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.
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.
“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.
“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 what the Sharks needed to get things going in the right direction Defence on the outside really creates havoc for the whole team and needs to be addressed.
7 Go to commentsWell done guys both teams will be ready to play knockout rugby.
1 Go to commentsSurprised that Ramos isn't starting at 15. But what a squad of galacticos!
2 Go to commentsWhy is it a snub? What journalistic garbage is that? Sure the guy is a great player, but there are plenty of loose forwards and not all of them can be Springboks. Also, I know of no-one who doubts Rassie’s judgment. South Africa has a conveyor belt of loose forwards that just keeps producing, so the competition is intense. I certainly wish him well, but there is no entitlement and there is no snub.
17 Go to commentsSkelton may be brought back for the Wallabies so that would be the only reason that may hinder Wilson. Easily the form, most skilful and game IQ of any Oz 8. Valentini’s best and favourite position is 6, but lineouts may be an issue with Skelton, Valentini and Wilson. Will be interesting what Schmidt goes for but for me Wilson should be picked on form. Schmidt rewards work rate, skill and consistency. All that glitters every so often won’t be in contention. Greely is one of those players that has a knack of making the right decision. A coach is going to love him because he knows week in week out he’s going to get the job done. The second try Greely wasn’t the guy who made the initial break it was Flook, Greely was at the bottom of the ruck when Flook was off along the sideline. Greely got up and made the effort to catch up with play but also read the play nicely and hit the pass from Campbell at pace and then held the pass beautifully to Ryan.
6 Go to commentsSpot on Ben. Dead right. Havili looked great at 10. Easily the highest rugby IQ of any NZ player these days. Getting a kick charged down is a result of getting used to adjusting your depth to the line at 10, which he will sort out with time. But other than that it was an outstanding first effort in that position this year. I think the NZ media has misunderstood this directive from Razor. Havili might rank behind B Barrett this year, but Beuden is 33 this month and won't last much longer. DMaC is great but flaky and not really a test match animal (his efforts in Dunedin versus Aus last year for example). If Razor can't have Mounga, DMaC is too unstructured for Razor (and is just too small for test rugby). Havili will end up our first choice first five, and in partnership with Jodie will be excellent. Two triple threat operators in tandem, and big bodies and tough tacklers to boot. Jordoe will be the ABs goal kicker. I am an Aucklander and Blues (and Warriors) fan, but Havili at 10 is going to be sensational in time… he can be the best first five in the world by the end of this year. No question.
6 Go to commentsSharks deserved to be far further back by the last quarter. Their tackling was awful, their set pieces were disappointing, their defensive organization was poor (especially on the Kok side of the D line), they kept making unnecessary errors, and they never looked like cracking the Clermont defense during those first 60m. Masuku kept them in touch, with some help from the Clermont generosity on penalty opportunities. Agree with the writer of this article. It was belligerence, and ability to raise their pressure game just enough, that turned the last quarter into a Bok-style shutout. Clermont have a reputation of not playing the full 80m, and there was a bit of that for sure. But, quite often when the intensity of a team drops off in the last quarter credit is due to the opponent for tiring them out. At 60m, with the Kok try, you thought that just maybe the game was on. At 70m, with the Mapimpi contribution, one felt that Clermont were fading, while facing a team that would maintain the pressure game through the final whistle. Good win in the end, but the Sharks are still playing way below their potential. And with their resources, and a coach that has had enough time to figure things out, they are running out of excuses.
7 Go to commentsGood riddance
1 Go to commentswel the crusaders were beaten by a queensland reds side that hadnt beaten them at home since 1999 and queensland reds partied like it was 1999
6 Go to commentsHard to disagree with the 5 points - with the exception that Wilson should be a squad member but, depending on the other loose forward selections, is not yet a shoo-in. McReight is. Aussie is looking a lot better this year and JS has some selection options. Also, Havili’s tendency to get caught, charged down is also a liability at times but he seemed focused (mostly) and is definitely a consideration for utility back-up. Still feel Reihana is a better prospect at 1st five for Saders.
6 Go to commentsYeah nah, still not sure on Havili tbh. Even though I’m a Crusaders fan through and through I’d be stunned if Razor considers him after seeing some of the stunning talent coming through up North.
6 Go to commentsThink it was a great defensive performance by Northampton. They didn't have stage fright in the first half, the Nienaber defense smothered them. They limited Leinster to 15-3 in the first half. It could have been over by then. A great try from Leinster in the start of the second half looked to have sealed it. But Byrne missed another conversion. Northampton started trying little kicks behind the Leinster wingers. Leinster messed one and Smith brilliantly made the conversion. Leinster decided to tighten the game after Byrne missed a straight forward penalty. A few errors got NH into the 22 and they scored and converted with a few minutes left. Another brilliant steal from Lawes saw NH have a final attack which was turned over by Conan. A classic semi final. World record attendance of 82,300. Leinsters 3 week preparation warranted for this one.
1 Go to commentsJust 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.
7 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.
7 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
7 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.
7 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.
5 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!
5 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 comments