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Worcester winding up order |
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Thunderbird
British and Irish Lion Joined: 11 Sep 2013 Location: East Anglia Status: Offline Points: 171 |
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Richard Lowther
Coaching staff Moderator Joined: 19 May 2007 Location: England Status: Offline Points: 6528 |
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I had to respond on the Worcester board to a poster who said "If we didn't think PRL was a cosy cartel, set up to protect the incumbents before, then we sure do now...." pointing out there were part of the cartel and asking if they complained about the injustices whilst benefiting from them.
There are some people with short memories... |
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Steve@Mose
World Cup Winner Joined: 01 Jun 2007 Location: United Kingdom Status: Offline Points: 2761 |
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Ex-boss Steve Diamond takes charge of Sixways takeover bid
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Kimbo
World Cup Winner Joined: 31 May 2007 Location: 'incleh Status: Offline Points: 6204 |
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A village always needs an idiot though.
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Our Club |
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Richard Lowther
Coaching staff Moderator Joined: 19 May 2007 Location: England Status: Offline Points: 6528 |
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Diamond 's bid lacks any financial details. It offers a lot but on what basis? By his own admission his investor won't support big losses each year, the club won't have the same income as they have had (and squandered), yet they are looking at breaking even and repaying the debts. It does not make sense.
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Kimbo
World Cup Winner Joined: 31 May 2007 Location: 'incleh Status: Offline Points: 6204 |
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See previous posting.
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Our Club |
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tigerburnie
World Cup Winner Joined: 10 Jun 2012 Location: Scotland Status: Offline Points: 3645 |
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Diamond ran Sale on a shoe string budget, if anyone can do this job then he probably can, Cohen has a lot of business acumen if not any spare dosh.
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Richard Lowther
Coaching staff Moderator Joined: 19 May 2007 Location: England Status: Offline Points: 6528 |
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He may have done but Sale made losses every year (bar 2019 accounts covering CVC money) -averaging a million each year on the figures I looked at. Is that a sustainable business plan? Worcester will see a substantial drop of income* when they are in the Championship and it is highly likely they will not retain their P share, so someone has to have either a sustainable business plan - exploiting the Sixway assets# or have deep pockets, and as Diamond has ruled out his investor willing to carry large losses each year I remain unconvinced. *Crowds will also drop as historical records will show #I posed the question a while back on the Worcester board about the potential plans for hotels, medical villages, conference facilities, e-charging etc and asked if those were viable ideas why haven't they been done already? Is there really a demand that will make the club money or are they pie in the sky ideas? Surprisingly no one replied.
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Steve@Mose
World Cup Winner Joined: 01 Jun 2007 Location: United Kingdom Status: Offline Points: 2761 |
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Documentary to feature Worcester Warriors' bid for revival
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Richard Lowther
Coaching staff Moderator Joined: 19 May 2007 Location: England Status: Offline Points: 6528 |
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This is what I posted on the Worcester board.
None of this inspires any confidence in me.
A documentary many be good but it won't help fund the club. It would be the film makers who pick up the sponsorship/advertisers not the club and if it shows the club in any kind of negative light then sponsors won't want tarnishing by being involved with the club. As I have said before the lack of any real web presence for any of the people involved isn't a good start. Add to this the newness of all the companies involved and the fact that none filed accounts showing any profit. 'Follow the money' is always good advice and I am just not seeing any. |
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tigerburnie
World Cup Winner Joined: 10 Jun 2012 Location: Scotland Status: Offline Points: 3645 |
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Someone is funding the Warriors Ladies team, so they can continue playing, not sure where they play though.
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Richard Lowther
Coaching staff Moderator Joined: 19 May 2007 Location: England Status: Offline Points: 6528 |
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I understand it is a short term investment to get them started this season - which was delayed due to the World Cup and they will be playing at Sixways. |
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Camquin
World Cup Winner Joined: 01 Jun 2007 Location: Cambridge Status: Online Points: 11156 |
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Apparently among American backers is the foundation of the Wilson brothers from the Gap band, as in "Oops upside your head." They have a history in philanthropy, including prostate cancer support. Though some of the other backers are potentially less funky. The supporters are not necessarily convinced. But at the end of the day, it is the receiver who needs to be convinced.
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Sweeney Delenda Est
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Steve@Mose
World Cup Winner Joined: 01 Jun 2007 Location: United Kingdom Status: Offline Points: 2761 |
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Relegated Premiership club's debts amount to more than £30m
Edited by Steve@Mose - 21 Nov 2022 at 16:22 |
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Steve@Mose
World Cup Winner Joined: 01 Jun 2007 Location: United Kingdom Status: Offline Points: 2761 |
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Preferred bidders Atlas given two more weeks to finalise offer
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Camquin
World Cup Winner Joined: 01 Jun 2007 Location: Cambridge Status: Online Points: 11156 |
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One of the unsavoury things about this is that the staff were employed by WRFC players. They are preferred creditors - but WRFC players has no assets and no claim over the assets of WRFC Trading. HMRC is a preferred creditor of WRFC players due to unpaid PAYE and NI. But while it is a preferred creditor of WRFC Trading - that is only for unpaid VAT. As WRFC Trading is illiquid, the unsecured creditors will not receive any payment. |
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Sweeney Delenda Est
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WEvans
World Cup Winner Joined: 08 Dec 2016 Location: London Status: Offline Points: 1376 |
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All that needs to be done is for the RFU to say that unless all creditors are paid - irrespective of which disreputable sub-company has been set-up to prevent this - then any reincarnation of the club starts at the very lowest level. But of course that requires a bit of effort and a lot of integrity so no chance.
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Halliford
World Cup Winner Joined: 17 Feb 2010 Location: United Kingdom Status: Offline Points: 4151 |
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The RFU require all rugby creditors to be paid in full. That would mean the players being paid and, I suspect their PAYE, etc. to HMRC as that impacts future benefits.
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WEvans
World Cup Winner Joined: 08 Dec 2016 Location: London Status: Offline Points: 1376 |
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I was talking about all creditors not just the rugby ones (and HMRC).
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Raider999
World Cup Winner Joined: 18 Jan 2013 Location: Crawley Status: Offline Points: 4433 |
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As I understand it all players/staff wages and hrmc need paying and be able to play at Sixways next season to be allowed in Championshipor relegated to bottom off the pyramid - Is this correct? |
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RAID ON
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