Wasps: Premiership club follow Worcester Warriors into administration

Wasps have made 167 staff redundant after becoming the second Premiership club forced into administration in three weeks.

It is now been confirmed that they have suffered the same fate as Midlands rivals Worcester and will be relegated.

But Arena Coventry Limited, the company who operate the Wasps-owned Coventry Building Society Arena, look set to avoid going into administration.

While Wasps Holdings Limited are the firm to have actually entered administration, ACL, also part of Wasps, have filed a new notice of intention to appoint administrators with the High Court in London.

That would allow ACL, who hold the Coventry City Council lease to operate the stadium, a fortnight’s grace, which will give time to find further funding.

The city council could now step in to keep the CBS Arena operational, so that stadium tenants Coventry City’s Championship home matches can still be played, along with other events.

Meetings were set up for 14:00 BST on Monday to inform players and staff at both the CBS Arena and Wasps’ training ground at Henley-in-Arden.

Wasps Holdings Limited in administration

Wasps Holdings Ltd is the holding company for Wasps Men, Wasps Ladies, Wasps Netball, the associated coaching and support teams, and the respective academies and pathways.

Andrew Sheridan and Raj Mittal, partners at specialist business advisory firm FRP, confirmed in a statement that Wasps Holdings Limited has ceased trading with immediate effect – and that they had been appointed as joint administrators.

“Regrettably, upon appointment the joint administrators were required to make 167 employees redundant, including all members of the playing squads and coaching staff,” the statement said.

“A small number of employees have been retained to support with the orderly wind down of the company and the operation of the CBS Arena, which is unaffected by this administration and continues to trade as normal.”

More to follow.