London Daily

Focus on the big picture.
Wednesday, Sep 17, 2025

Former Wasps chief spearheads bid for stricken Premiership Rugby club

Former Wasps chief spearheads bid for stricken Premiership Rugby club

David Armstrong is working with Terminum Capital, an investment firm, on a takeover bid for Wasps and its Coventry Arena stadium.

A former boss of crisis-hit Wasps is spearheading a takeover bid for the Premiership Rugby club that could save it from the threat of relegation or extinction.

Sky News has learnt that David Armstrong, who stepped down as Wasps' chief executive in 2017, is working with Terminum Capital, an investment firm, on a bid to buy the club and its Coventry Arena stadium.

Sources close to the auction of Wasps, which is taking place just days before its holding company faces being plunged into administration, said the bid led by Mr Armstrong and Terminum Capital was worth more than £50m, with a further £12m earmarked for working capital.

Wasps, who play host to Northampton Saints in a Gallagher English Premiership match on Sunday afternoon, have been pushed to the brink of financial ruin by a debt pile which includes an unpaid tax bill owed to HM Revenue & Customs.

The club's parent company, Wasps Holdings, filed a notice of intention to appoint FRP Advisory, the restructuring firm, as administrator on 21 September.

This was followed by a second such notice last week.

Those filings buy companies 10 days of breathing space from creditors while they seek to find a way through their financial troubles.

Wasps is one of the oldest clubs in English rugby, having been founded in 1867 in Hampstead, London.

It currently sits in 11th place in the 12-team table ahead of Sunday's match.

'A powerful combination'


People close to the auction of Wasps say a solvent deal to buy the club and its stadium, either together or separately, is unlikely.

The Terminum Capital bid led by Mr Armstrong is said to have requested to Premiership Rugby Limited, the league's administrator, and the Rugby Football Union, the sport's governing body, that a deal executed through an administration process should not result in the club's relegation.

The game's authorities have the discretion to apply a points deduction rather than demotion in the event of something called a "no-fault administration", according to one rugby insider.

Wasps' stadium includes conference and banqueting facilities which are believed to have drawn interest from a number of other bidders which are not interested in buying the rugby club itself.

Oakwell Sports, one of the UK's leading sports-focused corporate finance firms, and its founder, Andrew Umbers, are said to be advising on Mr Armstrong's bid.

One rugby expert said the combination of Mr Armstrong's expertise and that of Oakwell provided a "powerful combination" which could secure Wasps' financial future.

"We have a plan of bringing about global talent and fostering a greater rugby community," said a person close to the offer.

'Discussions at a relatively advanced stage'


After stepping down as Wasps CEO, Mr Armstrong remained on its board as a non-executive director until 2021.

A statement last week from Wasps Holdings said: "Since filing the original notice of intention on 21 September, a number of additional potential investors and funders have come forward.

"Discussions are now at a relatively advanced stage, and we remain hopeful of securing a deal that will allow the group, and the entities that sit within it, to move forward.

"We would like to thank all stakeholders for their engagement during this process, and in particular the constructive support and approach provided by the RFU (Rugby Football Union) and PRL (Premiership Rugby).

"This will continue to be vitally important as negotiations with interested parties proceed and we remain in regular dialogue with both organisations.

'Extremely challenging' financial circumstances


"While the financial circumstances facing the group are extremely challenging, we remain optimistic about a positive outcome and will keep our players, staff, supporters, partners, bond holders and suppliers updated as this process moves forward."

Mr Armstrong could not be reached for comment on Sunday.

Wasps' plight comes as Worcester Warriors, another member of the English top flight, also faces existential questions, having seen its parent company appoint Begbies Traynor as administrators last week.

The financial challenges affecting a number of clubs partly arose during the COVID pandemic but have raised broader questions about the sustainability of the professional game in England.

