Wasps file notice of intent to appoint administrators ‘to protect interests’

Published by
Peter Kavinsky

The Wasps are the latest English club fighting for their future after announcing that a notice of their intention to appoint a trustee has been filed with the High Court.

The crisis arose over the Wasps’ difficulty in repaying the £35m bond that was raised to help fund its relocation from High Wycombe to Coventry in 2014, due in May.

While they are confident they will secure the necessary funding to stop the administration, failure to do so could result in the Gallagher Premiership being automatically relegated.

However, Rugby Football Union has the power to reduce or waive any sanctions if insolvency is deemed beyond the control of the club, including in the event of a pandemic.

“Due to the imminent threat of action by HMRC, Wasps Holdings Limited, the last holding company in the group, including Wasps Rugby Football Club and Arena Coventry Limited, has made the difficult decision to file a notice of intent to appoint directors to protect its interests,” read a statement from Wasps Holdings Limited.

“This move does not mean the deal is in administration, but it does provide a crucial grace period to continue negotiations with various stakeholders to secure the group’s long-term future.

“These negotiations have been ongoing for some time, they are at an advanced stage and we hope to reach an agreement.

“In the meantime, the day-to-day operations of the business are unaffected and we will continue to support our players, employees, supporters, titleholders and suppliers, and keep them fully updated during what we consider to be an upsetting time. .”

The Wasps are the latest English club fighting for their future after announcing that a notice of their intention to appoint a trustee has been filed with the High Court.

The crisis arose over the Wasps’ difficulty in repaying the £35m bond that was raised to help fund its relocation from High Wycombe to Coventry in 2014, due in May.

While they are confident they will secure the necessary funding to stop the administration, failure to do so could result in the Gallagher Premiership being automatically relegated.

However, Rugby Football Union has the power to reduce or waive any sanctions if insolvency is deemed beyond the control of the club, including in the event of a pandemic.

“Due to the imminent threat of action by HMRC, Wasps Holdings Limited, the last holding company in the group, including Wasps Rugby Football Club and Arena Coventry Limited, has made the difficult decision to file a notice of intent to appoint directors to protect its interests,” read a statement from Wasps Holdings Limited.

“This move does not mean the deal is in administration, but it does provide a crucial grace period to continue negotiations with various stakeholders to secure the group’s long-term future.

“These negotiations have been ongoing for some time, they are at an advanced stage and we hope to reach an agreement.

“In the meantime, the day-to-day operations of the business are unaffected and we will continue to support our players, employees, supporters, titleholders and suppliers, and keep them fully updated during what we consider to be an upsetting time. .”

The Wasps are the latest English club fighting for their future after announcing that a notice of their intention to appoint a trustee has been filed with the High Court.

The crisis arose over the Wasps’ difficulty in repaying the £35m bond that was raised to help fund its relocation from High Wycombe to Coventry in 2014, due in May.

While they are confident they will secure the necessary funding to stop the administration, failure to do so could result in the Gallagher Premiership being automatically relegated.

However, Rugby Football Union has the power to reduce or waive any sanctions if insolvency is deemed beyond the control of the club, including in the event of a pandemic.

“Due to the imminent threat of action by HMRC, Wasps Holdings Limited, the last holding company in the group, including Wasps Rugby Football Club and Arena Coventry Limited, has made the difficult decision to file a notice of intent to appoint directors to protect its interests,” read a statement from Wasps Holdings Limited.

“This move does not mean the deal is in administration, but it does provide a crucial grace period to continue negotiations with various stakeholders to secure the group’s long-term future.

“These negotiations have been ongoing for some time, they are at an advanced stage and we hope to reach an agreement.

“In the meantime, the day-to-day operations of the business are unaffected and we will continue to support our players, employees, supporters, titleholders and suppliers, and keep them fully updated during what we consider to be an upsetting time. .”

The Wasps are the latest English club fighting for their future after announcing that a notice of their intention to appoint a trustee has been filed with the High Court.

The crisis arose over the Wasps’ difficulty in repaying the £35m bond that was raised to help fund its relocation from High Wycombe to Coventry in 2014, due in May.

While they are confident they will secure the necessary funding to stop the administration, failure to do so could result in the Gallagher Premiership being automatically relegated.

However, Rugby Football Union has the power to reduce or waive any sanctions if insolvency is deemed beyond the control of the club, including in the event of a pandemic.

“Due to the imminent threat of action by HMRC, Wasps Holdings Limited, the last holding company in the group, including Wasps Rugby Football Club and Arena Coventry Limited, has made the difficult decision to file a notice of intent to appoint directors to protect its interests,” read a statement from Wasps Holdings Limited.

“This move does not mean the deal is in administration, but it does provide a crucial grace period to continue negotiations with various stakeholders to secure the group’s long-term future.

“These negotiations have been ongoing for some time, they are at an advanced stage and we hope to reach an agreement.

“In the meantime, the day-to-day operations of the business are unaffected and we will continue to support our players, employees, supporters, titleholders and suppliers, and keep them fully updated during what we consider to be an upsetting time. .”

Peter Kavinsky

Peter Kavinsky is the Executive Editor at cablefreetv.org

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