Wasps takeover nears completion
June 29, 2012
Wasps endured a torrid 2011-12 campaign © Getty Images
London Wasps have announced that they have exchanged contracts for the sale of the club with a consortium led by former player Ken Moss.
Moss turned out for Wasps between 1985 and 1990 and emerged as the front-runner to takeover the club when talks with a different party failed to materialise back in April. The club now expect the takeover to be completed by mid-July in a move that will bring Steve Hayes' four-year ownership of the side to an end. Moss will have to absorb annual losses in excess of £2million and repay a £1.5million secured debt.
The news of the takeover was announced through a statement on the club's website which also said: "The club's priority is now on ensuring the deal is complete within this timeframe as well as finalising arrangements for the club's future structure and operations."
The club has been up for sale since last July in a move that was sparked by Wycombe district council's decision to not back plans for a new stadium. Wasps endured a torrid campaign in 2011-12 as they only secured their Aviva Premiership survival on the last day of the season and had to cope with an extensive injury list.
With the club threatened by administration at one stage, the future looked bleak for Wasps but today's news will go some way to ensure that the club is safe.
© ESPN Sports Media Ltd.
Huw Richards profiles French forward Walter Spanghero, a man who even rugby's hard men thought was a tough nut
"To be part of the Commonwealth Games, I'd wear anything. I'd wear a clown suit." Tom Hamilton talks to Scotland's Sean Lamont
Scrum Sevens looks back at how rugby has fared in both the early Olympics and the past four Commonwealth Games
"Cheika's been phenomenal. He gives you an incredible level of mental strength." Tom Hamilton talks to Waratahs star Jacques Potgieter