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Wasps to be rescued by club legends - reports
It is being reported that Wasps are to be taken over by members of the Wasps Legends group and former owners after administrators agreed to the sale of the financially troubled side.
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The Coventry-based club – who have won the Premiership four times and European Cup twice – went into administration on October 17 with the loss of 167 jobs.
According to The Sunday Times, a new offer has been tabled – which subject to contract – will see Wasps Holdings Limited taken over by a group of benevolent stakeholders of the famous side. The deal will see the club’s men’s rugby and the academy acquired.
The group still need to meet the financial criteria associated with taking over a Gallagher Premiership club, criteria that have been the subject of much debate in recent weeks. The move will also need to be okayed by the RFU.
Coventry Live report that Lee Blackett will be installed as director of rugby at the re-ordered club.
The club’s relegation from the Gallagher Premiership has been confirmed by the Rugby Football Union on Friday but administrators FRP Advisory have described the deal as ‘a significant step forward’.
The RFU issued a statement on Friday saying Wasps had been suspended from the Gallagher Premiership and Premiership Rugby Cup for the rest of the 2022-23 season.
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The governing body said: “Following a meeting of the RFU’s Club Financial Viability Group today, the RFU can confirm the suspension of Wasps from Gallagher Premiership Rugby and Premiership Rugby Cup for the remainder of the 2022-23 season.
“The RFU’s Club Financial Viability Group is encouraged by the progress made by the administrators and it has taken the decision to suspend the team in order to support the prospect of securing a deal with the right investor and giving the club the best chance for a long term sustainable future.
“Any potential investors and management will require due diligence and approvals from the RFU and PRL. A condition of any potential deal will include a requirement for the payment of all rugby creditors.
“The decision also gives certainty to PRL and Premiership rugby clubs to protect the integrity of Gallagher Premiership Rugby and allow clubs and their teams to plan for the rest of the season.
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“Under RFU regulations, Wasps will be relegated from Gallagher Premiership Rugby, and therefore if investors can be secured, the club will restart in the Championship in season 2023-24.
“The club is able to appeal this decision if it can show there was no fault insolvency.”
Wasps have been ever-present in the Premiership since the competition began 25 years ago, winning it in 2003, 2004, 2005 and 2008.
But Wasps were hit by a winding-up order from HM Revenue and Customs for £2million in unpaid tax, and were also required to repay a £35m bond which had helped finance the club’s relocation to Coventry during 2014.
Wasps Holdings Limited, the holding company for Wasps men’s and women’s rugby teams, plus Wasps Netball, also went into administration and the company ceased trading with immediate effect.
The club’s playing squad included the likes of England internationals Joe Launchbury, Jack Willis, Dan Robson and Brad Shields.
Administrators FRP said that 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 administration and continues to trade as normal.
Wasps’ demise came less than three weeks after their fellow Premiership club Worcester went into administration.
The loss of the two Midlands sides leaves 11 teams in the Premiership and also serious questions for English rugby to answer over the future of the club game.
additional reporting PA
Comments on RugbyPass
No surprise there. How hard can it be to pick a ball off the ground and chuck it to a mate? 😂
2 Go to commentsSometimes people just like a moan mate!
1 Go to commentsexcellent idea ! rugby needs this 💪
9 Go to comments9 Brumbies! What a joke! The best performing team in Oz! Ditch Skelton for Swain or Neville. Ryan Lonergan ahead of McDermott any day! Best selection bolter is Toole … amazing player
12 Go to commentsI like this, but ultimately rugby already has enough trophies. Trying to make more games “consequential" might prove to be a fools errand, although this is a less bad idea than some others. Minor quibble with the title of the article; it isn’t very meaningful to say the boks are the unofficial world champions when it would be functionally impossible for the Raeburn trophy not to be held by the world champions. There’s a period of a few months every 4 years when there is no “unofficial” world champion, and the Raeburn trophy is held by the actual world champions.
9 Go to commentsIts a great idea but one that I dont think will have a lot of traction. It will depend on the prestige that they each hold but if you can do that it would be great. When Japan beat the Boks (my team) I was absolutely devestated but I wont deny the great game they played that day. We were outclassed and it was one of the best games of rugby I have seen. Using an idea like this you might just give the the underdog teams more of an opportunity to beat the big teams and I can absolutely see it being a brilliant display of rugby. They beat us because they planned for that game. It was a great moment for Japan. This way we can remove the 4 year wait and give teams something to aim for outside of World Cup years.
