Worcester and Wasps GONE?

[Kawazaki]

Wasps have been suspended from the Premiership and Premiership Rugby Cup for the rest of the season, the RFU has confirmed.
The Coventry-based club will be relegated from the top tier and their results from this season expunged.

After the demise of Worcester Warriors last month, only 11 clubs will contest the rest of the Premiership season.

However, some good news has appeared tonight for Wasps fans with the club long-term future set to be rescued.
Times columnist Stephen Jones tweeted: “Joint administrators have agreed to sell to new group formed of Wasps Legends, ex-owners and others.
“It’s subject to contract and a green light from RFU but Wasps fans can plan ahead for next season.”

Wasps have enormous debts. Is the plan to just say tough shite to the bond holders and just start again with a clean slate in the Championship?

[westport]

Wasps have been suspended from the Premiership and Premiership Rugby Cup for the rest of the season, the RFU has confirmed.
The Coventry-based club will be relegated from the top tier and their results from this season expunged.

After the demise of Worcester Warriors last month, only 11 clubs will contest the rest of the Premiership season.

However, some good news has appeared tonight for Wasps fans with the club long-term future set to be rescued.
Times columnist Stephen Jones tweeted: “Joint administrators have agreed to sell to new group formed of Wasps Legends, ex-owners and others.
“It’s subject to contract and a green light from RFU but Wasps fans can plan ahead for next season.”

Wasps have enormous debts. Is the plan to just say tough shite to the bond holders and just start again with a clean slate in the Championship?

Wasps' joint administrators say they have accepted an offer to buy the financially stricken Premiership club.

The offer, from a consortium including members of Wasps Legends, is for only the men's rugby team and youth academy.

The six-time champions were suspended and relegated from the league after entering administration on 17 October..

Joint administrator Andrew Sheridan said: "This deal is a significant step forward, one that we all hope will allow Wasps Rugby to live on."

He added: "The consortium knows it still has to meet all of the Rugby Football Union (RFU) requirements, including the fit and proper owners' test and the presentation of a three to five-year business plan with supporting robust financial forecast.

"This needs to be completed as soon as is practical in order to be in a position to play next season."

The bid is subject to contract and the consortium plan to liaise with both the RFU and the Rugby Players' Association to ensure compliance with creditors' rules.

Despite Wasps' relegation, the prospective buyers have indicated they intend to appoint coaching staff and build a squad "capable of competing at the top level next season".

Separate discussions are taking place about the future of Wasps' netball side and the women's rugby team, while BBC Coventry & Warwickshire understand the prospective takeover does not include the Coventry Building Society Arena.

Wasps were the second club to be suspended from the Premiership this season after Midlands rivals Worcester Warriors entered administration in September.

[Torquemada 1420]

Wasps have been suspended from the Premiership and Premiership Rugby Cup for the rest of the season, the RFU has confirmed.
The Coventry-based club will be relegated from the top tier and their results from this season expunged.

After the demise of Worcester Warriors last month, only 11 clubs will contest the rest of the Premiership season.

However, some good news has appeared tonight for Wasps fans with the club long-term future set to be rescued.
Times columnist Stephen Jones tweeted: “Joint administrators have agreed to sell to new group formed of Wasps Legends, ex-owners and others.
“It’s subject to contract and a green light from RFU but Wasps fans can plan ahead for next season.”

Wasps have enormous debts. Is the plan to just say tough shite to the bond holders and just start again with a clean slate in the Championship?

Yes. Hence why Baxter is correct to point out they should forfeit their P shares.

[Dan54]

Geez Torq, doesn't sound like a club you would want to be part of or support does it?

[Torquemada 1420]

Geez Torq, doesn't sound like a club you would want to be part of or support does it?

I absolutely do not want to see either Wasps or Wuss gone. However, you cannot permit businesses that are run badly to benefit to the detriment of others by simply folding up and phoenixing.

[Lobby]

Separate discussions are taking place about the future of Wasps' netball side and the women's rugby team, while BBC Coventry & Warwickshire understand the prospective takeover does not include the Coventry Building Society

With regard to the future of both Wasps and Worcester’s Womens’ sides, just four days ago the BBC reported that they had been allowed to continue playing:

“ Wasps and Worcester women's teams have been given permission by the Rugby Football Union to continue playing.

Their futures were thrown into doubt after the companies controlling the men's sides entered administration.

But they are now both able to play their Allianz Cup ties on Saturday and remain in the Allianz Premier 15s.

The University of Worcester Warriors travel to Gloucester-Hartpury while Wasps hosts Saracens at their usual home ground at Twyford Avenue in Acton.

The RFU was satisfied that funding and insurance was in place for future matches to go ahead.

Interim funding for Worcester women has been secured from a local company to keep the club playing until at least Christmas.

They can continue to play at Sixways under a temporary licence while administrators attempt to sell the club.

