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Worcester winding up order
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https://www.worcesternews.co.uk/news/23058065.worcester-warriors-jason-whittingham-colin-goldring-fined-cardiff-magistrates-court/
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Points: 6528 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Richard Lowther Quote  Post ReplyReply Direct Link To This Post Posted: 19 Oct 2022 at 13:05
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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Ex-boss Steve Diamond takes charge of Sixways takeover bid

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Ex-Worcester Warriors director of rugby Steve Diamond is at the head of one of the two main consortiums looking to take over at Sixways.

Diamond, who has financial backing from two as yet unnamed investors, will have former Leicester chief executive Simon Cohen as part of his consortium.

"My goal is a sustainable business able to compete back in the Premiership within three or four years," he said.

"Sixways Village is what we will call it [the business] if we're successful."
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Originally posted by Steve@Mose Steve@Mose wrote:

Ex-boss Steve Diamond takes charge of Sixways takeover bid

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Ex-Worcester Warriors director of rugby Steve Diamond is at the head of one of the two main consortiums looking to take over at Sixways.

Diamond, who has financial backing from two as yet unnamed investors, will have former Leicester chief executive Simon Cohen as part of his consortium.

"My goal is a sustainable business able to compete back in the Premiership within three or four years," he said.

"Sixways Village is what we will call it [the business] if we're successful."
A village always needs an idiot though.
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Originally posted by Steve@Mose Steve@Mose wrote:

Ex-boss Steve Diamond takes charge of Sixways takeover bid

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Ex-Worcester Warriors director of rugby Steve Diamond is at the head of one of the two main consortiums looking to take over at Sixways.

Diamond, who has financial backing from two as yet unnamed investors, will have former Leicester chief executive Simon Cohen as part of his consortium.

"My goal is a sustainable business able to compete back in the Premiership within three or four years," he said.

"Sixways Village is what we will call it [the business] if we're successful."

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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Originally posted by Richard Lowther Richard Lowther wrote:

Originally posted by Steve@Mose Steve@Mose wrote:

Ex-boss Steve Diamond takes charge of Sixways takeover bid

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Ex-Worcester Warriors director of rugby Steve Diamond is at the head of one of the two main consortiums looking to take over at Sixways.

Diamond, who has financial backing from two as yet unnamed investors, will have former Leicester chief executive Simon Cohen as part of his consortium.

"My goal is a sustainable business able to compete back in the Premiership within three or four years," he said.

"Sixways Village is what we will call it [the business] if we're successful."

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. 
See previous posting.
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Points: 3631 		Post Options Post Options   Thanks (0) Thanks(0)   Quote tigerburnie Quote  Post ReplyReply Direct Link To This Post Posted: 28 Oct 2022 at 09:16
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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Originally posted by tigerburnie tigerburnie wrote:

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.

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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Documentary to feature Worcester Warriors' bid for revival

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Efforts to revive the fortunes of Worcester Warriors are set to feature in a behind-the-scenes documentary.

The rugby union club was wound up on 5 October with debts of more than £20m, including £6m owed to HM Revenue and Customs.

Preferred bidder status has since been given to a consortium led by former Warriors chief executive Jim O'Toole and business partner James Sandford.

Mr Sandford hopes the documentary will tell the human side of the story.

Speaking to BBC Hereford & Worcester, he said it was important people understood the "legacy that's been left behind" and wanted to raise awareness of the club locally and get more people interested in the sport.
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Points: 6528 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Richard Lowther Quote  Post ReplyReply Direct Link To This Post Posted: 16 Nov 2022 at 20:39
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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Points: 3631 		Post Options Post Options   Thanks (0) Thanks(0)   Quote tigerburnie Quote  Post ReplyReply Direct Link To This Post Posted: 16 Nov 2022 at 21:10
Someone is funding the Warriors Ladies team, so they can continue playing, not sure where they play though.
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Points: 6528 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Richard Lowther Quote  Post ReplyReply Direct Link To This Post Posted: 16 Nov 2022 at 21:13
Originally posted by tigerburnie tigerburnie wrote:

Someone is funding the Warriors Ladies team, so they can continue playing, not sure where they play though.

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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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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Relegated Premiership club's debts amount to more than £30m


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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.


Begbies Traynor is still negotiating the sale of Warriors to a consortium.


The chief contenders to take over are fronted by ex-Warriors CEO Jim O'Toole.


After submitting a "significantly higher" bid than rivals, the report shows O'Toole and James Sandford's consortium paid a deposit of £500,000 to be able to negotiate exclusively.


That exclusivity period lasts until the end of November.

 


Edited by Steve@Mose - 21 Nov 2022 at 16:22
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Preferred bidders Atlas given two more weeks to finalise offer

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Worcester Warriors' preferred bidders - fronted by Jim O'Toole - have been given two more weeks to finalise their bid for the relegated Premiership club.

Atlas Worcester Warriors Rugby Club Ltd, led by ex-Warriors CEO O'Toole and business partner James Sandford, were chosen ahead of a bid led by the club's former director of rugby Steve Diamond.

The consortium's exclusivity period had been due to end on 30 November.

But an extension until 14 December has come from administrator Julie Palmer.

One key part of the need for extra time is to provide clarity from English rugby's two governing bodies, the Rugby Football Union and Premiership Rugby, on two key issues - suspended Warriors' now seven-week-old appeal at relegation from the Premiership and the loss of their 'P' share, the club's rights to hold on to their allocation of revenue generated from the league, worth about £2.5m per club, about 10% of each club's income.

Palmer, from administrators Begbies Traynor, said: "Following a period during which the preferred bidder has been working at speed to complete the transaction to acquire the business and assets of Worcester Warriors, we are extending the period of exclusivity for a period of a further two weeks as originally anticipated.

"This remains a complex transaction with the focus of all relevant parties and stakeholders on ensuring a long-term viable future.

"While the sale is not conditional on these outcomes [of relegation appeal and P share decision], early clarity would assist us with the tight deadlines we are working to in order to rescue the club and ensure a playing squad can be rebuilt in good time for next season."
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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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Originally posted by Camquin Camquin wrote:

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.



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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Originally posted by WEvans WEvans wrote:

Originally posted by Camquin Camquin wrote:

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.



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.

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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Originally posted by Halliford Halliford wrote:

Originally posted by WEvans WEvans wrote:

Originally posted by Camquin Camquin wrote:

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.



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.

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.

I was talking about all creditors not just the rugby ones (and HMRC).
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Originally posted by WEvans WEvans wrote:

Originally posted by Halliford Halliford wrote:

Originally posted by WEvans WEvans wrote:

Originally posted by Camquin Camquin wrote:

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.




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.


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.


I was talking about all creditors not just the rugby ones (and HMRC).
dream on Joe bloggs catering etc is getting nothing.

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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