Slightly OT

[langpark]

Apparently Wasps RU have bought Ricoh Arena in Coverntry (33k capacity) for £20million??? Now is it just me or is that WAY CHEAP??? What gives?

www.coventrytelegraph.net/news/coventry-news/rugby-club-wasps-20m-takeover-7893659

 

[nadera78]

Long story but essentially the stadium was funded by Coventry City FC and by companies building on nearby sites. The club then hit financial problems and had to be bailed out by the council who bought the stadium for a knock down price. Now the council are selling it to the only bidder (honestly, how many people want to buy a stadium?) and making a profit along the way. They're mainly doing this because the funding they receive from central government has been slashed horrendously (along with every other local authority in the UK) and they need the £20million for everyday services.

 

[deluded pom?]

How can Wasps afford £20M?

 

[nadera78]

How can Wasps afford £20M?

Wasps apparently lose £3million a year (and have only 2,800 season ticket holders). Seems the new owner would rather spend £20million now to purchase a facility that has a stadium, hotel, casino and exhibition halls - and use that to fund the club going forward instead of tipping in every year.

Compare that to Dave Hughes at London Broncos who has pumped in about £20million over the past decade and has not one single thing to show for it.