Wasps step into administration as 167 rugby club staff have been sacked

Gallagher Premiership Club Wasps placed in administration.

Wasps Holdings Limited is the holding company for Wasps men’s and women’s rugby teams and Wasps Netball. The company has ceased operations with immediate effect.

Administrator FRP said 167 staff members were laid off, including all members of the playing teams and coaching staff.

Confirmation of the widely anticipated move for Wasps Holdings Limited came in a statement from 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 Premier League after Worcester saw their season suspended.

Wasps were hit by a settlement order from HM Revenue and Customs for £2million in unpaid taxes and they also had to repay a £35million bond that had helped fund the club’s move to Coventry in 2014.

Administrators added that a small number of staff have been hired to help with the “orderly winding down of the business” and operations of the CBS Arena, which is unaffected by the administration and is continuing to trade normally.

Joint Administrator Andrew Sheridan said: “This is a dark day for English rugby and we know this comes as devastating news for every Wasps player and staff, former players, sponsors and their thousands of supporters around the world and all who have ever worked with this great club.

“Our immediate focus is to support those who lost their jobs this morning.

“This is going to be an incredibly challenging time for any individual and we will support them in making claims on the layoff payment service.

“The board and many others across the club have been working tirelessly over the last few weeks to find a solution that would allow the club to move forward and it is very unfortunate that there is not enough time for that.

“However, we remain in ongoing discussions with interested parties and are confident that an agreement will be reached that will allow Wasps to proceed.

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

“Of course, time remains of the essence and we will do everything in our power to advance discussions with interested parties as quickly as possible while also fulfilling our legal obligations as administrators.

“This includes discussions with Wasps FC, the amateur club linked to the Wasps Women team, to explore options that could allow the Wasps Women team to continue playing.

“Despite the challenging and complex environment, we have been encouraged by the supportive approach of everyone involved so far and are confident that this will continue as the company enters administration, with everyone focused on delivering an outcome that will last in the future.” Best interest is rugby and the wider community.”

PA

https://www.independent.co.uk/sport/rugby/rugby-union/wasps-administration-rugby-club-b2204378.html Wasps step into administration as 167 rugby club staff have been sacked

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