Wasps and Worcester update as club set for liquidation tomorrow
Rugby NewsTuesday, 04 October 2022 at 18:15
Premiership side Worcester Warriors are suspended from all competitions and face liquidation at the high court on Wednesday.
HM Revenue and Customs is pursuing the Warriors for unpaid tax in the region of £6m and is to press ahead with the winding up petition knowing the club under current ownership is in no position to clear the debt.
Meanwhile, a more positive statement issued by Wasps Holdings Limited revealed that talks are at "a relatively advanced stage" with possible investors in the face of a winding up order from HM Revenue and Customs for £2m in unpaid tax.
"A second notice of intention to appoint administrators has been filed to allow negotiations on securing its long-term future to continue and to protect the interests of the group," a spokesperson for Wasps Holdings Limited said.
"Since filing the original notice of intention on September 21, a number of additional potential investors and funders have come forward.
"Discussions are now at a relatively advanced stage and we remain hopeful of securing a deal that will allow the group, and the entities that sit within it, to move forward.
"We would like to thank all stakeholders for their engagement during this process and in particular the constructive support and approach provided by the Rugby Football Union and Premiership Rugby.
"This will continue to be vitally important as negotiations with interested parties proceed and we remain in regular dialogue with both organisations.
"While the financial circumstances facing the group are extremely challenging, we remain optimistic about a positive outcome and will keep our players, staff, supporters, partners, bond holders and suppliers updated as this process moves forward."
All 13 Premiership Club Owners Ranked By Their Net Worth
Gallagher Premiership owners are growing richer than ever before, but how much are they worth?
There's currently trouble at Worcester Warriors, which isn't awfully surprising when you compare their owners wealth to their Premiership rivals
Four clubs have no clear owner:
Exeter Chiefs: N/A
Club states that it remains owned by 700 members, the shares held by John Lockyer, Bob Staddon, Paul Derbyshire and Ian Pugsley acting as trustees.
Leicester Tigers owner: N/A
Most recent annual return notes a large number of individual shareholders; club states that no person owns 50% or more of the club shares.
Saracens: N/A
No overall controlling party following the purchase of the club from Nigel Wray.
Northampton Saints owner: N/A
No overall controlling party.
Now, take a look through the gallery to reveal the estimated net worth of the Gallagher Premiership's owners and top shareholders.
9. Colin Goldring and Jason Whittingham: net worth - £3 million
8. Newcastle Falcons owner: Semore Kurdi net worth - £20 million
7. Harlequins owner: Duncan Saville net worth - £20 million
Ultimately owned by Union Mutual Pension Fund Ltd, registered in the tax haven of Bermuda. Reported to be owned by financiers Charles Jillings and Duncan Saville
6. Gloucester owner: Martin St Quinton net worth - £20.2 million
Ultimately owned by Martin St Quinton, who made his fortune from selling his company Azzurri Communications.
5. Sale Sharks owner: Simon Orange net worth - £25m
Owned by Simon Orange via a holding company, CorpAcq Ltd. The combined cash at bank value for all businesses where SIMON holds a current appointment equals £20.6m, a combined total current assets value of £99m with a total current liabilities of £119.9m and a total current net worth of £-25m.
4. London Irish owner: Mick Crossan net worth - £45.5 million
3. Wasps owner: Derek Richardson net worth - £60 million
Owned by Derek Richardson via Moonstone Holdings, a company registered in Malta.
2. Bath owner: Bruce Craig net worth - £249 million
The accounts state that the ultimate controlling owner is the sole shareholder, Bruce Craig.
1. Bristol Bears owner: Stephen Lansdown net worth - £1.35 billion
Bristol City majority shareholder Steve Lansdown has lost £370m over the last 12 months, likely as a result of the Covid-19 pandemic, according to the Sunday Times.
Lansdown’s wealth is valued at £1.35bn, down from £1.72bn last year, and the Bristolian billionaire has fallen 22 places in the newspaper’s annual Rich List.
The 67-year-old Guernsey-based businessman is now ranked outside Britain’s 100 wealthiest people, dropping from No83 in 2019 to No105 in 2020.
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