BREAKING: English rugby giants Wasps enter administration
Wasps have been placed into administration – with all the players made redundant – and face relegation from the English Premiership.
English rugby giants Wasps were Monday placed into administration – with all the players made redundant – and now face relegation from the English Premiership.
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The cash-strapped club was suspended from the crisis-torn English top flight last week after confirming they were “likely” to enter administration.
Wasps not the first English club to enter administration
A statement from the club on Monday said: “Wasps Holdings Limited… was placed into administration on 17 October 2022 and immediately ceased to trade.”
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Wasps are the second Premiership club to enter administration in a matter of weeks following Worcester.
Wasps’ financial crisis has been sparked by a failure to meet a May deadline to repay £35 million in bonds, which helped finance their relocation to Coventry from London in 2014.