Wasps Report Increased Turnover And Reduced Loss But Breach Bond Rules

ricoh arena from above3
shadow bottom

27 December 2017

Wasps have released their latest accounts show the group’s turnover increased to £33.6 million (€38m) from £30.9m (€35m) the previous year. The figures for the 12-month period ending June 30, 2017 published by the Coventry Telegraph last week, also reveal their operating loss fell from £6.2m to just £800,000, while the value of the Ricoh Arena “improved” to £60m.

The accounts cover the entire Wasps group, which includes the Premiership Rugby club itself, Ricoh Arena business ACL and events company IEC.

In what was Wasps’ second full year at the Ricoh Arena, the club accounts showed the stadium and all the associated leisure facilities and land is now worth £60m. Wasps negotiated a 250 year lease three years ago with Coventry City Council for £21m, a deal that is contended by the previous lease-holders Coventry City FC.  

The arena played host to 895 events from July 2016 to June 2017, including concerts for Robbie Williams, Craig David and Peter Kay.

As for the numbers connected to Wasps’ home games through the rugby season, the average attendance increased from 16,916 to 19,338 and hospitality sales rose by 49 per cent.

Wasps chief executive Nick Eastwood said: “I am pleased with the progress made in our second full year at the Ricoh Arena, a move which has proved transformational for the club, with record revenue growth.”

The local newspaper also reported that a £1.1m cash injection from Wasps’ “ultimate shareholder” Derek Richardson created a problem with the

To read the full article you need to be registered.

Please Register for FREE or Login.

 
There is no charge for registration. Registration applications will be limited to those involved in the business of rugby. Please see terms and conditions sections below for more information.

Share

Follow Us

LinkedIn Twitter RSS Feed

Regular Features

Recruit Rugby Talent For Less

Special offer from £33+VAT for a 28-day listing. Until end November. Enter promo code "RL2018"

More jobs on people and jobs section.
Employers and candidates can register on www.rugby-jobs.com.