The club with six English championship titles is in a critical situation and risks relegation.
The English club Wasps has requested the appointment of a receiver after failing to repay a loan of 35 million pounds (40 million euros), a measure which could lead to its relegation, writes the Times on Wednesday.
“The club was due to repay the GBP 35m in bonds, which was used to finance their move from London to Coventry in 2014, in May, but they were unable to meet this deadline,” explains the daily.
After having tried in vain to refinance itself, the club would have asked a court for the appointment of an administrator, which could, according to the regulations of the English federation (RFU) lead to its administrative relegation, unless it manages to prove that this financial crisis is not his fault. Six-time English champions and double European champions, even if it goes back fifteen years, the Wasps join the Worcester Warriors on the list of English clubs in great financial difficulty.
Worcester, weighed down by 25 M GBP (29 M EUR) of debt, must find a new buyer who brings “a credible project to support the club” before Monday noon, under penalty of being suspended from all competition, had warned the RFU a earlier, in a press release.