I will explain as you fail to understand simple logic. The 2 businesses run at a loss even without paying interest on debts. They both need to find ways of becoming profitable or they will keep on borrowing more.
The Arena still needs to be better managed or its business developed.
I think Wasps bonds cost them £2m p.a. and other losses well exceed that.
CCFC losses are running between £1m and £2m p.a.
As Tim Fisher said once, two turkeys do not an eagle make.