• Sun. Jan 29th, 2023

Wasps owners approved, Worcester bid rejected

BySwanzi010

Dec 22, 2022

Dec 16, 2022

England’s Rugby Football Union (RFU) on Friday approved the application by a bidder for the planned takeover of Wasps but rejected another for Worcester Warriors after an assessment by the governing body’s Club Financial Viability Group.

Financially-hit Wasps and Worcester have both been suspended for going into administration and will drop from the top-flight Premiership to the Championship in the 2023-24 season.

The RFU said the application for Wasps was approved subject to specific conditions being met and that it would continue to work with the bidder over the coming weeks.

Conditions include financial commitments to ensure the club remains funded, the lodging of a significant bond, the regular provision of financial and other information as well as the swift payment of rugby creditors.

However, the RFU was not satisfied with information provided by potential buyers of Worcester on their financial position and their ability to continue to fund the club and deliver on the business plan provided.

“We are pleased to be able to proceed with the approval for Wasps and thank the bid team and administrator for the open and collaborative approach working with us through the process,” RFU CEO Bill Sweeney said in a statement.

“We understand that the decision will not be the news that Worcester Warriors’ former staff, players and fans will want to hear; the best long-term interests of the club and rugby in Worcester is our key priority.

“In the coming days we’ll be in touch with the administrator to discuss other bid options as our goal remains to support the continuation of the club in Worcester.”

Source : Sky.com

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