Wasps statement: New groundshare and the 'long road ahead'

The new owners and operators have Wasps have issued a statement confirming their return in the 2023/24 season, revealing that they have already secured a ground share agreement with a midland's club.

Wasps will take their place in the Championship next season after their takeover was approved by the Rugby Football Union and new owners will now look to relaunch the club in the second tier Championship, thereby ensuring their survival as professional entity.

The consortium seeking to buy Wasps, which includes members of Wasps Legends, were given the green light subject to several conditions being met. These include financial commitments to ensure that the club remains funded, the lodging of a significant bond and the swift payment of rugby creditors.

The new owners have released the following statement:

Wasps have confirmed their return for the 2023/24 season after fully satisfying Rugby Football Union (RFU) requirements. HALO22 Limited, a company owned by Christopher Holland, recently completed the purchase of the intellectual property, history and memorabilia of Wasps RFC – a transaction that saw the Club exit administration.

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.

With the formal transfer of assets complete, the new management group submitted a long-term business plan and were approved under the RFU’s fit and proper person’s test. Following this, the Wasps Men’s team can now confirm they will start the 2023/24 season in the Championship, English Rugby’s second tier.

As part of proposals accepted by the sport’s governing body, a groundshare agreement has been reached with a Midlands venue – which will be announced in the near future – to host its home games.

Andy Scott commented: “We are proud and delighted to secure the future of this great Club. Wasps is a famous and highly regarded name in the history of English and European rugby and while this is a new venture and a fresh start, it is fundamentally built on the same values that brought the Club success and respect in its heyday.”

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.”

Worcester will not be joining them unless they find new buyers. Atlas Worcester Warriors Rugby Club Ltd, the consortium led by the club’s former chief executive Jim O’Toole, has seen its bid rejected on the grounds of its refusal to meet the conditions set by the RFU.

additional reporting PA