Subscribe to Updates

    Get the latest news from Legacy Medi4!

    Our Picks

    Gene Expression in Neurons Solves a Brain Evolution Puzzle

    March 26, 2023

    Strange Signal From Decades Ago Hints at Hidden Oceans Orbiting Uranus : ScienceAlert

    March 26, 2023

    Here’s How to Rewire Your Brain So You Actually Look Forward to Mondays : ScienceAlert

    March 25, 2023

    Huge Study Finds Swathe of Genetic Risk Factors For Endometriosis : ScienceAlert

    March 25, 2023
    Facebook Twitter Instagram
    • Privacy Policy
    • Contact Us
    • About Us
    • Disclaimer
    Facebook Twitter Instagram YouTube
    Legacy Medi4Legacy Medi4
    • World News
    • Business
    • Entertainment
    • Health
    • Science
    • Sports
    • Technology
    Legacy Medi4Legacy Medi4
    Home»Sports»Worcester Warriors: Administrators’ report reveals full debts of more than £30m | Rugby Union News
    Sports

    Worcester Warriors: Administrators’ report reveals full debts of more than £30m | Rugby Union News

    Todd LivingstonBy Todd LivingstonNovember 21, 2022Updated:November 23, 2022No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email

     

    Worcester’s debts include £16.1m in public debt from the Covid Sports Survival plan, over £5.8m to ticket holders, retailers, businesses and banks linked to the club, £2.1m in unpaid taxes to HMRC, £6.8 m of payment and beyond. £2m for former owners

    Last Updated: 21/11/22 1:29pm

    A regulator's report has revealed Worcester Warriors' debts total more than £30m

    A regulator’s report has revealed Worcester Warriors’ debts total £30m

    A detailed report by manager Begbies Traynor has revealed Worcester Warriors’ total debts total £30m, as the relegated Premier League club continues its search for a new buyer.

    Former Worcester manager Jim O’Toole has an opportunity to complete the takeover, with a report sent to the club’s creditors revealing that O’Toole and James Sandford’s partnership have paid £500,000 to negotiate until the end of November.

    The report also claims that former Warriors owners Jason Whittingham and Colin Goldring are said to still owe the club more than £2m.

    The findings show that O’Toole’s partnership with Sandford has already invested more than $1m in the club, and has paid off a $634,000 loan taken out on land at Sixways that was taken over by the previous owners.

    WRFC Players Ltd – the company that held the contracts of Worcester Warriors players and other staff – has been wound up in the High Court.

    WRFC Players Ltd - the company that held the contracts of Worcester Warriors players and other staff - has been wound up in the High Court.

    WRFC Players Ltd – the company that held the contracts of Worcester Warriors players and other staff – has been wound up in the High Court.

    A final plea was heard regarding unpaid tax of around $6m, and the result resulted in the contracts of Worcester’s players being terminated immediately.

    Worcester were then suspended from the rest of the Gallagher Premiership and forced to relegation to the Championship was confirmed by the RFU.

    Former owners Goldring and Whittingham were disqualified from being directors of the company for 12 months following a court ruling in Cardiff in October for failing to file accounts for the financial year until 28 February 2021.

    In a recent report, Begbies Traynor confirms that the club owes the government £16.1m from the Covid Sports Survival plan, and still owes £2.1m in unpaid tax to HMRC.

    Worcester and Wasps both went into relegation and were relegated from the Premiership within two weeks.

    Worcester and Wasps both went into relegation and were relegated from the Premiership within two weeks.

    Ticket holders, retailers, businesses and banks linked to the club are also owed more than $5.8m, while WRFC Players Ltd owed $6.8m before bankruptcy.

    Management has also confirmed that even if all of Worcester’s assets are sold, the expected proceeds will not be sufficient to cover existing liabilities.

    Joint inspector Palmer said in the report that the money owed to HMRC is “highly likely” to be repaid, while the Government’s debt will be taken over by a future buyer.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
    Todd Livingston

    Related Posts

    Formula 1 launches: AlphaTauri reveal new look for 2023 season

    February 11, 2023

    Celtic 5 – 1 St Mirren

    February 11, 2023

    Rampant Australia hammer New Zealand in World Cup opener | Cricket News

    February 11, 2023

    Leave A Reply Cancel Reply

    Our Picks

    Gene Expression in Neurons Solves a Brain Evolution Puzzle

    March 26, 2023

    Strange Signal From Decades Ago Hints at Hidden Oceans Orbiting Uranus : ScienceAlert

    March 26, 2023

    Here’s How to Rewire Your Brain So You Actually Look Forward to Mondays : ScienceAlert

    March 25, 2023

    Huge Study Finds Swathe of Genetic Risk Factors For Endometriosis : ScienceAlert

    March 25, 2023

    Subscribe to Updates

    Get the latest news from Legacy Medi4!

    Our Picks

    Gene Expression in Neurons Solves a Brain Evolution Puzzle

    March 26, 2023

    Strange Signal From Decades Ago Hints at Hidden Oceans Orbiting Uranus : ScienceAlert

    March 26, 2023

    Here’s How to Rewire Your Brain So You Actually Look Forward to Mondays : ScienceAlert

    March 25, 2023

    Type above and press Enter to search. Press Esc to cancel.