Wasps Going Into Administration?
WouterHaving started the season with high hopes, Wasps are in serious trouble. They lost both of their opening two games and were already on the verge of relegation. They now face a tough battle for survival, and a move into administration could make the situation even worse.
Wasps have been in the Premiership for 25 years, and have built a reputation as one of the country’s premier clubs. They’ve also won two European Cups and produced a number of England’s top players. But their financial woes have become increasingly severe, and administrators are unable to find a solution.
Wasps have a number of unpaid tax bills, as well as debts in the millions. They were unable to repay their PS35million bond, and are now set to go into administration. The club is also owed PS2m by HMRC. In May, Wasps were due to repay the bond, but failed to do so. They used the money to pay for the relocation of the club from London to Coventry.
Wasps are in talks with investors about the future of the club, but there’s no guarantee they’ll find a deal. The club will face relegation if they enter administration, and will have to prove that they can pay creditors. Hopefully, a deal will be completed within the next couple of weeks. But with all of the issues at hand, it’s likely that the sale of the club will be a long and protracted process.
