Straight question: What happens to the loan if Wasps subsequently goes bust?
The council said that they wouldn't risk taxpayers' money by making loans to loss making operations, but as it turns out they did in both the original deal to ACL, and seemingly now again in this refinancing.
Maybe the reason Wasps have taken this loan on from the council is that they cannot obtain third-party finance to the tune of £14.4m given what a poor risk their business represents. It's a bit early to claim this is a good deal for the council, I'd say, especially if they're going to be on the hook if Wasps go bust.