Worcester Warriors: Preferred bidders Atlas given two more weeks to finalise offer
- Published
Ex-Warriors chief executive Jim O'Toole has worked as a sports consultant since exiting Sixways in 2017
Worcester Warriors' preferred bidders - fronted by Jim O'Toole - have been given two more weeks to finalise their bid for the relegated Premiership club.
Atlas Worcester Warriors Rugby Club Ltd, led by ex-Warriors CEO O'Toole and business partner James Sandford, were chosen ahead of a bid led by the club's former director of rugby Steve Diamond.
The consortium's exclusivity period had been due to end on 30 November.
But an extension until 14 December has come from administrator Julie Palmer.
One key part of the need for extra time is to provide clarity from English rugby's two governing bodies, the Rugby Football Union and Premiership Rugby, on two key issues - suspended Warriors' now seven-week-old appeal at relegation from the Premiership and the loss of their 'P' share, the club's rights to hold on to their allocation of revenue generated from the league, worth about £2.5m per club, about 10% of each club's income.
Palmer, from administrators Begbies Traynor, said: "Following a period during which the preferred bidder has been working at speed to complete the transaction to acquire the business and assets of Worcester Warriors, we are extending the period of exclusivity for a period of a further two weeks as originally anticipated.
"This remains a complex transaction with the focus of all relevant parties and stakeholders on ensuring a long-term viable future.
"While the sale is not conditional on these outcomes [of relegation appeal and P share decision], early clarity would assist us with the tight deadlines we are working to in order to rescue the club and ensure a playing squad can be rebuilt in good time for next season."