The NEC Group, which is controlled by the private equity giant Blackstone, lodged a bid last week for the arena used by Wasps and Coventry City FC, Sky News understands.
The club's parent company, Wasps Holdings, filed a notice of intention to appoint FRP Advisory, the restructuring firm, as administrator on 21 September.This was followed by a second such notice last week.Those filings buy companies ten days of breathing space from creditors while they seek to find a way through their financial troubles.A solvent deal to buy the club and its stadium, either together or separately, is regarded as increasingly unlikely.
The game's authorities have the discretion to apply a points deduction rather than demotion in the event of something called a 'no-fault administration', according to one rugby insider. "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.
"This will continue to be vitally important as negotiations with interested parties proceed and we remain in regular dialogue with both organisations.
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