Worcester Warriors AGREE terms for sale of the club

Worcester make major breakthrough as they AGREE terms for the sale of the club… with ‘interested party’ for cash-strapped Warriors making ‘substantial deposit’ to cover all wages owed

  • Terms have been agreed by ownership for the sale of Worcester Warriors 
  • Subject to legal confirmation, Worcester’s future looks much more promising 
  • Buyers have made a ‘substantial’ deposit to help cover all wages owed to staff 

Worcester’s owners agreed terms for the sale of the financially stricken club, subject to legal confirmation, on Monday night.

Staff were informed by managing director Peter Kelly that final terms on the deal were being ironed out and an internal update would follow. 

It remains unclear whether the sale would lead to the departure of co-owners Colin Goldring and Jason Whittingham, or whether the investment would allow for them to stay at Sixways.

 Steve Diamond’s Worcester Warriors have been handed a boost when it comes to a sale

In an email seen by Sportsmail, Kelly explains that after a ‘productive day’, the sale had been agreed in principle with an unknown ‘interested party’.

It is understood that the buyers are not the consortium fronted by former chief executive Jim O’Toole, which had been prepared to take control of the Warriors subject to the club being placed into administration to help reduce debts of nearly £30million.

Crucially, it appears that funds are in place, ready for immediate investment to ease Worcester’s plight. 

Terms have been agreed between Worcester's ownership and buyers for sale of the club

 Terms have been agreed between Worcester’s ownership and buyers for sale of the club

Kelly’s email added: ‘The buyers have agreed to deposit a substantial amount of money in our account which will cover all wages owed and the funds enabling the games to go ahead at the weekend.’

Steve Diamond’s Warriors are due to take on Exeter at Sixways on Sunday, but the match-day costs involved in staging a game had left the fixture in doubt.

Once the deal has been ratified and precise details have been revealed, it will clarify the likelihood of a true Worcester revival.

It has emerged in recent weeks that the playing squad and staff have lost all faith in Goldring and Whittingham, making it doubtful whether any hierarchy involving them could be expected to prosper in the mid-to-long-term.

The new buyers have made a substantial deposit to help cover all the wages owed to staff

 The new buyers have made a substantial deposit to help cover all the wages owed to staff

Most members of staff are still owed 35 per cent of their August wages and, as of late last week, some of them had not been paid whatsoever.

Events developed in a hurry on Monday evening, after a day of furious activity behind the scenes. 

Local MPs are understood to have held meetings with the co-owners, as well as holding talks with the Department for Digital, Culture, Media and Sport in relation to their calls for administration, as an urgent, drastic step needed to save the club.