Wasps Rugby

Under Rugby Football Union rules, any club that enters administration is automatically relegated next season, unless they can prove it was a no-fault insolvency ...

"It's just really tough for those boys and we're not sure what's going to happen with Wasps. The fear is that other clubs could find themselves in similarly perilous positions going forward, given the continued fallout from Covid and rising energy prices making running a club more expensive. Wasps' decision was taken after revealing they have "insufficient cash" to carry on operations without new investment. In a statement the Sky Blues said: "We are aware of the statement by Wasps Group today, and we remain in contact with Wasps Group regarding the current situation." [beat Wasps 19-13 in the 2020 Premiership final](https://www.bbc.co.uk/sport/rugby-union/54661068) as the Chiefs won a domestic and European double. [considering a bid](https://www.bbc.co.uk/sport/football/63219478) to buy the ground and its other tenant, Championship football club Coventry City. Interested parties were asked to provide "bridging finance" to bide the club enough time for "a solvent solution" to be found. "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." "Since filing a notice of intention to appoint administrators on 21 September, 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," the statement continued. [Worcester were suspended and relegated](https://www.bbc.co.uk/sport/rugby-union/63165973) to the Championship for next season last week, a day after players and staff had their contracts terminated when the [club was wound up.](https://www.bbc.co.uk/sport/rugby-union/63142239) "We appreciate this is a very difficult time for Wasps players, staff and supporters who will be concerned at news that the club is likely to enter administration," the Rugby Football Union said in a statement. In a statement following the announcement of their pending administration, Wasps Holdings Limited said they had been working "tirelessly" to secure the club's future.

The group that ultimately owns Wasps, the Gallagher Premiership rugby club, confirmed the news in a statement on Wednesday. It follows two notices of intention ...

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. The 2003 Rugby World Cup winner addressed those in a recent podcast appearance. See the link below for the full story. 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. “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. Regrettably, this has not been possible to date, although we will continue to pursue this until the very last opportunity. “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. As soon as the business is officially put into the hands of insolvency practitioners, the club will be put into administration and suspended from the Premiership, with its assets and any remaining finances being used to pay off creditor debts. The collapse of Wasps Holdings Limited will be felt far and wide as the business includes multiple other clubs and organisations. [@WaspsRugby]are heading into administration and the game this weekend has been called off. The business’ notice of intent last month suggested that this was on the horizon and Wasps fans were likely already expecting the worst.

Wasps have said the rugby union club is 'likely' to enter administration 'in the coming days', having already pulled out of Saturday's Gallagher Premiership ...

“We understand that this news will be disappointing and concerning for everyone involved. Regrettably, this has not been possible to date, although we will continue to pursue this until the very last opportunity. In a statement, Wasps said: “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.

Wasps are set to enter administration and will be condemned to relegation from the Premiership as a result with Saturday's Premiership match against Exeter ...

RFU regulations dictate that Wasps will be relegated to the Championship for next season when administration is confirmed, with a senior source confirming that they will be treated in the same way as Worcester despite Lawrence Dallaglio’s plea on Sunday. 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. A statement from Wasps Holdings Limited read: “It has become clear that there is likely to be insufficient time to find a solvent solution … PRL did not intend to redraw its fixture list despite Worcester’s departure from the league but that stance will surely change now and equally pressing will be remodelling the domestic structure. If the company that holds their contracts enters administration it is expected that players could terminate their contracts immediately. As per Rugby Football Union, relegation is expected to be confirmed when administration materialises “in the coming days” for one of England’s most storied clubs.

Wasps have withdrawn from their match against Exeter Chiefs as they announce it's likely they will enter into administration in the coming days.

However, as the men’s club helped them with funding for wages and other support, they will have to find new funding streams. Regrettably, this has not been possible to date, although we will continue to pursue this until the very last opportunity.” HM Revenues and Customs have also been pursuing the club’s unpaid taxes.

Premiership has been living beyond its means for some time. Perhaps the loss of two clubs will bring some financial sense at last.

It is only four years since the private equity firm [CVC pumped £200m](https://www.theguardian.com/sport/2018/nov/27/premiership-clubs-likely-to-agree-200m-deal-sell-stake-cvc-rugby-union) into the league in exchange for a 27% stake but still the Premiership is swimming in debt. It may sound heartless but eventually one of the root causes of so many of club rugby’s problems will begin to be addressed. As much as it is difficult to imagine Joe Launchbury playing his club rugby away from Wasps, agents have spent the past few days touting around members of the squad. [Jack Nowell and Joe Marchant to name but two may follow](https://www.theguardian.com/sport/2022/oct/03/nowell-keen-to-follow-exeter-england-teammate-sam-simmonds-in-moving-abroad), there are more lucrative pay packets on offer abroad. It is not long before sponsors will follow in realising that an association with the The impact of the Covid pandemic is unmistakable on a league that relies so heavily on gate receipts but no sport was afforded better financial support from the government, That could include teams from Wales but, more important, it would have independent governance by Premiership Rugby and the [spoke of the doomsday scenario](https://www.theguardian.com/sport/2022/sep/25/premiership-rugby-calls-for-clubs-to-open-books-with-worcester-set-for-suspension) that loomed over club rugby given the widespread financial turmoil. The most depressing aspect is there are no guarantees they will be the last club to fail. Wasps’ suspension on Wednesday [after the admission](https://www.theguardian.com/sport/2022/oct/12/wasps-pull-out-of-exeter-match-and-set-to-enter-administration-within-days) they are likely to go into administration brings PRL face-to-face with that very scenario and the prospect of finishing the league with 11 teams. Major overhaul must therefore come because those in charge of the domestic game can not afford to let the status quo continue. That does not make the blow any more palatable, however, for one of the country’s most successful clubs.

