Wasps target ‘financial transformation’ as revenues increase

WASPS, the rugby union club which moved to Coventry’s Ricoh Arena, has reported a big leap in revenue in its first full year of owning the stadium.

Revenue increased 44% to £30.9m in the year to June, although investments in the business resulted in its operating losses growing to £2.2m.

Wasps’ chief executive David Armstrong believes the current financial year will be “an important year of financial transformation” in creating a financially stable club, and is pleased by the “strong start” Wasps has made to the season.

It has sought to maximise revenues from the stadium through attracting other sporting and music events. This weekend it hosts an international rugby league double-header as part of the Four Nations tournament, while global stars Bruce Springsteen and Rhianna played concerts in the last year.

Wasps’ chief executive David Armstrong said: “This has been a year of investment both on and off the pitch. We were delighted to finish third in the Aviva Premiership and at the high standard, exciting rugby played by the team.

“Attendances have been strong, despite the impact of the Rugby World Cup and absence of an Anglo-Welsh competition, which affected total revenue. However, the new season has started strongly.

“We have made progress with our plans at the Ricoh Arena, in particular the refurbishment of our hotel to become a DoubleTree by Hilton and the opening of our temporary training facility at Broadstreet RFC.”