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Sixways statement: Financial collapse of Worcester owners Atlas
Atlas Worcester Warriors have fallen into administration with Loxwood Holdings, the group company that owns Wasps, stepping in to take over the former Sixways-based Gallagher Premiership club.
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It was only last May when the Jim O’Toole and James Sandford Atlas consortium became owners of the Sixways-based club that hasn’t played since its suspension by the RFU in September 2022.
It has emerged that this deal only got over the line 11 months ago when Loxwood stepped in to provide financial assistance to Atlas so that they could complete their takeover deal with the administrators, Begbies Traynor.
This financial assistance was only supposed to be a short-term position. However, despite this funding including the means to meet the operational costs of the stadium, Atlas were unable to meet its ongoing financial obligations and it entered an insolvency process.
Rather than seek the liquidation of Atlas, which could have resulted in the closure of the stadium, Loxwood instead sought to arrange a pre-packaged administration process that would ensure the stadium’s continuous trading. A newly incorporated group of companies funded by Loxwood have now acquired the business and assets of Atlas.
Please see our response to the statement released by Loxwood Holdings and Chris Holland.https://t.co/PhsrWsvDbB
— Worcester Warriors Supporters Trust (@TrustWarriors) April 25, 2024
A Sixways Stadium statement read: “In May 2023, a group company that owns Wasps RFC stepped in to financially assist Atlas Worcester Warriors in completing the purchase of the former Worcester Warriors rugby club from its administrators.
“That financial assistance was only intended to be a short-term position to help and assist in the eventual recovery of Worcester Warriors and to allow Wasps a short-term option to play at Sixways Stadium in Worcester, as part of their committed and determined relocation to an eventual new stadium in Kent.
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“Unfortunately, despite Loxwood’s financial assistance, which included providing funding to meet the operational costs of the Stadium, Atlas was unable to meet its ongoing financial obligations and, as a result, Atlas has entered into an insolvency process.
“Given that the ultimate and stated aim of Loxwood has always been to protect and recover elite-level rugby in a sustainable way, we embarked on a strategy which involves forming a newly incorporated group of companies who have acquired the business and assets of Atlas.
“Facing this position, Loxwood were left with a difficult choice. Either seek the liquidation of Atlas which could have resulted in the closure of the Stadium or seek another solution, through a pre-packaged administration process.
“This would ensure the continued trading operation of the stadium, with funding being provided to energise the commercial operation and at the same time support active steps to preserve and return elite level rugby, as Worcester Warriors.
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“Elite level rugby is important to Worcester, and we have had proactive dialogue with the RFU and the Championship, including giving formal notice of the intent to return Worcester Warriors to the second tier of English rugby.”
When Atlas finally completed its transaction with the administrators last May, its owners claimed it would soon deliver its vision for rugby in the area.
A short statement to show our support around the good news regarding Worcester Warriors and Loxwood Holdings, showing a positive step in the right direction to Elite rugby to the city of Worcester!
We look forward to working together in the future! pic.twitter.com/FTPeDhYaXJ
— Worcester Warriors Foundation (@WarriorsCF) April 25, 2024
A statement at that time read: “Atlas WWRFC are delighted to confirm they have completed the transaction with the administrators and now look forward to delivering their vision for rugby, the business, and the wider community at Sixways.
“Atlas thank Begbies Traynor and their advisors for their collaborative approach, alongside the Warriors fans and wider rugby community for their patience and support.
“Atlas would also like to acknowledge the role of Aaron Harlow and his team at Shoosmiths in guiding us through this challenging and complex process from start to finish.
“A final special thanks and recognition must also go to the staff at Sixways who have kept the venue operation going successfully. Their tireless work continues to keep people employed whilst successfully delivering for a range of clients during challenging circumstances.
“Atlas acknowledges they have been quiet in the media until today, having been focused on the complexities of the deal and the various elements required to regenerate a sustainable business for the community of Worcester.
“They will announce the next fans forum date soon as they push forward to ensure a bright future for all at Sixways.”
Comments on RugbyPass
Just came back from the game and the atmosphere was amazing. Players stayed afterwards for more than a hour to sign stuff and take photos with fans. Great day out.
5 Go to commentsA great game. The Sharks without Etsebeth are a shadow of the team compared to when he plays. The limitations of Some of the expensive Sharks players are being exposed. Credit to Clermont for some exhilaration play at times.
