Wasps rugby

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 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.

English rugby's flagship domestic competition is in meltdown with Wasps following Worcester by being suspended from the Gallagher Premiership.

In a statement, the Rugby Football Union said: "The RFU’s Club Financial Viability Group has met this evening and confirmed that Wasps are suspended from the Gallagher Premiership. "The RFU will continue to work with the club, PRL (Premiership Rugby) and any potential administrator or future investors to find the best possible outcome for the club." The four-time Premiership champions also face a "likely" move into administration and had already withdrawn from Saturday’s scheduled league fixture against Exeter at Sandy Park.

Wasps, four-time Premiership champions, have withdrawn from Saturday's league game against Exeter and accept that administration will probably follow “in the ...

“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. Our immediate focus will be on ensuring that all of our players and the staff of Wasps and the arena are fully updated and given the support they need. “In light of the current situation, we have therefore taken the decision to withdraw the Wasps men’s team from this Saturday’s league fixture against Exeter Chiefs. “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 21st 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,” a WHL statement read.

Exeter have moved quickly to fill the void in their calendar after it was confirmed Wasps had pulled out of Saturday's Premiership match.

[Gloucester](https://www.rugbypass.com/teams/gloucester/) this Saturday, they will now be sending an XV to Sandy Park to play the [Chiefs](https://www.rugbypass.com/teams/chiefs/) in a friendly. However, the club have moved swiftly to ensure that rugby remains at Sandy Park this weekend as we will now be hosting a friendly fixture between [Exeter Chiefs](https://www.rugbypass.com/teams/exeter-chiefs/) and Bristol Bears (3pm).” “We are saddened to hear today’s announcement made by Wasps Holdings Limited. All match-day travel arrangements will remain in place for the game as well. It wouldn’t be something that I am actively involved in. [Bristol](https://www.rugbypass.com/teams/bristol/) in a friendly at Sandy Park after it was confirmed that [Wasps](https://www.rugbypass.com/teams/wasps/) had pulled out of the originally scheduled [Gallagher Premiership](https://www.rugbypass.com/premiership/) match at the ground.

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.

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.

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

Cash-strapped Wasps will fall into administration in the coming days as their search for fresh investment hasn't come to fruition.

They explained about filing that second notice of intention to appoint administrators. That match has now been postponed and a scheduled media conference with coach Blackett was also cancelled. The RFU, though, decided later on Wednesday This was viewed as a play for additional time in order to see if they could secure a takeover bid. Director of rugby Lee Blackett said shortly after that visit: “We were updated today personally by Stephen Vaughan and Chris Holland who were both down and they both gave us where we were. RugbyPass understands that players and staff were informed of this latest development at a lunchtime meeting at the club’s training ground in Henley-in-Arden.

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.

File photo dated 05-10-2022 of A general view of Wasps signage at the Coventry Building Society Arena home of Wasps Rugby Club. Wasps have announced they ...

Wasps have announced they have withdrawn from this Saturday’s Gallagher Premiership match against Exeter and said in a statement “it is likely that they will enter into administration in the coming days”. File photo dated 05-10-2022 of A general view of the Coventry Building Society Arena home of Wasps Rugby Club. File photo dated 05-10-2022 of A general view of Wasps signage at the Coventry Building Society Arena home of Wasps Rugby Club. 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.

ENGLISH RUGBY'S FLAGSHIP domestic competition is in meltdown with Wasps following Worcester by being suspended from the Gallagher Premiership.

“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 21st 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,” a WHL statement read. Wasps Holdings Limited recently confirmed a second notice of intention to appoint administrators had been filed, revealing talks were at “a relatively advanced stage” with possible investors in the face of a winding-up order from HM Revenue and Customs for £2million in unpaid tax. It is understood that Wasps would need to reapply for the suspension to be lifted if they can demonstrate means and commitment to pay rugby creditors. “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. In a statement, the Rugby Football Union said: “The RFU’s Club Financial Viability Group has met this evening and confirmed that Wasps are suspended from the Gallagher Premiership.