Wasps are set to go into administration and have withdrawn from their Gallagher Premiership match against Exeter Chiefs on Saturday.

As it stands the club are continuing as normal. 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. 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. "We understand that this news will be disappointing and concerning for everyone involved. "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. "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. Regrettably, this has not been possible to date, although we will continue to pursue this until the very last opportunity. We will not be making any further statement at this time." For example, the Covid pandemic or a natural disaster. They have a good relationship with Wasps Group and have confirmed to Sky Sports News they are in constant contact with the rugby club's owners. 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. A statement from Wasps Holdings Limited said: "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"

Side suspended from league by RFU and faces similar fate to rival Worcester Warriors as financial woes worsen.

Wasps have told their players the club is likely to enter administration within days – and they have become the second Premiership club in a week to be ...

Lam’s suggestion in i last month of But a £35m retail bond issued in 2015 needs repaying or refinancing and HMRC are chasing a huge tax bill. [Lawrence Dallaglio, the captain from October 1995 to 2008, and now a director of Wasps Holdings, is currently keeping his own counsel](https://inews.co.uk/sport/rugby-union/wasps-premiership-rugby-administration-relegation-worcester-warriros-1902599?ico=in-line_link), understood by i to be acutely aware of the number of people inside and outside rugby being affected by events. The potential collapse of a second of the Premiership’s 13 clubs in mid-season and the threat to hundreds of jobs make it an unprecedented crisis in the English game. [Wasps ](http://www.inews.co.uk/topic/wasps-rugby?ico=in-line_link)have told their players the club is likely to enter administration within days – and they have become the second [Premiership ](http://www.inews.co.uk/topic/premiership-rugby?ico=in-line_link)club in a week to be suspended from the league. They have pulled out of this weekend’s Premiership match against Exeter and if they do bring in administrators, one of English rugby’s most decorated clubs will automatically be relegated to the second division at the end of the season.

The four-time Premiership champions have joined Worcester in being suspended from the Gallagher Premiership.

Sustainability will be a major watch-word for the coming weeks and months. The club’s only hope of remaining in the Premiership if they go into administration would rest on them proving a “no fault” solvency event because of the global pandemic. The four-time champions had already withdrawn from Saturday’s scheduled league fixture against Exeter at Sandy Park and face a “likely” move into administration.

Some of Wasps' biggest names could be on the move ahead of the club entering administration.

There is currently no special dispensation in place from the Rugby Football Union allowing Worcester or Wasps players to move to France and remain eligible for England selection, meaning that Wasps' England hopefuls including Launchbury, Willis and Alfie Barbeary would have to remain in England to be eligible for Eddie Jones' squad ahead of the Rugby World Cup. [they are relegated to the Championship next season](https://www.telegraph.co.uk/rugby-union/2022/10/12/wasps-can-still-avoid-premiership-relegation-what-happens-next/), which should be automatic after entering administration unless the club can successfully appeal on the grounds of a “no fault” insolvency, which would offer the likes of Launchbury and Willis a chance to maintain their Premiership careers before returning to the club if they were promoted for the following season. [Coventry-based club was suspended from the Premiership](https://www.telegraph.co.uk/rugby-union/2022/10/12/how-wasps-went-premiership-founding-fathers-death-coventry/) on Wednesday after it was forced to withdraw from Saturday’s match against Exeter Chiefs, and it is understood they will have that sanction made permanent if they cannot fulfil the fixture with Newcastle Falcons at the end of the month.

Rob Andrew says Premiership Rugby and the Rugby Football Union should join forces to address financial problems within the game.

"Until you go into administration you don't know the damage that's been done. "You're waiting and burying your head in the sand. We've had clubs go bust before - London Scottish, Richmond, London Welsh - but not of the scale of this and the devastation." "You say goodbye to people because other jobs turn up. The challenge is that Premiership clubs are effectively self-governing and are privately owned businesses. Lots of questions go through your head," he told BBC CWR. But these are private businesses and they're getting into financial difficulty." But to be fair to the RFU, they have no visibility on these businesses. He was very upbeat. They have to do this. "Ultimately this is a failing of the governance of the game - both the Premiership owners and the RFU to a degree. In a joint statement, the Premiership and RFU said they are "working together to examine a range of options", with the "structure of the league" and "visibility of financial information" under consideration.