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Wasps have this morning updated its stakeholders and fans on the ongoing efforts to rebuild and return both its men’s and women’s teams to top-tier competitive rugby.
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Following a period of severe financial and operational difficulties that saw the Coventry-based club collapse in late 2022, the owners of the entity outlined a recovery strategy in October 2023 based on three key pillars: forming a competitive entity reflective of Wasps’ values, establishing sustainable finance to support recovery, and securing a stadium to host their matches.
The club – who amassed debts of over 100 million pounds before their demise – claim they have now confirmed the achievement of two critical milestones in this return plan.
“We can now inform you that we have secured the core Sustainable finance and a Stadium in which to play. All we are waiting for is a competition to join that will allow us to compete at the highest level – and one that shares our values,” reads the statement.
The club say they have made “substantial progress in the establishment of a suitable ground in which to play as we progress the planning for our new stadium.”
As it says, Wasps is still in the process of identifying a suitable competition for its teams to join. In May, 2023 the RFU effectively blocked the club’s entry into the RFU Championship, England’s second-flight rugby competition, citing the club’s failure to meet a deadline to show proof of funding, saying it had “withdrawn the licence for Wasps to continue to play in the league structure. This means that Wasps will not be able to play in the Championship next season.”
The club emphasizes the importance of finding a competition that aligns with its values and aspirations for high-level performance.
For the latest on Wasps’ recovery, head to our Pledge page…https://t.co/pG8LoYThBx#rugbyfamily #waspsfamily #alwaysawasp pic.twitter.com/bADwCTzlDP
— Wasps Rugby (@WaspsRugby) February 26, 2024
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Wasps has issued a call to action to its supporters, urging them to demonstrate their support by signing up to a new database. The club suggests that the level of support could influence its acceptance into a competition that matches its ambitions.
“As we navigate through our most challenging period, this is a call to all of you who have shared this journey with us. Whatever entity we join will want to know the level of support we enjoy. By signing up to our new database, you’re not just showing support; you’re becoming a foundational part of our return.”
By registering their support, fans can play a part in the club’s efforts to return to competitive rugby, they say.
WHAT VALUES!!
100M of dead and they walk away from it.
Tier 9 is where they should start.
“our values” what a joke, having stitched up creditors to the tune of £100m…
Wow. Would be nice to see wasps come back. If the debts been paid. Shame about the Saudi interest though. This isn’t football where the princess want the 100k a week, this is the berserkers that like a manly punch up, hand shake and carry on.
For clarity, has any pf the alleged £100million debt been repaid?
If not, why should they be allowed back?
So I bet they’re trying to use Worcester’s stadium & their financial backing is from the Saudi Arabian’s who were sniffing around the premiership earlier in the season.
Dodgy club and always will be. You can’t reward cowboys.