Wasps collapse into administration
Premiership rugby club Wasps has fallen into administration – with its holding company ceasing to trade.
The stricken club had warned last week that it would call in administrators “within days”.
Now, the club has made 167 players and staff redundant as it suffers the same fate as Worcester Warriors.
A statement issued on Monday afternoon (October 17) said: “Wasps Holdings Limited 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.
“Please note that Arena Coventry Limited and IEC Experience Limited, which operate the businesses at arena in Coventry, are not in administration and continue to trade as normal.”
Wasps now face relegation from the Rugby Premiership.
Meanwhile, Arena Coventry Limited (ACL), has issued a statement following the news.
The company which owns the Coventry Building Society Arena is in negotiations with potential investors to take over the running of the complex and is hoping to conclude a deal in the next two weeks.
Arena Coventry Limited (ACL) is not included in the administration of Wasps Holdings, which was announced on Monday, and has filed a notice of intention to appoint administrators, a move which will give two weeks to be able to secure new owners for the venue.
A spokesperson for ACL said: “The arena is a profitable standalone business with huge potential and therefore is attracting strong interest from a number of parties. We have filed a notice of intention to appoint administrators and we will be aiming to use this period to complete a deal with a venue operator.
“It would also allow the arena to continue to generate funds through the exhibition, conference and hotel business and would also mean the Rugby League World Cup game and Coventry City fixtures will go ahead as planned, which, we believe, is in everyone’s interest.
“The arena is very much a key economic driver for the region and we are hopeful that we can conclude a deal to ensure its future. Time is exceedingly tight and talks are continuing around the clock so we can reach a suitable deal.”
