Wasps go into administration with loss of 167 jobs
Wasps have gone into administration and have immediately ceased trading, a statement from the Coventry based club has announced this afternoon.
This morning Premiership Rugby confirmed that the famous side’s Premiership Rugby Cup match against Sale Sharks, scheduled for Tuesday 18 October, has been cancelled.
That news was followed by confirmation that an administrator has been appointed and that the company has “ceased trading with immediate effect”.
The below statement has been issued:
Andrew Sheridan and Raj Mittal, partners at specialist business advisory firm FRP, have today (17th October) been appointed as Joint Administrators of Wasps Holdings Limited, the holding company for Wasps Men, Wasps Ladies, Wasps Netball, the associated coaching and support teams, and the respective Academies and Pathways. The company has ceased trading with immediate effect.
Regrettably, upon appointment the Joint Administrators were required to make 167 employees redundant, including all members of the playing squads and coaching staff. 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 this administration and continues to trade as normal.
Andrew Sheridan, Joint Administrator, 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.
“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 and PRL 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.”
Wasps have followed Worcester into administration, a state of affairs that has shaken English rugby to its core.