Aviva Premiership
McCafferty pledges support to cash-strapped Wasps
ESPNscrum Staff
April 11, 2012
Mark McCafferty, Premiership Rugby chief executive, J.P. Morgan Asset Management Premiership Rugby 7s Series launch, Twickenham Stoop, Twickenham, London, July 1, 2010
Mark McCafferty has pledged support to Wasps © Getty Images
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Mark McCafferty, the chief executive of Premiership Rugby, has pledged support to cash-strapped Wasps, who are battling the growing threat of administration.

The Aviva Premiership strugglers had hoped to complete a takeover deal last week but after the breakdown of negotiations, they have issued an urgent plea for new investors.

It is understood that the club have enough funding to see them through the next month, which would allow them to complete the Premiership season, but that they need quick investment to remain in business.

Placing the club into administration would incur a 15-point deduction under Premiership rules, with basement side Newcastle currently eight behind Dai Young's side.

"It would be unhelpful to speculate about that (administration) at this point," McCafferty said. "We understand that London Wasps are doing everything they can to avoid this situation and are actively seeking investment as a matter of urgency.

"It is well known that London Wasps were seeking new investment and despite moving to advanced stages of completing a sale the negotiations have stalled. London Wasps are looking for alternative approaches and we're doing everything we can to help."

Wasps have been looking for a new owner since last July, when Wycombe council withdraw its support for the construction of a new stadium. In February, Wasps said they were at "advanced stages of discussions" with four interested parties but, having identified a preferred bidder, talks have fallen through.

© ESPN Sports Media Ltd.

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