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Wasps/Worcester
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Steve@Mose View Drop Down
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Points: 3131 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Steve@Mose Quote  Post ReplyReply Direct Link To This Post Posted: 23 Aug 2023 at 19:07
Worcester Warriors: Period of administration extended, Begbies Traynor confirms

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Worcester Warriors will remain in administration as the sale of the club to new owners Atlas drags on.

Atlas, co-owned by Jim O'Toole and James Sandford, paid £2.05m for the former Premiership club, but must come up with another £1.18m by 9 October.

The sale was completed in May but they have still to complete the purchase of Sixways stadium and surrounding land.

Administrators Begbies Traynor said in a letter to creditors that the "period of administration has been extended".

They must remain "in office" to receive the further payment and "subsequently make a distribution to the preferential creditor" who has given consent for the administration period to continue.

The letter confirmed that investigations into Worcester's affairs was continuing and that work was needed to complete accounts for the first year of administration, which began in September 2022, to ensure that corporation tax "does not rank as an expense" of it.

Begbies Traynor sold the club's P-share back to the Premiership for £9.8m.

The bulk of that money was used to pay off part of a large loan owed to the Department of Culture Media and Sport, following the Covid pandemic.
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Points: 3131 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Steve@Mose Quote  Post ReplyReply Direct Link To This Post Posted: 18 Sep 2023 at 20:33
Chris Holland: Wasps owner's firm becomes Worcester Warriors majority shareholder

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Wasps owner Chris Holland has become the majority shareholder in Worcester Warriors, reports BBC Hereford & Worcester.

According to the Companies House website, the Atlas Group's stake has been bought by Holland's firm Loxwood Holdings, which now owns 97% of shares.

Atlas is led by former Warriors chief executive Jim O'Toole and ex-London Irish player James Sandford.

They announced a £2.05m deal to buy the club in May.

However, Worcester have remained in administration, with Atlas required to pay a further £1.18m by 9 October and having yet to complete their purchase of the club's Sixways Stadium and the surrounding land.

...

Analysis

BBC Hereford & Worcester political reporter James Pearson

In a nutshell it seems Jim O'Toole and James Sandford, the driving forces behind the purchase of Worcester Warriors as a company back in May, are no longer shareholders in the club - though on paper they remain directors.

According to an update on Companies House - posted on Monday - they sold their shares in the newly-formed Atlas Worcester Warriors Rugby Club Limited back in June.

Instead we have now have a new majority shareholder - 97% of Worcester Warriors is now owned by a company called Loxwood Holdings Limited.

That's a company that's owned by Chris Holland, the current owner and director of Wasps. This isn't the first involvement between the owner of Wasps and Warriors.

Back in May, through his company Loxwood Holdings, Holland gave Atlas a loan to help secure a three-year lease for Wasps to play Championship rugby at Sixways.

That didn't materialise but that loan was secured against the land and stadium at Sixways, though at the time Wasps denied any interest in developing the property.

So it appears we now have Wasps' owner as majority shareholder of Worcester Warriors, with some security on the land and stadium, and seemingly in the driving seat for Worcester Warriors' future.
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WEvans View Drop Down
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Points: 1456 		Post Options Post Options   Thanks (0) Thanks(0)   Quote WEvans Quote  Post ReplyReply Direct Link To This Post Posted: 19 Sep 2023 at 11:45
Worcester Wasps at Sixways next season then. What a surprise.
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OldNick View Drop Down
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Points: 3420 		Post Options Post Options   Thanks (0) Thanks(0)   Quote OldNick Quote  Post ReplyReply Direct Link To This Post Posted: 19 Sep 2023 at 12:31
Originally posted by WEvans WEvans wrote:

Worcester Wasps at Sixways next season then. What a surprise.

