The financial turmoil premiership clubs are currently facing has just taken a new twist. Wasps have today filed a notice to appoint an administrator over the £35m debt owed by the club.
This debt was due to be paid back to the bondholders in May, after initially being used to buy the Coventry Building Society Arena back in 2014.
Regulations set out by the Rugby Football Union dictate that clubs who enter administration during the regular season face the prospect of automatic relegation from the Premiership.
Despite a statement being released at the start of the month suggesting that a refinancing offer had been received, Wasps now find themselves short of both time and money.
Their financial stability has been in question for some time, with even a freeze on recruitment earlier this year causing them to miss out on important summer signings.
All a far cry from their Premiership Rugby Cup victory over Newcastle Falcon yesterday evening.
🎵 𝑻𝒉𝒂𝒕 𝑾𝒊𝒏𝒏𝒊𝒏𝒈 𝑭𝒆𝒆𝒍𝒊𝒏𝒈
We’ll just leave this one here 🤩 #WaspsAlways pic.twitter.com/wMQbDAfij5
— Wasps Rugby (@WaspsRugby) September 21, 2022
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