Wasps in Debt – How Much Do Wasps Owe HMRC?
WouterDespite being a Premiership club, Wasps are not in credit with HM Revenue and Customs (HMRC). The club owes at least PS2 million in unpaid taxes to the taxman. And Wasps Holdings Limited, the company that owns the club, is being pursued by HMRC over this debt.
Wasps have been struggling financially for the past two years. It was only last week that they were suspended from the Gallagher Premiership, and now they face relegation to the Championship. And the news has been devastating for fans. In the last few days, Wasps have announced that 167 players and staff have been made redundant.
The club has admitted that it is struggling financially and it has been in talks with HMRC over this unpaid bill. But it is not clear whether Wasps will be able to pay their debts. The club owes PS35 million plus interest to bondholders. The bond was used to help finance the move from the Ricoh Arena in Coventry to the Coventry Building Society Arena in 2014. And the club has also been involved in a pitch row with Coventry City.
Wasps Holdings Limited filed a notice of intention to appoint administrators with the High Court on September 21st, which gives Wasps a 10 day window to come up with a new plan. And Wasps have also been in talks with the West Midlands Combined Authority (WMCA) over public money they need to help them.
Wasps are the second Rugby club in twenty days to enter administration, and it follows on from Portsmouth. Portsmouth were forced to close their training ground in August, which means Wasps will be unable to train at their own ground in Henley-in-Arden.
