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Worcester makes big break as they agree to terms of their sale, with ‘interested party’ making a ‘substantial down payment’ to cash-strapped Premiership Rugby club to cover all wages owed
- Terms have been agreed by the owner for the sale of Worcester Warriors
- Subject to legal confirmation, Worcester’s future looks much more promising
- Buyers have made a ‘substantial’ deposit to help cover all wages to staff
Worcester’s owners agreed terms on Monday evening for the sale of the financially stricken club, subject to legal confirmation.
Staff were informed by CEO Peter Kelly that the final terms of the deal were being ironed out and that an internal update would follow.
It remains unclear whether the sale would lead to the departure of co-owners Colin Goldring and Jason Whittingham, or whether the investment would allow them to stay with Sixways.
Steve Diamond’s Worcester Warriors Got a Boost When It Comes to a Sales
Seen in an email by Sports postKelly explains that after a “productive day,” the sale was basically agreed with an unknown “stakeholder.”
It is clear that the buyers are not the consortium led by former CEO Jim O’Toole, which was willing to take over the Warriors, on the condition that the club is placed under administration to help debts close to £30million Reduce.
Crucially, it appears that there are funds ready for immediate investment to alleviate Worcester’s plight.
Terms have been agreed between the property of Worcester and buyers for the sale of the club
Kelly’s email added: “The buyers have agreed to deposit a substantial amount into our account to cover all wages owed and the money to allow the games to continue over the weekend.”
Steve Diamond’s Warriors will face Exeter in Sixways on Sunday, but the match day costs involved in organizing a match had raised doubts.
Once the deal is ratified and precise details revealed, it will make clear the likelihood of a true Worcester revival.
Recent weeks have shown that the playing team and staff have lost all faith in Goldring and Whittingham, making it doubtful whether any hierarchy involving them will thrive in the medium to long term.
The new buyers have made a substantial down payment to help cover all wages to the staff
Most employees still owe 35 percent of their August wages and at the end of last week some of them had not been paid at all.
Events picked up momentum on Monday evening, after a day of furious behind-the-scenes activity.
Local MPs are said to have met with the co-owners and held talks with the Ministry of Digital, Culture, Media and Sport regarding their calls for governance, as an urgent, drastic step needed to save the club.