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Wasps have today announced they have hit their target of raising £35m of investment in the Premiership outfit in the first retail bond to be issued by a sports club. The offer was oversubscribed.
The money will be used to clear debts and to allow the club to position itself as the highest turning over rugby operation in Europe, eclipsing French giants Toulouse.
David Armstrong, Group Chief Executive of Wasps, said: "We are delighted at the success of our debut Retail Bond which was fully subscribed, and at reaching our maximum target of £35 million. This is the first time a sports club has accessed the market in this way and the response from investors, both institutional and private, has been very positive.
“The funds raised will enable us to restructure our balance sheet and pay down our existing debt, including the loans we acquired with the Ricoh Arena. We now have a solid foundation for the long-term future of the Club and look forward to the future with confidence.”
