominent and successful business leaders will be formally announced soon with the task of ensuring that spending is constrained by revenues.
A Wasps spokesperson issued the following statement to the Guardian: ?The privileged and leaked document referred to in the article seeks to meet the objectives of future sustainable ownership. By definition that requires ownership of a ground to meet the requirements of ?brand leverage revenues?.?
Always a Wasp
