Wasps edge closer to takeover deal
March 23, 2013
Winger Christian Wade is one of London Wasps' star players © PA Photos
Wasps are close to agreeing a multi-million pound takeover bid which could see the Aviva Premiership side move from High Wycombe to a new stadium in West London.
Irish businessman Derek Richardson has reportedly made a move to become the club's majority shareholder, with the deal expected to come to fruition in the next two weeks. Richardson already invested £1 million into the club back in January to help minimise the club's debt and has been in discussions with Wasps for a number of months about a possible takeover.
If successful, the cash injection would bring long-term financial stability as well as provide the funds to upgrade to a new stadium, which the side would potentially share with Brentford Football Club.
According to reports in The Telegraph, the two clubs could join together to invest in a new 20,000 seater stadium at Lionel Road in Kew for the start of the 2016-17 season. The club are currently locked into their contract at Adams Park, which they share with Wycombe Wanderers, for the next two seasons but have already begun looking for other new locations in West London following talks with Richardson.
A year ago the club was bailed out of potential bankruptcy by former player Ken Moss and has not been without its financial issues over the past two years. Former owner Steve Hayes attempted to sell the club in 2011 after plans to build a new stadium at Wycombe Airfield were dashed following the refusal of planning permission by the council. Until Richardson's investment in January the club continued to be in a period of financial instability.
© ESPN Sports Media Ltd.
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