By Nick Purewal, Coventry Telegraph.
April 29 2015

...newfound wealth.

Wasps won’t challenge the Aviva Premiership salary cap or lash out on new recruits despite joining Europe’s money elite.

Chief executive David Armstrong has vowed they will hold firm to long-standing principles even after securing one of the highest turnovers in European rugby.

The Premiership club launched a retail bond listed on the London Stock Exchange yesterday, cementing their new status as one of the world’s richest rugby clubs.

They expect to raise £35million from the 6.5 per cent bonds, secured against their Ricoh Arena ground in Coventry which the club bought in October.

But Armstrong insisted: “The salary cap is very important, both for us and for Premiership Rugby.

“It’s been a critical factor in creating such a competitive Premiership, and it’s very important for bringing through the strong crop of young English players.

“We believe it’s very important long-term for the stability of rugby. So we don’t believe there’s the opportunity or even a need to go out and spend money on players.

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