The RFU is speaking daily to the administrators of Wasps Holdings Limited
The Rugby Football Union are in daily discussions with the administrators of Wasps Holdings Limited about the possibility of a buyer for Wasps and are working to find the ‘best way’ for the women’s team to continue to play in the Allianz Premier 15s, a statement said.
Wasps Holdings Limited is the holding company for Wasps men’s and women’s rugby teams, and Wasps netball ceased trading on Monday. Andrew Sheridan and Rajnesh Mittal of FRP were appointed as administrators and 167 employees were made redundant.
The RFU released a statement on Tuesday providing an update regarding ongoing discussions, as buyers are sought for the club and in relation to the women’s rugby team.
“Following confirmation that Wasps Holdings Limited has entered administration, the RFU is speaking daily to the administrators and will be working with them and Premiership Rugby in the coming days to understand whether there is any possibility of a buyer taking over the club,” the statement said.
“The RFU is also working with the administrators, the management of the Wasps women’s team and with Wasps FC to find the best way for the women’s team to continue to play in the Allianz Premier 15s. The RFU is also fully committed to ensuring local academy opportunities are provided for pathway players.”
Tom Illube, the RFU chair, expressed his empathy for everyone involved with Wasps.
“The news Wasps are now in administration is desperately sad,” Ilube said.
“We believe it is right to keep working with all parties to give the club the best chance of long-term survival if at all possible. We all feel for the fans, players, volunteers and everyone with a connection to the club.
“The importance of financially robust and transparent professional leagues has never been more apparent, and we will continue our work with Premiership Rugby to improve the structure, governance and business model of rugby union in England.”
Bill Sweeney, the RFU’s CEO, also stated that continuing to work towards a sustainable future for English rugby is of the highest priority.
“This is a very sad time for everyone at Wasps and a challenging time for the sport,” Sweeney said.
“The RFU and Premiership Rugby have been working for some time to develop a sustainable model for rugby to deliver long-term prosperity for the sport. Wasps and Worcester entering administration has accelerated these plans and reinforced their importance.”
Debts including unpaid taxes to HMRC and £35m to bondholders regarding ownership of the stadium have ultimately put Wasps into administration
CEO: Decision-making structure of Premiership needs to change; Other clubs will be next
On Monday, Wasps Chief Executive Stephen Vaughan said there had been dialogue with the RFU and Premiership Rugby regarding the relegation of Wasps from the Gallagher Premiership.
“They’ve been very good with us, very honest with us. They understand the situation and the difficulty the RFU face is, I guess, the precedent that it may set with other clubs.
“But yes we are in dialogue with them now to see what we can possibly do. And of course, we’ve gone into administration, but that doesn’t mean we’re not still having conversations with people and we will still do that.
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Wasps CEO Stephen Vaughan confirms the club are in dialogue with the RFU over their potential relegation from the Premiership after entering administration
“We understand we’ll probably have to come back in at the Championship next year, but there’s a lot of players in there that would love to stick with Wasps, whether it’s in the Championship or the Premiership.
“This club has been going for over 155 years, if it means six months elsewhere to bring it back with really good solid, honest ownership, a great leadership team and the core group that’s in there now, then I think we’d take that today.
“Hard to say [how close a takeover is]. People are aware that we’ve been on the market for a long time now, so it’s not like this is a surprise to anybody.
“We are in genuine dialogue with people, we’ve got more conversations happening tomorrow (Tuesday) and the day after, and we really hope we can get the right people involved.
“If it’s going to happen we imagine there will be a decision and announcement in the next three or four days.
“No [the P-share is not the key]. It’s not a red herring, but is something that makes the club much more attractive for an investor to come in. However, it isn’t the only thing.
“We understand why it’s there, and why the other investors [in the Premiership] may not want to help Wasps or Worcester out, especially.
“And we have to understand that the way Premiership Rugby is set up, the owners and investors have all the power, and I’m not sure that’s right, but that’s how it is set up. So we can’t rely on the P-share.
Haskell: Wasps administration a dark day for rugby | ‘We need a franchise model’
James Haskell believes Wasps and Worcester entering administration is indicative of wider issues in professional rugby.
“All of the conversations we’re having at the moment do not rely on the P-share. It’s a very honest conversation about what the financial outlook looks like.
“What I’d really like to see is for Premiership Rugby to have a real accountability with regards to the leadership group that are allowed to make decisions.
“Currently the way it is set up, and it’s no fault of Premiership Rugby, is the owners of all of the clubs get to make decisions on all of the other clubs. And that’s just not right.
“A bit like the NFL and NBA, I think we should have a commissioner, that would be essential, so decisions could be made for the greater good.
“Because for an amazing institution like Wasps, with some really great, talented people here, to not be able to continue when there are people that want to invest but because of particular parts of governance or contracts don’t allow that to happen, that’s pretty difficult to deal with.
“It won’t just be Wasps. It’s Wasps today, Worcester a couple of weeks ago and it will be other clubs in the future. We need strategic governance that allows the CEO of Premiership Rugby to make decisions.”
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