Wasps pull out of Exeter match and set to enter administration ‘within days’

Wasps are set to enter administration in the coming days and will be condemned to relegation from the Premiership as a result with Saturday’s Premiership match against Exeter also called off.

The two-times European champions have all but admitted defeat in their pursuit of fresh investment before Monday’s deadline, having twice filed notice of their intentions to appoint administrators.

Rugby Football Union regulations dictate that clubs who enter into administration will be relegated the following season and despite comments made by Lawrence Dallaglio on Sunday – remarks he has since sought to clarify – the Guardian has been told Wasps will be treated in exactly the same way as Worcester.

That means Wasps will be relegated upon entering administration though, like Worcester, they will have the right to appeal against that fate and attempt to prove “no-fault insolvency”.

Wasps owe £35m plus interest to bondholders as part of the scheme that financed their move to Coventry as well as £2m to HMRC. It is believed the owner Derek Richardson is also owed nearly £20m and the club also took part in the government’s sports survival package, leaving Wasps with a mountain of debt. As a result, the club have seemingly been unable to secure fresh investment without administration.

A spokesperson for Wasps Holdings Limited, said: “Since filing a notice of intention to appoint administrators on 21 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.

“Negotiations to secure deals that will allow the men’s and women’s rugby teams, netball team and the arena and associated business to move forward are ongoing. However, it