Worcester Warriors: Chris Holland handed more time to 'finalise' purchase
- Published
Chris Holland is now at the helm of two former Premiership clubs, Worcester and Wasps
Worcester Warriors' owners have been given more time to finalise the buying of the troubled ex-Premiership club.
When Atlas were announced as new Warriors owners in May, having paid £2m to complete the purchase of WRFC Trading Limited, they were required to pay another £1m by Monday, 9 October.
Wasps owner Chris Holland then took over as Atlas majority shareholder.
But Warriors' administrators Begbies Traynor say there is still some "flexibility" to finalise the payments.
Begbies Traynor say that, although Holland has now replaced original Atlas owners Jim O'Toole and James Sandford, the sale is being conducted under the name Atlas Worcester Warriors.
BBC Hereford & Worcester received a statement from one of Holland's companies, Loxwood Holdings, outlining that they now own the 97% holding of WRFC Trading by default as Atlas had failed to repay a loan by the due date of 28 May.
But Begbies Traynor spokesman Julie Palmer confirmed: "Atlas Worcester Warriors Rugby Club Ltd purchased the business and assets of WRFC Trading Ltd (in administration) on 2 May.
"The consideration payable on completion was £2,050,000.
"The deferred consideration was originally payable over a two-year period.
"However, the deferred consideration payment date was varied to 9 October as a result of commercial negotiations.
"The purchaser is focused on finalising this aspect in short order and the deadline will be afforded some flexibility to enable this.
"The deferred consideration is payable by Atlas Worcester Warriors Rugby Club Ltd and not any other party.
"There is unlikely to be any further material development until the assets of community value nomination for the land at Sixways has been resolved."
It was a year ago this week that Warriors, along with Midlands rivals Wasps, were expelled from the Premiership after going into administration because of their financial problems.
Both sides were given opportunities by the Rugby Football Union to play at second-tier level in the Championship this season, but neither were able to provide financial stability in time.
It was a hope at one point that Wasps might play their home games at Sixways, even if Worcester Warriors did not.
But the artificial pitch is now used only by local ninth-tier non-league football side Worcester Raiders. as well as the separately administered Warriors Women, whose season in the rebranded Premiership Women's Rugby starts on 18 November.
If and when either Wasps or Worcester reapply to join the RFU pyramid, they have been told that they will have to do so at the bottom rung.
It is now over a year since the Warriors men's team played their last game, while Wasps went into administration on 17 October.