Bristol boss says English club rugby ownership a 'black hole'

Bristol owner Steve Lansdown said on Thursday that investing in English club rugby amounts to putting money into a "black hole" as Premiership sides Wasps and Worcester struggle to stay afloat.

On Wednesday, double European champions Wasps announced their intention to appoint administrators after failing to meet a May deadline to repay 35 million ($39.5 million, 40 million euros) in bonds, which helped finance their relocation to Coventry from London in 2014.

Wasps, who were last crowned Premiership champions in 2008, are not alone in facing financial collapse.

Worcester are burdened by debts of over 25 million.

England's governing Rugby Football Union has confirmed that the Warriors have met the conditions necessary to stage their league game against Newcastle on Saturday.

Worcester still face a Monday deadline from the RFU to avoid suspension from all competitions by providing evidence of required insurance cover, the funds to meet payroll and a plan to end their financial crisis.

Both clubs are also the subject of winding-up orders from British tax authorities.

There are fears the two teams could be the tip of an iceberg, with the collective debts of all 13 Premiership clubs estimated at more than 500 million.

For most of its history, rugby union was an amateur sport

It became an 'open' game in 1995, effectively turning professional.

National governing bodies in other established nations, albeit with smaller populations, opted to centrally contract players and create, or reinforce, a small number of provincial or regional teams.

The RFU, like the French, stuck with clubs and wealthy backers moved in.

Some, such as boxing promoter Frank Warren at Bedford, briefly in the top flight, came and went within a matter of seasons. Few,