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Worcester winding up order
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Camquin View Drop Down
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Points: 11158 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Camquin Quote  Post ReplyReply Direct Link To This Post Posted: 24 Aug 2022 at 08:38
O'Toole was on BBC Radio 4 Today programme, he has a meeting with the Americans today. Did not sound like a done deal yet.
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Points: 105 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Fly Half Quote  Post ReplyReply Direct Link To This Post Posted: 24 Aug 2022 at 07:29
Surely the first question is what happened to the approx £15 mill Worcester should have received from the CVC deal?

How can a club receive around £15 mill a couple of years ago, yet supposedly now owe the tax man around £6 mill. Am I missing something?

After the Saracens farce and the ongoing situation at Wasps, this really doesnt look good for the rfu. The Rugby Paper are also reporting that two other clubs might have similar problems. I assume all of these clubs received approx £15 mill via the CVC deal?


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Points: 2761 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Steve@Mose Quote  Post ReplyReply Direct Link To This Post Posted: 23 Aug 2022 at 23:36
Former CEO Jim O'Toole announces bid to buy troubled club

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Worcester Warriors could be saved from going into administration following an approach from a consortium led by former chief executive Jim O'Toole.

Irishman O'Toole, who still lives in the city, has told BBC Hereford & Worcester he has had serious interest from an American investor, which would also involving local businesses.

Warriors remain in dialogue with HMRC over their unpaid tax bill.

"I just don't want this city without a professional rugby club," said O'Toole.

"I still have a big emotional attachment to Worcester and I just want to be able to help in some small way. It's about saving the club, but in a sustainable fashion.
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Points: 11158 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Camquin Quote  Post ReplyReply Direct Link To This Post Posted: 23 Aug 2022 at 16:37
The house used by academy players has apparently been repossessed.


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Points: 1381 		Post Options Post Options   Thanks (0) Thanks(0)   Quote WEvans Quote  Post ReplyReply Direct Link To This Post Posted: 23 Aug 2022 at 16:25
Originally posted by Robb Robb wrote:

Originally posted by Halliford Halliford wrote:

Originally posted by Robb Robb wrote:

https://www.bbc.co.uk/sport/rugby-union/62630861

Reading this does not look good. Looks like the directors might be asset stripping before administration by the fact their other companies are now magically buying up Worcester's money making assets like the car park.

Exactly my thoughts when I read the piece in the BBC just now. Strip the income-generating assets, increase the rent to the Rugby Club, force it into administration, pay creditors a small proportion of what they are owed and restart with no debt. Isn't that how it goes? Except that HMRC may have cottoned on and, hopefully, the RFU won't allow it. Not holding my breath over the latter .....

If a layman like you and me can see it, then no doubt HMRC can see it too. The problem is what can the RFU do about it? 


Well if that did happen and the owners were to stay in place they could charge them with bringing the game into disrepute and ban them from the game.

But this is the RFU who are seemingly quite happy for those who orchestrated the cheating at Saracens for at least seven seasons to remain in place so you can forget that.
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Bit tenuous to refer to Goldring as a lawyer. 
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Points: 6529 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Richard Lowther Quote  Post ReplyReply Direct Link To This Post Posted: 22 Aug 2022 at 18:56
Lots of speculation in the Telegraph about Premiership continuing with 12 clubs should Worcester go and temp increase in salary cap to allow other clubs to sign up their players.

Also what would happen to P shares. 
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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: 22 Aug 2022 at 16:46
thank you
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Points: 11158 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Camquin Quote  Post ReplyReply Direct Link To This Post Posted: 22 Aug 2022 at 16:46
The link has a trailing %20 - this is a space. Trim that off and it finds the correct page
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Points: 2747 		Post Options Post Options   Thanks (0) Thanks(0)   Quote KnightsBoy Quote  Post ReplyReply Direct Link To This Post Posted: 22 Aug 2022 at 15:59
Originally posted by Pistacio Pistacio wrote:

i keep getting a message saying the article has been taken down? 

It's still available on the BBC, linking working 
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https://www.bbc.co.uk/sport/rugby-union/62630861

Edited by KnightsBoy - 22 Aug 2022 at 18:01
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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: 22 Aug 2022 at 15:49
i keep getting a message saying the article has been taken down? 
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Points: 1492 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Robb Quote  Post ReplyReply Direct Link To This Post Posted: 22 Aug 2022 at 14:07
Originally posted by Halliford Halliford wrote:

Originally posted by Robb Robb wrote:

https://www.bbc.co.uk/sport/rugby-union/62630861

Reading this does not look good. Looks like the directors might be asset stripping before administration by the fact their other companies are now magically buying up Worcester's money making assets like the car park.

