Premiership side Wasps have been placed into administration following their recent financial crisis. This means Wasps is the second club after the Worcester Warriors, who are forced to move into administration.
The RFU, the Sports governing body, suspended Worcester after the club failed to provide evidence of insurance cover, funds to meet monthly payroll.
The rugby union side, Wasps pulled out of a league match, as it fights to survive. Then later, the Rugby Football Union suspended Wasps from the league.
Coventry-based Wasps has struggled financially after losing out on revenues because of the pandemic and becoming more indebted. Wasps Holdings made a net loss of £7.4mn on revenues of £13mn in 2021, following a net loss of £11.1mn on revenues of £21mn in 2020.
The suspension of the club means that 167 employees of Wasps Holdings Limited have been made redundant.
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