And doubtless in the Championship, with a pre-signed route to Premiership Two.
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tigerburnie View Drop Down
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Points: 4053 		Post Options Post Options   Thanks (0) Thanks(0)   Quote tigerburnie Quote  Post ReplyReply Direct Link To This Post Posted: 19 Sep 2023 at 13:12
Have all their rugby debts been paid in full, if not I recall they will not be allowed to re-join the league.
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corporalcarrot View Drop Down
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Points: 4724 		Post Options Post Options   Thanks (0) Thanks(0)   Quote corporalcarrot Quote  Post ReplyReply Direct Link To This Post Posted: 19 Sep 2023 at 13:36
Originally posted by tigerburnie tigerburnie wrote:

Have all their rugby debts been paid in full, if not I recall they will not be allowed to re-join the league.
That requirement probably doesn't apply in leap years.
Dont kick it. Pick it up and GO FORWARD.
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Camquin View Drop Down
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Points: 12086 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Camquin Quote  Post ReplyReply Direct Link To This Post Posted: 19 Sep 2023 at 15:16
Like most thing in English rugby, it only applies if the RFU executive applies it.

The definition of a Rugby debt is vague.
I am sure that if you squint, then you can find a reason to admit Wasps, but looked at from a different angle, there are reasons to reject them.

Sweeney Delenda Est
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Kimbo View Drop Down
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Points: 6717 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Kimbo Quote  Post ReplyReply Direct Link To This Post Posted: 19 Sep 2023 at 16:05
Originally posted by Camquin Camquin wrote:

Like most thing in English rugby, it only applies if the RFU executive applies it.

The definition of a Rugby debt is vague.
I am sure that if you squint, then you can find a reason to admit Wasps, but looked at from a different angle, there are reasons to reject them.

Many millions of reasons.
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tigerburnie View Drop Down
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Points: 4053 		Post Options Post Options   Thanks (0) Thanks(0)   Quote tigerburnie Quote  Post ReplyReply Direct Link To This Post Posted: 19 Sep 2023 at 17:30
It's like this company is allowed to go somewhere, rip people off, trash the place then move on to another location and if past history repeats itself, it will all happen again. I bet people can't wait for them to rock up, where would they find an investor who will have to pump some millions into it to get it off the ground?

The brands new name could be Ichneumonidae..................a species of parasitic wasp that lands on it's host, sucks the guts out of it then flies off to find a new host to do the same again.


Edited by tigerburnie - 19 Sep 2023 at 17:40
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Runitback View Drop Down
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Points: 1230 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Runitback Quote  Post ReplyReply Direct Link To This Post Posted: 28 Sep 2023 at 19:43
Does Jersey’s demise, means Wasps could play in Championship this season? They have a ground, could take all the Jersey team and coaches? 

Stranger things!!!
Run with it
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WEvans View Drop Down
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Points: 1456 		Post Options Post Options   Thanks (0) Thanks(0)   Quote WEvans Quote  Post ReplyReply Direct Link To This Post Posted: 29 Sep 2023 at 13:30
Originally posted by Runitback Runitback wrote:

Does Jersey’s demise, means Wasps could play in Championship this season? They have a ground, could take all the Jersey team and coaches? 

Stranger things!!!

I know things are desperate but it would be a bit much expecting everyone leaving a club which can't pay them to join a "new" club based on one which previously defaulted on all it's debts!

Frankly anyone player or otherwise who takes up paid employment at any Premiership or Championship rugby club should do so knowing full well that they they might find themselves unemployed at a moment's notice.  
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corporalcarrot View Drop Down
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Points: 4724 		Post Options Post Options   Thanks (0) Thanks(0)   Quote corporalcarrot Quote  Post ReplyReply Direct Link To This Post Posted: 29 Sep 2023 at 19:10
Originally posted by Runitback Runitback wrote:

Does Jersey’s demise, means Wasps could play in Championship this season? They have a ground, could take all the Jersey team and coaches? 

