Hope for Wasps as takeover bid from group formed of Wasps Legends accepted by administrators | Rugby Union News

Wasps entered administration in mid-October and were subsequently suspended from the Premiership for remainder of 2022-23 campaign; Wasps Legends fronting consortium to take over crisis-hit club with offer accepted by administrators

Financially-stricken Wasps have been given a possible lifeline with an offer accepted for the men’s and academy teams

Financially-stricken Wasps have been given a possible lifeline with an offer accepted for the men’s and academy teams from a group led by Wasps Legends.

Wasps entered administration earlier this month and were subsequently suspended from the Premiership and relegated to the Championship, along with fellow cash-strapped club Worcester Warriors.

Wasps’ hopes of competing in the 2023-24 season have now received a boost with administrators revealing a consortium has been given the green light to proceed with purchasing the club.

The next steps will include 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 three-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.”

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