Always a Wasp

I totally agree with Wombles and Rossm. Will all other leisure and entertainment industries be closed for 10 days? I admired and respected Queen Elizabeth, but we live in a different age to when she acceded to the throne.

Shades

California

My post was entirely accurate. As I said, The bondholders have organised themselves so they can act, they have enough nominal value to take some action, they haven’t decided to take any action yet, they are prepared to give Wasps limited time to reveal the refinancing.

If Steve hasn’t provided evidence of his bond holding to the Trustee, then his name and contact details won’t/ shouldn’t have been on the list shared with those who have provided both proof and permission to the Trustee. He won’t/shouldn’t be part of the 10% plus and hence won’t be party to any discussions they may be having between them. What Steve hasn’t said is whether he hopes Wasps come through this unscathed having had his investment returned, which I am sure all bondholders would be hopeful of.

Daily Telegraph
Worcester co-owners hit back at MPs' call to put club into administration
Colin Goldring and Jason Whittingham claim three sets of buyers are in discussions to take over the Premiership club

By Charlie Morgan, Senior Rugby Writer5 September 2022 • 8:13pm
Colin Goldring and Jason Whittingham, Worcester Warriors’ co-owners, have hit back at local MPs for calling for the club to be put into administration, claiming that a potential buyer is “moving at an especially rapid pace”.

This comes after another dramatic day on which it emerged that Worcester face relegation if they go down the administration route because the Rugby Football Union’s deadline for the new season has now passed.

The MPs speaking out were Robin Walker, Harriett Baldwin, Rachel Maclean and Mark Garnier, whose constituencies are in the area surrounding Sixways, and they had implored the Department of Digital, Culture, Media and Sport (DCMS) to intervene.

Their belief is that immediate administration would be the best course of action to keep Worcester in the top flight. But what has clouded the issue is that the RFU's threshold for the current season to begin is understood to have been last Saturday, September 3 – even though the Premiership does not start until the coming weekend.

Under the regulations, a club can be docked 35 points if they go into administration between seasons. If they go into administration during a season, though, automatic relegation is on the cards.

Worcester could be able to apply for their plight to be considered as a “no-fault insolvency event”. In this case, the RFU would have the freedom to waive any punishment. Were Goldring and Whittingham to find a buyer and complete a sale without the club going into liquidation or administration, Warriors would not be relegated.

The four MPs, in a joint statement, said that “enough is enough” and that “rapid action” was vital to secure top-flight rugby union for their local Premiership club amid “appalling mismanagement”.

Worcester’s co-owners responded hours later saying they were “disappointed” with the politicians’ arguments.

'Three sets of buyers are in discussions'

“We would like to make it clear that we have kept the DCMS fully informed about the financial situation at Worcester Warriors,” the owners wrote.

“They are aware of the options which are on the table to save the club together with the disastrous implications posed to the club by any administration, in particular the risk of losing the club’s P-share. [A P-share entitles club owners to a greater cut of revenue from broadcasting and other central streams generated by the Premiership].

“The DCMS has been very supportive every step of the way and we thank them for their continued support and cooperation. The DCMS knows that three sets of buyers are in discussions with us. All three buyers are serious propositions and all the deals being considered would avoid the club going into administration. One of the buyers is moving at an especially rapid pace.”

Goldring and Whittingham also claimed that there had “no attempt at engagement whatsoever” from local MPs and reiterated their position with regard to the prospect of administration.

“Avoiding administration is in the best interests of the club’s creditors, not to mention its players and staff,” they said. “Pursuing a deal which includes payment to all creditors as well as working capital best serves the club and the local community. Therefore, the DCMS has been giving us the time to pursue viable options.

“On the other hand, forcing Worcester Warriors into administration as these MPs have asked risks the club losing its players and staff, losing its P share, wiping off the debt owed to local businesses and to HMRC, and incurring severe RFU sanctions.”

“We continue to work tirelessly on a solution to keep all aspects of Worcester Warriors in business, able to pay its debts, and able to carve out a future which holds success both on and off the pitch.

“We understand that we are under scrutiny and that our actions are being questioned. Our best response to this is to stay focused and put all our time and energy into getting the best deal for the club, its players, staff, partners, sponsors and creditors across the line – and that is what we continue to do.”

Meanwhile, London Irish chief executive Mark Bensted has called for the wider rugby community to attend Saturday's match between his club and Worcester to show their support for Warriors' players and staff following a turbulent few weeks.

“In difficult times like these, it is crucial that everyone involved in the sport rallies round to support their clubs and to show acts of solidarity wherever possible" said Bensted.

“I would very much like to encourage you all – supporters of both clubs and the wider rugby family, including supporters of Harlequins, Saracens and Richmond who don’t have a home match this weekend – to attend the game on Saturday in what promises to be a special occasion.

“All Worcester Warriors staff, players and supporters will feel a very warm London Irish welcome this Saturday, and I would encourage the wider rugby community to come along and show their respect and appreciation for them all.”

That’s my point really - it’s just pretty poor journalism that is light on anything new and skewed to garner cheap support.

The bondholders “organising themselves was new to the media, and the rest around the bonds is context. They have reached over the 10% needed to call an EGM via the trustee, and that’s from the very small number of visible bondholders. The quote from one is representative of some but the majority seem prepared to give a short period of time given a lack of trust. If the refinance comes off, all will be good, but if it doesn’t I think their patience will have been exhausted.

He is not even trying to hide his bias anymore.

What bias. Everything he has said is true.

Blinders