Wasps will quit Coventry and plan to move after being parachuted into next season’s Championship following their successful takeover.
A statement reads: “The RFU Board concluded that the application for Wasps was approved subject to a number of specific conditions being met and that it would continue to work with the bidders through the satisfaction of those conditions over the coming weeks.”
Wasps’ bid does not include the women’s team which is a separate club and which will continue to play as part of the amateur club, Wasps FC, at Twyford Avenue.
“These include a range of financial commitments to ensure that the club remains funded, the lodging of a significant bond, the regular provision of financial and other information, swift payment of rugby creditors, and corporate governance requirements including relating to the club’s board of directors and risk management process.”
Andy Scott, a former CEO of 188Bet and Interim CEO of the Wasps Legends Charitable Foundation, has been appointed as Chief Executive Officer, and will be supported by former players including Kenny Logan and Peter Scrivener, as well as a new main board of senior level executives.
Christopher Holland, the Club’s new owner, said: “As the new custodian of Wasps, I am fully aware of the responsibilities I have to its supporters, history and heritage. I do not underestimate that duty.
“Even though it has been an extremely challenging time for everybody connected with the Club, today’s decision is a reward for the hard work undertaken to date, and means we can now start planning for the future.
“There is, however, a long road ahead of us. In addition to fulfilling the obligations to rugby creditors as set out in regulation five by the RFU, we continue our conversations with investors to improve the funding we have acquired to date.
“We are diligently creating a viable long-term business model for the Club, and we have had to meet rightfully stringent and modern business requirements for regulatory control and corporate governance. The RFU and PRL have been a supportive partner during the process.
“I would like to place on record my thanks to all of our fans and partners, the wider rugby community, and all former players and staff. The support we have received has been incredible.”
New home: Damson Park (Solihull)
- Capacity: 5,500 (Seats 2,131)
- Address: Damson Parkway, Solihull, B92 8PS
According to The Telegraph, the home of Solihull Moors Football Club. Damson Park, will soon announced as Wasps’ new ground as they bid to make an immediate return to the Premiership.
Two more Premiership clubs in trouble as league’s debt topples £500m
#13. Exeter Chiefs – £13m
#12. Gloucester – £27m
#11. Northampton Saints £26.5m
#10. Worcester Warriors – £26.5m
