Tuesday, 10 April 2012
The club, who have been looking for a new owner since last summer after Wycombe District Council rejected plans for the construction of a new stadium, now “urgently need a new investor” and, although an official statement confirmed that London Wasps Holdings Limited remains “a going concern,” all does not appear to be well.
Embroiled in a relegation battle and with current owner Steve Hayes having been arrested on suspicion of computer-hacking, Wasps are now seemingly running out of cash – a dramatic fall from grace for the club who were European Champions only 5 short years ago.
Wasps’ plight puts the whole debate around the salary cap into context. English clubs can’t compete in Europe, we are led to believe, because the salary cap in England is dwarfed by the equivalent cap in France.
Whether or not this theory has any merit, it massively misses the point i.e. that the current structure of the professional game in England is unsustainable in the long term. Simply put, there isn’t enough money in the game to sustain 24 professional clubs.