Wasps have reached their maximum target of £35m in the first retail bond to be issued by a sports club. The offer was oversubscribed.
David Armstrong, Group Chief Executive of Wasps, said:
"We are delighted at the success of our debut Retail Bond which was fully subscribed, and at reaching our maximum target of £35 million. This is the first time a sports club has accessed the market in this way and the response from investors, both institutional and private, has been very positive.
"The funds raised will enable us to restructure our balance sheet and pay down our existing debt, including the loans we acquired with the Ricoh Arena. We now have a solid foundation for the long-term future of the Club and look forward to the future with confidence."