Wasps women have always been attached to the amateur club Wasps FC, who play in the club's traditional west London heartland.

As such, they are not affected by the demise of the men's team with the RFU assured that minimum operating standards will be maintained.”

Despite this statement that Wasps women aren’t attached to the professional Wasps outfit, their match against Saracens women was cancelled today, so it seems their future isn’t as clear as it first appeared.

[Margin__Walker]

This is good news. The RFU step in and take over the Worcester and Wasps DPP & U18s programmes. Employing former staff from those clubs.

https://www.englandrugby.com/news/artic ... emy-update

[sockwithaticket]

Derek Richardson abstained from a board vote on a potential rescue bid for Wasps, thus scuppering it.

He says it wasn't a serious bid, otherwise he would have voted for it, yet every other member of the Wasps board was happy to vote in favour.

https://archive.ph/gxOhp

[Margin__Walker]

Derek Richardson abstained from a board vote on a potential rescue bid for Wasps, thus scuppering it.

He says it wasn't a serious bid, otherwise he would have voted for it, yet every other member of the Wasps board was happy to vote in favour.

https://archive.ph/gxOhp

Read that earlier. Obviously two sides of the story in the article, but I do get a sense that Richardson has had a comparatively easy ride among Wasps fans following the collapse.

When Vaughan was talking on a podcast the other week, he was diplomatic, but you could tell he didn't have the highest opinion of Richardson and his actions as owner.

[Kawazaki]

Derek Richardson abstained from a board vote on a potential rescue bid for Wasps, thus scuppering it.

He says it wasn't a serious bid, otherwise he would have voted for it, yet every other member of the Wasps board was happy to vote in favour.

https://archive.ph/gxOhp

Read that earlier. Obviously two sides of the story in the article, but I do get a sense that Richardson has had a comparatively easy ride among Wasps fans following the collapse.

When Vaughan was talking on a podcast the other week, he was diplomatic, but you could tell he didn't have the highest opinion of Richardson and his actions as owner.

Richardson has got off scot-free. He's at least as bad as the Worcester spivs, he's just got far more zeros on all the debt.

[SaintK]

Derek Richardson abstained from a board vote on a potential rescue bid for Wasps, thus scuppering it.

He says it wasn't a serious bid, otherwise he would have voted for it, yet every other member of the Wasps board was happy to vote in favour.

https://archive.ph/gxOhp

Read that earlier. Obviously two sides of the story in the article, but I do get a sense that Richardson has had a comparatively easy ride among Wasps fans following the collapse.

When Vaughan was talking on a podcast the other week, he was diplomatic, but you could tell he didn't have the highest opinion of Richardson and his actions as owner.

Richardson has got off scot-free. He's at least as bad at the Worcester spivs, he's just got far more zeros on all the debts.

Yep! He is also the majority shareholder of the company that owns the stadium, hotel and casino and associated land which looks as if Mike Ashley will purchase!

[sockwithaticket]

Derek Richardson abstained from a board vote on a potential rescue bid for Wasps, thus scuppering it.

He says it wasn't a serious bid, otherwise he would have voted for it, yet every other member of the Wasps board was happy to vote in favour.

https://archive.ph/gxOhp

Read that earlier. Obviously two sides of the story in the article, but I do get a sense that Richardson has had a comparatively easy ride among Wasps fans following the collapse.

When Vaughan was talking on a podcast the other week, he was diplomatic, but you could tell he didn't have the highest opinion of Richardson and his actions as owner.

That may change as more continues to emerge. Unlike Worcester supporters, we didn't have an almost daily stream of articles and tweets detailing what an arsehole our owner was.

[SaintK]

Worcester's debts in excess of £30M!!!

The full extent of Worcester Warriors' debts has finally been revealed as totalling more than £30m, in a report sent to the club's creditors by their administrators, Begbies Traynor.
The report also discloses that former owners Jason Whittingham and Colin Goldring claim they are still owed more than £2m by the club's companies.
As things stand, hundreds of suppliers, fans and firms are set to lose all money owed to them, unless the new club buyers were to pay them back

https://www.bbc.co.uk/sport/rugby-union/63690352

[sockwithaticket]

Wasps on track to join the Championship next season, but still without a concrete agreement for a ground.

Worcester not looking so good.

https://12ft.io/proxy?q=https%3A%2F%2Fw ... ionship%2F

Worcester Warriors are on the brink of being refused entry to next season’s Championship, with their prospective new owners and the Rugby Football Union at war over a rescue deal for the stricken club.

Telegraph Sport can also reveal that Wasps, who were also thrown out of the Premiership after being plunged into administration, are close to being allowed to re-enter the English rugby pyramid in the second tier following their own takeover.

But, unless there is a dramatic U-turn, the RFU’s board will meet on Thursday to rubber-stamp a recommendation by its Club Financial Viability Group (CFVG) not to permit Worcester to join them.

