Wasps set to enter administration amid financial crisis

Premiership club Wasps are set to follow the footsteps of Worcester Warriors as they are set to enter administration in the 'coming days'.

The club had already withdrawn from their scheduled weekend's Gallagher Premiership clash against Exeter Chiefs and had informed the players and staff members of their financial situation.

Wasps Holdings Limited had already notified the High Court of their intention to appoint administrators on 21st September and 4th October and now are set to meet the same fate as Worcester, who were suspended from the remainder of the season.

"We strongly believe it is the right course of action," the statement added.

"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 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."

The club in it's statement also revealed that they are working on options to secure the future but the time and financial constraints is likely to push them to enter the administration within days.

"Since filing a notice of intention to appoint administrators on September 21, 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 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."