Wasps to enter administration and face automatic relegation

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Wasps go into administration and face automatic relegation from the Gallagher Premiership.

The club filed a notice on Wednesday to appoint an administrator over the £35 million in debt owed by the club to bondholders, which were due to be repaid in May. The initial investment was used to purchase the Coventry Building Society Arena in 2014, after Wasps relocated from London.

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Under Rugby Football Union rules, clubs entering administration during the season face the prospect of automatic relegation from the Premiership.

The financial future of Wasps has been uncertain for some time as the club underwent a hiring freeze earlier this year, which resulted in them missing out on important off-season signings.

The club previously released a statement in early September announcing that a refinancing offer had been received that would have repaid bondholders, suggesting talks with a lender were “at an advanced stage” at the time.

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More to follow…

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