Wasps break new ground with bond scheme

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Wasps are to break new ground when they launch a bond scheme with the view to raising up to £35m.

The Retail Bond scheme will be listed on the London Stock Exchange which will earn the club between £25m and £35m. The listing is the first of its kind by a sports team in the UK and will see prospective buyers purchase 6.5 percent seven-year bonds.

The money will be put into the playing squad - with Wasps closing in on the signing of another marquee player - and also into expanding the coaching pool. Other funds raised will be pumped back into their Ricoh Arena and the new training ground.

Wasps are on course to surpassing Toulouse's annual revenue, thus becoming the world's richest rugby club, and CEO David Armstrong told the BBC they have re-written the rule book on how to fund an Aviva Premiership side.

"This is creating a new financial model in rugby," Armstrong said. "The old model of either owning a purpose-built rugby stadium, or even being a tenant in somebody else's stadium, has now been superseded by what we've done.

"I'm sure lots of other clubs will look at that, and find their own ways to try and emulate that - there are some very strong clubs in England - but for now we have set the bar much higher."