Wasps reveal details of takeover deal

 

Alex Lowe
Friday 29 June 2012 12:53 BST
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

Wasps have exchanged contracts on the sale of the club to a new consortium headed up by former player Ken Moss.

The Aviva Premiership club expect the takeover to be completed by mid-July.

Moss, an IT entrepreneur who played for Wasps between 1985 and 1990, stepped in to save the club after takeover talks with a different party collapsed in April.

The takeover would end Steve Hayes' unsuccessful four-year ownership of the club.

A club statement said: "London Wasps are delighted to confirm that contracts have been exchanged on the sale of the club to a new consortium headed up by former player Ken Moss, with full completion expected to take place in mid-July.

"Full details of the new ownership and future plans will be outlined once the deal is fully completed.

"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."

Hayes put Wasps up for sale last July when Wycombe district council withdrew its support for the construction of a new stadium.

Moss will have to absorb annual losses in excess of £2million and repay a £1.5million secured debt.

PA

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in