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Tuesday Oct 11, 2022

Wasps Offered Potential £50 Million Lifeline As Bids Come In For The Stricken Premiership Club

English Premiership side Wasps RFC look set to be thrown a lifeline amidst their financing horrors that threaten the very existence of the club.

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The lifeline comes in the form of Billionaire Mike Ashley who founded the sporting goods chain Sports Direct.

Ashley is not new to the world of sports having previously owned Premier League soccer team Newcastle which he sold for £300 million in October 2021.

For Wasps the interest of Ashley is major step forward as the club reportedly has two other bids on the table.

Former Wasps chief executive David Armstrong is spearheading a bid with investment group Terminum Capital whilst the Birmingham based NEC group has put a bid forward to purchase the Coventry Building Society Arena but not extend to purchasing the club.

Focusing on Ashley’s bid to purchase the club and the arena, reports have linked him to a return to football with Coventry City Football Club who have a ten-year lease with the Coventry Building Society Arena.

Now an urgent matter as Wasps reportedly have until next Monday to pay a £2 million tax bill or they will face a winding up notice similar to that handed down to Worcester Warriors.

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In addition to the winding down notice, Wasps owe £35 million to bondholders which was used to finance the purchase of the stadium following their move from London in 2014.

In addition to the bids above that have been publicised it is understood that there are two other potential bids from unknown sources.

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