9 Go to commentsHi, Dave here. Happy to answer questions 🥰
9 Go to commentsDon’t think that headline is accurate. It’s great to see Aus doing better but I’m not sure they’ve shown much threat to the top of the table. They shouldn’t be inflating wins against the lousy Highlanders and Crusaders either.
3 Go to commentsSuch a shame Roigard and Aumua picked up long term injuries, probably the two form players in the comp. Also, pretty sure Clarke Dermody isn’t their coach. Got it half right though.
3 Go to commentsOh the Aussie media, they never learn. At least Andrew Kellaway is like “Woah, yeah it’s great, but settle down there guys” having endured years of the Aussie media, fans, and often their players getting ahead of themselves only to fall flat on their faces. Have the “We'll win the Bledisloe for sure this year!” headlines started yet? It’s simple to see what’s going on. The Aussie teams are settled, they didn't lose any of their major players overseas. The Crusaders and Chiefs lost key experienced All Blacks, and Razor in the Crusaders case, and clearly neither are anywhere near as strong as last year (The Canes and Blues would probably be 3rd & 4th if they were). The Highlanders are annually average, even more so post-Aaron Smith and a big squad clean out. The two teams at the top? The two nz sides with largely the same settled roster as last year, except Ardie Savea for the Canes. They’ve both got far better coaches now too. If the Aussies are going to win the title, this is the year the kiwi sides will be weakest, so they better take their chance.
3 Go to commentsThe World Cup has to be the gold standard, line in the sand. 113 teams compete for what is the opportunity to make the pool stages, and then the knockout games for the trophy. The concept is sound. This must have been the rationale when the World Cup was created, surely? But I’m all for Looking forward and finding new ways for the SH to dominate the NH into the future. The autumn series needs a change up. Let’s start by having the NH teams come south every odd year for the Autumn/Spring series games?
9 Go to commentsWhat’ll happen when the AI models of the future go back in time and try to destroy the AI models of the past standing in their way of certain victory?
41 Go to commentsThanks, Nick. We (Seanny Maloney, Brett and I) just discussed Charlie as a potential Wallaby No 8, and wondered if he has truly realised how big he is in contact (and whether he can add 5 kg w/o slowing down). Your scouting report confirms our suspicions he has the materiel. No one knows if he has the mentality (as Johann van Graan said this week about CJ, Duane and Alfie B) to carry 10-15 times a game.
57 Go to commentsHe would be a great player for the Stormers, Dobbo should approach the guy.
3 Go to commentsGood article. A few years back when he was playing for the Cheetahs, he was a quiet standout for exactly the seasons stated here. I occasionally get to see his games in the UK, and he has become a more complete player and in many ways like an Irish player. His work ethic is so suitable to the Leinster game. I wonder if Rassie would have him listed somewhere.
3 Go to commentsResults probably skewed by the fact that a few clubs have foreign fly halves in their 30s, but most teams have young English scrum halves. Results also likely to be skewed by the fact that many teams rely on centres and fullbacks to provide depth at 10, whereas they will need to stock a large number of specialist backup 9s.
2 Go to commentsI really get the sense that when all is said and done, the path of least resistance will end up being a merger of Wasps & Worcester that essentially kills the Worcester Warriors brand and sees Wasps permanently playing at Sixways. I’m not saying that’s what should happen or what I want to happen. I just think it’s the easiest rout to take and therefore, will be what happens. Wasps will definitely return to play first, and I suppose it all depends on if they can find support at Sixways. If people turn up and support Wasps in that community, at that ground, I bet they drop the Sevenoaks plan and just remain at Sixways. Under the radar but not totally unrelated, it looks as though London Irish are going to be brought back from the dead by a German consortium and look set to return, likely to the remade Championship. It’s set to have 12 clubs next season with 14 in 2025/26, what do you want to bet those extra 2 are Wasps and London Irish?
3 Go to commentsThe shoulder is a “joint” with multiple bones. You don’t “fracture” a shoulder, you fracture any one or more of the bones that make up a shoulder.
2 Go to commentsOh dear, bones too suspect to continue?
2 Go to commentsBold headline considering the Canes and Blues are 1 and 2 and the Brumbies were soundly beaten by the Chiefs and Blues. Biggest surprise is Rebels 4 Crusaders 12 - no one saw that coming. If Aus are improving that’s great 👍
3 Go to comments