Premiership side Wasps have been placed into administration following their recent financial struggles.
The club join fellow top-flight outfit Worcester in being placed in administration, as rugby union's crisis goes on. The decision means that 167 employees of Wasps Holdings Limited have been made redundant.
The West Midlands-based club confirmed the news in a statement, which read: "Wasps Holdings Limited (the “Company”) was placed into Administration on 17 October 2022 and immediately ceased to trade.
"The affairs, business and property of the Company are being managed by Andrew Martin Sheridan and Rajnesh Mittal of FRP who were appointed Joint Administrators.
"The Joint Administrators act as agents of the Company and without personal liability." However Arena Coventry Limited, - who operate the Wasps-owned Coventry Building Society Arena - are said to be avoiding similar fate despite initial fears.
This would therefore allow Coventry City Council to step in and keep the stadium in operation, after Arena Coventry Limited filed a new notice of intention to appoint administrators with the High Court in London. This would therefore allow football club Coventry City to continue to play their home matches at the 32,000-capacity stadium.
Wasps follow in the footsteps of their Premiership rivals Worcester Warriors in falling into administration. The Warriors faced the same fate on September 27, in a damning few weeks for rugby union.
The administration of both Wasps and Worcester now means the Premiership will operate as an 11-team competition for the rest of the campaign, with the season already six games in.
