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Worcester winding up order
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CJB1 View Drop Down
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Moseley

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    Posted: 17 Aug 2022 at 16:35
I'm hearing that Worcester RFC are being served with a winding-up order by HMRC over an unpaid tax bill.  Can anyone confirm this?
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Points: 312 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Pistacio Quote  Post ReplyReply Direct Link To This Post Posted: 17 Aug 2022 at 16:43
https://www.telegraph.co.uk/rugby-union/2022/08/17/worcester-warriors-hit-winding-order/

seems to be in the mainstream media. 

a function of them doing something wonky or are they suffering from something else?
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Moseley

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Points: 1921 		Post Options Post Options   Thanks (0) Thanks(0)   Quote CJB1 Quote  Post ReplyReply Direct Link To This Post Posted: 17 Aug 2022 at 16:46
Aha, there's more here: https://worcesterobserver.co.uk/news/warriors-hit-by-winding-up-petition-from-hmrc-over-unpaid-tax-bill/
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Points: 2898 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Steve@Mose Quote  Post ReplyReply Direct Link To This Post Posted: 17 Aug 2022 at 17:45
Worcester Warriors: Premiership club in dialogue with HMRC over unpaid tax bill

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Worcester Warriors have confirmed that they remain in dialogue with HMRC over the threat of a winding-up petition over an unpaid tax bill.

BBC Hereford & Worcester say several local businesses are also owed money by the Premiership club.

But Warriors say they are on the brink of new funding and have suffered 'unavoidable delays' by health issues.

The club said they are "working on solutions to secure the financial future and to pay outstanding tax".
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Points: 1220 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Runitback Quote  Post ReplyReply Direct Link To This Post Posted: 17 Aug 2022 at 21:38
To run a Premiership rugby team, mens or women's, you need very deep pockets as club rugby does not make money . . . Wasps and Worcester in serious trouble others will be similar .  ..  Sale might well be next!!!
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Moseley

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Points: 1921 		Post Options Post Options   Thanks (0) Thanks(0)   Quote CJB1 Quote  Post ReplyReply Direct Link To This Post Posted: 17 Aug 2022 at 22:14
OTOH it might just be sabre-rattling by HMRC to concentrate minds at Worcester to get the money together pronto.  If Worcester show some movement then they could be ok.
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Points: 4245 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Halliford Quote  Post ReplyReply Direct Link To This Post Posted: 17 Aug 2022 at 22:27
I’m helping someone else’s company, not a rugby club, with an HMRC debt. The taxman’s view is that if you can raise finance to run the business, you can raise finance to pay us. I suspect this is what is happening, Wuss need investment cover operating losses and HMRC are saying, ahem, pay us first!
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Not just Wuss in trouble
Wasps are in default on their bond and in dispute with CCFC over the state of the pitch.
They have not entered a CVA or administration yet, but.
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Points: 3320 		Post Options Post Options   Thanks (0) Thanks(0)   Quote kingsheathlad Quote  Post ReplyReply Direct Link To This Post Posted: 18 Aug 2022 at 07:35
The days when HMRC allowed a time to pay agreement appear to have gone, its a case  of  approach your bank for funds. 
Cauliflower ear.
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I think we have all known that Wasps and Worcester have had long standing financial problems but I've always wondered how London Irish are sustainable. Do they have a money man?
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Points: 3688 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Mark W-J Quote  Post ReplyReply Direct Link To This Post Posted: 18 Aug 2022 at 08:23
Irish are owned by Mick Crossan, who is the primary shareholder in their shirt sponsor, Powerday.  Not sure how deep his pockets are.
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Thanks for that Mark WJ, must be worrying though when the owner is also the shirt sponsor. Essentially, total reliability on a single person. Sounds very similar to Exeter.
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Diamond responded saying it was all in hand and he wasn't concerned, basically they are ok if covid doesn't shut the game down again.
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Points: 6435 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Kimbo Quote  Post ReplyReply Direct Link To This Post Posted: 18 Aug 2022 at 09:53
Originally posted by tigerburnie tigerburnie wrote:

Diamond responded saying it was all in hand and he wasn't concerned, basically they are ok if covid doesn't shut the game down again.
Is he also known as Shugs by any chance?
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Points: 6435 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Kimbo Quote  Post ReplyReply Direct Link To This Post Posted: 18 Aug 2022 at 09:58
Originally posted by Camquin Camquin wrote:

Not just Wuss in trouble
Wasps are in default on their bond and in dispute with CCFC over the state of the pitch.
They have not entered a CVA or administration yet, but.
Losing 10 mil a year, even before covid, and defaulting on bonds is not a good look. It's difficult to see a way out for them.
City are apparently going to be paying for the pitch, with an arrangement for Wasps to pay it back. Good luck with getting blood out of a stone Joy.
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Originally posted by Fly Half Fly Half wrote:

Sounds very similar to Exeter.

Isn't Exeter's business model based around the Sandy Park complex, which perhaps took a hit during Covid.

Time for Premiership clubs to lose marquee players, cut foreign players and reduce salary cap
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Originally posted by FHLH FHLH wrote:


Time for Premiership clubs to lose marquee players, cut foreign players and reduce salary cap
I think you'll find they already are. What is really needed is an RFU that knows what it's doing, puts in place proper checks like soccer does and enforces them..........oh and ditch the Gin and Prawn sarnies.
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Originally posted by Mark W-J Mark W-J wrote:

Irish are owned by Mick Crossan, who is the primary shareholder in their shirt sponsor, Powerday.  Not sure how deep his pockets are.

Quite deep
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Points: 6435 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Kimbo Quote  Post ReplyReply Direct Link To This Post Posted: 18 Aug 2022 at 13:42
Originally posted by tigerburnie tigerburnie wrote:

Originally posted by FHLH FHLH wrote:


Time for Premiership clubs to lose marquee players, cut foreign players and reduce salary cap
I think you'll find they already are. What is really needed is an RFU that knows what it's doing, puts in place proper checks like soccer does and enforces them..........oh and ditch the Gin and Prawn sarnies.
Quite. Dream on though.
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Points: 524 		Post Options Post Options   Thanks (0) Thanks(0)   Quote dropout22 Quote  Post ReplyReply Direct Link To This Post Posted: 18 Aug 2022 at 13:43
Originally posted by FHLH FHLH wrote:

Originally posted by Fly Half Fly Half wrote:

Sounds very similar to Exeter.

Isn't Exeter's business model based around the Sandy Park complex, which perhaps took a hit during Covid.

Time for Premiership clubs to lose marquee players, cut foreign players and reduce salary cap

Not a chance

It's already bad enough, either scrap the salary cap or up it!.

How far do we want to fall behind?
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