Wasps face administration 'in the coming days'

Wasps have withdrawn from Saturday's Gallagher Premiership game against Exeter and say it is "likely" they will enter into administration "in the coming days".

In another colossal blow for the English domestic game, it follows Worcester already being in administration and being suspended from the Premiership for the rest of this reason, with relegation to the Championship to follow.

In a statement 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."

Wasps Holdings Limited recently confirmed a second notice of intention to appoint administrators had been filed, revealing talks were at "a relatively advanced stage" with possible investors in the face of a winding-up order from HM Revenue and Customs for more than €2m in unpaid tax.

Former Newcastle United owner Mike Ashley is understood to be one of those interested parties.

Wasps also face having to repay a bond of just under €40m which had helped finance the club's relocation to Coventry during 2014.

Failure to secure finance needed to prevent administration could now result in automatic relegation from the Premiership.

The statement from the club continued: "Since filing a notice of intention to appoint administrators on 21st September, we have been working tirelessly to secure the long-term future for Wasps Holdings Limited, and all of the organisations and clubs that sit within the group.

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