JOINT administrators in charge of financially stricken Premiership Rugby club Wasps have confirmed that an offer to buy the club has been accepted.
The offer is for the men’s rugby team and youth academy only and the consortium includes members of Wasps Legends.
Wasps went into administration on October 17 and were suspended from this season’s Gallagher Premiership and Premiership Rugby Cup by the RFU last Friday (October 28).
All 167 of the club’s employees including the entire playing and coaching staff were made redundant.
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 three-to-five 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.”
Wasps will start the 2023/24 season in the RFU Championship if they can source fresh investment.
Separate discussions are ongoing with regards to the future of Wasps Netball and Wasps’ women’s rugby side.
