Wasps players made redundant after club enters administration

Wasps have entered administration with 167 staff, including all players, made redundant and the club will be relegated from the Premiership at the end of the season.

Wasps Holdings Limited, the holding company for Wasps men’s and women’s rugby teams, and Wasps netball, ceased trading with immediate effect following the appointment of Andrew Sheridan and Raj Mittal, partners at specialist business advisory firm FRP, as joint administrators on Monday morning.

The Coventry-based outfit had indicated it would appoint administrators “within days” when it was forced to cancel Saturday’s match against Exeter because there were insufficient funds to operate last Wednesday. The club was suspended indefinitely from the Premiership by the Rugby Football Union and, having released its playing and coaching staff, will not be able to complete the current season.

In a statement, the administrators said a small number of employees had been retained while the company winds down and with the operation of the CBS Arena, which continues to trade as normal.

Sheridan added: “This is a dark day for English rugby, and we know this will be devastating news for every Wasps player and member of staff, past players, sponsors, and their thousands of supporters throughout the world, and anyone who has ever been involved with this great club.

“Our immediate focus is on supporting those who have lost their jobs this morning.”

Wasps owe £2m to HMRC and £35m to bondholders as part of the scheme that financed there move to Coventry, were the recipients of a government pandemic bailout and are in debt to the tune of nearly £20m to the owner, Derek Richardson.

The club desperately strove to secure investment and bridging finance up to Monday’s deadline to