Worcester Warriors administrators Begbies Traynor have warned new owners Atlas that it must complete its takeover of the club by 2 May.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Outlined a report by the former Premiership side’s administrators detailing its work since it was appointed back in September last year, it states: “The terms of the sale agreement require Atlas to complete the transaction by May 2, 2023.” The report also confirms Atlas were appointed at the start of February when they paid an exclusivity fee of £500,000.
Since being appointed, Atlas Worcester Warriors – set up by former Worcester Warriors chief executive Jim O’Toole and Atlas Sport Tech founder James Sandford – have withdrawn their application to play in next season’s Championship Rugby and attempted to form a merger Stourbridge. They also outlined plans to rebrand as Sixways Rugby, before a negative fan reaction saw them do a quick U-turn.
They also said an agreement in principle had been reached to allow Wasps, which also fell into administration last year before being taken over by one of its former non-executive directors Christopher Holland, to play at its stadium Sixways next season – however nothing has been said publicly from either club since.