- Coventry-based club join Worcester in turmoil
- Wasps have filed notice to appoint an administrator
English club rugby has been plunged further into turmoil with Wasps facing the prospect of relegation after moving towards administration and Worcester Warriors told by the Rugby Football Union they will be suspended if they cannot produce a “credible plan to take the club forward” by next Monday.
On a desperate day for the domestic game, the financial hardship of Premiership clubs has been exposed with Wasps filing notice to appoint an administrator. The Coventry-based club failed to repay a debt of £35m that was due to bondholders in May, though the club recently stated that they were in “advanced discussions” to refinance the bond, which helped fund the move from London to the Midlands in 2014. The decision to file notice was ultimately taken with HM Revenue & Customs preparing a winding-up petition over unpaid tax.
Written by Gerard Meagher
This news first appeared on https://www.theguardian.com/sport/2022/sep/21/wasps-face-relegation-financial-crisis-english-club-rugby-union-deepens-worcester under the title “Wasps face relegation as financial crisis in English club rugby union deepens”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.