Wasps takeover completed
The takeover of London Wasps has been completed after the purchase of shares by the new consortium was finalised.
Last Updated: 14/09/12 12:11pm
The takeover of London Wasps has been completed after the purchase of shares from previous owner Steve Hayes by the new consortium was finalised.
Wasps will continue to play at Adams Park for the foreseeable future, although the new owners have cited relocation to a new stadium as one of their primary goals.
A new board of directors will soon be installed, with former club captain Mark Rigby continuing in his role as chairman alongside new CEO David Thorne.
"We are delighted to confirm the completion of the sale process following the agreement of terms in recent months," Rigby told the club's official website.
"It has undoubtedly been a lengthy process and there have been some complex financial issues involved, but we are pleased that the situation finally has been resolved.
"The vision of everyone involved in the consortium who will take the club forward, is to ensure that London Wasps becomes a sustainable business long-term.
"In the short term, we have some major work to get the company back on a sound financial footing and our priority is to stabilise the business after a rocky and difficult 12 months for everyone involved."