Wasps go into administration

Wasps go into administration – All players made redundant

Wasps go into administration

Wasps have gone into administration, becoming the second Gallagher Premiership club to do so in recent weeks after Worcester Warriors.

Wasps were suspended from the Premiership last week after announcing they intended to go into administration “in the coming days”. Now it has been confirmed Wasps Holdings Limited, the holding company for Wasps Men, Wasps Ladies, Wasps Netball and the respective academies and pathways, has ceased trading with immediate effect.

The move has resulted in Wasps making 167 employees redundant, including all members of the playing squad and coaching staff.

Andrew Sheridan, who has been appointed as a joint administrator along with Raj Mittal (both partners at specialist business advisory firm FRP), said in a statement: “This is a dark day for English rugby, and we know this will be devastating news for every Wasps player and member of staff, past players, sponsors, and their thousands of supporters throughout the world, and anyone who has ever been involved with this great club.

“Our immediate focus is on supporting those who have lost their jobs this morning. This will be an incredibly challenging time for every individual, and we will be assisting them in making claims to the redundancy payments service.

“The board and many others across the club have worked tirelessly over the last few weeks to try and find a solution that would allow the club to move forward, and it is with great regret that there has been insufficient time to allow this to happen. However, we remain in ongoing discussions with interested parties and are confident that a deal will be secured that will allow Wasps to continue.”

Related: Bill Sweeney on the financial crisis in English game

The administrators are also involved in discussions with Wasps FC, the amateur club aligned to Wasps Women, in the hope that they can continue to play in the Allianz Premier 15s.

The CBS Arena in Coventry where Wasps men play is unaffected by the administration and continues to trade as normal, so a Rugby League World Cup match is due to take place there as planned on Friday.

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