Wasps facing relegation

[NellyWellyWaspy]

As my wife is a retired insolvency practitioner (and thus was at one time liquidator and administrator to companies), and I worked with her, the process is:

1. The directors go visit an Insolvency Practitioner. In this case the decision was to go in to administration.
2. Papers are quickly drawn up and taken to the Court. The papers ask the Court to appoint an administrator, and include a form that shows the insolvency practitioner is willing to take the case, and the petition will have the administrator's name on it.
3. Minutes later a judge approves the appointment.

Minutes later. That was always so in the cases my wife handled. In this situation, time is of the essence. By the end of the day, I would be surprised not to see Wasps release a statement, written by said administrator.

[Wombles]

A very sad state of affairs if confirmed. Very much incumbant on Wasps to release something now to inform us all. Makes Lol's comments only a couple of weeks back a little more perplexing.

We just have to wait and see.

And on a larger picture, if this is the case, is this a much larger issue with the ongoing viability of professional rugby as a whole in this country particularly?

Lots of questions!

[westwaleswasp]

This year has been a bummer. I did not think it could get worse, but here we are.

[WonkyWasp]

Just hope that  Derek and family,  all the players and all the staff come out of this OK.  Others have been relegated but survived and gone back up.

[BrackenandMacken]

Things should move relatively quickly.

In terms of administrators they would have been in discussions with the club for some time as the Directors would have been seeking their advice to ensure they weren't trading insolvently.

I don't see how the professional club survives and even if it does not sure what sort of existence it will be as short of Jeff Bezos taking a sudden interest in premiership rugby the money won't be there to pay for the players a club needs to remain competitive at this level.

Lets be honest, this whole league is financed by a cohort of incredibly wealthy individuals, unfortunately it looks like us and Worcester are the ugly ducklings who can't find a suitor and as a result that will be that.

This club has given me some of the best days of my life, thoughts go out to all the staff and players.

[Vespula Vulgaris]

I think Lawrence's statement followed hy this is clear evidence something fell through for the second time.

Not feeling great about the future now.

[Bloke in North Dorset]

Bobby's running 'live' story.

https://www.coventrytelegraph.net/sport/rugby/wasps-rugby-administration-high-court-25075964

“Notice that they intend to file” is quite an interesting statement, as BB says. NWW may be right and some sort of pre pack or even pre sale is in the offing and this is a negotiation position to new buyers: “If you don’t close we’re going to let the Administrator sort it out” or not.   

[WonkyWasp]

Just as long as they're not called Joy.

[Westy68]

LOL making comments about everything will be good imminently when it wasn’t a definite is a bit disappointing. The comments coming from the club saying it wasn’t going into administration then 3 weeks later it looks like we are, is also disappointing.

The club have made some very bold statements over the years and none have come true. The move to Coventry looks like it’s been a disaster. I feel really upset for the players, as I thought we had a lot of talented youngsters but it looks like we might not see them all played together, real shame.

I’m gutted

[Neils]

In The Telegraph  now

[wasps]

It's incredibly annoying that the club don't have a public statement ready.


They must have known someone would pick up on it and they should have something ready to inform the fans.


I know they wouldn't be able to go into detail, but just something

[NellyWellyWaspy]

It's incredibly annoying that the club don't have a public statement ready.


They must have known someone would pick up on it and they should have something ready to inform the fans.


I know they wouldn't be able to go into detail, but just something

They cannot say anything until an administrator is appointed, having made the application. Then in the name of Wasps, the administrator will be making the statement(s). I would first expect the websites and ticketing pages to go down. Social accounts might also go and then reappear when the administrator has control.

[Gaz]

NWW, thanks for the insight, appreciated.


Very sad day if true. Disappointed but I’m afraid I’m not surprised.

[13thWarrior]

BB quotes the 'no-fault Insolvency Events':

"Upon an affected Club’s application the RFU may in its absolute discretion reduce or waive in its entirety any sanction that would otherwise apply to a Club under Regulations 5.5.5 to 5.5.8 where it is satisfied that the Insolvency Event would not have occurred but for an event or circumstance which was beyond the control and without the fault or negligence of the affected Club and which by the exercise of reasonable diligence the affected Club was unable to prevent, including (but not limited to): .... and any epidemic or pandemic as categorised as such by the UK Government and/or the World Health Organisation."

I think it can be argued that the current financial climate is partly due to the pandemic which was beyond the club's control.

[Vespula Vulgaris]

Yes, I suspect it could.

I'd like to think discussions were had with the RFU before a decision like this was taken.