Ex-toon owner ‘has held talks’ over takeover
MIKE Ashley, the former owner of Newcastle United, has ‘held talks’ with Wasps about a potential take over bid.
The Daily Mail has reported that the billionaire offered to refinance the £35million that is owed to bondholders, which was raised to relocate the club from London to Coventry in 2014, but was due to be repaid in full in May.
The Sports Direct magnate is understood to have reached an agreement but the deal collapsed due to a ‘shortage of time.’
A move to buy the stadium could also potentially be motivated by a return to football with Coventry City, who signed a 10-year lease as tenants last year after two seasons spent playing home games at Birmingham City FC.
Ashley sold Newcastle United for £300 million in October 2021 to a consortium involving PCP Capital Partners, RB Sports & Media, and Public Investment Fund of Saudi Arabia.
The 58-year-old was linked with a move for Derby County earlier this year, before property developer David Clowes got a deal over the line.
Wasps have until Monday to find £2million to avoid a winding-up petition deadline set by HM Revenue and Customs.
On Sunday, reports emerged that former Wasps chief executive David Armstrong is spearheading a bid with investment group Terminum Capital for whole Wasps Holdings Limited group. However, this did hinge on the club being placed in administration, which would result in Wasps being relegated from the Premiership unless they can successfully argue a ‘no fault’ loophole in RFU regulations due to the impact of the global pandemic.
The NEC Group has also been linked with lodging a bid for the Coventry Building Society Arena, but the sale process did not extend to an offer for Wasps itself.
The Coventry Telegraph understands that there are two other bidders who have yet to be revealed.