Wasps buy time as owners confirm talks with investors

Premiership rugby club Wasps have filed a second notice of intention to appoint administrators in an effort to buy time to try and resolve the dire financial situation at the club.

Owner, Wasps Holdings Limited, has released a statement saying that talks with investors are at “a relatively advanced stage” as it faces a winging-up order from HMRC over around £2m in tax arrears.

Wasps are also facing the repayment of a £35m bond that was used to help fund their relocation from High Wycombe to Coventry in 2014. This was due in May.

The statement added: “A second notice of intention to appoint administrators has been filed to allow negotiations on securing its long-term future to continue and to protect the interests of the group.

“Since filing the original notice of intention on 21 September, a number of additional potential investors and funders have come forward.

“Discussions are now at a relatively advanced stage and we remain hopeful of securing a deal that will allow the group, and the entities that sit within it, to move forward.

“We would like to thank all stakeholders for their engagement during this process and in particular the constructive support and approach provided by the Rugby Football Union and Premiership Rugby.

“This will continue to be vitally important as negotiations with interested parties proceed and we remain in regular dialogue with both organisations.

“While the financial circumstances facing the group are extremely challenging, we remain optimistic about a positive outcome and will keep our players, staff, supporters, partners, bond holders and suppliers updated as this process moves forward.”

If Wasps failed to lands the funding they need, they could face relegation from the Premiership.