Losing ‘sting’ Wasps RFC gets a lifeline!

Article posted by Coliseum, November 2^nd, 2022

Image: WASPS Rugby

The Wasps Rugby Football Club (UK) have been handed a lifeline after an offer was accepted for the men’s rugby and academy sides.

‘CoventryLive’ stated that Members of the Wasps Legends group have had a deal approved by the joint administrators of Wasps Holdings Limited, subject to contract. Wasps entered into administration on October 17^th, resulting in 167 people being made redundant.

This was followed by their suspension from the Gallagher Premiership for the remainder of the 2022-2023 seasons, and will start the 2023-2024 campaign in the Championship if fresh investment could be found.

Apply for membership

The Wasps Rugby Football Club is a professional rugby union team currently in administration based in Coventry, England (UK). They most recently played in Premiership Rugby, England’s top division of rugby.

The 40,000-capacity Coventry Building Society Arena (often shortened to the CBS Arena or just simply Coventry Arena, and formerly known as the Ricoh Arena) is a complex in Coventry, England, UK. It includes a 32,609-seater stadium which is home to owners, rugby club Wasps, also known as home to the football team, Championship club Coventry City F.C. along with facilities which include a 6,000 square meters (65,000 sq ft) exhibition hall, a hotel and a casino.

The Wasps Holdings Limited is the holding company for Wasps men’s and women’s rugby teams, and Wasps netball. The company has ceased trading with immediate effect. The administrators FRP said that 167 employees have been made redundant, including all members of the playing squads and coaching staff.

‘CoventryLive’ further stated that the eventuality of Wasps starting the 2023-2024 campaign in the Championship now appears more likely with a statement confirming that, in the coming days, the club will be hiring a number of senior coaching staff, “with the aim of building a squad capable of competing at the top-level next season”.

One option on the table is the former Head Coach Lee Blackett being installed as a Director of Rugby with Attack Coach Matt Everard moving into the Head Coach position.

Observed Andrew Sheridan, Joint Administrator and Partner at FRP Advisory, “The consortium knows that it still has to meet all of the Rugby Football Union (RFU) requirements, including the fit and proper owners test and the presentation of a three to five year business plan with supporting robust financial forecasts, and that this needs to be completed as soon as is practical in order to be in a position to play the next season. However, this deal is a significant step forward, and one that we all hope will allow Wasps Rugby to live on. We have informed the RFU about this development and the consortium is fully aware of the rugby creditors’ rules as set out in Regulation 5 by the RFU. We understand that the consortium will seek to work with the RFU, the Rugby Players’ Association (RPA) and their Members to reach a reasonable conclusion on those matters.”

London (UK)-based the Rugby Football Union (RFU) is the national governing body for rugby union in England. It was founded in 1871, and was the sport’s international governing body prior to the formation of what is now known as World Rugby in 1886.

The Rugby Players Association (RPA) is a trade union representing athletes who currently play or have played rugby union in England (UK) at a professional or semi-professional level.

Separate discussions are ongoing in regards to Wasps Women Rugby and Wasps Netball and the Joint Administrators will provide further updates in due course.

Continue to follow Coliseum for latest updates on venues business news. Coliseum is dedicated towards building the best global community of sports and entertainment venue executives and professionals creating better and more profitable venues.

Become a member of the only Global Sports Venue Alliance and connect with stadiums, arenas and experts from around the world. Apply for membership at coliseum-online.com/alliance and make use of the 365Coliseum Business.

Watch 250 member-exclusive videos with valuable tips for your venue