Former chief ‘spearheads’ takeover bid

FORMER Wasps chief executive David Armstrong is reportedly ‘spearheading’ a takeover bid to buy the club.

Armstrong, who stepped down from his role with the Gallagher Premiership club in 2017, is working with investment firm Terminum Capital to buy the club as well as the Coventry Building Society Arena – according to Sky News.

The deal that has been put forward is worth more than £50m with a further £12m earmarked for working capital.

Time is ticking for Wasps to find an answer to their financial crisis, having filed a second notice of intention to appoint administrators last week to allow time to speak to potential investors in the club.

That allows them 10 days of grace from creditors, with HMRC chasing payment of an unpaid tax bill.

Sky News also reported that Mr Armstrong ‘is said to have requested to Premiership Rugby Limited, the league’s administrator, and the Rugby Football Union, the sport’s governing body, that a deal executed through an administration process should not result in the club’s relegation.’

Former Wasps captain and current board member Lawrence Dallaglio gave his assessment of the current situation at Wasps ahead of yesterday’s defeat against Northampton Saints.

“It’s worrying times for all rugby fans,” he said on BT Sport. “Each club is very different. I can’t really comment on Worcester and the reasons why the RFU have decided to suspend them.

“In terms of Wasps, it is a complex situation. Wasps is a rugby club, but it’s involved in five other businesses at the Coventry stadium. It’s pretty obvious that for the last three years, all those businesses have been massively affected by COVID... as a result Wasps are in the situation they are.

“They have filed for administration; they are not in administration as we speak. There are a number of offers on the table from interested parties, some of those offers are for the stadium only, some of them are for Wasps and the whole business wrapped as one. All you can do is work towards finding one of those offers that’s going to be acceptable.”