London Wasps look to avoid administration – Rugby News Update
London Wasps, one of the clubs playing in the Premiership are fighting to avoid administration and also for their lives to stay in the top tier of English rugby.
It is understood that the London based club has the finances to see themselves through to till the end of the season, but beyond that there is a precarious and perilous situation, which might see them being in administration for six weeks, hence being relegated,
as the penalty for that is a 24-point deduction.
A former player, Ken Moss, who played for the Wasps from 1985 till 1990 is willing to provide the 2 million pounds that will let them avoid the situation. However, the Director of rugby at the London based club, Dai Young is buoyant, and said, "My understanding
is that things are very close, things are very positive,' and he further added, "Everything is moving in the right direction. That's as much as I know. Until it's signed, sealed and delivered and somebody comes in and I'm shaking his hand as the new owner,
I don't really want to know much more. My focus is just on Newcastle."
His team needs to focus on Newcastle ahead of this week, as the two teams play each other to fight a battle to stay in the Premiership. The Falcons need to win by a margin of 24 points and to not concede a bonus point, which would see the Wasps avoid the
drop. It is a tough ask for the Falcons but not improbable.
The club chairman Mark Rigby has been looking to find a buyer for sometime now. He has been saying the right things since the beginning of April to bring in new investment. Commenting on the club he said, "London Wasps is one of the best known brands in
the game and the board is convinced that the right backer exists."
He was also prudent and realized time is of the essence, by saying, “Time is, however, short and we urgently need a new investor or consortium to back this belief."
London Wasps have been in decline for the last few years. Having won the Heineken Cup for the second time in four years in 2006 – 2007, they are looking to avoid relegation this season.
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