Why have Wasps applied to appoint an administrator – and what happens next?

On one of English rugby's darkest days, Wasps on Wednesday confirmed that they had filed a notice of intention to appoint administrators, a move that sent shockwaves around the domestic game. A Wasps statement released late on Wednesday said that filing a notice of intention to appoint administrators "does not mean the business is in administration but provides a crucial period of grace to continue negotiations with a number of interested parties to secure the long-term future of the group". The answer is uncertain but, also in that statement, Wasps added that the "day-to-day operations of the business are unaffected, and we will continue to support our players, staff, supporters, bond holders and suppliers, and keep them fully updated". A Rugby Football Union spokesperson added: "The RFU is in dialogue with Wasps, we will work with them to understand the current action, their sustainability plans and what the next steps will be."