Wasps' sting sold to highest bidder

English Premiership club Wasps have been sold to the highest bidder - a consortium led by former Wasps player Ken Moss.

In a statement issued on Friday the club confirmed that contracts have been exchanged on the sale of the outfit.

They expect the Moss consortium to complete the takeover by mid-July.

"Full details of the new ownership and future plans will be outlined once the deal is fully completed," the statement said.

"The club's priority is now on ensuring the deal is complete within this timeframe as well as finalising arrangements for the club's future structure and operations."

Moss joined Wasps as a 24-year-old from Liverpool in 1985 and spent five years at the club before moving into the business IT world.

He stepped in to save the club after takeover talks with a different party collapsed in April.

The takeover would end Steve Hayes' unsuccessful four-year ownership of the club.

Hayes put Wasps up for sale last July when Wycombe district council withdrew its support for the construction of a new stadium.

Moss will have to absorb annual losses in excess of £2 million and repay a £1.5 million secured debt.