Wasps may have to leave Coventry following latest developments
Rugby NewsThursday, 06 October 2022 at 15:07
The BBC has revealed that Wasps could be forced to forfeit ownership of the Coventry Building Society Arena after initiating administration proceedings.
Their report revealed Coventry City Council, as freeholder of the stadium, has the right to force Wasps to forfeit the lease "if the tenant enters into some kind of insolvency regime".
Wasps continue to insist they remain hopeful of securing the investment they need to avoid administration, despite filing second notices to extend the grace period on Tuesday.
A club statement said: "A number of additional potential investors and funders have come forward. Discussions are now at a relatively advanced stage, and we remain hopeful of securing a deal that will allow the group, and the entities that sit within it, to move forward."
A statement from Coventry City Council, nevertheless, read: “It is true the lease may give rise to a right to forfeit if the tenant enters into some kind of insolvency regime but there are restrictions on that.
“We continue to monitor the situation and will act in the best interests of Coventry City Council and the arena asset.
“We are closely monitoring the situation and we are engaging with advisors and some potentially interested parties if requested as part of the process, in line with our role and responsibilities as freeholder of the asset.”
All 13 Premiership Club Owners Ranked By Their Net Worth
Gallagher Premiership owners are growing richer than ever before, but how much are they worth?
There's currently trouble at Worcester Warriors, which isn't awfully surprising when you compare their owners wealth to their Premiership rivals
Four clubs have no clear owner:
Exeter Chiefs: N/A
Club states that it remains owned by 700 members, the shares held by John Lockyer, Bob Staddon, Paul Derbyshire and Ian Pugsley acting as trustees.
Leicester Tigers owner: N/A
Most recent annual return notes a large number of individual shareholders; club states that no person owns 50% or more of the club shares.
Saracens: N/A
No overall controlling party following the purchase of the club from Nigel Wray.
Northampton Saints owner: N/A
No overall controlling party.
Now, take a look through the gallery to reveal the estimated net worth of the Gallagher Premiership's owners and top shareholders.
9. Colin Goldring and Jason Whittingham: net worth - £3 million
8. Newcastle Falcons owner: Semore Kurdi net worth - £20 million
7. Harlequins owner: Duncan Saville net worth - £20 million
Ultimately owned by Union Mutual Pension Fund Ltd, registered in the tax haven of Bermuda. Reported to be owned by financiers Charles Jillings and Duncan Saville
6. Gloucester owner: Martin St Quinton net worth - £20.2 million
Ultimately owned by Martin St Quinton, who made his fortune from selling his company Azzurri Communications.
5. Sale Sharks owner: Simon Orange net worth - £25m
Owned by Simon Orange via a holding company, CorpAcq Ltd. The combined cash at bank value for all businesses where SIMON holds a current appointment equals £20.6m, a combined total current assets value of £99m with a total current liabilities of £119.9m and a total current net worth of £-25m.
4. London Irish owner: Mick Crossan net worth - £45.5 million
3. Wasps owner: Derek Richardson net worth - £60 million
Owned by Derek Richardson via Moonstone Holdings, a company registered in Malta.
2. Bath owner: Bruce Craig net worth - £249 million
The accounts state that the ultimate controlling owner is the sole shareholder, Bruce Craig.
1. Bristol Bears owner: Stephen Lansdown net worth - £1.35 billion
Bristol City majority shareholder Steve Lansdown has lost £370m over the last 12 months, likely as a result of the Covid-19 pandemic, according to the Sunday Times.
Lansdown’s wealth is valued at £1.35bn, down from £1.72bn last year, and the Bristolian billionaire has fallen 22 places in the newspaper’s annual Rich List.
The 67-year-old Guernsey-based businessman is now ranked outside Britain’s 100 wealthiest people, dropping from No83 in 2019 to No105 in 2020.
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- Jordie Barrett over Damian de Allende is far from being correct. The hype around Dupont is also overreaching, he's probably 4th in the world and has been since the 2023 WC. He also avoids certain matchups which is strange. The rest of the list is pretty good apart from minor subjective biases.JasonMarlow16-09-2026
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