Wasps Rugby takeover offer accepted by joint administrators

Wasps Rugby Club has been handed a lifeline after an offer was accepted for the men's rugby and academy sides.

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, resulting in 167 people being made redundant.

This was followed by their suspension from the Gallagher Premiership for the remainder of the 2022/23 season.

Wasps will start the 2023/24 campaign in the Championship if fresh investment can be found.

That eventuality 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'.

Andrew Sheridan, Joint Administrator and Partner at FRP Advisory, said: “The consortium knows that it still has to meet all of the RFU requirements, including the fit and proper owners test and the presentation of a 3-5 year business plan with supporting robust financial forecasts, and that this needs to completed as soon as is practical in order to be in a position to play 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 RPA and their members to reach a reasonable conclusion on those matters.”

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