Wasps will go into administration “in the coming days”, the Gallagher Premiership club have revealed, and will no longer be able to fulfil Saturday’s fixture away to Exeter Chiefs.
The club have unpaid taxes and other debts which run into the tens of millions.
They will be the second Premiership club to go into administration this season following Worcester Warriors. Warriors’ staff and players have had their contracts terminated, with many players already signed to new clubs.
In a statement, Wasps said: “Negotiations to secure deals that will allow the men’s and women’s rugby teams, netball team and the arena and associated business to move forward are ongoing.
“However, it has become clear that there is likely to be insufficient time to find a solvent solution for the companies within the group, and it is therefore likely that they will enter into administration in the coming days with a view to concluding deals shortly thereafter.
“While the companies within the group all represent strong and viable businesses, the reality is that they have insufficient cash at this time to continue to fund operations until these complex negotiations have concluded.”
They added they have been attempting to gather funds from investors but so far have been unsuccessful.
If the club do go into administration it will affect the men, women’s and youth teams at the side. The men are currently 10th in the Premiership after four matches, while the women’s Premier 15s gets underway in November after the Rugby World Cup.
The club concluded their statement by saying while they are aware these are “challenging times”, they are “confident” new owners will be found.
