17 October 2022

Wasps placed into administration as holding company ceases trading

17 October 2022

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, and Wasps netball. The company has ceased trading with immediate effect.

The administrators FRP said that 167 employees have been made redundant, including all members of the playing squads and coaching staff.

Confirmation of the widely-expected move for Wasps Holdings Limited came in a statement from the administrators.

Wasps follow fellow Premiership club Worcester into administration, with the league now operating as an 11-team competition.

Wasps had already been suspended from the Premiership, following Worcester in seeing their season put on hold.

Wasps were hit by by a winding-up order from HM Revenue and Customs for £2million in unpaid tax, and they also faced having to repay a £35m bond which had helped finance the club’s relocation to Coventry during 2014.

The administrators added that a small number of employees have been retained to support with the “orderly wind down of the company” and the operation of the CBS Arena, which is unaffected by administration and continues to trade as normal.

Joint administrator Andrew Sheridan said: “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.

Of course, time remains of the essence, and we will be doing everything in our power to progress discussions with interested parties as quickly as possible

“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.

“We would like to thank the RFU (Rugby Football Union) and PRL (Premiership Rugby) for their support to date, and we continue to engage closely with them as negotiations with interested parties continue.

“Of course, time remains of the essence and we will be doing everything in our power to progress discussions with interested parties as quickly as possible, while fulfilling our statutory duties as administrators.

“This will include discussions with Wasps FC, the amateur club aligned to the Wasps Women team, to explore options that may allow the Wasps Women team to continue playing.

“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.”

It is understood that employees received the news during meetings on Monday at Wasps’ training ground and the CBS Arena.

Wasps’ playing squad includes the likes of England internationals Joe Launchbury, Jack Willis, who was named in England’s Autumn Nations Series squad on Monday, Dan Robson and Brad Shields.

Wasps have been ever present in the Premiership since the competition began 25 years ago, winning it in 2003, 2004, 2005 and 2008.

They were also crowned European champions twice, in addition to achieving one European Challenge Cup triumph, and have fielded some of England’s most well-known players during rugby union’s professional era.

The 2003 World Cup-winning England squad featured five Wasps players – Lawrence Dallaglio, Josh Lewsey, Stuart Abbott, Simon Shaw and Joe Worsley.

Former Wasps fly-half Andy Goode tweeted: “Exceptionally sad day for @WaspsRugby as they go into administration. 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.”

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