Wasps confirm takeover
Moss consortium to buy struggling outfit
Last Updated: 29/06/12 1:01pm
London Wasps have revealed that the consortium headed up former player Ken Moss have agreed a deal to purchase the club.
The future of Wasps had been in the balance, with the former Heineken Cup champions having been struggling financially in recent years.
Owner Steve Hayes put the club up for sale in October following the decision by Wycombe District Council to withdraw their support for a new stadium.
And it became clear towards the end of last season - when the club narrowly avoided finishing bottom of the table - that they desperately needed fresh investment to avoid administration.
Contracts for the sale of the club have now been exchanged with the Moss consortium - with full completion expected to take place in mid-July.
Wasps are currently working on finalising "arrangements for the club's future structure and operations" and ensuring the takeover is completed successfully.
Moss joined Wasps as a 24-year-old from Liverpool in 1985 and spent five seasons with the club - but it is in the business world he was a big success, making his money in IT.