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#Post#: 97051--------------------------------------------------
Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: Boonie
Date: October 12, 2022, 8:41 am
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HTML https://www.bbc.co.uk/sport/rugby-union/63232043
Financially troubled Wasps have announced the club is "likely"
to go into administration "within days".
The Coventry-based Premiership club have filed notice on two
occasions to get insolvency experts in to help with their debts,
which run to tens of millions of pounds.
In a statement, Wasps Holdings Limited said the decision was
"extremely difficult to make".
"We strongly believe it is the right course of action," the
statement added.
Wasps will not fulfil this Saturday's Premiership game at Exeter
following the news, saying they "recognise that this will not
only impact on our players, staff and supporters, but also
Exeter Chiefs and the wider rugby community".
Wasps had been hopeful of securing new funding to help with £35m
debt owed to bond holders following their relocation from London
in 2014, and HM Revenues and Customs pursuing them for unpaid
taxes.
Despite saying talks with interested parties are "ongoing", the
club have been forced to take action.
"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.
"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.
"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."
#Post#: 97052--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: FatQuin
Date: October 12, 2022, 8:45 am
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Silly rugby rivalry aside, this is dreadful news. Cannot
imagine what the staff at Worcs and Wasps must be feeling.
#Post#: 97056--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: mighty_quin
Date: October 12, 2022, 8:55 am
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Agreed. Awful for them all.
They've got some decent players who will surely find a home
quickly, and hopefully the back office teams manage to as well.
#Post#: 97061--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: toast
Date: October 12, 2022, 9:05 am
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Feel for both clubs. Question is Who’s next?
#Post#: 97062--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: mighty_quin
Date: October 12, 2022, 9:18 am
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--- Quote from: toast link ---
>
> Feel for both clubs. Question is Who’s next?
>
--- End Quote ---
Twitter rumour suggests London Irish having challenges...
#Post#: 97064--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: championes
Date: October 12, 2022, 9:22 am
---------------------------------------------------------
Prem down to 11 teams, clearly awful personal news obviously for
the staff, players, families, areas, supporting businesses of
all concerned - but also just abysmal for rugby.
We can bang on about entertaining as much as we like but the
whole sport is currently heading for the bin.
Think the RFU have only been worried about making more and more
cash out of twickenham hospitality but not the future of the
sport.
Grassroots participation is down....UGH.
And two fewer matches at the Stoop this season.
#Post#: 97066--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: Andrew Moore
Date: October 12, 2022, 9:28 am
---------------------------------------------------------
Someone on the Worcester mentioned how much we typically
generate from a home match - was it something like £1m? That
being the case, £2m less cash allied to Laurie's comment on the
increased energy cost of £250k and that's quite a hit to the
annual budget.
#Post#: 97068--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: Rocker
Date: October 12, 2022, 9:37 am
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Just saw this on my phone. Really quite shocking that it should
happen to another club so quickly and in some ways rather it
could or should be Wasps. I know they have had problems in the
past but their move to Coventry with its associated revenue
generating possibilities should in theory have helped with the
profitability of the entire outfit. I really do think that they
were truly messed up by the response to COVID.
I feel sorry for anyone who invested in their bond because I
suspect that after HMRC and other preferred creditors have taken
their chunk there will be little to nothing left to distribute.
#Post#: 97069--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: Quinder Egg
Date: October 12, 2022, 9:50 am
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ONe thing that really concerns me, about the wasps situation is
the reference to the repayment of the bonds.
Didn't we issue a bond? Did anybody take it up?
#Post#: 97070--------------------------------------------------
Re: Wasps: Premiership club 'likely' to go into administration
'within days'
DIR By: championes
Date: October 12, 2022, 9:51 am
---------------------------------------------------------
I realise it pales when compared to the plight of families of
poorly paid backroom staff etc, so Im not saying it's the most
important thing....(just to clarify)
But the more I think about the two missing games, then we have
the two games at Big Stoop, so we're four home games not "at
home".
If Prem changes fixtures then you've got lots of ticket sales
that would have to be refunded? (presumably? if people can't
make new dates) And you'll already have lots of hotels / travel
booked for further fixtures so it's already going to hit people.
So messing with it probably isn't on? But from a rugby
perspective it's going to be odd, read that Tigers will end up
with three weeks off due to how their games would have fallen.
So maybe you have to?
And I assume Quins aren't about to give me money back for there
being fewer matches than advertised as part of the season
ticket?
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