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

Published by
Peter Kavinsky

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

The crisis arose due to Wasps struggling to repay the £35m bond that was raised to help fund their move from High Wycombe to Coventry in 2014 and was due to arrive in May.

Although they are confident they will secure the necessary funds to prevent the administration, failure to do so could result in automatic relegation from the Gallagher Premiership.

However, the Rugby Football Union has the discretion to reduce or waive any sanction should the insolvency be found to be beyond the club’s control, including in the event of a pandemic.

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

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

“These negotiations have been going on for some time, 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, staff, supporters, bondholders and suppliers, and keep them fully informed during what we appreciate. be a troubling time.”

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Peter Kavinsky

Peter Kavinsky is the Executive Editor at cablefreetv.org

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