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: โIt 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.
โWe continue to monitor the situation and will act in the best interests of Coventry City Council and the arena asset.
โWe 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.โ
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:
The full list is made up of data from talkSPORT, The Mirror and The Sun.
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.