Worcester's owners strike deal to sell crisis club
NEWS: Worcester’s co-owners agreed a deal to sell the financially-troubled English Premiership club on Tuesday as they moved closer to avoiding the threat of bankruptcy.
Terms of the agreement were being scrutinised by the respective legal teams on Tuesday, but Warriors co-owners Colin Goldring and Jason Whittingham are hopeful of concluding the sale.
Worcester have debts of more than £25 million ($28 million), including £6 million in unpaid tax, and faced administration if they are unable to find a new buyer.
A 14-45 defeat at London Irish on Saturday opened their Premiership season in fitting fashion after they were plunged into a desperate battle for survival.
Players and staff have still not been fully paid for August amid grave concerns over September’s payroll, but the news that an agreement is now in the hands of lawyers indicates an end to the crisis is in sight.
Efforts are being made to ensure Worcester’s first home match of the season goes ahead as scheduled with the new buyer providing financial support.
“We have been working closely with the interested party on the immediate deposit of significant funds which will allow Sunday’s Premiership match against Exeter at Sixways and Saturday’s Allianz Cup tie between University of Worcester Warriors and Harlequins to go ahead as scheduled,” a statement read.
“We will provide a further update both on the sale of the club and this weekend’s matches on Wednesday.”