Newsletter

Related Articles

0:00
0:00
Close
Hong Kong Industry Group Calls for HK$20 Billion Support Fund to Ease Property Market Stress
Joe Biden’s Post-Presidency Speaking Fees Face Weak Demand amid Corporate Reluctance
Charlie Kirk's murder will break the left's hateful cancel tactics
Kash Patel erupts at ‘buffoon’ Sen. Adam Schiff over Russiagate: ‘You are the biggest fraud’
Homeland Security says Emmy speech ‘fanning the flames of hatred’ after Einbinder’s ‘F— ICE’ remark
Charlie Kirk’s Alleged Assassin Tyler Robinson Faces Death Penalty as Charges Formally Announced
Actor, director, environmentalist Robert Redford dies at 89
The conservative right spreads westward: a huge achievement for 'Alternative for Germany' in local elections
JD Vance Says There Is “No Unity” with Those Who Celebrate Charlie Kirk’s Killing, and he is right!
Trump sues the 'New York Times' for an astronomical sum of 15 billion dollars
Florida Hospital Welcomes Its Largest-Ever Baby: Annan, Nearly Fourteen Pounds at Birth
U.S. and Britain Poised to Finalize Over $10 Billion in High-Tech, Nuclear and Defense Deals During Trump State Visit
China Finds Nvidia Violated Antitrust Laws in Mellanox Deal, Deepens Trade Tensions with US
US Air Force Begins Modifications on Qatar-Donated Jet Amid Plans to Use It as Air Force One
Pope Leo Warns of Societal Crisis Over Mega-CEO Pay, Citing Tesla’s Proposed Trillion-Dollar Package
Poland Green-Lights NATO Deployment in Response to Major Russian Drone Incursion
Elon Musk Retakes Lead as World’s Richest After Brief Ellison Surge
U.S. and China Agree on Framework to Shift TikTok to American Ownership
London Daily Podcast: London Massive Pro Democracy Rally, Musk Support, UK Economic Data and Premier League Results Mark Eventful Weekend
This Week in AI: Meta’s Superintelligence Push, xAI’s Ten Billion-Dollar Raise, Genesis AI’s Robotics Ambitions, Microsoft Restructuring, Amazon’s Million-Robot Milestone, and Google’s AlphaGenome Update
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Musk calls for new UK government at huge pro-democracy rally in London, but Britons have been brainwashed to obey instead of fighting for their human rights
Elon Musk responds to post calling for the murder of Erika Kirk, widow of Charlie Kirk: 'Either we fight back or they will kill us'
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
USA: Office Depot Employees Refused to Print Poster in Memory of Charlie Kirk – and Were Fired
Proposed U.S. Bill Would Allow Civil Suits Against Judges Who Release Repeat Violent Offenders
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
French Debt Downgrade Piles Pressure on Macron’s New Prime Minister
US and UK Near Tech, Nuclear and Whisky Deals Ahead of Trump Trip
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
Anesthesiologist Left Operation Mid-Surgery to Have Sex with Nurse
Tens of Thousands of Young Chinese Get Up Every Morning and Go to Work Where They Do Nothing
The New Life of Novak Djokovic
The German Owner of Politico Mathias Döpfner Eyes Further U.S. Media Expansion After Axel Springer Restructuring
Suspect Arrested: Utah Man in Custody for Charlie Kirk’s Fatal Shooting
In a politically motivated trial: Bolsonaro Sentenced to 27 Years for Plotting Coup After 2022 Defeat
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Turkish authorities seize leading broadcaster amid fraud and tax investigation
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
ChatGPT CEO signals policy to alert authorities over suicidal youth after teen’s death
The British legal mafia hit back: Banksy mural of judge beating protester is scrubbed from London court
Surpassing Musk: Larry Ellison becomes the richest man in the world
Embarrassment for Starmer: He fired the ambassador photographed on Epstein’s 'pedophile island'
Manhunt after 'skilled sniper' shot Charlie Kirk. Footage: Suspect running on rooftop during panic
Effective Protest Results: Nepal’s Prime Minister Resigns as Youth-Led Unrest Shakes the Nation
Qatari prime minister says Netanyahu ‘killed any hope’ for Israeli hostages
King Charles and Prince Harry Share First In-Person Moment in 19 Months
×