Exactly my thoughts when I read the piece in the BBC just now. Strip the income-generating assets, increase the rent to the Rugby Club, force it into administration, pay creditors a small proportion of what they are owed and restart with no debt. Isn't that how it goes? Except that HMRC may have cottoned on and, hopefully, the RFU won't allow it. Not holding my breath over the latter .....

If a layman like you and me can see it, then no doubt HMRC can see it too. The problem is what can the RFU do about it? 

Worcester are an individual club who just hold membership, its not like the American franchises where the league can directly intervene if the people running it are doing something shady with the inner workings. And as for HMRc, if they flog off all the assets before going into administration, do the administrators have any jurisdiction over that which was sold ex post facto?


Edited by Robb - 22 Aug 2022 at 14:07
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Points: 231 		Post Options Post Options   Thanks (0) Thanks(0)   Quote One For The Ditch Quote  Post ReplyReply Direct Link To This Post Posted: 22 Aug 2022 at 13:57
Originally posted by Halliford Halliford wrote:

Originally posted by One For The Ditch One For The Ditch wrote:

Looking at Companies House these individuals have formed a number of companies in the past that have then been subject to compulsory strike-off.  Of those that continue to trade, with a few exceptions, they have been subject to late submission of accounts and confirmation statements. Read into this what you may.........

To be frank it is how a lot of entrepreneurs operate these days. Just read Private Eye's coverage of the Pandemic Profits.
I suggest that in this case they think that they are entrepreneurs......pair of rogues more like!
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Points: 4157 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Halliford Quote  Post ReplyReply Direct Link To This Post Posted: 22 Aug 2022 at 12:52
Originally posted by One For The Ditch One For The Ditch wrote:

Looking at Companies House these individuals have formed a number of companies in the past that have then been subject to compulsory strike-off.  Of those that continue to trade, with a few exceptions, they have been subject to late submission of accounts and confirmation statements. Read into this what you may.........

To be frank it is how a lot of entrepreneurs operate these days. Just read Private Eye's coverage of the Pandemic Profits.
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Points: 2980 		Post Options Post Options   Thanks (0) Thanks(0)   Quote castleparknight Quote  Post ReplyReply Direct Link To This Post Posted: 22 Aug 2022 at 12:12
As someone pointed out on Twitter this clause came into effect for the 2022/23 season is it backwards compatible? And as a chunk of this debt arose pre-pandemic what is the excuse then?
Onward and Upwards C'mon Donny!
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Points: 231 		Post Options Post Options   Thanks (0) Thanks(0)   Quote One For The Ditch Quote  Post ReplyReply Direct Link To This Post Posted: 22 Aug 2022 at 12:10
Looking at Companies House these individuals have formed a number of companies in the past that have then been subject to compulsory strike-off.  Of those that continue to trade, with a few exceptions, they have been subject to late submission of accounts and confirmation statements. Read into this what you may.........
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Points: 4157 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Halliford Quote  Post ReplyReply Direct Link To This Post Posted: 22 Aug 2022 at 11:08
https://www.rugbypass.com/news/how-worcester-might-escape-35-point-reduction/

Discussion here of the same issues and the possible RFU response.
 

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Halliford View Drop Down
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Points: 4157 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Halliford Quote  Post ReplyReply Direct Link To This Post Posted: 22 Aug 2022 at 10:55
Originally posted by Robb Robb wrote:

https://www.bbc.co.uk/sport/rugby-union/62630861

Reading this does not look good. Looks like the directors might be asset stripping before administration by the fact their other companies are now magically buying up Worcester's money making assets like the car park.

Exactly my thoughts when I read the piece in the BBC just now. Strip the income-generating assets, increase the rent to the Rugby Club, force it into administration, pay creditors a small proportion of what they are owed and restart with no debt. Isn't that how it goes? Except that HMRC may have cottoned on and, hopefully, the RFU won't allow it. Not holding my breath over the latter .....
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Robb View Drop Down
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Points: 1492 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Robb Quote  Post ReplyReply Direct Link To This Post Posted: 22 Aug 2022 at 10:27
https://www.bbc.co.uk/sport/rugby-union/62630861

Reading this does not look good. Looks like the directors might be asset stripping before administration by the fact their other companies are now magically buying up Worcester's money making assets like the car park.
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