US-led consortium hopeful of saving Worcester Warriors from administration
The former Worcester Warriors chief executive Jim O’Toole is optimistic a newly-formed consortium could save the club from administration. O’Toole is spearheading the takeover bid, majority-backed by a US company with additional support from Worcester businesses.
He moved another step forward on Tuesday afternoon after positive conversations with both the American investors and the club’s administrator.
“Things happened quickly over the last 24 hours,” O’Toole told the PA news agency. “The group on the ground pulled together some thoughts on what a sustainable long-term business plan would look like, using the assets of the club, the land, the stadium etc.
“Then I had a meeting with my American client this afternoon and they said: ‘We’d really like to see if we can help. We’d like to be part of that consortium, can you please go ahead and push whatever buttons you need to do to start that process.’”
And after a subsequent meeting with the administrator, O’Toole said: “We now are very clear on what we need to get to the stage where we can get a rapid decision from the stakeholders involved.”
Those stakeholders include the Rugby Football Union (RFU), Premiership Rugby and investors CVC Capital Partners, as well as Warriors’ administrators.
Worcester are reportedly on the brink of administration following a winding-up petition over unpaid tax being issued by HM Revenue & Customs last week. The owners, Colin Goldring and Jason Whittingham, said they remain in ongoing discussions with HMRC, Premiership Rugby, the RFU and the Department for Digital, Culture, Media and Sport.
While O’Toole wouldn’t directly name the potential US investors, he said they have “multiple interests in sport, but they are a true conglomerate with fingers in
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