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Tuesday Oct 4, 2022

Wasps make new strides in securing investors

Financially struggling side Wasps have announced that they are currently in talks with a “number of potential investors and funders” following the news that they have filed a second notice to appoint administrators.

Wasps Holdings Limited, the company behind the club and the Arena Coventry Limited, have released a statement saying: “Since filing the original notice of intention on 21 September, a number of additional potential investors and funders have come forward.

“Discussions are now at a relatively advanced stage, and we remain hopeful of securing a deal that will allow the group, and the entities that sit within it, to move forward.

“We would like to thank all stakeholders for their engagement during this process, and in particular the constructive support and approach provided by the RFU (Rugby Football Union) and PRL (Premiership Rugby).

“This will continue to be vitally important as negotiations with interested parties proceed and we remain in regular dialogue with both organisations.

“While the financial circumstances facing the group are extremely challenging, we remain optimistic about a positive outcome and will keep our players, staff, supporters, partners, bond holders and suppliers updated as this process moves forward.”

Wasps have been in discussions with HM Revenue and Customs since August regarding their unpaid tax bill, and will also have to find the funds to start paying back some of the £35m in bonds that was acquired to help move to their new location in Coventry back in 2014.

The former premiership champions will be desperately looking to avoid the situation Worcester Warriors currently find themselves in, having been suspended from all competitions and on the brink of absolution.

Although no clear buyer has come through quite yet, the Wasps faithful will be remaining optimistic that their great club can come through this challenging time.

Their upcoming fixtures are at least for the time being to be played, with their next match against East Midlands side, Northampton Saints.

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