Wasps set to fall into administration ‘within days’

Stricken Premiership rugby club Wasps is set to collapse into administration “within days”, it emerged on Wednesday afternoon (October 12).

The club said it had withdrawn from its Gallagher Premiership match against Exeter scheduled for Saturday.

A statement from Wasps said: “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.

“In light of the current situation, we have therefore taken the decision to withdraw the Wasps men’s team from this Saturday’s league fixture against Exeter Chiefs.”

The news comes just days after a bid by a former boss to save the club was revealed.

Sky News has reported that former CEO and non-executive director David Armstrong is working with Terminum Capital on a bid for Wasps and the Coventry Building Society Arena.

The bid from Armstrong, who stepped down as chief executive in 2017, and the investment firm is said to be worth more than £50m, with a further £12m for working capital.