Wasps rugby club looks to raise 35m
Wasps rugby union club is set to launch a seven-year bond to raise between £25 million and £35 million.
English rugby union club Wasps is looking to raise between £25 million and £35 million through a seven-year bond.
The club, which currently plays its home games at the Ricoh Arena in Coventry after relocating in from Adams Park in High Wycombe in December 2014, believes that if the plans are pushed forward it could make them the richest team in rugby union. Officials explained that the bonds involve a minimum initial investment of £2,000 and then can be bought and sold in multiples of £100 after that.
People who invest will pay a fixed gross rate of interest of 6.50 per cent a year until 2022 on a semi-annual basis. This is just the latest in a range of measures the club has been making to improve its status as a club.
David Armstrong, the club's group chief executive, said: "The move to the Ricoh Arena was transformational for Wasps and our new home provides us with multiple income streams and the opportunity to create one of the UK's premier sport, business and entertainment complexes, while offering sponsors and partners the exciting opportunity to get involved with the new second home of English rugby."
Move to the Ricoh Arena
Traditionally a London-based club, Wasps purchased Arena Coventry Limited (ACL), owner of the Ricoh Arena, in the autumn of 2014. While the move had been criticised by some supporters, it resulted in a spike of attendance which now averages around 18,569 per match.
The stadium, which is also shared with Coventry City FC, boasts a capacity of 32,600 and can also operate as a concert venue with a 40,500 capacity. It incorporates a 6,000 sq m indoor facility which can accommodate 12,000 people while there is also a casino, two restaurants, a 121-room hotel and an adjoining retail park.