Two-time European champions Wasps have been placed into administration.
The Coventry-based club were suspended from the Premiership last week after announcing they were “likely” to go into administration “within days” after racking up large debts.
Wasps Holdings Limited, the holding company for Wasps Men, Wasps Ladies, Wasps Netball, the associated coaching and support teams, and the respective academies and pathways ceased trading with immediate effect on Monday.
Andrew Sheridan and Raj Mittal, partners at specialist business advisory firm FRP, were appointed as joint administrators.
The administrators have made 167 Wasps employees redundant, including all members of the playing squads and coaching staff.
Wasps follow fellow Premiership club Worcester Warriors in entering administration, reducing the number of teams in the top flight of English rugby to 11.
Champions of Europe in 2004 and 2007, Wasps have also won the Premiership on six occasions and lifted the European Challenge Cup in 2003.
🖤💛#OnceAWasp pic.twitter.com/S7cWWDyDnK
— Wasps Rugby (@WaspsRugby) October 17, 2022
Joint administrator Sheridan said: “This is a dark day for English rugby, and we know this will be devastating news for every Wasps player and member of staff, past players, sponsors, and their thousands of supporters throughout the world, and anyone who has ever been involved with this great club.
“Our immediate focus is on supporting those who have lost their jobs this morning. This will be an incredibly challenging time for every individual, and we will be assisting them in making claims to the redundancy payments service.
“The board and many others across the club have worked tirelessly over the last few weeks to try and find a solution that would allow the club to move forward, and it is with great regret that there has been insufficient time to allow this to happen.
“However, we remain in ongoing discussions with interested parties and are confident that a deal will be secured that will allow Wasps to continue.”
Source: Livescore