Offer to buy Premiership club Wasps accepted by administrators

Wasps’ administrators say they have accepted an offer to buy the financially afflicted Premiership club.

Credit: @LaOvaladaWeb

The offer, made by a consortium of previous Wasps legends, offers funding for the men’s rugby team and youth academy.  Separate discussions for Wasps Women’s Rugby and Wasps Netball clubs are ongoing.

The six-time English champions were suspended and relegated following confirmation they had entered administration on 17th of October, making them the second club to be suspended this season after Worcester Warriors entered administration in September.

The team saw 167 employees made redundant last month, but it has now been confirmed the club will be hiring a number of senior coaching staff to back their return to the championship in 2024.

Joint administrator Andrew Sheridan said: “This deal is a significant step forward, one that we all hope will allow Wasps Rugby to live on.”

 The bid is subject to contract and the consumption plan to liaise with both the RFU and the Rugby Players’ Association to ensure complete compliance with creditor’s rules.

 He added: “The consortium knows it still has to meet all of the Rugby Football Union requirements, including the fit and proper owners’ test and the presentation of a three to five-year business plan with supporting robust financial forecast.’