Wasps file notice of intention to appoint administrators

Wasps have filed notice of intentional to appoint administrators to protect the interest of the club.

The Wasps Holdings Limited in a statement said the move will give them the additional time needed to secure a deal with interested parties.

"Due to the impending threat of action from HMRC, Wasps Holdings Limited, the ultimate holding company of the group including Wasps Rugby Football Club and Arena Coventry Limited, have taken the difficult decision to file a notice of intention to appoint administrators in order to protect its interests," the statement said.

"This measure does not mean the business is in administration but provides a crucial period of grace to continue negotiations with a number of interested parties to secure the long-term future of the group.

"These negotiations have been going on for some time, are in advanced stages and we are hopeful of securing a deal.

"In the meantime, the day-to-day operations of the business are unaffected, and we will continue to support our players, staff, supporters, bond holders and suppliers, and keep them fully updated during what we appreciate will be an unsettling time."

The club has been under difficulty in repaying £35 million bond that helped them relocate from High Wycombe to Coventry in 2014.

The Rugby Football Union in a statement said they are in discussion with the club on the possible consequences.

"The RFU is in dialogue with Wasps, we will work with them to understand the current action, their sustainability plans and what the next steps will be."