Wasps: Administrators accept offer to buy financially-stricken Premiership club

Colin Newboult
Wasps Stadium Ricoh Arena 2020 - PA.jpg

Wasps’ joint administrators have accepted an offer from a group which includes former players to buy the struggling Premiership side.

The Coventry-based outfit were suspended from England’s top-tier and subsequently relegated to the Championship after they went into administration.

But there is hope that Wasps can begin preparing for the 2023/24 campaign after an offer was accepted from a consortium which included members of Wasps Legends.

Significant step forward

Andrew Sheridan, Joint Administrator and Partner at FRP Advisory, said: “This deal is a significant step forward, and one that we all hope will allow Wasps Rugby to live on.

“The consortium knows that it still has to meet all of the RFU requirements, including the fit and proper owners test and the presentation of a 3-5 year business plan with supporting robust financial forecasts, and that this needs to completed as soon as is practical in order to be in a position to play next season.

“We have informed the RFU about this development and the consortium is fully aware of the rugby creditors rules as set out in Regulation 5 by the RFU.

“We understand that the consortium will seek to work with the RFU, the RPA and their members to reach a reasonable conclusion on those matters.”

Huge debts

Wasps followed fellow Premiership outfit Worcester Warriors in entering administration on October 17 with debts of over £100 million.

However, should the deal be completed, they will begin the process of hiring senior coaching staff as they seek to get back to the top of the English game.

The offer is only for the men’s rugby team and the youth academy with discussions ongoing over the future of the netball side and the women’s rugby team.

READ MORE: Four-time champions Wasps relegated from Premiership as Rugby Football Union confirms club’s suspension