That follows what it can be revealed is an on-going row between Warriors’ prospective new owners, Atlas Worcester Warriors Rugby Club Ltd, and the RFU over strict conditions the latter had been seeking to impose on their rescue deal.

Telegraph Sport has been told the CFVG was not satisfied the information provided by the buyers, in particular relating to their financial position, demonstrated their ability to continue to fund the club and to deliver on their business plan, which includes significant development at the Sixways site.

The conditions imposed on the deal included an RFU veto over the disposal of land around the stadium, swift payment of rugby creditors, commitments to a women’s team and other key governance conditions.

Atlas, fronted by former Worcester chief executive Jim O’Toole and bankrolled by money from the United States, are said to be furious at the conditions being imposed and to have threatened legal action over any refusal to allow their entry into the Championship.

They were said to be committed to proceeding with the takeover of WRFC Trading Limited regardless, which would mean they would own the club and its assets but have no league to play in.

The approval of Wasps’ takeover was said to have been more straightforward, with the club having lost its own stadium, the Coventry Building Society Arena, when they were plunged into administration.

The ground was bought by Mike Ashley’s Frasers Group and the club have been in negotiations to become a tenant there.

[Margin__Walker]

Sounds like some actual due diligence is going on this time in Worcester's case.

[sockwithaticket]

Yup and while the news might not be what Worcester supporters want to hear right now, it's probably for the best that they're not just being waved through.

https://www.telegraph.co.uk/rugby-union ... -solihull/

Wasps will be using Solihull football club next season, it would seem. 5,500 capacity which is about 55% of our 21/22 season average crowd. Although with a relocation, albeit one not quite so drastic as High Wycombe to Coventry, and playing in the Championship. you'd suspect we probably won't be packing the place out.

[Margin__Walker]

Yup and while the news might not be what Worcester supporters want to hear right now, it's probably for the best that they're not just being waved through.

https://www.telegraph.co.uk/rugby-union ... -solihull/

Wasps will be using Solihull football club next season, it would seem. 5,500 capacity which is about 55% of our 21/22 season average crowd. Although with a relocation, albeit one not quite so drastic as High Wycombe to Coventry, and playing in the Championship. you'd suspect we probably won't be packing the place out.

Do you know if Wasps are keeping their RFU academy pathway and catchment area or has that been lost?

[sockwithaticket]

Yup and while the news might not be what Worcester supporters want to hear right now, it's probably for the best that they're not just being waved through.

https://www.telegraph.co.uk/rugby-union ... -solihull/

Wasps will be using Solihull football club next season, it would seem. 5,500 capacity which is about 55% of our 21/22 season average crowd. Although with a relocation, albeit one not quite so drastic as High Wycombe to Coventry, and playing in the Championship. you'd suspect we probably won't be packing the place out.

Do you know if Wasps are keeping their RFU academy pathway and catchment area or has that been lost?

I haven't found anything that discusses that yet.

[Margin__Walker]

Fair enough. the details will be interesting. Good to see something up and running.

Hopefully Worcester reappear too. Although people moaning about the RFU actually doing some due diligence this time in their case is a head scratcher.

[inactionman]

Not sure if this is covered above, apols if I missed it - Holland (via HALO22) is confirmed as the new Wasps owner.

https://www.bbc.co.uk/sport/rugby-union/64004475

This takes them out of administration, but not sure what the implications of that actually are. Or what that means for Dayglo's wallet.

[Niegs]

Posted this in the women's thread, but sounds like Wasps' and Wuss' ladies have been given the boot from Premier 15s for next season.

Ealing on the way in, which I assume will take the rest of Wasps players (who, iirc, had stayed in the London area when the men moved), though many already fudged off before the season started, possibly with rumours of the team moving to Cov or uncertainty about their future?

[Niegs]

[fishfoodie]

It's very hard to believe many of those numbers; & that's the problem !

[Margin__Walker]

No Championship return for Worcester.

[Torquemada 1420]

No Championship return for Worcester.

RFU and PR plenty of blame to shoulder here. Even after the damning MP's report, they were both playing Pontius Pilate.

[Paddington Bear]

Telegraph reckon Wasps will bin off Solihull and play at Sixways instead.

[Slick]

Telegraph reckon Wasps will bin off Solihull and play at Sixways instead.

Worcester Wasps could work

[Torquemada 1420]

Telegraph reckon Wasps will bin off Solihull and play at Sixways instead.

Worcester Wasps could work

Working our way backward in the alphabet on failures so Salarysins should be next.

[Paddington Bear]

Telegraph reckon Wasps will bin off Solihull and play at Sixways instead.

Worcester Wasps could work

Yep, seems a better solution than sharing non-league grounds

[SaintK]

Telegraph reckon Wasps will bin off Solihull and play at Sixways instead.

