Wasps Holdings, the English rugby club owned by the Irish insurance millionaire Derek Richardson, enjoyed a 229% increase in turnover to £21.4m (€27.3m) in the year to last June. When Richardson purchased the club in 2013, it was on the brink of relegation from the Aviva Premiership and close to administration. The London club has since relocated to Coventry, purchasing the Ricoh Arena. The arena includes the stadium, a 121-bed hotel, casino and exhibition hall.
Wasps last year raised £35m through a retail bond listed on the stock market. The offer was oversubscribed and filled in six days; £10m of the proceeds was used to repay Richardson for loans he made to the club.
Rugby revenues accounted for £8.9m of total turnover in 2015. Changes to the English Premiership salary cap will allow the company to invest £1m in its squad next season, according to the accounts. The club made operating losses of €2.4m in the year to June 2015.
