Wed, 11 Apr 2012 | ADMINISTRATION
One of the most illustrious clubs in English rugby could fall into administration, it has been revealed.
London Wasps was due to be sold to Tony Kleanthous, chairman of Barnes Football Club, earlier this week. However, the plans fell through due to funding issues.
Now, if the club cannot find further investment before next month the administrators will be called in to tie things up. The news has been something of a surprise as the firm is thought to have sufficient funds to last the season, despite the fact that it is losing £2 million a year.
If the club remains in administration beyond six weeks, they will be facing more than financial issues as the Rugby Football Union (RFU) regulations state that any club remaining in administration beyond six weeks will be docked 22 points, meaning the Wasps would be relegated to the Championship.
The RFU is unlikely to offer the club a financial rescue package, leaving it up to a buyer to save the stricken Wasps. Any new investor, however, is likely to only need to offer a nominal amount due to the fact that around £8 million will be required to keep the club afloat.
A statement from the Wasps to the Daily Telegraph insisted that the firm remains a “going concern” at the moment, suggesting that administration is not yet inevitable.
This unique and renowned freehold bar and restaurant in the heart of York City Centre offers over 250 covers across its spacious interior, pavement seating, and a rare rooftop terrace.
FREEHOLD
A well established and strongly profitable engineering business, located in the Midlands. The company will be an attractive acquisition for both a larger trade buyer and also those looking for a stable engineering business.
This European pharmacy manufacturer specialises in providing custom clinical trial batches for leading pharmacy companies across the continent, playing a crucial role in their R&D efforts.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.