Premiership financial issues

[Puja]

Looking at the live updates page, it doesn't look like they're going to make the 12pm deadlines and the RFU and PRL have threatened suspension and probably ejection from the Premiership if that happens.

Puja

[fivepointer]

RFU statement: Worcester Warriors has met a midday deadline to provide assurances in relation to the receipt of a General Safety Certificate from the local authority and written confirmation of medical provision.

Therefore, this weekend’s Prem and Cup matches will go ahead.

[Which Tyler]

Good news - let's hope these assurances aren't tested.

I trust the word of these shysters about as far as I could throw Sixways Stadium

[Puja]

RFU statement: Worcester Warriors has met a midday deadline to provide assurances in relation to the receipt of a General Safety Certificate from the local authority and written confirmation of medical provision.

Therefore, this weekend’s Prem and Cup matches will go ahead.

Jesus H Christ. Worcester clinging on by the thinnest of thin margins, but still clinging on.

Puja

[Which Tyler]

https://warriors.co.uk/2022/09/21/team- ... ors-cause/

Mat Gilbert and Jonny Goodridge come out of retirement to turn out for Worcester - along with 3 other guests and 3 academy newcomers, in a team with virtually no names I recognise

[Puja]

https://warriors.co.uk/2022/09/21/team- ... ors-cause/

Mat Gilbert and Jonny Goodridge come out of retirement to turn out for Worcester - along with 3 other guests and 3 academy newcomers, in a team with virtually no names I recognise

There's eight that I recognise, so there is the spine of a team there, but that still looks potentially very painful.

Puja

[jimKRFC]

from the DailyMail:

Major change to Worcester's tenancy at Sixways Stadium approved by public body Sport England last month, with the owners transferring ownership of the ground to a new company Sixways Stadium Limited which will retain all of the club's matchday, hospitality and sponsorship income.The club has been left without its main source of income and no way of paying off debts of almost £30m.Sport England's involvement stems from the Government's £15m loan as part of their Covid-19 Sports Survival programme.£9m of the loan was used by the owners to pay off debts accrued in buying the club, as well as gaining the freehold to Sixways, which was then acquired by the owners' property company.The terms of the lease were altered last month, with Sixways Stadium Ltd given the rights to 'run hospitality events on the property at any time,' and 'retain the proceeds of sales.The owners' property company also separated the stadium, training centre and players' car park from other land around the complex, which was mortgaged off to another company called Triangle Petroleum for £600,000, at an interest rate of 20 per cent.Sport England were required to sign off the changes, and confirmed in a waiver signed last month that they retain the 'first legal charge on Sixways Stadium Ltd' for an amount no less than £14.65m. A spokesman for Sport England: 'Sport England's role in the Sport Survival Package (SSP) was to act as a loan agent for the finance provided by the government. Individual communication and ongoing involvement with those who received loans has been managed by government. We cannot comment on individual cases due to legal obligations of confidentiality.'

If the rugby club don't own the ground (the current owners new company do) and don't make money from the games & have £30M debt who in their right mind would buy it??

[Which Tyler]

Which is (partly) why it needs to go into administration, to sort out the mess.

[twitchy]

[Shiny]

Can't link but just seen a breaking tweet that Wasps are going to file for administration.

[Which Tyler]

https://pbs.twimg.com/media/FdMHAozWQAM ... name=large

[Puja]

How are Wasps going into administration before Worcester?! How the hells did that happen.

Automatic 35 point deduction, isn't it?

Puja

[Puja]

Wasps have posted a statement, including this gem:

"Due to the impending threat of action from HMRC, Wasps Holdings Limited, the ultimate holding company of the group including Wasps Rugby Football Club and Arena Coventry Limited, have taken the difficult decision to file a notice of intention to appoint administrators in order to protect its interests. This measure 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."

Puja

[fivepointer]

Just what have PRL and the RFU been doing, and just what do they intend to do about these issues? There is a vacuum of leadership in the game currently.

[FKAS]

Looks more like Wasps protecting themselves from HMRC in the short term than anything else.



Fair does to the Wuss social media team that's both funny and a well deserved dig at the owners.

[Doorzetbornandbred]

Just what have PRL and the RFU been doing, and just what do they intend to do about these issues? There is a vacuum of leadership in the game currently.

Not currently, its been rudderless for a long time.

[Puja]

Apologies for the Daily Heil link, but wanted to share this latest Jesus Fuck moment from the Worcester shysters: https://www.dailymail.co.uk/sport/sport ... -2018.html

For those who don't want to click, they borrowed £500k from Cecil Duckworth when he was in his 80s, to support the running of the club, and never paid it back. Fuck them.

Puja

[jimKRFC]

Wasps have posted a statement, including this gem:

"Due to the impending threat of action from HMRC, Wasps Holdings Limited, the ultimate holding company of the group including Wasps Rugby Football Club and Arena Coventry Limited, have taken the difficult decision to file a notice of intention to appoint administrators in order to protect its interests. This measure 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."

Puja

Not an expect in this, but think the "notice of intent" just gives 10 days to sort the issues or go into administration. Hard to see Wasps finding £35M plus the tax bill in 10 days after failing to do it in the last few months...

[fivepointer]

From Will Kelleher -

#Worcester v #Newcastle set to go ahead - understand all docs and plans in place for the game to happen on Saturday.

However; feeling that is the end - and there is no way Warriors will meet RFU's Monday stipulations.

Writing on the wall as suspension looms.

There is no deal on the table any more, we understand.

Should the game go ahead given the outlook. What about Newcastle. Do they have any incentive to play a game that will likely be meaningless?

[Puja]

From Will Kelleher -

#Worcester v #Newcastle set to go ahead - understand all docs and plans in place for the game to happen on Saturday.

However; feeling that is the end - and there is no way Warriors will meet RFU's Monday stipulations.

Writing on the wall as suspension looms.

There is no deal on the table any more, we understand.

Should the game go ahead given the outlook. What about Newcastle. Do they have any incentive to play a game that will likely be meaningless?

Quite apart from Newcastle, what about the Worcester players? Should they really be playing a meaningless game, with the inherent risk of injury, when they're likely to be unemployed and desperately scrambling for a contract within the week? Not to mention that, if they get a serious injury, they're about to be turfed out of their private medical insurance and care.

Puja

[jimKRFC]

Sixways rumoured to be emptyed out (people clearing desks) and closed off as off 17.00 tonight due to public liability insurance expiring. The caretaker, and his wife, have no been removed from their flat.

Struggled to understand why Sport England (biggest creditor I understand) haven't put the club into administration yet....

[fivepointer]

BREAKING;
@WorcsWarriors suspended by RFU from all competitions

[Banquo]

BREAKING;
@WorcsWarriors suspended by RFU from all competitions

very sad, given all the work from Duckworth et al to build a club from the bottom up. Always going to be a struggle given the population and situation, but bloody hell they tried. No idea how the latest shenanigans /asset stripping were allowed to happen tho.

I'd hope the salary cap rules are bent to allow players to be re-homed asap.

[Puja]

I've just offered my condolences on a Facebook post by a Wuss supporting friend like it's a bereavement. In a way, I guess it is. Poor sods.

Puja

[jimKRFC]

At least it's in admin now so the transfer of land and parts of the business can be investigated. Hopefully the two guys in charge can be done for something and the dodgy dealings undone..