Wasps in Administration
WouterHaving been in the Premiership for 25 years and twice European Champions, Wasps Rugby Football Club has been placed in administration. Their latest announcement has raised many questions. The club has had to find alternative ways to pay for their team and have now suspended themselves from the Gallagher Premiership for the foreseeable future.
The club was placed into administration after being hit by a winding up order from HM Revenue and Customs. The club has also been dogged by speculation over finances. They have a number of debts in the tens of millions of pounds. They have tried to find a fresh investment but have failed.
Wasps are not the only club to go into administration this season. Worcester Warriors went into administration three weeks ago. This means Wasps are now the second Premiership club to go into administration in the current season.
Wasps have been forced to enter administration by the Rugby Football Union (RFU) after they were suspended from the top tier of the sport. They have been placed under the administration of FRP Advisory.
Wasps have now made over 100 people redundant. They have also had to put the playing squad and coaching staff through redundancy. This means they cannot compete against Exeter Chiefs in a scheduled Premiership fixture on Saturday. They have also been forced to postpone their match against Northampton.
Wasps have warned they will enter administration in the coming days. They have also issued a statement, stating: “Wasps have notified the High Court of their intention to appoint an administrator. This does not mean that the business is in administration.” They have also said they are confident they will find a suitable interested party to take the club out of administration.
