Wasps rugby

Gallagher Premiership club Wasps have been placed into administration. Wasps Holdings Limited is the holding company for Wasps men's and women's rugby teams ...

The company has ceased trading with immediate effect. Confirmation of the widely-expected move for Wasps Holdings Limited came in a statement from the administrators. Wasps Holdings Limited is the holding company for Wasps men's and women’s rugby teams, and Wasps netball.

Confirmation of the widely-expected move for Wasps Holdings Limited came in a statement from the administrators. Wasps follow fellow Premiership club Worcester ...

A club I loved my time with on and off the field. Thoughts with every player, member of staff and fan at the minute. Hopefully the club finds new investment and can bounce back asap.” The company has ceased trading with immediate effect. “Despite the challenging and complex environment, we have been heartened by the supportive approach taken by all stakeholders to date and are confident that this will continue now that the business is in administration, with all focused on securing an outcome that is in the best interests of rugby and the wider community.” “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.

Less than three weeks after their fellow Premiership club Worcester went into administration, four-time English champions and twice European Cup winners ...

We need a strategic governance that allows the CEO of Premiership Rugby to make decisions.” If it (buyer) is going to happen, we imagine there will be an announcement in the next three, four days.” I think that would be essential, so decisions can be made for the greater good. Wasps head coach Lee Blackett, meanwhile, added: “I am just sad. We are in dialogue with them now to see what we can possibly do. All members of the playing squads and coaching staff have lost their jobs.

Wasps have followed Worcester into administration and with their players being made redundant, the Coventry Building Society Arena likely to soon have a new ...

In years to come business schools will write case studies about the Wasps project and students will speculate about the club’s attitude to risk and debt. But ultimately it seems it was the reputational damage this did rather than the debt itself which finished Wasps off. Since this body also regulates the UK’s banks getting a sizeable loan with which to kick the debt can further down the road suddenly became a very difficult proposition for Wasps. With hindsight Wasps had taken a calculated decision to throw money at marketing, community engagement and the development of the wider brand in an attempt to rapidly drive up revenue but it was very high risk because of the levels of cost involved. Haskell and Young were both to leave the club within the next two years. Their trading losses were briefly halted by CVC’s £200 million 2018 investment in PRL which generated each of the 13 shareholder clubs a sizeable windfall. The first obvious sign of problems came when Richardson went back on promises made to players and staff regarding the provision of world-class training facilities. In Dai’s own words he moved from shopping in Aldi to pushing a trolley round Marks & Spencer, and as the salary cap threshold rose Wasps spent to the maximum permissible level. A more cautious approach would have seen the merger done on a graduated basis, aiming to rationalise along the way and control costs, but there was nothing during my time working for the club to suggest this was ever considered. I remember Dai saying that the operating costs were pretty low in the Acton days – he had few expensive names in his squad and the club got by with a minimalist approach to support staff and facilities. With the assistance of newly-appointed Chief Exec David Armstrong Wasps came upon the idea of a bond issue – an innovative alternative to conventional bank borrowing. This quickly generated the club £35 million which allowed them to purchase the Ricoh Arena and for Richardson to temporarily clear his personal loan account.

Bill Sweeney believes even the once "nuclear" option of central contracts for England players will be discussed to solve club rugby's financial crisis. The ...

So is there a different way that we can work with PRL and the clubs to mitigate the expense they are facing on that side of things and have a better structure in place? But it's a chance now to address ideas that have been knocking about for some time. And this is a fresher set of eyes that are looking at it. The Rugby Football Union chief executive revealed central contracts and two-tier deals will be floated as part of wide-ranging plans to reshape the sport in England. The RFU and PRL are already in talks on a new Professional Game Agreement (PGA), despite current terms not expiring until June 2024. But there are certain phrases that are like nuclear buttons, and the phrase 'central contracts' tends to have that nuclear effect. But with clubs racked with debt and benefactor owners adding the league's main ballast, Sweeney wants radical changes to bring about self-sufficiency. That allows his team-mate to come in and put pressure on to get the turnover. Henry Slade has been left out of England's squad for the Autumn Nations Series in a surprise omission by Eddie Jones. Prop Kyle Sinckler is also back having sat out the 2-1 series victory over the Wallabies because of a back issue. When asked if central contracts could be an option to alleviate financial burden on cash-strapped clubs, Sweeney replied: "I think everything's on the table to be discussed. The company has ceased trading with immediate effect.