The Wasp logo incorporates the traditional black and amber colours of the City of Newport. The modern incarnation of the team was founded in 1997 but Newport Wasps competed in the top UK league between 1964 and 1976 based at the now-defunct Somerton Park stadium, Newport. The 'Wasps' nickname was dropped after 1972 with the team simply called Newport. Stars of the former team included Australian Phil Crump, father of world champion Jason Crump. The promotion and riders moved to Bristol in 1977 as the Bristol Bulldogs but speedway continued at Somerton Park for one more season in the National League with a team named Newport Dragons.
The reformed team was based at the purpose built Hayley Stadium. The Wasps withdrew from the Premier League in the early part of the 2008 season when their promoter Tim Stone died only to be saved by the Mallett family and rebranded for the 2009 season with Steve Mallett at the helm and his son Nick Mallett joining him as the youngest promoter in British speedway history .
In March 2009 the Wasps and Hornets started the new season with Steve and Nick Mallett, and finished bottom of the table. The only highlight of this season was the Hornets' mid-table finish and their winning the national league pairs with the pairing of veteran Tony Atkin and New Zealander Grant Tregoning.
In March 2010 the Wasps engaged a minister to lift a supposed gypsy curse on the stadium after a disastrous first season and this led to the first trophy in the modern era after 11 years with them beating Somerset for the Severn Bridge trophy and the Hornets finished second in the National league only losing out by injuries in the final meeting.
In 2011 the wasps enjoyed their most successful season finishing in the top end of the table and winning the KOC against league champions Glasgow it is believed by many that this was the best team to represent Newport since the famous 1999 squad.
After a disagreement with the BSPA and ring wood raceway deciding not to follow up plans to run stock cars and destroying the previous fence the club was put up for sale but after talks with the only interested party,Phil Morris, an agreement could not be reached and on 17 February 2012 promoter Steve Mallett confirmed the club would fold with immediate effect.
The club shortly after was vandalised and the victim of an arson attack which devastated the stadium leading to it being demolished and redeveloped by owners MCL and speedway was lost to the city once again.
- Ceased operating in 2012 - last season competed was 2011
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- Lawson,K (2018) “Riders, Teams and Stadiums”. ISBN 978-0-244-72538-9
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- "Newport Hayley Stadium Speedway 1997 - 2011". Speedway Museum Online.
- "Rebels offer deal to Wasps fans". BBC Sport. 16 May 2008. Retrieved 17 October 2008.
- Newport Wasps closure