BREAKING NEWS: Wasps are set to enter administration – following in Worcester’s footsteps – and face suspension from the Gallagher Premiership
- Wasps are set to enter administration and follow in Worcester’s footsteps
- The Coventry-based club face suspension from the Gallagher Premiership
- The players and staff at Wasps held an emergency meeting on Wednesday
- Wasps will pull out of Saturday’s scheduled match against Exeter as a result
Wasps are set to follow Worcester Warriors in being suspended from the Gallagher Premiership with the Coventry-based club poised to go into administration.
Sportsmail understands the players and staff at Wasps were told of the club’s financial plight at an emergency meeting on Wednesday.
A statement released by Wasps confirmed they have pulled out of their scheduled clash with Exeter this weekend and it is ‘likely that they will enter into administration in the coming days’.
The club cancelled their press conference scheduled for Wednesday afternoon on what was yet another dark day for English rugby. The Premiership, frankly, is in a state of chaos.
On September 21, Wasps notified the High Court of its intention to appoint an administrator with the club struggling to repay a significant bond on their Coventry Building Society Arena home.
A second notification to appoint an administrator was filed on October 4, but the club have not been able to find a viable solution to move forward.
Wasps said in a statement on Wednesday: ‘Since filing a notice of intention to appoint administrators on September 21, we have been working tirelessly to secure the long-term future for Wasps Holdings Limited and all of the organisations and clubs that sit within the group.
Wasps are set to enter administration and face suspension from the Gallagher Premiership
Wasps have followed Worcester, who were the first Premiership club to enter administration
‘Negotiations to secure deals that will allow the men’s and women’s rugby teams, netball team and the arena and associated business to move forward are ongoing.
‘However, it has become clear that there is likely to be insufficient time to find a solvent solution for the companies within the group and it is therefore likely that they will enter into administration in the coming days with a view to concluding deals shortly thereafter.’
Last month, Worcester became the first Premiership club to enter administration. They were soon suspended from the Premiership. The same fate is likely to befall Wasps in the coming days.
The Coventry-based club released a statement on Wednesday confirming the administration
Players and staff were told of Wasps’ financial plight at an emergency meeting on Wednesday
Their statement continued: ‘While the companies within the group all represent strong and viable businesses, the reality is that they have insufficient cash at this time to continue to fund operations until these complex negotiations have concluded.
‘We have therefore been asking potential funders and investors to provide bridging finance to provide enough time for a solvent solution to be found. Regrettably, this has not been possible to date although we will continue to pursue this until the very last opportunity.
‘In light of the current situation, we have therefore taken the decision to withdraw the Wasps men’s team from this Saturday’s league fixture against Exeter Chiefs.
Owner Derek Richardson has been unable to find investment to pay back the £35m of debt
‘This was an extremely difficult decision to make and we recognise that this will not only impact on our players, staff and supporters, but also Exeter Chiefs and the wider rugby community.
‘However, we strongly believe it is the right course of action when, at this time, we are unable to meet our regulatory requirements in the absence of fully concluded deal negotiations.
‘We understand that this news will be disappointing and concerning for everyone involved.
Wasps will not play their scheduled Premiership match against Exeter on Saturday as a result
‘Our immediate focus will be on ensuring that all of our players and the staff of Wasps and the arena are fully updated and given the support they need.
‘While these are challenging times, we remain confident that new owners will be found that will allow the clubs and businesses within the group to move forward.
‘We will not be making any further statement at this time.’
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