WASPS Holdings Limited has confirmed it has gone into administration and has immediately ceased to trade.
The club’s 167 employees, including all members of the playing squads and coaching staff, have been made redundant.
Wasps have been unable to repay the £35 million it owes to bondholders following their relocation to Coventry in 2014 and owe a further £2 million to His Majesty’s Revenue and Customs (HMRC).
A statement, released today, said: “Wasps Holdings Limited was placed into administration on 17 October 2022 and immediately ceased to trade.
“The affairs, business and property of the company are being managed by Andrew Martin Sheridan and Rajnesh Mittal of FRP who were appointed joint administrators.
“The joint administrators act as agents of the company and without personal liability.
“Please note that Arena Coventry Limited and IEC Experience Limited, which operate the businesses at arena in Coventry, are not in Administration and continue to trade as normal.”
Earlier today Wasps announced tomorrow’s Premiership Rugby Cup match against Sale Sharks had been cancelled.