Stranger things!!!
If you had suggested Jersey Irish I would have bitten yer hand off mate.
Dont kick it. Pick it up and GO FORWARD.
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Robb View Drop Down
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Points: 1711 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Robb Quote  Post ReplyReply Direct Link To This Post Posted: 29 Sep 2023 at 21:16
Originally posted by Runitback Runitback wrote:

Does Jersey’s demise, means Wasps could play in Championship this season? They have a ground, could take all the Jersey team and coaches? 

Stranger things!!!

Premiership cartel club stealing another club's position in the league. Jersey Wasps eh? Would smack of the Harlequins taking over Aylesford Bulls Ladies rather than having their own team fight their way up through the leagues like a normal club.
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Points: 171 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Thunderbird Quote  Post ReplyReply Direct Link To This Post Posted: 02 Oct 2023 at 09:52
Or Lichfield Ladies all moving to Leicester .Angry
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clieves View Drop Down
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Points: 428 		Post Options Post Options   Thanks (0) Thanks(0)   Quote clieves Quote  Post ReplyReply Direct Link To This Post Posted: 03 Oct 2023 at 13:38
Originally posted by Thunderbird Thunderbird wrote:

Or Lichfield Ladies all moving to Leicester .Angry

Or Waterloo Ladies all being taken by Sale
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tigerburnie View Drop Down
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Points: 4053 		Post Options Post Options   Thanks (0) Thanks(0)   Quote tigerburnie Quote  Post ReplyReply Direct Link To This Post Posted: 03 Oct 2023 at 14:59
Originally posted by Thunderbird Thunderbird wrote:

Or Lichfield Ladies all moving to Leicester .Angry
Not quite my wife's relative is on the Tigers squad, but played for Lichfield as she is coming back from an injury. As Northampton had already moved in on Loughboro' Students for "their" ladies team, the tie up with Lichfield was inevitable after the RFU would not let Lichfield in to the league, wrong old school tie again.
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Points: 3131 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Steve@Mose Quote  Post ReplyReply Direct Link To This Post Posted: 04 Oct 2023 at 12:10
Worcester Warriors Supporters Trust claim Atlas not investigated before buying club

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Worcester Warriors fans have written an official complaint, claiming former prospective owners Atlas were not investigated before buying the club.

Warriors Supporters Trust has made a complaint to ombudsman The Insolvency Service, as a "last resort" after trying to communicate their concerns to the administrators, Begbies Traynor.

The troubled ex-Premiership club went into administration a year ago.

They now have former Wasps owner Chris Holland as majority shareholder.

Begbies Traynor say they are satisfied they have complied with their duties since first being appointed in late September 2022.

In a statement to BBC Hereford & Worcester, they said: "If a complaint has been submitted, then we will respond to our regulator accordingly.

"Please note that we are fully satisfied that we have complied with our statutory duties under the Insolvency Act 1986 and in our position as officers of the court."

"Basically because of the lack of engagement we have taken it to a higher power, I suppose," said Warriors Supporters Trust spokesman Marcus Mulcahy.

"If they had answered our questions and said 'no, no, no this is what we have done, this was all by the book, this was Atlas' funding, it was all sort of proven' we wouldn't go ahead and complain but they haven't said anything at all."
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tigerburnie View Drop Down
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Points: 4053 		Post Options Post Options   Thanks (0) Thanks(0)   Quote tigerburnie Quote  Post ReplyReply Direct Link To This Post Posted: 04 Oct 2023 at 13:30
From a distance Begbies Traynor are not showing in a very good light are they?
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Points: 4339 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Halliford Quote  Post ReplyReply Direct Link To This Post Posted: 04 Oct 2023 at 16:01
Begbies Traynor are under no obligation to communicate with the Supporters Trust. Their sole aim is to achieve the best possible outcome for creditors of all types subject to the Insolvency Act and other regulation.
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Points: 3802 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Mark W-J Quote  Post ReplyReply Direct Link To This Post Posted: 04 Oct 2023 at 16:28
Who could possibly have guessed that Atlas would default on the repayment of the loan to Mr Holland?
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