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Wasps' full statement after RFU pull plug

By Ian Cameron
(Photo by David Rogers/Getty Images)

Following the revocation of their Championship licence by the Rugby Football Union (RFU) for the upcoming season, Wasps have released a statement responding to the decision and laying out the difficulties they faced.

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The famous side are now effectively compelled to embark on a rebuilding process from the lower echelons of the league pyramid.

Any hopes of a potential resurgence for the Wasps under the ownership of HALO22 Limited have been shattered, as the club failed to meet the RFU’s deadline for demonstrating their ability to operate at the required standard.

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The club’s inability to fulfill several obligations has contributed to this outcome, including the failure to provide evidence of settling outstanding debts and establishing an appropriate governance structure.

The statment reads: “It has been an all-consuming 7 months since the 17th of October 2022. Our first task was to save and secure the brand, the IP, and the legend – and in that we have been successful. Since then, we have been constantly involved in the resurrection of the club with the intention of competing in the 2023 RFU Championship.
Operating in a void between regulatory authorities that were managed by strict governance requirements, and a championship that had not been engaged in our membership and who, perhaps understandably, offered some resentment to our inclusion, has been challenging.

“Our recovery to date has been managed by a very small team who have been dealing with the operational and financial issues and requirements of the RFU and PRL since our engagement in November 2022 when we were successful in the approval process to enter the RFU Championship in September 2023.

“That approval was subject to initial and then continuing requirements around financing, ground, rugby creditors and the demanding governance provisions. During our approval process, and since, we have continually reminded the RFU that we would not repeat the mistakes of the post by allowing a single point of failure, and that we would not commit to any employment or contract unless we were sure that we would be able to fund the expenditure for the season.

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“We have embarked on a wide-ranging, and professional search, for suitable funding. From the outset we had interest from various sources who engaged in their own due diligence, some in depth to the extent that they had direct contact with the governing bodies.”

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Wasps have said that a lack of clarity around the game in England hasn’t helped in attracting new investment.

“Whilst the investment interest continues, we regret to say that the current state of rugby finances, the lack of clarity on the league structure and concerns over promotion has caused the investor group to remain silent and fatigued.

“On two occasions we asked the RFU for an extension of time to secure funding and to satisfy the rugby creditors. Our requests were refused on both occasions. Whilst we understand the need for regulatory conformity and the administration of the league, the only reason we needed that extension was for the RFU to establish a clear vision and direction of travel so that our investor pool were able to see equitable funding for the Championship and a clear pathway to promotion.

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“Indeed, the recent revelations around the possible ring fencing of the Premiership for 3 to 5 years to protect it has further weakened our investment position. There is the suggestion that a route for promotion could exist with a play-off between the bottom of the Premiership playing the winner of the Championship. Given there is a deficit of £4m+ in funding between the Premiership and the Championship, then the only route of promotion includes the very problem of excessive funding that perpetuates the business system failure.

Jack Willis
Willis was one of the most high-profile names to be hit by the demise of Wasps (Photo by David Rogers/Getty Images)

“We had made progress in certain areas though. We have a kit deal, significant sponsorship from a global brand, and a choice of grounds to play at. We have 232 players and 37 coaches available to select a team from. We have also identified strong local authority support for our own stadium, and whilst some have criticised us for even considering a new stadium option, their rush to judgement ignores the stark reality that rugby at the higher levels needs supplementary income to survive without owner funding-which is the single point of failure we are determined to avoid.

“Rugby alone will not provide a sustainable business, until it is properly governed and financially supported.

“The arrangements and direction regarding the rugby creditors has also been troublesome. We were handed the responsibility of others to identify, validate, audit, and settle the rugby creditor claims inherited from the previous administration. We established a system to manage this process and acknowledged our moral obligations to complete it.
Following our regrettable exit from the Championship, our understanding is that the rugby creditors will now revert back to the administrators for the claims to be pursued against Wasps Holdings Limited (In Administration). We will work with the administrators on this.

“So, what will happen now?

“The journey continues with utter determination and commitment to ensure that WASPS continues its 156-year history in a sustainable rugby environment that shares the vision and values that the new club aspires to.

“We are extremely grateful for the loyal support and concern from our global fan base. Our silence has been deliberate and necessary. Firstly, we had nothing definitive to say that couldn’t have changed the following day, and often did, and secondly, we only recovered our social media accounts and rebuilt a new web site in the first week of May. You will hear more from us soon.”

Former scrumhalf Joe Simpson wrote: “Such disappointing news. Long journey back to the top, but if any club can do it, Wasps can. Once a Wasp, always a Wasp.”

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Jon 8 hours ago
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This is the problem with conservative mindsets and phycology, and homogenous sports, everybody wants to be the same, use the i-win template. Athlete wise everyone has to have muscles and work at the gym to make themselves more likely to hold on that one tackle. Do those players even wonder if they are now more likely to be tackled by that player as a result of there “work”? Really though, too many questions, Jake. Is it better Jake? Yes, because you still have that rugby of ole that you talk about. Is it at the highest International level anymore? No, but you go to your club or checkout your representative side and still engage with that ‘beautiful game’. Could you also have a bit of that at the top if coaches encouraged there team to play and incentivized players like Damian McKenzie and Ange Capuozzo? Of course we could. Sadly Rugby doesn’t, or didn’t, really know what direction to go when professionalism came. Things like the state of northern pitches didn’t help. Over the last two or three decades I feel like I’ve been fortunate to have all that Jake wants. There was International quality Super Rugby to adore, then the next level below I could watch club mates, pulling 9 to 5s, take on the countries best in representative rugby. Rugby played with flair and not too much riding on the consequences. It was beautiful. That largely still exists today, but with the world of rugby not quite getting things right, the picture is now being painted in NZ that that level of rugby is not required in the “pathway” to Super Rugby or All Black rugby. You might wonder if NZR is right and the pathway shouldn’t include the ‘amateur’, but let me tell you, even though the NPC might be made up of people still having to pull 9-5s, we know these people still have dreams to get out of that, and aren’t likely to give them. They will be lost. That will put a real strain on the concept of whether “visceral thrill, derring-do and joyful abandon” type rugby will remain under the professional level here in NZ. I think at some point that can be eroded as well. If only wanting the best athlete’s at the top level wasn’t enough to lose that, shutting off the next group, or level, or rugby players from easy access to express and showcase themselves certainly will. That all comes back around to the same question of professionalism in rugby and whether it got things right, and rugby is better now. Maybe the answer is turning into a “no”?

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john 11 hours ago
Will the Crusaders' decline spark a slow death for New Zealand rugby?

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