Worcester Wasps could work

Yep, seems a better solution than sharing non-league grounds

It certainly does
As it says in the original news report that "Sixways Rugby" will be taking over National 2 club Stourbridge RFC
Two little flies in the ointment.
The Stourbridge membershjip have yet to vote for this
Stourbridge are stone cold bottom of National 2W with only one win this season and will drop out of the National leagues when they are relegated!

[sockwithaticket]

Jim O'Toole's surfaced to have a whinge and say the RFU are being unfair when it mainly just seems like they've set a reasonable enough condition (that Wasps have accepted without issue) of paying off creditors to resume at the Championship level.

https://archive.is/G77hE

If Worcester come back under their old name, rekindling their RFU licence, they will either have to start in level ten — like London Welsh did when they went into liquidation in 2016 — or pay off all the people owed money by the old club, from the likes of England centre Ollie Lawrence downwards.

O’Toole’s group have no interest in starting at the bottom of the rugby pyramid. “Starting at level ten is a ten-year project, which is not what we’re in this for,” he added. “We would have had to pay the creditors if we’d signed the RFU’s contract. We’re happy to sign it today if they amend it.

“But they will not change it and it’s impractical. If they want us back in the league they need to be more flexible and understanding. It’s not beyond the wit of man to get it fixed.”

[sockwithaticket]

RFU confirm that Wasps are clear to join the Championship next year, Worcester are not

https://www.bbc.co.uk/sport/rugby-union/64623377

[Niegs]

Saw a lot of 'whatabouts' in reference to Richmond, London Welsh, and Ealing. Is Wasps' situation different than the first two financially?

[sockwithaticket]

Saw a lot of 'whatabouts' in reference to Richmond, London Welsh, and Ealing. Is Wasps' situation different than the first two financially?

I don't really know enough about any of the cases to be honest. One of the big differences between us an Worcester, as I've seen elsewhere and has been reiterated in the linked article, is Wasps commitment to paying our creditors and having presented some sort of evidence/plan that doing so seems credible to those calling shots.

[SaintK]

The plot thickens as Warriors go bust again!

THE COMPANY that took over Worcester Warriors has fallen into administration with a new group taking over.
Atlas Worcester Warriors became owners of the club in May 2023 after the club went into administration in 2022 with the club not playing a game since.
Atlas then failed to make payments resulting in Loxwood Holdings, owners of Wasps RFC, taking control of 97 per cent of the company.
Chris Holland, director of Loxwood Holdings confirmed on April 25, that Atlas had entered into an insolvency process and it had gone through a pre-packaged administration process.

https://www.worcesternews.co.uk/sport ... tration/

[inactionman]

The plot thickens as Warriors go bust again!

THE COMPANY that took over Worcester Warriors has fallen into administration with a new group taking over.
Atlas Worcester Warriors became owners of the club in May 2023 after the club went into administration in 2022 with the club not playing a game since.
Atlas then failed to make payments resulting in Loxwood Holdings, owners of Wasps RFC, taking control of 97 per cent of the company.
Chris Holland, director of Loxwood Holdings confirmed on April 25, that Atlas had entered into an insolvency process and it had gone through a pre-packaged administration process.

https://www.worcesternews.co.uk/sport ... tration/

Are the two spivs up to shenanigans again, or is this something different?

[SaintK]

The plot thickens as Warriors go bust again!

THE COMPANY that took over Worcester Warriors has fallen into administration with a new group taking over.
Atlas Worcester Warriors became owners of the club in May 2023 after the club went into administration in 2022 with the club not playing a game since.
Atlas then failed to make payments resulting in Loxwood Holdings, owners of Wasps RFC, taking control of 97 per cent of the company.
Chris Holland, director of Loxwood Holdings confirmed on April 25, that Atlas had entered into an insolvency process and it had gone through a pre-packaged administration process.

https://www.worcesternews.co.uk/sport ... tration/

Are the two spivs up to shenanigans again, or is this something different?

No it's not them, they've long gone!!
It is the company that was set up to try and resurrect the Warriors who have now defaulted on loans made to them by the company set up to resurrect Wasps.
So Wasps might well end up at Sixways?

[Slick]

The plot thickens as Warriors go bust again!

https://www.worcesternews.co.uk/sport ... tration/

Are the two spivs up to shenanigans again, or is this something different?

No it's not them, they've long gone!!
It is the company that was set up to try and resurrect the Warriors who have now defaulted on loans made to them by the company set up to resurrect Wasps.
So Wasps might well end up at Sixways?

This all seems a bit pointless to me. I appreciate there are a few supporters who would love a resurrection, but it seems just pie in the sky and time to move on.

[PornDog]

Worcester Wasps? Everyone likes a littel bit of alliteration right?


At least there's no more staff and players losing their jobs this time.

[Niegs]