Exeter debts 'incomparable' to other clubs as Chiefs aim to sell 'non-rugby asset'

Exeter have played their home games at Sandy Park since 2006

Debts that Exeter are looking to pay off with the sale of one of their 'non-rugby assets' are "incomparable" to the debts faced by Wasps and Worcester, says director of rugby Rob Baxter

Chiefs want to sell the asset to help repay loans taken out during Covid-19.

According to accounts up until 30 June 2021, the group that runs the club had total borrowings of £28.1m.

Those included a Barclays Covid-19 loan of £5m, a Sport England loan of £6.8m and a NatWest loan of £6.6m.

Worcester and Wasps both went into administration and were removed from the Premiership last month after being unable to repay various debts.

Worcester were given a £15m loan from Sport England as part of the government's sports survival package during the pandemic and had an overall debt believed to about £25m, including £6m owed to HMRC in unpaid tax.

Wasps have struggled to repay a £35m bond taken out to buy the CBS Arena and their most recent set of accounts for Wasps Holdings showed an £18.5m loss over a two-year period, with current liabilities of £54.7m.

"It's a decision to keep the club moving forward, that's what it's about," Baxter told BBC Sport.

"It's not in as pleasant a circumstances as some other decisions we've made, but it's only the same as when we asked if we could invest the CVC money in a hotel or build a new grandstand on the other side of the field."

Exeter are run by their members, who will meet on Wednesday, 30 November to decide whether or not to sell the asset.

The Chiefs have not stated which 'non-rugby asset' they are planning to sell.

But the club hold a 75% share in the company that operates the Sandy Park Hotel - a £40m development which was officially opened at the end of April.

"This is in the board's mind the most sensible way forward," Baxter added. "If they reject it, the only thing to do is you have to find another way.

"If it hadn't been for what's happened at Wasps and Worcester we probably wouldn't have even made a comment because no-one would have been searching for a story, it would have just been going on and it would have been a decision that was made, and it would just probably have come out afterwards.

"It's just putting our ducks in order with regards to the yeses and nos that have to happen for the directors to act in the way they see the business going forward."