5 Go to comments100% Mr Owens. But who would want to be a referee.? It must be the most difficult job on earth.
1 Go to commentsStarts to be overdone and oversold this systematic SA narrative…which nevertheless has the merit in this case to recognise blatant refereeing mistakes in their favor
5 Go to commentsNice article. Shades of Steinbeck. They can win the final if they take the game seriously; but only if they take it seriously.
5 Go to commentsWhat a sad way to end a glittering career. Somebody should tell him to delete his social media accounts and face the consequences of what he's done. Then he should slip away quietly into obscurity. This isn't likely to happen, something tells me he'll be back in The Sun / Daily Mail sooner rather than later.
3 Go to commentsguys its fine! he understands why he did what he did and has taken accountability for it; why should he have to be accountable to a court? after all he did was abuse people in person - its not as if he was engaging in _online_ abuse!
3 Go to commentsChiefs flanker Kaylum Boshier yellow-carded for collapsing the scrum as it rolled towards the line. It was a maul….
1 Go to commentsyou know, i’m a leinster fan so I want Northampton to lose and it is gonna be tuff with Cortney lawes, Alex michell and the other guys🏉 lets go leinster🏉
1 Go to commentsWelcome to the Pro ranks. Those hard teams of old do hit the sole better though. its a dog fight at the top.
6 Go to commentsCan someone fill me in please, I've read a number of Ben Smith articles now and it seems he's got something again South Africa? Surely, this game was over and done with 7 months ago. Can't we have something a bit more interesting and relevant, or is this the calibre of journalist on this site?
229 Go to commentsNot sure what the Welsh are moaning about. They’ve had far more players off England, than England have had off Wales. Guys like Josh Hathaway and Kane James will play for Wales in the end. And they’ll be fsr better players for having played in the Gallagher Premiership, than they ever would have been had they stayed mired in the shambles that is Welsh rugby.
4 Go to commentsThis is all being blown totally out of proportion. First of all, since half the Irish team isn’t Irish - it’s very likely that none of the Irish players said that at all and, thus, we’re not being arrogant. Second, since half the Irish team is Kiwi - it’s very likely the Kiwi players were predicting a NZ SA World Cup final. Which they got spot on. Good on them!
163 Go to commentsAha. An Irishman with logic! Follow the flow: - Ireland peaks with a >80% win record between 2020 and 2023. And then… - crashes out of another QF at the WC; - Beat a poor French Team; - Beat 6N wooden spoonists Italy; - Play shite against eventual wooden spoonists Wales; - Lose against the most boring, “the worst English team ever” , a team widely regarded as unable to attack; - scrape through against Scotland. This article, No - Trimble, is on the money! Except for one glaring statement: _The Springboks have a few aces in the hole in this debate being the reigning world champions and official world number ones_ There is no debate, boys and girls. There it is. In black and white. “Reigning World Champions and OFFICIAL world number ones”. Come July, the overrated Andy Farrell and this overhyped team are going to enter into a world of hurt.
90 Go to commentsI’d like to know what homoerotic events Daniel enjoyed at 8th man. I clearly missed out!
19 Go to commentsThis article is missing some detail, like some actual context or info about what led to him abusing the ref.
2 Go to comments*They used to say that football is a gentleman sport watched by hooligans and rugby is a hooligan sport watched by gentlemen. How times have changed.*
3 Go to commentsexcept ot wasnt late wasnt late at all so dont know why you all saying its late he commits early and its your fault fir not paying attention
30 Go to commentsNot sure the Bulls need another average utility back in their ranks. Chamberlain has been ok for the Sharks but is by no means an X-Factor player. Bulls bought several utility backs which they barely use. A typical example would be Henry Immelman who plays mostly Fullback. The Bulls however have rarely played him this year and he has played wing or centre. Bulls want to build depth but seems like they have too many surplus players
1 Go to commentsABs lost against a side playing without a hooker - The guy playing, had one shoulder. Line outs were a gimme for the ABs, and the last 8 minutes 14 played 14 against a team that had been smashed 3 weeks in a row… Yet with all that possession, with all that territory, with all the advantages they actually had, especially in the last 8 minutes, they couldn’t buy a point. Those last 8 minutes determined if they outplayed the Boks or not. History will show that the Boks completely outplayed the ABs, especially in those last 8 minutes, the business end of any rugby match
229 Go to comments