The main consortium looking to buy financially stricken Wasps have reportedly pulled out of the running to take over the club.
Wasps went into administration this week leading to immediate redundancies for 167 players and staff, and leading to their relegation from the Premiership.
Former Wasps chief executive David Armstrong was heading the group seen as favourites to take over but are believed to have pulled out of contention yesterday.
A major stumbling block was said to be the fact they could not guarantee the P share, a share of English rugby’s top flight’s income, in the wake of administration and relegation. Premiership Rugby is set to activate its right, in light of administration and relegation, to buy both Wasps and Worcester’s P shares for just under £10million.
The news cast doubt over the prospect of a quick sale for Wasps in order to drag them out of administration and get them playing again this season. Any Wasps owners could buy back the P share in the future but that is expected to cost in excess of £15m.
Armstrong, who was being backed by Terminum Capital, had been willing to invest heavily in the club despite its drop down into rugby’s second tier.
Wasps players and staff were on the lookout for new opportunities at other English clubs and abroad following the club going into administration.
Jack Willis, the one Wasps player called up in England’s 36-man squad for the upcoming autumn Tests, is reportedly in talks with Bristol Bears. Leicester have begun talks with Willis’ teammate, the fly-half Charlie Atkinson.
